Question 2 (5 marks) You are required to complete the letter of credit application (shown on pages 4 and 5) based on the information given to you below. Buyer: Cisco Pty Ltd, 1 Grey Street, Melbourne, Vic, 3182 Australia Seller: ABC Development, 15 Raffles Place, Singapore Product: Digital Watch x 125000 each @ USD 27 As per buyer's purchase order number 1501-2-2021 Delivery: CIP Port of Melbourne, Victoria, Australia, Uncleared for customs, all charges outside Singapore for buyer's account, Incoterms 2020 Payment: LC drawn at sight, subject to UCP 600 Documents: Commercial Invoice Packing List x 2 Bill of Lading consigned to order Insurance Certificate covering all risks Expiry: 20 December 2020 L.S.D.: 10 December 2020 Presentation Period: 15 days Application Date: 27 October 2020 Westpac MARIA RESLI Application for Irrevocable Documentary Credit To Westpac Banking Corporation, Arpenting to contribuer LITHOUT ditwa Wenges you been your reseable Con / Please che Arman The SWIFT on the oral worfor and confirmation to the desire font blish through onko No. Applicant and des Accompanied by the following documents on apeles otherwise stated indicated Commercial troles Fullset on board or shipped negotiable Marines of Lading to order blank endorsed alad: Freight prepaid Oright is thing goods consigned al Bestiary fundades B and market Oraight prepid a Fright collect for while showing good consigned to pre Banking Corporation Accounting Credit No. and make Freight prepaid on Freight collect Insurance policy or certificate covering aitris entraddising sestration of ce to budenie unde Ano Anand cu AMER SEKER Copy of Current policy included with application Epey M Place Det Additional conditions Divu branch or correspondent Pantaloni Tranh cht ANA Howed pisanih For transportno Lasthi Prendimento details Freight collective CF Frighten Grande Churges For Turmedis Dico che SAR for spent on commencer locate aplica ce bene AB Kual ww foto piante ish Dm of lading this ex 1 The credit in terms of application is due to who cercator and Practices Documentary and the International Chef Cornwa Thion Rules for Bank to tak Reibender Documentary Clin dhe arrant at the sun Aldens speditted should be sent to you by The Bescription of the goods in the Commercial hvale Scorespond with option in the credit. In other document, the goods may be described in general be not incontent with the description of the goods in the credit 2 Your Bukit to benefort The corres,validity orien of the drafor any of the document received a referring to the goods, the subject of the credited in of this application or The description quality quantity value delivery. or any representation or mor in respect of the goods which the documents may purporto represent. Now in consideration of your Bank wing the credit in of this application engage to each dan sther drawing under the credit issued in terms of this Application w To the drafter, as the content requires to meet the drawing in any mannequired by the terms of the credit, and bi To provide you with the necessary funds nettch draft or other drawing de in the case of a sight dat we drawing, forth with pon receipt of yowakopment thereof. enthecamatance draft or other drawing at maturity or any dated by nathar care converted at your rechange for sale of the currency in wicherator other drawing is deemed ruling in such funded by you or such time as is specified in the special instruction contained in this application Together with and restoran pered wywich date of payment by the drawee of such draft or other drawing and the date of myour payment to your guest for a period arring which you we provided As with ance farms of the special actions com this application 4. Warubymuthor you to recurity the live decuments and in the event and not being provided as aforem har discretion and ww se over the said good or without notice to me us and corpow the Bank to collect wy amount payable under the insurance Movementioned, and we joy and wwerally to the indemnity the Bank inspector los damag.cos, charge and expenses incurred by the Bank Incorection there with or otherwise weather undertake to ignorand deliver any transfer, derds or documents which the Bank my requiremens cute and deliver for perfecting the Bank title to the id goods and the said documentador forvesting the same hordering the same to any purchase of purchasers from the Bank and/or on the Bank or signs to collect any money payable under the said insurance 5. We hereby authorise your Bank its poin to my/our account with all amounts payable by musim terms of Canse 3. gand for and on behalf mom part? Sonne Signature Cacudir Cecution of these ladumisruction is to be made in Terms of authorities held by the Bank Use Only Mannen RS and Sigrun isht Limi Net TH Question 2 (5 marks) You are required to complete the letter of credit application (shown on pages 4 and 5) based on the information given to you below. Buyer: Cisco Pty Ltd, 1 Grey Street, Melbourne, Vic, 3182 Australia Seller: ABC Development, 15 Raffles Place, Singapore Product: Digital Watch x 125000 each @ USD 27 As per buyer's purchase order number 1501-2-2021 Delivery: CIP Port of Melbourne, Victoria, Australia, Uncleared for customs, all charges outside Singapore for buyer's account, Incoterms 2020 Payment: LC drawn at sight, subject to UCP 600 Documents: Commercial Invoice Packing List x 2 Bill of Lading consigned to order Insurance Certificate covering all risks Expiry: 20 December 2020 L.S.D.: 10 December 2020 Presentation Period: 15 days Application Date: 27 October 2020 Westpac MARIA RESLI Application for Irrevocable Documentary Credit To Westpac Banking Corporation, Arpenting to contribuer LITHOUT ditwa Wenges you been your reseable Con / Please che Arman The SWIFT on the oral worfor and confirmation to the desire font blish through onko No. Applicant and des Accompanied by the following documents on apeles otherwise stated indicated Commercial troles Fullset on board or shipped negotiable Marines of Lading to order blank endorsed alad: Freight prepaid Oright is thing goods consigned al Bestiary fundades B and market Oraight prepid a Fright collect for while showing good consigned to pre Banking Corporation Accounting Credit No. and make Freight prepaid on Freight collect Insurance policy or certificate covering aitris entraddising sestration of ce to budenie unde Ano Anand cu AMER SEKER Copy of Current policy included with application Epey M Place Det Additional conditions Divu branch or correspondent Pantaloni Tranh cht ANA Howed pisanih For transportno Lasthi Prendimento details Freight collective CF Frighten Grande Churges For Turmedis Dico che SAR for spent on commencer locate aplica ce bene AB Kual ww foto piante ish Dm of lading this ex 1 The credit in terms of application is due to who cercator and Practices Documentary and the International Chef Cornwa Thion Rules for Bank to tak Reibender Documentary Clin dhe arrant at the sun Aldens speditted should be sent to you by The Bescription of the goods in the Commercial hvale Scorespond with option in the credit. In other document, the goods may be described in general be not incontent with the description of the goods in the credit 2 Your Bukit to benefort The corres,validity orien of the drafor any of the document received a referring to the goods, the subject of the credited in of this application or The description quality quantity value delivery. or any representation or mor in respect of the goods which the documents may purporto represent. Now in consideration of your Bank wing the credit in of this application engage to each dan sther drawing under the credit issued in terms of this Application w To the drafter, as the content requires to meet the drawing in any mannequired by the terms of the credit, and bi To provide you with the necessary funds nettch draft or other drawing de in the case of a sight dat we drawing, forth with pon receipt of yowakopment thereof. enthecamatance draft or other drawing at maturity or any dated by nathar care converted at your rechange for sale of the currency in wicherator other drawing is deemed ruling in such funded by you or such time as is specified in the special instruction contained in this application Together with and restoran pered wywich date of payment by the drawee of such draft or other drawing and the date of myour payment to your guest for a period arring which you we provided As with ance farms of the special actions com this application 4. Warubymuthor you to recurity the live decuments and in the event and not being provided as aforem har discretion and ww se over the said good or without notice to me us and corpow the Bank to collect wy amount payable under the insurance Movementioned, and we joy and wwerally to the indemnity the Bank inspector los damag.cos, charge and expenses incurred by the Bank Incorection there with or otherwise weather undertake to ignorand deliver any transfer, derds or documents which the Bank my requiremens cute and deliver for perfecting the Bank title to the id goods and the said documentador forvesting the same hordering the same to any purchase of purchasers from the Bank and/or on the Bank or signs to collect any money payable under the said insurance 5. We hereby authorise your Bank its poin to my/our account with all amounts payable by musim terms of Canse 3. gand for and on behalf mom part? Sonne Signature Cacudir Cecution of these ladumisruction is to be made in Terms of authorities held by the Bank Use Only Mannen RS and Sigrun isht Limi Net TH