1. MidWest bank in London (UK) receives a collection destined for an importer who is not one of their customers. They pass it on to the importer's own bank, Grampian Bank, who present the documents and collect the amount due. For which party MidWest bank is acting for?

-Buyer

-Seller

2. Both CIF and CIP require that the seller arrange and pay for cargo insurance. Suppose that the goods are damaged during the voyage. Who is responsible for claiming under the insurance?

-Buyer

-Seller

-Freight forwardar

-All of them can do it

3.In a letter of credit transaction, who is the nominated bank?

-The buyer's bank

-The seller's bank

-Any bank in the exporter country

-The bank to which the seller can present documents for payment