FOCUS 4. Fill in the gaps with one of the following words or word combinations. Use the appropriate tense form.

PART I

forwarding agents discount commission credits rate collections irrevocable application form reimbursement to issue to discount (2) draft (3) documentary credit issuing bank intermediary to make up confirmation revocable charges to draw to accept

1. Despatch and marking instructions will be given by our … in London, who will advise you of their ….

2. Our … on you for this amount is enclosed, and we ask you … it, after acceptance, at the agreed ….

3. Payment by a B/E gives the buyer credit and is, of course, absolutely safe for the seller, who can … the bill for ready cash if he needs it.

4. The … after checking the documents reimburses the bank that has paid.

5. The bank acts as an … between the buyer and the seller.

6. The bank, which made payment to the seller, sends the documents to the issuing bank for ….

7. The buyer asks his bank … or open a letter of credit.

8. The sum of the credit is sufficient to cover c.i.f. shipment and bank commission on the ….

9. The two principal instruments offered by the banks for executing and securing payments in international trade are documentary … and documentary ….

10. There are two types of documentary credits: …, i.e. those that can be cancelled, and …, i.e. those that cannot be cancelled.

11. We are attaching to the letter your … with all the relevant details completed.

12. We shall require the documents listed below to be produced by you before we … your draft, which should include our … at 5%.

13. When we receive … of the credit from General Bank, London, we will … your order and await despatch instructions from your agent.

14. With a …, the beneficiary is no longer dependent on the buyer’s ability or willingness to pay.

15. You are authorized … 60 days’ … on us against this credit for the amount of your invoice as soon as you provide evidence of shipment.

PART II

prolongation surrender convenience to block to debit discrepancies credit requirements to comply proceeds to accept to expire charges to amend

16. If you undertake to pay the charges we will agree to your request and advise our bank … the L/C.

17. Our bank has advised us that the … of our letter of credit No. C/25 have been credited to your account.

18. The documents will be handed to you at your earliest ….

19. The validity of the L/C … on the 15 September and it will be cancelled.

20. This … of the L/C means that we will have to bear extra … as all charges connected with any amendment of this L/C are for our account.

21. We … your account with the amount plus our charges.

22. We cannot agree … documents, which do not … with the credit requirements and ask you to settle the problem with the bank without delay.

23. We have accepted your draft against … of the shipping documents in compliance with the requirements of the LC.

24. We should greatly appreciate it if you would present documents in strict compliance with the ….

25. Yesterday we received a letter from our bank advising us of several … in the documents forwarded by you to the bank … payment out of the L/C.

FOCUS 5. Fill in the gaps with prepositions/particles where
necessary.

PART I

1. Documentary credit is an undertaking made... a bank... the request... the applicant... the credit to pay a specified amount... an agreed currency... a beneficiary.

2. The bank checks the documents... credit.

3. If the documents comply... the requirements... the credit the bank will make payment...... LC.

4. The documents are released... the buyer... payment.

5. The importer places an order... the exporter, who will obtain payment... the bank... presenting … the documents stipulated... the credit.

6. If agreed... seller and buyer, the arrangement could be... the agent bank to accept a draft drawn... the seller... the agent bank.

7. We hereby issue... your favour this Irrevocable Documentary Credit … … details stated..., available... negotiation... your drafts... 30 d/s drawn... the applicant... the full invoice value... the shipment.

8. We instruct you to open an irrevocable LC... $10,000.00... favour... JKL Ltd.

9. We are attaching... the letter your application form... all the relevant details completed. Please keep us informed... the passage... the documents.

10. The credit will be confirmed … General Bank, London, who will accept your draft... them... 60 days... the amount... your invoice.

11. The sum... the credit is sufficient to cover CIF shipment and bank commission... the draft.

12. When we receive confirmation... this credit... General Bank, London, we will make... your order and await … despatch instructions... your agent.

13. You are authorized to draw 60 days’ bill... us... this credit... the amount... your invoice as soon as you provide evidence... shipment.

14. The sum should include our discount commission... 5%, any other charges... your account.

15. We have included all charges... our invoice, which amounts... $45,000.00.

16. Our draft... you... this amount is enclosed, and we ask you to discount it,... acceptance,... the agreed rate.

17. Kindly remit the net amount... our account... the bank.

PART II

18. All charges are... the Beneficiary’s account, i.e.... his expense.

19. We acknowledge … receipt... your letter advising us... some discrepancies... the documents forwarded... you... the bank.

20. We cannot agree to accept documents, which do not comply... the credit requirements and ask you to settle … the problem …the bank... delay.

21. Our bank advised us that the proceeds... the LC have been credited... your account.

22. We have debited your account... the amount.

23. A correspondent bank can have good reasons … refusing to confirm a documentary credit.

24. We can agree … your request but want to point … that … this case we will have to prolong the LC.

25. If you undertake to pay the charges connected … this amendment we will agree … your request and advise our bank to amend the LC.

26. We ask you to settle the problem … the bank … delay, as the validity … the LC expires … the 15^th January and it will be cancelled.

27. We should greatly appreciate it if you would present documents … strict compliance … the requirements … credits as we have signed three new contracts which provide … payment … letter … credit.

28. The documents will be handed … you … your earliest convenience.

29. We are... receipt... your letter … 15^th August... which you asked us to prolong the time... delivery... Contract 56-098... 12^th July 20__ … two weeks... some delays... your subcontractors’ part.

30. Documents should be presented … 21 days … shipment but … credit validity.

31. We have accepted a draft... $75,000.00 drawn... Teletrans Inc.,... surrender... the shipping documents... compliance... the requirements... the LC.

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