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CAC Co Ltd is engaged in the import and distribution of air conditioners from China. The business has been in existence since year 2000 and the exporter has been trading 50% on documentary collection and 50% on confirmed letters of credit. Following the financial crisis affecting businesses in China, the exporter has asked CAC Co Ltd to trade 100% on confirmed letters of credit. CAC CO Ltd requests for a meeting with you to discuss a few issues before negotiating with the exporter.
The following questions are set to you and you are required to answer them from CAC Co Ltd bank's perspective.
1 (a) You have been requested to discuss on the impact that the change in trading with the exporter will have on CAC Co Ltd finance and banking facilities.
(b) CAC Co Ltd has asked you to give some economic reasons that could have forced the exporter to request the change in the trading agreements.
2 (a) Show the different functions of a bill of lading.
(b) Provided that the stipulated documents are presented to the Confirming Bank or any other nominated bank and that they constitute a complying presentation, the Confirming Bank has got four main responsibilities. Based on Article 8 of UCP 600, you have been requested to briefly discuss on each responsibility.
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