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Product Name
Examination of Documents
Product Description
The Examination of Documents here means the combined service provided by BOC London, including examination of documents and sending of the document for payment to the issuing bank.
Product Functions
The product is for the needs of exporters for settlement and collection of payments under L/Cs.
Product Features
1. The product is for the needs of exporters for settlement and collection of payments under L/Cs;
2. Low risks. The issuing bank's bank credit substitutes the commercial credit of importers and provides a conditional payment undertaking for exporters;
3. High initiative. So long as the document quality is ensured, the unconditional payment undertaking will be granted by the issuing bank, while the document quality is under the full control of exporters;
4. Passing on costs. Banking fees related to issuance of the L/C may be borne by importers, which is advantageous for exporters.
Eligible Applicants
1. Exporters who are not familiar or confident with the credit standing of importers, thus requiring additional commitment from the bank of importers;
2. Exporters need to apply for packing loan from a local bank to finance the goods to be exported.
Application Requirements
1. The applicant shall be approved and registered in accordance with the law, and hold a business license that has passed the annual inspection or other valid certificates which fully prove its legal operation and scope of business;
2. The applicant shall have the qualification to engage in import and export trade.
Application Procedures
1. The exporter (beneficiary) presents export documents to Bank of China after the preparation and shipment of the goods under the L/C terms;
2. After examining the documents, Bank of China mails the documents to the foreign issuing bank or the nominated bank to claim reimbursement;
3. The foreign issuing bank presents the received documents to the applicant under the L/C;
4. The foreign issuing bank makes due payment to Bank of China and Bank of China will pay the exporter.
Our Advantages
1. High quality of document examination and experienced in handling complicated articles, most professional among the peers.
2. Highly skilled negotiation skills and effective response to and disposal of disputes such as unjustified payment rejection; skillful application of international practices to protect your interests to the maximum extent.
3. Fast collection of payment. With a global network of correspondent banks, advanced technical means and rigorous system on expediting collection and appraisal, we guarantee timely collection of your export payments.
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