📚 A Basic Definition in English Here is a core definition from an English source: Demurrage: “A separate freight charge, in addition to ordinary shipping costs, which is imposed according to the terms of a carriage contract upon the person responsible for unreasonable delays in loading or unloading cargo. In maritime law, demurrage is the amount identified in a charter contract as damages payable to a shipowner as compensation for the detention of a ship beyond the time...Continue Reading
Here is the correct order and explanation, presented in English: Corrected Sequence and Explanation There is an apparent inconsistency between the two clauses. However, in standard practice, they work together in the following sequence: Guarantee Phase: The buyer issues an SBLC (Standby Letter of Credit) to the seller. The seller’s bank approves (confirms) the SBLC. After the SBLC is approved, the seller is authorized and obligated to begin loading the goods. (This is your second point). Payment Phase:...Continue Reading
Between Two Companies ──────────────────────── This Escrow Account Agreement is entered into on [Date] by and between the following parties: 1. Seller:Company Name: ……………………………Country of Registration: ……………………………Official Address: ……………………………Authorized Representative: ……………………………Company ID / Commercial Registration: …………………………… 2. Buyer:Company Name: ……………………………Country of Registration: ……………………………Official Address: ……………………………Authorized Representative: ……………………………Company ID / Commercial Registration: …………………………… 3. Escrow Bank:Bank Name: ……………………………Address: ……………………………SWIFT Code: ……………………………Escrow Account Number: …………………………… Hereinafter referred to collectively as the “Parties” and individually as the “Seller,” the “Buyer,” and the...Continue Reading
www.Ghlolo.com The Seller (Beneficiary) must carefully check, verify, and document all of the following upon receiving an SBLC from the buyer (Applicant). Note:An SBLC is a banking commitment, and its precise wording (Verbiage) determines its enforceability and risk level.Before accepting any SBLC, its text must be reviewed by a financial advisor or banking legal counsel. ──────────────────────────── 1) Fundamental Principles and Conditions to be Guaranteed Type of SBLCIt must be an Irrevocable, Unconditional, On-Demand Standby Letter of Credit. Method...Continue Reading
Essential Documents to Bring With You Business Cards (Sufficient: 20-30 units; one elegant one in your pocket and the rest in the folder) Official Company Introduction Letter (Letter of Introduction) — On official company letterhead, stamped and signed, containing the representative’s scope of authority and the meeting’s purpose. Power of Attorney / Letter of Authority — If you are to make decisive signatures or sign contracts; on company letterhead, signed and stamped. Copy of Representative’s ID/Passport (One copy...Continue Reading
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