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CIP is the Incoterm that defines the responsibilities and obligations of the seller and buyer.
CIP
(Carriage & insurance Paid to)
The seller must pay the costs and freight required in bringing the goods to the named port of destination. This term requires the seller to clear the goods for export. The seller has the responsibility of obtaining insurance against the buyer's risk of loss or damage of goods during the carriage to the named destination. The risk of loss or damage to the goods occurring after the delivery has been made to the carrier is transferred from the seller to the buyer. This term can be used for all modes of transport.
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How is opening letter of credit different from establishing letter of credit?
Both has same meaning, opening letter of credit establishing letter of credit once letter of credit is opened, credit is established.
All the clauses of letter of credit?
Banking organizations usually write letter of credit. The purpose of the letter of credit is so that you don't have to put down a deposit. This deposit could be for an electric company or any such place. You do need good credit to get a letter of credit.
How does the process of a letter of credit work?
Getting a letter of credit will help make a case for your character. With a letter of credit, banks will look at you as a favorable borrower.
Buyers credit - Letter of credit?
A red clause letter of credit is similar to a letter of Credit which is written to state or confirm the availability of funds for a particular transaction between the seller and buyer. However, a clause is included in the letter stating that the stated amount or credit can be advanced immediately on showing the letter.
How do you discount a letter of credit?
HelloMost banks discount your letter of credit at rate of 3% to 20% but n our case we have a very strong relationship with our bank and we can for certainty discount your letter of credit at 75-80%.Please contact me if you need to discount your letter of credit or can have a letter of credit issued .my email:theswiftd@gmail.com
