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Story of a CIF contract and a Letter of Indemnity


 Categories Bill of Lading, Case Studies, Education, Incoterms®, Letter of Credit, Questions and Answers Tags , , , , , , 3 Comments  4 minutes
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This is the Story of a CIF contract and a Letter of Indemnity..

Seller is delivering CIF to Chinese port. The contract has an LOI provision if the original bill of lading should be lost..

The buyer’s bank refuses to make payment without original BOL and will not accept LOI..

What happens next..??

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