Problem
An irrevocable unconfirmed letter of credit has been issued in favor of a Canadian exporter to export 2,000MT in 91 Flexi Tanks, and partial shipment not allowed. According to the Article 30 (Tolerance in Credit Amount, Quantity and Unit Prices) of the UCP 600, calculate and discuss the acceptable tolerance of the shipment. (Which of the UCP600 Article/s do/es Apply?)
But partial shipment is allowed. The exporter has shipped the first shipment of 10 Flexi Tanks, 220MT. Briefly discuss whether the nominated bank will reject or accept the payment. (Which of the UCP600 Article/s do/es Apply?)