4 Letter Words
This common name for a certain type of institution is translated from the Italian word for “bench” or “table” with small change coins.
What is a Bank?
UCP stands for________________
What is Uniform Customs and Practice (for Documentary Credits)?
This entity created ISP98.
Who is IIBLP?
This is the ICC Publication Number of ISP98.
What is ICC Publication number 590?
This publication highlights how the URDG should be interpreted and applied in guarantees in which they are incorporated by reference and trade usage.
What is the International Standard Demand Guarantee Practice. 2022 (ISDGP)?
This is the acronym for the independent government agency founded in 1934 to facilitate and finance U.S. export trade.
What is EXIM?
The ____________ ____________ is the bank with which the credit is available (or any bank in the case of a credit available with any bank).
What is Nominated bank?
Office of Foreign Asset Control (OFAC) is a unit in this US Government Department.
Who is Department of Treasury?
This SWIFT Message Type is used to send notice of non-extension.
What is MT785?
This type of guarantee creates a secondary liability on the part of the guarantor.
What is a Suretyship guarantee?
JP Morgan Chase and its predecessor organizations have been responsible for the most presidents/chairs since 1922 for this leading global industry association for international transaction banking.
What is BAFT?
In documents other than the ____________ ____________, the description of the goods, services or performance, if stated, may be in general terms not conflicting with their description in the credit.
What is commercial invoice?
180 currencies across the world recognized by this international organization.
Who is the United Nations?
In ISP, this type of standby supports the issuance of a separate standby or other undertaking by the beneficiary.
What is Counter Standby?
A demand guarantee issued subject to URDG 758 contains both an expiry date and an expiry event. At what point will the guarantee expire?
What is Expiry occurs on the earlier of the event or the date?
Norway is the country that has the least number of characters, 15, in this standardized format which is used for identifying bank accounts internationally.
What is IBAN?
____________ is the purchase of documents by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which the reimbursement is due to the nominated bank.
What is Negotiation?
The Office of Anti-Boycott Compliance is part of this US Government Department
Who is Department of Commerce?
This is the term used for a beneficiary’s request to extend the expiration date of the standby or, alternatively, to pay the amount available.
What is Extend or Pay?
According to URDG 758 - Article 15 (a) this statement indicates in what respect the applicant is in breach of its obligations under the underlying relationship.
What is a Supporting Statement?
Star Wars, Pokémon and Frozen coins are legal tender on this self-governing island state in free association with New Zealand.
What is Niue?
The Article referencing ____________ ____________ states that a bank assumes no liability or responsibility for the consequences arising out of the interruption of its business by Acts of God, riots, ciivl commotions, insurrections, wars, acts of terrorism, or by any strikes or lockouts or any other causes beyond its control.
What is Force Majeure?
This European country has the oldest Central Bank and the first to use paper money.
Who is Sweden?
Notice of dishonour must be given within a reasonable time - this is how many days ISP considers unreasonable.
What is beyond 7 Business Days?
According to URDG 758 - Article 26 (c) (i), if the place for presentation under a counter guarantee is closed due to force majeure, what is the extension period of such counter guarantee?
What is the extension runs for 30 calendar days from the date on which the counter guarantor informs the guarantor of the cessation of the force majeure?