CDCS2018官方模拟试题paperASimulationdocumentspecimenpaper.pdf

The London Institute of Banking & Finance is a registered charity, incorporated by Royal Charter. The International Chamber of Commerce (ICC) is the largest, most representative business organization in the world. This qualification is regulated by the regulatory authorities for England and is incorporated into the Regulated Qualifications Framework (RQF) at Level 4. LIBF Level 4 Certificate for Documentary Credit Specialists (CDCS ) 601/1159/8 Session code: Specimen paper A Length of examination: 3 hours _ Simulation Exercises 13 Applicable current ICC rules apply throughout. Instructions to candidates 1. Read the instructions on both sides of the answer sheet carefully. 2. Use the examination answer sheets provided for your answers. Please do not note your answers in this booklet or in the in-basket booklet, as they will not be recorded. 3. Hand in all the examination materials before you leave the examination, including the answer sheet, the question paper and the in-basket / simulation booklets and have them checked by the invigilator. Failure to do so will invalidate your entry. Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 2 of 17 SpecimenA/PDT SIMULATION 1 Introduction: You are the document checker at the nominated confirming bank. Assumptions: 1. Todays date is Monday 21 June XXXX. 2. All signatures, where shown, are original. 3. The documents are presented in the required number of originals and copies. 4. The amount demanded is EUR 200,000. Supporting documentation: 1. Documentary credit (MT700) 2. Commercial invoice 3. CMR Instructions to candidates: Identify the five discrepancies on the attached discrepancy checklist. Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 3 of 17 SpecimenA/PDT Turn over DISCREPANCY CHECKLIST ? 1. Shipment not within period allowed. ? ? ? ? 2. All invoiced goods have not been shipped. ? ? ? ? 3. Documentary credit overdrawn. ? ? ? ? 4. Documents do not evidence goods of Dutch origin. ? ? ? ? 5. No bill of exchange presented. ? ? ? ? 6. Incoterm incorrectly stated on the commercial invoice. ? ? ? ? 7. Transport document not correctly issued to the order of the applicant. ? ? ? ? 8. Transport document not signed in accordance with UCP 600. ? ? ? ? 9. Transport document not stamped and signed by the shipper. ? ? ? ? 10. The invoice covers merchandise not called for in the documentary credit. ? ? ? ? Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 4 of 17 SpecimenA/PDT MT700 INCOMING SWIFT MT700 FROM ISSUING BANK MERHABA BANK, ISTANBUL, TURKEY TO ADVISING BANK ACB BANK, ROTTERDAM, THE NETHERLANDS 27: SEQUENCE OF TOTAL 1/1 40A: FORM OF DOCUMENTARY CREDIT IRREVOCABLE 20: DOCUMENTARY CREDIT NUMBER 2003.AC.100 31C: DATE OF ISSUE 07 MAY XXXX 40E: APPLICABLE RULES UCPURR LATEST VERSION 31D: DATE AND PLACE OF EXPIRY 01 JULY XXXX, ROTTERDAM, THE NETHERLANDS 50: APPLICANT FACTORING A.S. ISTANBUL, TURKEY 59: BENEFICIARY DE GRAFF MACHINES B.V. HAARLEM, THE NETHERLANDS 32: CURRENCY AND AMOUNT EUR180,000. 41A: AVAILABLE WITH/BY ACB BANK, ROTTERDAM BY DEF PAYMENT 42P: DEFERRED PAYMENT DETAILS 180 DAYS FROM CMR DATE 43P: PARTIAL SHIPMENTS NOT ALLOWED 43T: TRANSHIPMENT NOT ALLOWED 44A: ON BOARD/DISP/TAKING CHARGE HAARLEM, THE NETHERLANDS 44B: FOR TRANSPORTATION TO HALKALI FREE ZONE, ISTANBUL, TURKEY, BY TRUCK 44D: SHIPMENT PERIOD DURING MIDDLE OF JUNE XXXX 45A: DESCRIPTION OF GOODS AND/OR 1 UNIT DE GRAFF BRAND ROTARY CUTTING SERVICES MACHINE , TYPE 500, WITH ALL NECESSARY SPARE PARTS CUSTOMS TARIFF NUMBER 8462.8000 DELIVERY TERMS CIP HALKALI FREE ZONE, ISTANBUL, TURKEY Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 5 of 17 SpecimenA/PDT Turn over 46A: DOCUMENTS REQUIRED +SIGNED COMMERCIAL INVOICE IN 3 FOLD INDICATING THE SERIAL NUMBER OF THE MACHINE AND CERTIFYING THAT THE MACHINE IS NEW AND NOT USED BEFORE. +ORIGINAL CMR TRANSPORT DOCUMENT CONSIGNED TO THE ORDER OF FACTORING A.S., ISTANBUL, TURKEY AND MARKED FREIGHT PREPAID. 47A: ADDITIONAL CONDITIONS DOCUMENTS ISSUED PRIOR TO THE ISSUE DATE OF THIS DOCUMENTARY CREDIT ARE NOT ACCEPTABLE. ALL DOCUMENTS MUST SHOW THE NUMBER OF THIS DOCUMENTARY CREDIT. GOODS MUST BE OF DUTCH ORIGIN 71B: CHARGES ALL BANKING CHARGES AND COMMISSIONS ARE FOR ACCOUNT OF APPLICANT. 48: PERIOD FOR PRESENTATION 10 DAYS 49: CONFIRMATION INSTRUCTIONS CONFIRM 78: INSTR TO PAYG/ACCPTG/NEGOTG BANK WE SHALL REIMBURSE YOU ON THE MATURITY DATE IN ACCORDANCE WITH YOUR INSTRUCTIONS PROVIDED THAT DOCUMENTS IN STRICT CONFORMITY WITH THE TERMS AND CONDITIONS OF THIS DOCU- MENTARY CREDIT ARE DULY PRESENTED AT YOUR COUNTERS. 72: SENDER TO RECEIVER INFORMATION PLEASE ACKNOWLEDGE RECEIPT BY SWIFT MT730. Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 6 of 17 SpecimenA/PDT Commercial invoice DE GRAFF MACHINES B.V. SPAARNE 1000 Tel: *31(0)235999999 1000 VC HAARLEM Fax: *31(0)235888888 THE NETHERLANDS COMMERCIAL INVOICE nr. 987 TO: FACTORING A.S. ORIGINAL 1, BAHAR SOKAK ISTANBUL, TURKEY Haarlem, 21 June XXXX DESCRIPTION OF GOODS: 1 UNIT “DE GRAFF“ BRAND ROTARY CUTTING MACHINE TYPE 500 SERIAL NUMBER 2003 CUSTOMS TARIFF NUMBER 8462.8000 COMPLETE WITH ALL NECESSARY SPARE PARTS INCLUDING A SET OF FREE ADVERTISING AND PROMOTION MATERIAL WE CERTIFY THAT THE MACHINE IS BRAND NEW AND WAS NOT USED BEFORE PRICE: ROTARY CUTTING MACHINE EUR 180,000 SPARE PARTS EUR 20,000 TOTAL CIP HALKALI FREE ZONE, ISTANBUL EUR 200,000 Marks: 2003 pallet numbers 1/5 - 5/5 Total 5 pallets. Documentary Credit no. 2003.AC.100 For and on behalf of DE GRAFF MACHINES B.V. B. de GraffB. de GraffB. de GraffB. de Graff Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 7 of 17 SpecimenA/PDT Turn over Original for shipper (sender) 1 Sender (Name, Address, Country) DE GRAFF MACHINES B.V. SPAARNE 1000 1000 VC HAARLEM THE NETHERLANDS CMR INTERNATIONAL CONSIGNMENT NOTE This transport is, unless otherwise specified, subject to the Convention on the Contract for the International Carriage of Goods by Road (CMR) 2 consignee FACTORING A.S. 1, BAHAR SOKAK ISTANBUL, TURKEY 16 carrier (Name, Address, Country) WINDMILL TRANSPORT B.V RAAKS 2000 1000 VK HAARLEM. The Netherlands 3 Place of delivery of the goods Place HALKALI FREE ZONE, ISTANBUL Country TURKEY 17 consecutive carrier 4 Place and date of taking in charge of the goods Place HAARLEM Country THE NETHERLANDS Date 9 JUNE XXXX 18 reserves and remarks by the carrier CMR nr. 100 5 Documents enclosed 6 marks & numbers 7 number of packages 8 packing type 9 Goods description 1 UNIT “DE GRAFF“ BRAND ROTARY CUTTING MACHINE TYPE 500 SERIAL NUMBER 2003 Marks:2003 pallet numbers 1/5 -4/5 4 wooden pallets Documentary Credit number: 2003.AC.100 10 statistic number 11 gross weight 10,000 kg 12 volume 10 cbm 13 Instructions by the carrier (customs formalities) 19 freight tariff and specifications 14 Reimbursement 15 Freight instructions FREIGHT PREPAID 20 Special agreements 25 truck / lorry / vehicle details REGISTRATION NUMBER: 51-BG-LN NATIONALITY: DUTCH 21 Place and date of issue: HAARLEM, 11 JUNE XXXX 24 Goods received Date: Stamp and signature of consignee 22 Stamp and signature of shipper 23 W. MillW. MillW. MillW. Mill D.A.F. Transport Agency B.V. Stamp and signature of carrier or agent Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 8 of 17 SpecimenA/PDT SIMULATION 2 Introduction: You are working in the credits department of Worldwide International Bank in London and have received a request to effect a transfer of a credit from the beneficiary. Assumptions: 1. Your bank has advised the credit to the beneficiary. 2. Your bank has added its confirmation to the credit. 3. No amendments have been issued to the credit. 4. The transfer application attached has been signed by authorised signatories of the beneficiary. 5. Transfer commission will be paid by the first beneficiary. Supporting documentation: 1. Documentary credit MT700 2. Transfer application form Instructions to candidates: Identify the five issues in the attached transfer application form on the discrepancy checklist that you should take up with the first beneficiary. These will be issues that you would need to first resolve with the customer before you could proceed to transfer the credit. Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 9 of 17 SpecimenA/PDT Turn over DISCREPANCY CHECKLIST ? 1. Amount of insurance cover is not sufficient. ? ? ? ? 2. Disclosure of original applicants name in invoice requirements. ? ? ? ? 3. Disclosure of original applicants name in transport document. ? ? ? ? 4. Credit does not state which bank is authorised to effect a transfer of credit. ? ? ? ? 5. Expiry date of the credit and the presentation period are curtailed under the transfer. ? ? ? ? 6. Incoterms stated in credit are not valid. ? ? ? ? 7. Instruction to effect transfer of credit on an unconfirmed basis. ? ? ? ? 8. Instruction to expire the transferred portion of the credit in Germany. ? ? ? ? 9. Partial transfer. ? ? ? ? 10. Requirement to include first beneficiary order number on invoice. ? ? ? ? Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 10 of 17 SpecimenA/PDT MT700 Issue of a Documentary Credit Issuing Bank: INTERCONTINENTAL PACIFIC BANK BANGKOK THAILAND Form of Documentary Credit: IRREVOCABLE TRANSFERABLE Documentary Credit Number: LCDC123876 Applicable Rules: UCP LATEST VERSION Date and Place of Expiry: 31 MARCH XXXX UK Applicant: SIMPLY IMPORTS LTD BANGKOK THAILAND Beneficiary: UTILITY SUPPLIERS LTD LONDON UK Amount: USD 320,000.00 Available With: WORLDWIDE INTERNATIONAL BANK BY NEGOTIATION DRAFTS DRAWN AT 90 DAYS SIGHT ON ISSUING BANK Partial Shipments: PROHIBITED Transhipment: PROHIBITED Port of Loading: ANY EUROPEAN PORT Port of Discharge: BANGKOK PORT Latest Shipment Date: 10 MARCH XXXX Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 11 of 17 SpecimenA/PDT Turn over Description of Goods: 10000 PIECES OF WOODEN CHAIRS AT USD 32.00 PER CHAIR AS PER ORDER NUMBER 23490/1 DATED 14 JANUARY XXXX CIF BANGKOK PORT (INCOTERMS 2010) Documents Required: + SIGNED COMMERCIAL INVOICE IN THREE COPIES ISSUED IN THE NAME OF SIMPLY IMPORTS LTD BANGKOK + BILLS OF LADING ISSUED TO ORDER AND BLANK ENDORSED MARKED FREIGHT PAID AND NOTIFY APPLICANT + INSURANCE POLICY/CERTIFICATE FOR CIF VALUE OF THE GOODS PLUS 10 PERCENT COVERING ALL RISKS + PACKING LIST EVIDENCING GOODS PACKED IN WOODEN PALLETS Charges: ALL BANK CHARGES ARE FOR THE APPLICANTS ACCOUNT Confirmation: CONFIRM Instructions to the Negotiating Bank: WE HEREBY ENGAGE TO PAY DOCUMENTS DRAWN IN ACCORDANCE WITH THE CREDIT TERMS. ALL DOCUMENTS TO BE SENT IN TWO MAILS BY COURIER TO OUR DOCUMENTARY PROCESSING AREA, RANGOON ROAD, AREA 32, BANGKOK THAILAND. Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 12 of 17 SpecimenA/PDT APPLICATION FOR TRANSFER OF A LETTER OF CREDIT Please effect a transfer under Documentary Credit Number Issued by LCDC123876 Intercontinental Pacific Bank on the following terms Second Beneficiary Name and Address Second Beneficiary Bank Details Natural Wood Furniture Suppliers GmbH Deutsche Arbeit Bank A.G. 15 Ringstrasse Frankfurt Frankfurt SWIFT ADDRESS: DEAR DE FF XXX D -5378 Account Number: 563428-006 Amount to be transferred USD120,000.00 Expiry Date Latest Shipment Date Presentation Period 20 March XXXX 10 March XXXX 10 days Quantity of Goods to be supplied by Second Beneficiary All of the goods covered by the original credit (tick) or the following goods 5,000 WOODEN CHAIRS Unit price (if stated in original credit) USD24.00 Insurance Cover If the original credit requires insurance, please indicate percentage over invoice value cover is required for 10% Substitution of Applicant Name Our name is to be substituted for that of the original credit applicant (tick) X or Our name is not to be substituted for that of the original credit applicant (tick) Amendments Amendments to the original credit may only be advised to the second beneficiary with our express agreement (tick) X or Amendments to the original credit may be advised to the second beneficiary without prior referral to ourselves (tick) Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 13 of 17 SpecimenA/PDT Turn over Additional Information/Instructions Our order number D-5634 to be quoted on commercial invoice. Place of expiry for transfer : Germany Transfer credit to be advised on unconfirmed basis Please see separate transfer application form for transfer of goods balance to Italian Foresters Spa Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 14 of 17 SpecimenA/PDT SIMULATION 3 Background: You are the letter of credit issuer at ABC Bank plc and have received the attached application form along with a copy of a previous credit from your customer. Application for Documentary Letter of Credit: Applicant: Savage Steel plc Issuing bank: ABC Bank plc Amount: USD 120,000 Savage Steel Facilities with ABC Bank plc: USD 1,600,000 Current Exposure: USD 1,470,000 Supporting documentation: 1. Documentary credit application form. Instructions to candidates: Identify on the discrepancy checklist the five items in the attached application which must be queried before the documentary credit could be issued. Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 15 of 17 SpecimenA/PDT Turn over DISCREPANCY CHECKLIST ? 1. Applicants facilities with issuing bank would be exceeded if documentary credit issued. ? ? ? ? 2. Description of goods is insufficient. ? ? ? ? 3. Exclusion clause on insurance document is inappropriate. ? ? ? ? 4. Latest shipment date / expiry date are in conflict with presentation period. ? ? ? ? 5. Pricing of goods does not match value of the credit. ? ? ? ? 6. Order party / consignee details not indicated. ? ? ? ? 7. Requirements for inspection certificate are unclear. ? ? ? ? 8. Additional instructions incompatible with the documents required. ? ? ? ? 9. Confirmation instructions conflict with the credit terms. ? ? ? ? 10. Incoterms are inconsistent with the documents required. ? ? ? ? Principles and Practices of Documentary Credit Transactions Specimen Paper A Simulation Page 16 of 17 SpecimenA/PDT Irrevocable documentary credit application form Applicant: Savage Steel plc Tilton Road Birmingham England Issuing bank: ABC Bank plc London England Date of Application: 1 March XX Expiry Date and Place for Presentation of documents ? Issue by (air) Mail ? with brief advice by teletransmission Expiry Date: 05 June XX Place for Presentation: Pittsburgh ? Issue by teletransmission Beneficiary: Kirovski Steel Supplies Pittsburgh ? Transferable Credit Pennsylvania USA Confirmation of the Credit: ? not requested ? requested ? authorised if requested by Beneficiary Amount in figures and words About USD 120,000.00 Dollars one hundred and twenty thousand Partial shipments ? allowed ? not allowed Credit available with Nominated Bank: ABC Bank, London ? by payment at sight Transhipments ? allowed ? not allowed ? by deferred payment at: ? by acceptance of drafts at: ? Insurance will be covered by us ? by negotiation Shipment From: Newark, New Jersey Against the documents detailed herein: For transportation to: Southampton, England ? and Beneficiarys drafts(s) drawn on: ABC Bank, London Not later than: 15 May XX Goods (Brief description without excessive details): 1,200m at USD 100 per m Details of goods as per your previous Letter of Credit ref DC 731264 dated 10 January XX (copy attached) INCOTERMS ? EXW ? CFR ? DAP ? FCA ? CPT ? DAT ? FAS ? CIF ? DDP ? FOB ? CIP ? Other (please specify) ? Commercial invoice in 1 original and 3 copies Transport Document: (select only one below) marked ? freight paid or ? freight collect ? Full set or clean on board Marine Bills of Lading either ? issued to order and blank endorsed or ? issued to the order of the party below or ? showing consignee as the party below. ? Full set or Multimodal Transport Document either ? issued to order and blank endorsed or ? issued to the order of the party be