PART ONE
·You will hear a bank expert talking about some of the common mistakes that are made when people complete letters of credit.
·As you listen, for questions 1—12, complete the notes, using up to three words or a number.
·You will hear the recording twice.
COMMON MISTAKES OF FINISHING A CREDIT LETTER
NOTES
Reasons for rejecting 25% of the documents:
1. The letter of credit had______
2. The documents were presented after the period stipulated in the______
3. The shipment was______
Documents were often Inconsistent with one another In the following ways:
4. The description or spelling of goods on invoice(s) differed from that in the______
5. The weights differed between______
6. The amounts of value shown on the invoice(s) and bill of exchange (draft)______
7. The marks and numbers______
8. The drawing was for less than the letter of credit______
9. The letter of credit was exceeded by the value of the______
10. The shipment was______
11. There was an absence of signatures of witnessings, where required, ______
12. Facsimile signatures were used when not______