Read the following abstract from a Sales Contract and answer the questions. You may have to make certain assumptions and if you have to do it, make a note of it. You can take a maximum of 40 minutes to complete it (30 marks total)

Information abstract from Sales Contract

Sales Contract # : SL/SB-23456/22 dtd. 01 Nov. 2022

Latest Ship Date : On or before 15 December,2022

Seller. : Stuart Little & Co, 123 Cardiff Street, Middlesex, London, U.K.

Seller's Bank : Barclay's Bank, 987 Thames Circle, Middlesex, London.

Buyer. : Snowbell Imports Ltd, 321 Canal Road, Barrie, ON- L5K 3S7, Canada

Buyer's Bank : CIBC, 567 Innisfil Way, Barrie, ON- L6K 4S8

Descr. Of Goods : 20,000 pcs. "Kingfisher" brand high octane fishing road combo, 7 ft.

@ CA$ 10.00/ pce, CIP Toronto, ON (Incoterms 2020)

Reason for import : For re-sale to sports/fishing stores in GTA/Simcoe in Feb/March 2023

Method of pymt. : Irrevocable Documentary Credit, Sight Draft, Payment by Payment

L/C Instruction : Credit should be made to expire in 60 days (2 months) from issue date

Method of shipg. : By ocean, 1 x 40 ft. Std. dry container from Felixstowe port, London to

Toronto, ON.

Shipment details : 200 cardboard boxes, Dims: 80 x 60 x 50cm Volume: 48 CBM

Total Weight: 5000 kgs.

Transit Time : Felixstowe, London to Toronto, Canada: 15 days.

% tolerance : 00/00

Note: Stuart Little & Company is only a trader, not a manufacturer. The actual manufacturer is " Shakesphere Sports Manufacturing" in Stanstead, North of London.

Stuart Little requests that a transferable credit be issued.

Questions

Assuming that you are the one opening L/C in your office and now filling an application for a credit for the above transaction, answer the following questions using the info. noted above.

Total 30 marks. Individual question marks as shown against each question. Your answer shall be written against the Q # in the answer part of the Essay. No need to repeat the question.

Name of the bank where you will submit the credit application? Beneficiary name & address on the Credit: Credit amount & currency: Specify any 3 docs you want beneficiary to include in his presentation, considering the seller's obligation under the chosen incoterm, other than B/L and draft :

Within how many days you want the beneficiary to make presentation of docs. to the nominated bank & Why? :

Do you want to allow "partial shipments". Justify your reason for your answer:

What would be your choice of "Port of Discharge" and your reasoning: What is the form/type of credit you want issued: Revocable or Irrevocable-Why : Will you apply for a transferable or regular credit? Why? : What does it mean % tolerence: 00/00 ?