Question: Course Code: Essentials of Freight Forwarding Course Name: EFF 1 0 2 1 PART 2 - ACTIVITY: COMPLETE THE FOLLOWING 1 . What are the

Course Code: Essentials of Freight Forwarding
Course Name: EFF 1021
PART 2- ACTIVITY: COMPLETE THE FOLLOWING
1. What are the main reasons that a letter of credit would be used in international trade?
2. What are the advantages of a letter of credit?
3. What are the risks to an exporter in using a letter of credit?
4. Describe the main parties involved in a letter of credit.
5. Under Article 5 of the UCP 600 rules, what is the responsibility of the bank?
6. Name and describe three types of letters of credit.
7. What is the difference between a revocable and irrevocable letter of credit?
8.
What are the common errors found in a letter of credit?
9. Create a flowchart explaining the letter of credit process from beginning to end.

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