What is TT claim?

What is TT claim?

T.T.R or telegraphic transfer reimbursement allowed is a clause in the LC that allows the nominated bank to claim reimbursement from the issuing bank, the confirming bank or the reimbursing bank by sending to this bank a swift message certifying that the documents presented comply with the LC terms and conditions.

What is the TT Club?

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.

What is SBLC?

A standby letter of credit, abbreviated as SBLC, refers to a legal document where a bank guarantees the payment of a specific amount of money to a seller if the buyer defaults on the agreement.

What does CIF 10 mean?

Q: What does “CIF+10%” mean? A: CIF+10% stands for: C = Cost/invoice value (purchase cost if your client is the buyer, or selling price if they are the seller) I = Insurance premium. F = Freight and associated charges (e.g. customs clearance charges)

How do I claim cargo insurance?

Claim Process

  1. In case of loss or damage to the cargo or the ship, you need to immediately inform the insurance provider.
  2. A surveyor will assess the damage or loss mentioned.
  3. All the proofs and witnesses need to be submitted along with the duly filled in claim form.

What is MT799 and MT760?

MT799 is a digital message that is sent between banks; with the aim of showing funds or proof of deposits. It is important to note that it is not used as a method of transferring funds or an undertaking to do the same. MT760 is a message used for issuing or requesting a Letter of Credit or Documentary Credit.

What is red clause LC?

A red clause letter of credit is an unsecured loan that a buyer extends to the seller, considered an advance. These letters of credit are often used to facilitate international exports and trade. Red clause letters of credit are a way for sellers to boost their working capital.

Why is insurance 110%?

It is rare to obtain insurance for more than 110 percent of the CIF value of the goods. The purpose of insurance is to compensate the insured for loss or damage, not to provide profit to the insured for the accident or event that led to the loss or damage.