oiltemp.info

The word ‘available’ as used in LC operations, ranks high on the list of terms that confuse exporters. A letter of credit should clearly specify how it is available; by sight payment, deferred payment, acceptance or negotiation [article 6(b), UCP 600].

It is preferable for exporters that letter of credits be advised available with a local bank, or at least with a bank in the exporter’s own country. For instance, if the letter of credit is available at the counters of a local advising bank by sight payment, deferred payment, acceptance, where confirmation is added, then the exporter will, in the normal course of events, receive payment or have a bank acceptance or a deferred payment commitment a few days after presenting documents complying with the terms of the letter of credit. Such commitments are definitive and without recourse to the exporter. However, if a letter of credit is not confirmed, such advising bank may decide not to pay, accept or issue a deferred payment commitment at the time documents are presented, even if they are presented in order [article 12, UCP 600]. There can be many reasons for this, but the most common is that the advising bank where the letter of credit is available is not satisfied with the bank risk or country risk.

If on the other hand, the letter of credit was confirmed, such advising/confirming bank would have no option but to take up documents which comply with the terms and conditions of the LC and honor its commitment to the exporter.

Negotiation deserves a special mention. Negotiation is a term which regularly confuses exporters and perhaps even some bankers. If a letter of credit is available by negotiation with an advising bank and not confirmed, that bank has the option to pay to the exporter, remit the documents and claim payment from the issuing bank. The exporter must realize that the final decision as to whether or not documents meet the terms and conditions of the letter of credit, and consequently as regards payment, rests with the issuing bank. The negotiating bank will request repayment from the beneficiary (with interest) if payment is not received from the issuing bank. Negotiation without confirmation is with recourse.

A letter of credit available by negotiation and confirmed by the negotiating bank means that the negotiating bank has no option but to negotiate documents presented complying with the terms and conditions of the letter of credit. Such negotiation under a confirmed letter of credit is without recourse. Where a letter of credit is only available by negotiation and not confirmed, many banks which have been nominated as negotiating banks are not prepared to take the risk of paying the exporter for fear they may not get reimbursed. Exporter should appreciate the service provided by a bank when it negotiates documents, and also understand why a bank is not always prepared to negotiate.

Buying presents for your Dad is always a daunting task. Even starting your shopping early doesn’t always mean that you’ll hit the mark with the perfect present. As each year passes whether it’s a birthday gift, a Christmas present or a gift for Father’s Day each and every year it seems trying to find a gift for dad always takes the longest time. Even with all that time and effort you can still end up with a gift that doesn’t get opened or used and that is a pity.

Your Dad probably has the money to buy himself whatever he wants so how do you compete with that? Well the key is to try and find something that he will love that he probably wouldn’t buy for himself. Maybe he would consider it foolish to buy himself the latest MP3 player because he wouldn’t think that he could figure it out, but if you take the time to really get to understand his personality, you’ll be certain to get him a gift that will put a smile on his face and give him a new perspective on the world! Since everyone’s father is different and has different things that they are interested in, the way to ensure you get him something he will love is to get to understand and learn about the things that your father likes and appreciates.

Let’s get started. First of all give yourself time. Chat with him in a subtle way about what he likes to do. What hobbies is he interested in or is there something he has always thought about doing that he never had the time or nerve to take up?

Depending on his circumstances and age he may be starting to think more about his health and looking at a gift that would keep him active would be an excellent idea. Hobbies such as fishing, golf, hunting, etc are all great as they give your dad a pleasurable activity whilst getting them outdoors and active. What bit of kit does he need if he wants to get started in a new hobby or is there something new he has been thinking about buying but doesn’t feel he deserves it? If you can track this down and get it to him on that special day he will get a great kick out of it and give him the start he may be looking for to get involved in a new sport or pastime.

Sometime Dads just want to have fun. Many are “Big Kids” that haven’t grown up and again may feel a bit silly buying themselves a video game or games console but would secretly love someone to get one for them so they have the “excuse” to play it.

DVD and Music box sets from their era are also a great idea. What music did they enjoy in their teens? Did they grow up in the Sixties listening to The Doors or were they a big Led Zeppelin fan in their heyday? Why not give me a flavour of their youth like Kevin Spacey in American Beauty maybe they have forgotten the things they once loved. Your gift could trigger those amazing memories once again and give them that feel good factor they just may need.

Get to know and connect with the man who brought you up and loves you. Buying a special gift that has meaning shows you care and have taken the time to understand what is important to him.