International Business INB355 Study Guide - Final Guide: Consignee, Consignor, The Seller
28 Jul 2016
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Inb355 exam review: discuss the purpose and scope of ucp 600 (uniform customs and practices for documentary credits, icc publication. The ucp 600 exists to provide standardization of treatment and to facilitate payment for international trade transaction. The issuing bank is the bank that opens the letter of credit that issues the document and forwards it to the seller. This bank is also called the opening bank or the buyers bank . The issuing bank is obligated to the beneficiary. The buyer is the account party, applicant, importer, consignee, accountee, the party acquiring the goods. The buyer applied for letter of credit, and is obligated to the issuing bank. Many sellers assume that the buyer has placed cash with the issuing bank in order to purchase or collateralize the letter of credit. The seller is the beneficiary of the letter of credit, exporter, supplier, consignor, the party that receives the letter of credit and (usually) provides the goods.
