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The following terms andcondition are extracted from a MT700 sent through SWIFT system: Sender: SAKURABANK, TOKYO, JAPAN
Receiver: ACB BANK,HOCHIMINH CITY, VIETNAM
20 DOCUMENTARY CREDIT NUMBER 123456789SHB
31C DATE OF ISSUE: 210810
31D DATE AND PLACE OF EXPIRY 210930 VIETNAM
50 APPLICANT: TOKYOTRADING CO., LTD. TOKYO, JAPAN
59 BENEFICIARY: DV CO., LTD TOKYO, JAPAN
32B CURRENCY CODE, AMOUNT USD 95,000.00
41A AVAILABLE WITH.BY. ACB BANK NEGOTIATION
42C DRAFTS ATSIGHT FOR 100 PCT OF INVOICE VALUE
42D DRAWEE: SAKURABANK, TOKYO, JAPAN
44A PORT OF LOADING ANY PORT IN VIETNAM
44B PORT OF DISCHARGE PORT OF TOKYO, JAPAN
44C LATEST DATE OF SHIPMENT: 210910
46A DOCUMENTS REQUIRED:
1. SIGNED COMMERCIAL INVOICE IN DUPLICATE INDICATING L/C NO.
2. FULL 3/3 SET OF CLEAN ON BOARD OCEAN BILL OF LADING MADE OUTTO ORDER OF SAKURA BANK MARKED FREIGHT PREPAID NOTIFYING APPLICANT.
3. FULL SET OF ORIGINAL INSURANCE POLICIES ENDORSED IN BLANKFOR 110 PERCENT OF INVOICE VALUE, SHOWING CLAIM PAYABLE BY A SETTLEMENT AGENTIN TOKYO (WITH NAME AND FULL ADDRESS STATED), COVERING ALL RISKS.
4. CERTIFICATE OF ORIGIN IN DUPLICATE.
48 PERIOD FOR PRESENTATION: WITHIN 15 DAYS AFTER SHIPMENT DATEBUT WITHIN THE VALIDITY OF THE CREDIT
Question1: Explainwhat a letter of credit (L/C) is. Discuss the responsibilities of Sakura Bankas mentioned in the above mentioned L/C.
Question2: Field 41A indicates that L/C is AVAILABLE WITH ACB BANK BY NEGOTATION.What do you understand by this indication? Please draw a diagram and describethe procedure of payment for this case.