Letter Of Credit : Letter Of Credit Who Issued Th

Letter of Credit Name:Institutional affiliationLetter of CreditWho issued the letter of credit? Bank of South AmericaIs it irrevocable? NO Has it been confirmed? YES If so, by whom? Magelia Toben Who s the buyer? John Doe, Puerto Cabello Who is the seller? Smith Tool Company What kind of draft is to be presented? Sight What documents are required? Commercial Invoice in triplicate, Consular Invoice in triplicate, Negotiable Insurance Policy and/or Underwriter's Certificate endorsed in blank and ocean bill of lading What are the INCOTERMS of sale? Please explain the term and the obligations of both buyer and seller. The INCOTERMS is CIF. CIF stands for Cost, Insurance and Freight. This implies that, the seller pays all the costs from the seller’s door-step to the buyer’s port in Puerto Cabello, Venezuela. The buyer incurs the cost from Puerto Cabello to his door-step. In addition, the seller pays for maritime insurance to the buyer’s port. When does the letter of credit expire? March 31, 2003 Where does the seller go for payment? Morgan Guaranty Trust Company Of New York International