Practice makes a man perfect. So let’s solve some CDCS sample questions. These CDCS practice questions are not an actual representation of questions that will be asked in the CDCS exam. However these will help you to test your understanding of the concepts learned. For your convenience, at the top of the post, we have … Read more
In this post we are going to discuss about the words Disregard, Obligation and Without Delay in UCP 600. Before we start today’s topic let’s recall that in an earlier post we had discussed the usage of 3 very important words that appear in the text of UCP 600, the rules that govern issuances of … Read more
In this post we’ll discuss Incoterms 2020 for CDCS exam in simple words. Incoterms 2020 is published by International Chamber of Commerce (ICC). What are Incoterms? Incoterms stands for International Commercial Terms. These are a set of standard rules which defines the rights and responsibilities of importer and exporter in a trade transaction. The latest … Read more
In this post we are going to discuss about the words Must, May and Should in UCP 600. This is an interesting aspect of UCP 600, the rules that govern issuances of letters of credit, all over the world. We’ll not discuss any specific topic or any article. Rather, this topic is about the UCP … Read more
A Bill of Lading commonly referred to as BL is a transport document covering port to port shipment. A Bill of lading is also a document of title. As per UCP 600 article 20, A bill of lading may be “however named”. This means that a bill of lading need not be necessarily named “bill … Read more
eUCP 2.1 or the Uniform Customs and Practice for Documentary Credits for Electronic Presentation Version 2.1 is a supplement to the UCP 600. It was published by the International Chamber of Commerce (ICC) in order to accommodate presentation of electronic records under a letter of credit. The eUCP 2.1 applies to a letter of credit … Read more
URR 725 are the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits. These rules are published by the International Chamber of Commerce (ICC). The Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits will apply to any bank-to-bank reimbursement only when the text of the reimbursement authorization expressly indicates that is is subject to these rules. … Read more
UCP 600 stands for “Uniform Customs and Practice for Documentary Credits, 600.” It is a set of rules published by the International Chamber of Commerce (ICC) that govern the use of documentary credits in international trade. A documentary credit or a letter of credit is a financial instrument that acts as a guarantee of payment … Read more
In this post, we’ll discuss about various SWIFT message types relevant for CDCS Exam. Proper understanding of the various message types used in the letter of credit mechanism will help you to understand the letter of credit mechanism in a better way. What is SWIFT? SWIFT is a messaging platform using which banks exchange information … Read more
