Incoterms - LC & SBLC For Indonesia Power v2

Incoterm 2010, LC & SBLC
Bogor, 10 Agustus 2016
Trade Finance Dept

9 August 2016
© PT Bank Mandiri (Persero) Tbk.

9 August 2016
01 Incoterm 2010
2 © PT Bank Mandiri (Persero) Tbk.

What is INCOTERMS?
§ INCOTERMS stands for International Commercial Terms

§ The chosen INCOTERMS is a term of the sales contract.
They tell the parties what to do with respect to :
1. Divide task regarding the delivery of goods
2. Divide transaction costs
3. Divide risks
between Buyer & Seller.
§ INCOTERMS standardize contract practice by enabling the
parties to :
1. use generally recognized key words;
2. agree on the most common understanding of such
key words; and
3. avoid misunderstanding in the use of them
3 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

What is INCOTERMS?
History of INCOTERMS
The International Chamber of Commerce (ICC) first
published in 1936 a set of international rules for the
interpretation of trade terms, were known as INCOTERMS
1936. Amendment and additions were later made in:
1. 1953
2. 1967
3. 1976
4. 1980
5. 1990
6. 2000
7. and presently in 2010 in order to bring the rules in line
with current international trade practices

Differences with Previous INCOTERMS
§ Key themes for changes

1. Encourage better use of INCOTERMS
2. Continue to refine/improve for containers (e.g. terminal handling
charges)
3. Inline with the changes in practice of:
a. Electronic communication
b. Security
c. Insurance
4. Encourage for use in the USA
5. Accomodating the commodity trade

Introduction of INCOTERMS 2010
§ INCOTERMS 2010 rules explain a set of three-letter trade terms

§ How to use the INCOTERMS 2010 rules
1. Incorporate the INCOTERMS 2010 into the sales contract
2. Choose the approriate INCOTERMS rule
3. Specify the place or port as precisely as possible. A good example:
FCA Plaza Mandiri, Jl. Jend. Gatot Subroto, Kav 36-38, Jakarta,
Indonesia
4. INCOTERMS do not give a complete contract of sale. INCOTERMS do
not deal with transfer of ownership, price to be paid, methods of
payment or consequences of a breach of contract
§ Rules for domestic & international trade
§ Guidance Notes will explain the fundamentals of each INCOTERMS rule

Structure of the obligations
OBLIGATIONS OF SELLER OBLIGATIONS OF BUYER
A1 General obligations of the seller B1 General obligations of the buyer

A2 Licenses, authorization security B2 Licenses, authorization security
clearances and other formalities clearances and other formalities
A3 Contracts of carriage and insurance B3 Contracts of carriage and insurance
A4 Delivery B4 Taking Delivery
A5 Transfer of risks B5 Transfer of risks
A6 Allocation of costs B6 Allocation of costs
A7 Notices to the buyer B7 Notices to the seller
A8 Delivery document B8 Proof of delivery
A9 Checking-packaging-marking B9 Checking-packaging-marking
A10 Assistance with information and B10 Assistance with information and
related cost related cost

2 Groups of Incoterms Rules
Rules for Any Mode of Transport
EXW, FCA, CPT, CIP, DAT, DAP, DDP
Rules for Sea and Inland Waterway Transport
FAS, FOB, CFR, CIF

EXW (insert named place of delivery)
Ex Works
§ “ExWorks” means that the seller delivers when it places the goods at the
disposal of the buyer at the seller’s premises or at another named place (i.e.,
works, factory, warehouse, etc.). The seller does not need to load the goods
on any collecting vehicle, nor does it need to clear the goods for export, where
such clearance is applicable.
§ The parties are well advised to specify as clearly as possible the point within
the named place of delivery, as the costs and risk to that point are for the
account of the seller. The buyer bears all costs and risks involved in taking the
goods from the agreed point, if any, at the named place of delivery.

GUIDANCE NOTE
§ EXW represents the minimum obligation for the seller. The rule should be
used with care as:
1. The seller has no obligation to the buyer to load the goods, even
though in practice the seller may be in a better position to do so. If
the seller does load the goods, it does so at the buyer’s risk and
expense. In cases where the seller is in a better position to load the
goods, FCA, which obliges the seller to do so at its own risk and
expense, is usually more appropriate.
2. A buyer who buys from a seller on an EXW basis for export needs to
be aware that the seller has an obligation to provide only such
assistance as the buyer may require to effect that export: the seller is
not bound to organize the export clearance. Buyers are therefore
well advised not to use EXW if they cannot directly or indirectly
obtain export clearance.
3. The buyer has limited obligations to provide to the seller any
information regarding the export of the goods. However, the seller
may need this information for e.g., taxation or reporting purposes.

SELLER’S OBLIGATIONS
A3 Contracts of carriage and insurance
a. Contract of carriage: The seller has no obligation to the buyer to make a contract of
carriage.
b. Contract of insurance: The seller has no obligation to the buyer to make a contract of
insurance. However, the seller must provide the buyer, at the buyer’s request, risk and
expense (if any), with information that the buyer needs for obtaining insurance.
A4 Delivery
The seller must deliver the goods by placing them at the disposal of the buyer at the agreed point,
if any, at the named place of delivery, not loaded on any collecting vehicle. If no specific point has
been agreed within the named place of delivery, and if there are several points available, the
seller may select the point that best suits its purpose. The seller must deliver the goods on the
agreed date or within the agreed period.
A5 Transfer of risks
The seller bears all risks of loss of or damage to the goods until they have been delivered in
accordance with A4 with the exception of loss or damage in the circumstances described in B5.
A6 Allocation of costs
The seller must pay all costs relating to the goods until they have been delivered in accordance
with A4, other than those payable by the buyers as envisage in B6.
A7 Notices to the buyer
The seller must give the buyer any notice needed to enable the buyer to take delivery of the
goods.
A8 Delivery document
The seller has no obligation to the buyer.
BUYER’S OBLIGATIONS
B3 Contracts of carriage and insurance
a. Contract of carriage: The buyer has no obligation to the seller to make a contract of
carriage.
b. Contract of insurance: The buyer has no obligation to the seller to make a contract of
insurance.
B4 Taking delivery
The buyer must take delivery of the goods when A4 and A7 have been complied with.
B5 Transfer of risks
The buyer bears all risks of loss of or damage to the goods from the time they have been
delivered as envisaged in A4. If the buyer fails to give notice in accordance with B7, then the
buyer bears all risks of loss of or damage to the goods from the agreed date or the expiry date of
the agreed period for delivery, provided that the goods have been clearly identifies as the contract
goods.
B6 Allocation of costs
The buyer must:
a. pay all costs relating to the goods from the time they have been delivered as envisaged in
A4;
b. pay any additional costs incurred by falling either to take delivery of the goods when they
have been placed at its disposal or to give appropriate notice in accordance with B7,
provided that the goods have been clearly identified as the contract goods;

c. pay, where applicable, all duties, taxes and other charges, as well as the costs of carrying
out customs formalities payable upon export; and
d. reimburse all costs and charges incurred by the seller in providing assistance as
envisaged in A2.
B7 Notices to the seller
The buyer must, whenever it is entitled to determine the time within an agreed period and/or the
point of taking delivery within the named place, give the seller sufficient notice thereof.
B8 Proof of delivery
The buyer must provide the seller with appropriate evidence of having taken delivery.

FCA (insert named place of delivery)
Free Carrier
§ “Free Carrier” means that the seller delivers the goods to the carrier or
another person nominated by the buyer at the seller’s premises or another
named place. The parties are well advised to specify as clearly as possible the
point within the named place of delivery, as the risk passes to the buyer at that
point.
§ If the parties intend to deliver the goods at the seller’s premises, they should
identify the address of those premises as the named place of delivery. If, on
the other hand, the parties intend the goods to be delivered at another place,
they must identify a different specific place of delivery.
§ FCA requires the seller to clear the goods for export, where applicable.
However, the seller has no obligation to clear the goods for import, pay any
import duty or carry out any import customs formalities.
carriage. However, if requested by the buyer or if it is commercial practice and the buyer
does not give an instruction to the contrary in due time, the seller may contract for carriage
on usual terms at the buyer’s risk and expense. In either case, the seller may decline to
make the contract of carriage and, if it does, shall promptly notify the buyer.
insurance. However, the seller must provide the buyer, at the buyer’s request, risk, and
A4 Delivery
The seller must deliver the goods to the carrier or another person nominated by the buyer at the
agreed point, if any, at the named place on the agreed date or within the agreed period.
Delivery is completed:
a. If the named place is the seller’s premises, when the goods have been loaded on the
means of transport provided by the buyer.
b. In any other case, when the goods are placed at the disposal of the carrier or another
person nominated by the buyer on the seller’s means of transport ready for unloading.
If no specific point has been notified by the buyer under B7 d) within the named place of delivery,
and if there are several points available, the seller may select the point that best suits its
purposes.
Unless the buyer notifies the seller otherwise, the seller may deliver the goods for carriage in
such a manner as the quantity and/or nature of the goods may require.

accordance with A4, with the exception of loss or damage in the circumstances described in B5.
The seller must pay
a. all costs relating to the goods until they have been delivered in accordance with A4, other
than those payable by the buyer as envisaged in B6; and
b. where applicable, the costs of customs formalities necessary for export, as well as all
duties, taxes, and other charges payable upon export.
The seller must, at the buyer’s risk and expense, give the buyer sufficient notice either that the
goods have been delivered in accordance with A4 or that the carrier or another person nominated
by the buyer has failed to take the goods within the time agreed.
The seller must provide the buyer, at the seller’s expense, with the usual proof that the goods
have been delivered in accordance with A4. The seller must provide assistance to the buyer, at
the buyer’s request, risk and expense, in obtaining a transport document.

a. Contract of carriage: The buyer must contract at its own expense for the carriage of the
goods from the named pace of delivery, except when the contract of carriage is made by the
seller as provided for in A3 a).
insurance.
B4 Taking delivery
The buyer must take delivery of the goods when they have been delivered as envisaged in A4.
delivered as envisaged in A4. If
a. the buyer fails in accordance with B7 to notify the nomination of a carrier or another person
as envisaged in A4 or to give notice; or
b. the carrier or person nominated by the buyer as envisaged in A4 fails to take the goods into
its charge,
then, the buyer bears all risk of loss of or damage to the goods:
i. from the agreed date, or in the absence of an agreed date,
ii. from the date notified by the seller under A7 within the agreed period; or, if no such date has
been notified,
iii. from the expiry date of any agreed period for delivery,
provided that the goods have been clearly identified as the contract goods.

The buyer must pay
a. all costs relating to the goods from the time they have been delivered as envisaged in A4,
except, where applicable, the costs of customs formalities necessary for the export, as well
as all duties, taxes, and other charges payable upon export as referred to in A6b);
b. any additional costs incurred, either because:
i. the buyer fails to nominate a carrier or another person as envisaged in A4, or
ii. the carrier or person nominated by the buyer as envisaged in A4 fails to take the
goods into its charge, or
iii. the buyer has failed to give appropriate with B7,
provided that the goods have been clearly identified as the contract goods; and
c. where applicable , all duties, taxes and other charges as well as the costs of carrying out
customs formalities payable upon import of the goods and the costs for their transport
through any country.
The buyer must notify the seller of
a. the name of the carrier or another person nominated as envisaged in A4 within sufficient
time as to enable the seller to deliver the goods in accordance with that article;
b. where necessary, the selected time within the period agreed for delivery when the carrier or
person nominated will take the goods;
c. the mode of transport to be used by the person nominated; and
d. the point of taking delivery within the named place.
The buyer must accept the proof of delivery provided as envisaged in A8.

CPT (insert named place of destination)
Carriage Paid To
§ “Carriage Paid to” means the seller delivers the goods to the carrier or another
person nominated by the seller at an agreed place (if any such place is agreed
between the parties) and that the seller must contract for and pay the costs of
carriage necessary to bring the goods to the named place of destination.
§ When CPT, CIP, CFR or CIF are used, the seller fulfils its obligation to deliver
when it hands the goods over to the carrier and not when the goods reach the
place of destination.
§ This rule has two critical points, because risk passes and costs are transferred
at different places. The parties are well advised to identify as precisely in the
contract both the place of delivery, where the risk passes to the buyer, and the
named place of destination to which the seller must contract for the carriage.

GUIDANCE NOTE
§ If several carriers are used for the carriage to the agreed destination and the
parties do not agree on a specific point of delivery, the default position is that
risk passes when the goods have been delivered to the first carrier at a point
entirely of the seller’s choosing and over which the buyer has no control.
Should the parties wish the risk to pass at a later stage (e.g., at an ocean port
or airport), they need to specify this in their contract of sale.
§ The parties are also well advised to identify as precisely as possible the point
within the agreed place of destination, as the cost to that point are for the
account of the seller. The seller is advised to procure contracts of carriage that
match this choice precisely. If the seller incurs costs under its contract of
carriage related to unloading at the named place of destination, the seller is
not entitled to recover such costs from the buyer unless otherwise agreed
between the parties.
§ CPT requires the seller to clear the goods for export, where applicable,
however, the seller has no obligation to clear the goods for import, pay any


a. Contract of carriage: The seller must contract or procure a contract for the carriage of the
goods from the agreed point of delivery, if any, at the place of delivery to the named place of
destination or, if agreed, any point at any place. The contract of carriage must be made on
usual terms at the seller’s expense and provide for carriage by the usual route and in a
customary manner. If a specific point is not agreed or is not determined by practice, the
seller may select the point of delivery and the point at the name place of destination that
best suit its purpose.
A4 Delivery
The seller must deliver the goods by handing them over to the carrier contracted in accordance
with A3 on the agreed date or within the agreed period.
The seller must pay
than those payable by the buyer as envisaged in B6;

b. the freight and all other cost resulting from A3 a), including the costs of loading the goods
and any charges for unloading at the place of destination that were for the seller’s account
under the contract of carriage; and
c. where applicable, the costs of customs formalities necessary for export, as well as all
duties, taxes and other charges payable upon export, and the costs for their transport
through any country that were for the seller’s account under the contract of carriage.
The seller must notify the buyer that the goods have been delivered in accordance with A4. The
seller must give the buyer any notice needed in order to allow the buyer to take measures that
are normally necessary to enable the buyer to take the goods.
If customary or at the buyer’s request, the seller must provide the buyer, at the seller’s expense,
with the usual transport document(s) for the transport contracted in accordance with A3. This
transport document must cover the contract goods and be dated within the period agreed for
shipment. If agreed or customary, the document must also enable the buyer to claim the goods
from the carrier at the named place of destination and enable the buyer to sell the goods in transit
by the transfer of the document to a subsequent buyer or by notification to the carrier. When such
a transport document is issued in negotiable form and in several originals, a full set of originals
must be presented to the buyer.

carriage.
insurance. However, the buyer must provide the seller, upon request, with the necessary
information for obtaining insurance.
B4 Taking delivery
The buyer must take delivery of the goods when they have been delivered as envisage in A4 and
receive them from the carrier at the named place of destination.
delivered as envisaged in A4. If the buyer fails to give notice in accordance with B7, it must bear
all risks of loss of or damage to the goods from the agreed date or the expiry date of the agreed
period for delivery, provided that the goods have been clearly identified as the contract goods.
The buyer must, subject to the provisions of A3 a), pay
except, where applicable, the costs of customs formalities necessary for export, as well as
all duties, taxes, and other charges payable upon export as referred to in A6 c);
b. all cost and charges relating to the goods while in transit until their arrival at the agreed
place of destination, unless such costs and charges were for the seller’s account under the
contract of carriage;

c. unloading costs, unless such costs were for the seller’s account under the contract of
carriage;
d any additional costs incurred if the buyer fails to give notice in accordance with B7, from
the agreed date or the expiry date of the agreed period for dispatch, provided that the
goods have been clearly identified as the contract goods; and
e where applicable, all duties, taxes and other charges, as well as the cost of carrying out
customs formalities payable upon import of the goods and the costs for their transport
through any country, unless included within the costs of the contract of carriage.
The buyer must, whenever it is entitled to determine the time for dispatching the goods and/or
the named place of destination or the point of receiving the goods within that place, give the
seller sufficient notice thereof.
The buyer must accept the transport document provided as envisaged in A8 if it is in
conformity with the contract.

CIP (insert named place of destination)
Carriage and Insurance Paid to
§ “Carriage and Insurance Paid to” means that the seller delivers the goods to
the carrier or another person nominated by the seller at an agreed place (if
any such place is agreed between the parties) and that the seller must
contract for and pay the costs of carriage necessary to bring the goods to the
named place of destination.
§ The seller also contracts for insurance cover against the buyer’s risk of loss of
or damage to the goods during the carriage. The buyer should note that under
CIP the seller is required to obtain insurance only on minimum cover. Should
the buyer wish to have more insurance protection, it will need either to agree
as much expressly with the seller or to make its own extra insurance
arrangements.

GUIDANCE NOTE
§ When CPT, CIP, CFR or CIF are used, the seller fulfils its obligation to deliver
when it hands the goods over to the carrier and not when the goods reach the
place of destination.
§ This rule has two critical points, because risk passes and costs are transferred
at different places. The parties are well advised to identify as precisely as
possible in the contract both the place of delivery, where the risk passes to the
buyer, and the named place of delivery, where the risk passes to the buyer,
and the named place of destination to which the seller must contract for
carriage. If several carriers are used for the carriage to the agreed destination
and the parties do not agree on a specific point of delivery, the default position
is that risk passes when the goods have been delivered to the first carrier at a
point entirely of the parties with the risk to pass at a later stage (e.g., at an
ocean port or an airport), they need to specify this in their contract of sale.

GUIDANCE NOTE
within the agreed place of destination, as the costs to that point are for the
§ CIP requires the seller to clear the goods for export, where applicable.

GUIDANCE NOTE
within the agreed place of destination, as the costs to that point are for the
§ CIP requires the seller to clear the goods for export, where applicable.

a. Contract of carriage: The seller must contract or procure for the carriage of the goods
from the agreed point of delivery, if any, at the place of the goods from the agreed point of
delivery, if any, at the place of delivery to the named place of destination or, if agreed, any
point at that place. The contract of carriage must be made on usual terms at the seller’s
expense and provide for carriage by the usual route and in a customary manner. If a
specific point is not agreed or is not determined by practice, the seller may select the
point of delivery and the point at the named place of destination that best suit its purpose
b. Contract of insurance: The seller must obtain at its own expense cargo insurance
complying at least with the minimum cover as provided by Clauses (C) of the Institute
Cargo Clauses (LMA/IUA) or any similar clauses. The insurance shall be contracted with
underwriters or an insurance company of good reputation and entitle the buyer, or any
other person having an insurable interest in the goods, to claim directly from the insurer.
When required by the buyer, the seller shall, subject to the buyer providing any necessary
information requested by the seller, provide at the buyer’s expense any additional cover, if
procurable, such as covers as provided by Clauses (A) or (B) of the Institute Cargo
Clauses (LMA/IUA) or any similar clauses, and/or cover complying with the Institute War
Clauses and/or Institute Strikes Clauses (LMA/IUA) or any similar clauses.
The insurance shall cover, at a minimum, the price provided in the contract plus 10% (i.e.,
110%) and shall be in the currency of the contract. The insurance shall cover the goods
from the point of delivery set out in A4 and A5 to at least the named place of destination.
The seller must provide the buyer with the insurance policy or other evidence of insurance
cover.

A4 Delivery
The seller must deliver the goods by handing them over to the carrier contracted in accordance
with A3 on the agreed date or within the agreed period.
The seller must pay
than those payable by the buyer as envisaged in B6;
b. the freight and all other costs resulting from A3 a), including the costs of loading the goods
and any charges for unloading at the place of destination that were for the seller’s account
under the contract of carriage;
c. the costs of insurance resulting from A3 b); and
d. where applicable, the costs of customs formalities necessary for export, as well as all
through any country that were for the seller’s account under the contract of carriage.

The seller must notify the buyer that the goods have been delivered in accordance with A4. The
seller must give the buyer any notice needed in order to allow the buyer to take measures that
are normally necessary to enable the buyer to take the goods.
If customary or at the buyer’s request, the seller must provide the buyer, at the seller’s expense,
with the usual transport document(s) for the transport contracted in accordance with A3. This
transport document must cover the contract goods and be dated within the period agreed for
shipment. If agreed or customary, the document must also enable the buyer to claim the goods
from the carrier at the named place of destination and enable the buyer to sell the goods in transit
by the transfer of the document to a subsequent buyer or by notification to the carrier. When such
a transport document is issued in negotiable from and in several originals, a full set of originals
must be presented to the buyer.

carriage.
insurance. However, the buyer must provide the seller, upon request, with any information
necessary for the seller to procure any additional insurance requested by the buyer as
envisage in A3 b).
B4 Taking delivery
The buyer must take delivery of the goods when they have been delivered as envisaged in A4
and receive them form the carrier at the named place of destination.
delivered as envisaged in A4. If the buyer fails to give notice in accordance with B7, it must bear
all risks of loss of or damage to the goods from the agreed date or the expiry date of the agreed
period for delivery, provided that the goods have been clearly identified as the contract goods.

except, where applicable, the costs of customs formalities necessary for export as referred
to in A6 d);
b. all costs and charges relating to the goods while in transit until their arrival at the agreed
place of destination, unless such costs and charges were for the seller’s account under the
c. unloading costs, unless such cost were for the seller’s account under the contract of
carriage;
d. any additional costs incurred if it fails to give notice in accordance with B7, from the agreed
date or the expiry date of the agreed period for dispatch, provided that the goods have been
clearly identified as the contract goods;
The buyer must, whenever it is entitled to determine the time for dispatching the goods and/or the
named place of destination or the point of receiving the goods within that place, give the seller
sufficient notice thereof.
The buyer must accept the transport document provided as envisaged in A8 if it is in conformity
with the contract.

DAT (insert named terminal at port or place of
destination)
Delivered at Terminal
§ “Delivered at Terminal” means that the seller delivers when the goods, once
unloaded from the arriving means of transport, are placed at the disposal of
the buyer at a named terminal at the named port or place of destination.
“Terminal” includes any place, whether covered or not, such as a quay,
warehouse, container yard or road, rail or air cargo terminal. The seller bears
all risks involved in bringing the goods to and unloading them at the terminal at
the named port or place of destination.
§ The parties are well advised to specify as clearly as possible the terminal and,
if possible, a specific point within the terminal at the agreed port or place of
destination, as the risks to that point are for the account of the seller. The
seller is advised to procure a contract of carriage that matches this choice
precisely.
destination)
GUIDANCE NOTE
§ Moreover, if the parties intend the seller to bear the risk and costs involved in
transporting and handling the goods from the terminal to another place, then
the DAP or DDP rules should be used.
§ DAT requires the seller to clear the goods for export, where applicable.

destination)
a. Contract of carriage: The seller must contract at its own expense for the carriage of the
goods to the named terminal at the agreed port or place of destination. If specific
terminal is not agreed or is not determined by practice, the seller may select the
terminal at the agreed port or place of destination that best suits its purpose.
A4 Delivery
The seller must unload the goods from the arriving means of transport and must then deliver
them by placing them at the disposal of the buyer at the named terminal referred to in A3 a)
at the port or place of destination on the agreed date or within the agreed period.
accordance with A4 with the exception of loss or damage in the circumstances described in
B5.

destination)
The seller must pay
a. in addition to costs resulting from A3 a), all costs relating to the goods until they have
been delivered in accordance with A4, other than those payable by the buyer as
envisaged in B6; and
b. where applicable, the costs of customs formalities necessary for export as well as all
duties, taxes and other charges payable upon export and the costs for their transport
through any country, prior to delivery in accordance with A4.
The seller must give the buyer at any notice in order to allow the buyer to take measures that
are normally necessary to enable the buyer to take delivery of the goods.
The seller must provide the buyer, at the seller’s expense, with a document enabling the
buyer to take delivery of the goods as envisaged in A4/B4.

destination)

carriage.
insurance. However, the buyer must provide the seller, upon request, with the
necessary information for obtaining insurance.
B4 Taking delivery
The buyer must take delivery of the goods when they have been delivered as envisaged in
A4.
a. the buyer fails to fulfil its obligations in accordance with B2, then it bears all resulting
risks of loss of or damage to the goods; or
b. the buyer fails to give notice in accordance with B7, then it bears all risks of loss of or
damage to the goods from the agreed date or the expiry date of the agreed period for
delivery,

DAP (insert named terminal at port or place of
destination)
Delivered at Place
GUIDANCE NOTE
“Delivered at Place” means that the seller delivers when the goods are placed at the disposal of the buyer
on the arriving means of transport ready for unloading at the named place of destination. The seller bears
all risks involved in bringing the goods to the named place.
The parties are well advised to specify as clearly as possible the point within the agreed place of
destination, as the risks to that point are for the account of the seller. The seller is advised to procure
contracts of carriage that match this choice precisely. If the seller incurs cost under its contract of carriage
related to unloading at the place of destination, the seller is not entitled to recover such costs from the
buyer unless otherwise agreed between the parties.
DAP requires the seller to clear the goods for export, where applicable. However, the seller has no
obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. If
the parties with the seller to clear the goods for import, pay any import duty and carry out any import
customs formalities, the DDP term should be used.
destination)
goods to the named place of destination or to the agreed point, if any, at the named
place of destination. If a specific point is not agreed or is not determined by practice,
the seller may select the point at the named place of destination that best suits its
purpose.
expense (if any), with information that the buyer needs for obtaining insurance
A4 Delivery
The seller must deliver the goods by placing them at the disposal of the buyer on the arriving
means of transport ready for unloading at the agreed point, if any, at the named place of
destination on the agreed date or within the agreed period.
accordance with A4, with the exception of loss or damage in the circumstances described in
B5.
42
destination)
The seller must pay
been delivered in accordance with A4, other than those payable by the buyer as
envisaged in B6;
b. any charges for unloading at the place of destination that were for the seller’s account
c. where applicable, the costs of customs formalities necessary for export as well as
duties, taxes and other charges payable upon export and the cost for their transport
through any country, prior to delivery in accordance with A4.
The seller must give the buyer any notice needed in order to allow the buyer to take
measures that are normally necessary to enable the buyer to take delivery of the goods.
43
destination)

carriage.
B4 Taking delivery
A4.
delivered as envisaged in A4. Pembeli menanggung semua resiko kerugian atau kerusakan
barang dari waktu mereka telah dikirimkan sebagaimana yang diuraikan dalam A4. If
delivery,

destination)
The buyer must pay
a. all costs relating to the goods from the time they have been delivered as envisaged in
A4;
b. all costs of unloading necessary to take delivery of the goods from the arriving means
of transport at the name place of destination, unless such costs were for the seller’s
account under the contract of carriage;
c. any additional costs incurred by the seller if the buyer fails to fulfil its obligations in
accordance with B2 or ti give notice in accordance with B7, provided that the goods
have been clearly identified as the contract goods; and
d. where applicable, the costs of customs formalities, as well as all duties, taxes and other
charges payable upon import of the goods.
The buyer must, whenever it is entitled to determine the time within an agreed period and/or
the point of taking delivery within the named place of destination, give the seller sufficient
notice thereof.
The buyer must accept the delivery document provided as envisaged in A8.
45
DDP (insert named terminal at port or place of
destination)
Delivered Duty Paid
GUIDANCE NOTE
§ “Delivered Duty Paid” means that the seller delivers the goods when the goods are placed
at the disposal of the buyer, cleared for import on the arriving means of transport ready for
unloading at the named place of destination. The seller bears all the costs and risks
involved in bringing the goods to the place of destination and has an obligation to clear
the goods not only for export but also for import, to pay any duty for both export and
import and to carry out all customs formalities.
§ DDP represents the maximum obligation for the seller.
46
destination)
GUIDANCE NOTE
§ The parties are well advised to specify as clearly as possible the point within
the agreed place of destination, as the costs and risks to that point are for the
carriage related to unloading at the place of destination, the seller is not
entitled to recover such costs from the buyer unless otherwise agreed
§ The parties are well advised not to use DDP if the seller is unable directly or
indirectly to obtain import clearance. If the parties with the buyer to bear all
risks and costs of import clearance, the DAP rule should be used. Any VAT or
other taxes payable upon import are for the seller’s account unless expressly
agreed otherwise in the sale contract.
47 Mandiri Trade Finance Products

destination)
goods to the named place of destination. If a specific point is not agreed or is not
determined by practice, the seller may select the point at the named place of
destination that best suits its purpose.
A4 Delivery
The seller must deliver the goods by placing them at the disposal of the buyer on the arriving
means of transport ready for unloading at the agreed point, if any, at the named place of
destination on the agreed date or within the agreed period.
The seller bears all risks of loss or damage to the goods until they have been delivered in
B5.
48
destination)
The seller must pay
been delivered in accordance with A4, other than those payable by the buyer envisaged
in B6;
b. any charges for unloading at the place of destination that were for the seller’s account
c. where applicable, the costs of customs formalities necessary for export and import as
well as all duties, taxes and other charges payable upon export and import of the
goods, and the costs for their transport through any country prior to delivery in
accordance with A4.
measures that are normally necessary to enable the buyer to take delivery of the goods.
49
destination)
B3 Contracts of carriage and insuranc

carriage.
B4 Taking delivery
A4.
delivery,
50
destination)
The buyer must pay
A4;
b. all costs of unloading necessary to take delivery of the goods from the arriving means
of transport at the named place of destination, unless such costs were for the seller's
account under the contract of carriage; and
c. any additional costs incurred if it fails to fulfil its obligations in accordance with B2 or to
give notice in accordance with B7, provided that the goods have been clearly identified
as the contract goods.
The buyer must, whenever it is entitled to determine the time within an agreed period and/or
the point of taking delivery within the named place of destination, give the seller sufficient
notice thereof.
51
A
u
g
FAS (insert named port of shipment)
Free Alongside Ship
GUIDANCE NOTE
§ “This rule is to be used only for sea or inland waterway transport
§ "Free Alongside Ship" means that the seller delivers when the goods are placed alongside
the vessel (e.g., on a quay or a barge) nominated by the buyer at the named port of
shipment. The risk of loss of or damage to the goods passes when the goods are
alongside the ship, and the buyer bears all costs from that moment onwards.
§ The parties are well advised to specify as clearly as possible the loading point at the
named port of shipment, as the costs and risks to that point are for the account of the
seller and these costs and associated handling charges may vary according to the
practice of the port.
52
GUIDANCE NOTE
§ The seller is required either to deliver the goods alongside the ship or to
procure goods already so delivered for shipment. The reference to "procure"
here caters for multiple sales down a chain ('string sales'), particularly
common in the commodity trades.
§ Where the goods are in containers, it is typical for the seller to hand the goods
over to the carrier at a terminal and not alongside the vessel. In such
situations, the FAS rule would be inappropriate, and the FCA rule should be
used.
§ FAS requires the seller to clear the goods for export, where applicable.

SELLER’S OBLIGATION
carriage. However, if requested by the buyer or if it is commercial practice and the
buyer does not give an instruction to the contrary in due time, the seller may contract
for carriage on usual terms at the buyer's risk and expense. In either case, the seller
may decline to make the contract of carriage and, if it does, shall promptly notify the
buyer.
insurance. However, the seller must provide the buyer, at the buyer's request, risk, and
A4 Delivery
The seller must deliver the goods either by placing them alongside the ship nominated by the
buyer at the loading point, if any, indicated by the buyer at the named port of shipment or by
procuring the goods so delivered. In either case, the seller must deliver the goods on the
agreed date or within the agreed period and in the manner customary at the port. If no
specific loading point has been indicated by the buyer, the seller may select the point within
the named port of shipment that best suits its purpose. If the parties have agreed that delivery
should take place within a period, the buyer has option to choose the date within that period.
B5.
54
The seller must pay
a. all costs relating to the goods until they have been delivered in accordance with A4,
other than those payable by the buyer as envisaged in B6; and
b. where applicable, the costs of customs formalities necessary for export as well as all
duties, taxes and other charges payable upon export.
The seller must, at the buyer's risk and expense, give the buyer sufficient notice either that
the goods have been delivered in accordance with A4 or that the vessel has failed to take the
goods within the time agreed.
The seller must provide the buyer, at the seller's expense, with the usual proof that the goods
have been delivered in accordance with A4. Unless such proof is a transport document, the
seller must provide assistance to the buyer, at the buyer's request, risk and expense, in
obtaining a transport document.
55
BUYER’S OBLIGATION
a. Contract of carriage: The buyer must contract, at its own expense for the carriage of the
goods from the named port of shipment, except where the contract of carriage is made
by the seller as provided for in A3 a).
insurance.
B4 Taking delivery
A4.
a. the buyer fails to give notice in accordance with B7; or
b. the vessel nominated by the buyer fails to arrive on time, or fails to take the goods or
closes for cargo earlier than the time notified in accordance with B7;
then the buyer bears all risks of loss of or damage to the goods from the agreed date or the
expiry date of the agreed period for delivery, provided that the goods have been clearly
identified as the contract goods.
56
The buyer must pay
A4, except, where applicable, the costs of customs formalities necessary for export as
well as all duties, taxes, and other charges payable upon export as referred to in A6 b);
i. the buyer has failed to give appropriate notice in accordance with B7, or
ii. the vessel nominated by the buyer fails to arrive on time, is unable to take the
goods, or closes for cargo earlier than the time notified in accordance with B7,
c. where applicable, all duties, taxes and other charges, as well as the costs of carrying
out customs formalities payable upon import of the goods and the costs for their
transport through any country.
The buyer must give the seller sufficient notice of the vessel name, loading point and, where
necessary, the selected delivery time within the agreed period.
57
FOB (insert named port of shipment)
Free On Board
GUIDANCE NOTE
§ This rule is to be used only for sea or inland waterway transport.
§ "Free on Board" means that the seller delivers the goods on board the vessel
nominated by the buyer at the named port of shipment or procures the goods
already so delivered. The risk of loss of or damage to the goods passes when
the goods are on board the vessel, and the buyer bears all costs from that
moment onwards.
§ The seller is required either to deliver the goods on board the vessel or to
procure goods already so delivered for shipment. The reference to "procure"
here caters for multiple sales down a chain ('string sales'), particularly
common in the commodity trades.

GUIDANCE NOTE
§ FOB may not be appropriate where goods are handed over to the carrier
before they are on board the vessel, for example goods in containers, which
are typically delivered at a terminal. In such situations, the FCA rule should be
used.
§ FOB requires the seller to clear the goods for export, where applicable.

carriage. However, if requested by the buyer or if it is commercial practice and the
buyer does not give an instruction to the contrary in due time, the seller may contract
for carriage on usual terms at the buyer's risk and expense. In either case, the seller
may decline to make the contract of carriage and, if it does, shall promptly notify the
buyer.
A4 Delivery
The seller must deliver the goods either by placing them on board the vessel nominated by
the buyer at the loading point, if any, indicated by the buyer at the named port of shipment or
by procuring the goods so delivered. In either case, the seller must deliver the goods on the
agreed date or within the agreed period and in the manner customary at the port. If no
specific loading point has been indicated by the buyer, the seller may select the point within
the named port of shipment that best suits its purpose.
B5.
60
The seller must pay
other than those payable by the buyer as envisaged in B6; and
b. where applicable, the costs of customs formalities necessary for export, as well as all
duties, taxes and other charges payable upon export.
The seller must, at the buyer's risk and expense, give the buyer sufficient notice either that
the goods have been delivered in accordance with A4 or that the vessel has failed to take the
goods within the time agreed.
The seller must provide the buyer, at the seller's expense, with the usual proof that the goods
have been delivered in accordance with A4. Unless such proof is a transport document, the
seller must provide assistance to the buyer, at the buyer's request, risk and expense, in
obtaining a transport document.
61
A
u
g
a. Contract of carriage: The buyer must contract, at its own expense for the carriage of the
goods from the named port of shipment, except where the contract of carriage is made
by the seller as provided for in A3 a).
insurance.
B4 Taking delivery
A4.
a. the buyer fails to notify the nomination of a vessel in accordance with B7; or
b. the vessel nominated by the buyer fails to arrive on time to enable the seller to comply
with A4, is unable to take the goods, or closes for cargo earlier than the time notified in
accordance with B7;
then, the buyer bears all risks of loss of or damage to the goods:
i. from the agreed date, or in the absence of an agreed date,
ii. from the date notified by the seller under A7 within the agreed period, or, if no such date
has been notified,
iii. from the expiry date of any agreed period for delivery,
62
The buyer must pay
A4, except, where applicable, the costs of customs formalities necessary for export, as
well as all duties, taxes and other charges payable upon export as referred to in A6 b);
i. the buyer has failed to give appropriate notice in accordance with B7, or
ii. the vessel nominated by the buyer fails to arrive on time, is unable to take the
goods, or closes for cargo earlier than the time notified in accordance with B7,
c. where applicable, all duties, taxes and other charges, as well as the costs of carrying
transport through any country.
The buyer must give the seller sufficient notice of the vessel name, loading point and, where
necessary, the selected delivery time within the agreed period.
63
CFR (insert named port of destination)
Cost & Freight
GUIDANCE NOTE
§ "Cost and Freight" means that the seller delivers the goods on board
the vessel or procures the goods already so delivered. The risk of loss
of or damage to the goods passes when the goods are on board the
vessel. The seller must contract for and pay the costs and freight
necessary to bring the goods to the named port of destination.
§ When CPT, CIP, CFR or CIF are used, the seller fulfils its obligation to
deliver when it hands the goods over to the carrier in the manner
specified in the chosen rule and not when the goods reach the place of
destination.
64
GUIDANCE NOTE
§ This rule has two critical points, because risk passes and costs are
transferred at different places. While the contract will always specify a
destination port, it might not specify the port of shipment, which is
where risk passes to the buyer. If the shipment port is of particular
interest to the buyer, the parties are well advised to identify it as
precisely as possible in the contract.
§ The parties are well advised to identify as precisely as possible the
point at the agreed port of destination, as the costs to that point are for
the account of the seller. The seller is advised to procure contracts of
carriage that match this choice precisely. If the seller incurs costs under
its contract of carriage related to unloading at the specified point at the
port of destination, the seller is not entitled to recover such costs from
the buyer unless otherwise agreed between the parties.
65
GUIDANCE NOTE
§ CFR may not be appropriate where goods are handed over to the
carrier before they are on board the vessel, for example goods in
containers, which are typically delivered at a terminal. In such
circumstances, the CPT rule should be used.
§ CFR requires the seller to clear the goods for export, where applicable.
However, the seller has no obligation to clear the goods for import, pay
any import duty or carry out any import customs formalities.


a. Contract of carriage: The seller must contract or procure a contract for the carriage of
the goods from the agreed point of delivery; if any, at the place of delivery to the named
port of destination or, if agreed, any point at that port. The contract of carriage must be
made on usual terms at the seller's expense and provide for carriage by the usual route
in a vessel of the type normally used for the transport of the type of goods sold.
A4 Delivery
The seller must deliver the goods either by placing them on board the vessel or by procuring
the goods so delivered. In either case, the seller must deliver the goods on the agreed date
or within the agreed period and in the manner customary at the port.
B5.
67
The seller must pay
other than those payable by the buyer as envisaged in B6;
b. the freight and all other costs resulting from A3 a), including the costs of loading the
goods on board and any charges for unloading at the agreed port of discharge that
were for the seller's account under the contract of carriage; and
c. where applicable, the costs of customs formalities necessary for export as well as all
through any country that were for the seller's account under the contract of carriage.
measures that are normally necessary to enable the buyer to take the goods.
The seller must, at its own expense, provide the buyer without delay with the usual transport
document for the agreed port of destination. This transport document must cover the contract
goods, be dated within the period agreed for shipment, enable the buyer to claim the goods
from the carrier at the port of destination and, unless otherwise agreed, enable the buyer to
sell the goods in transit by the transfer of the document to a subsequent buyer or by
notification to the carrier. When such a transport document is issued in negotiable form and in
several originals, a full set of originals must be presented to the buyer.
68
carriage.
B4 Taking delivery
A4 and receive them from the carrier at the named port of destination.
delivered as envisaged in A4. If the buyer fails to give notice in accordance with B7, then it
bears all risks of loss of or damage to the goods from the agreed date or the expiry date of
the agreed period for shipment, provided that the goods have been clearly identified as the
contract goods.
69
A
u
g
A4, except, where applicable, the costs of customs formalities necessary for export as
well as all duties, taxes, and other charges payable upon export as referred to in A6 c);
b. all costs and charges relating to the goods while in transit until their arrival at the port of
destination, unless such costs and charges were for the seller's account under the
c. unloading costs including lighterage and wharfage charges, unless such costs and
charges were for the seller's account under the contract of carriage;
d. any additional costs incurred if it fails to give notice in accordance with B7, from the
agreed date or the expiry date of the agreed period for shipment, provided that the
goods have been clearly identified as the contract goods; and
e. where applicable, all duties, taxes and other charges, as well as the costs of carrying
transport through any country unless included within the cost of the contract of carriage.
The buyer must, whenever it is entitled to determine the time for shipping the goods and/or
the point of receiving the goods within the named port of destination, give the seller sufficient
notice thereof.
70
CIF (insert named port of destination)
Cost Insurance & Freight
GUIDANCE NOTE
§ "Cost, Insurance and Freight" means that the seller delivers the goods
on board the vessel or procures the goods already so delivered. The
risk of loss of or damage to the goods passes when the goods are on
board the vessel. The seller must contract for and pay the costs and
freight necessary to bring the goods to the named port of destination.
§ The seller also contracts for insurance cover against the buyer's risk of
loss of or damage to the goods during the carriage. The buyer should
note that under CIF the seller is required to obtain insurance only on
minimum cover. Should the buyer wish to have more insurance
protection, it will need either to agree as much expressly with the seller
or to make its own extra insurance arrangements.
71
GUIDANCE NOTE
§ When CPT, CIF, CFR, or CIF are used, the seller fulfils its obligation to
deliver when it hands the goods over to the carrier in the manner
specified in the chosen rule and not when the goods reach the place of
destination.
§ This rule has two critical points, because risk passes and costs are
transferred at different places. While the contract will always specify a
destination port, it might not specify the port of shipment, which is
where risk passes to the buyer. If the shipment port is of particular
interest to the buyer, the parties are well advised to identify it as
precisely as possible in the contract.
§ The parties are well advised to identify as precisely as possible the
point at the agreed port of destination, as the costs to that point are for
the account of the seller. The seller is advised to procure contracts of
carriage that match this choice precisely. If the seller incurs costs under
its contract of carriage related to unloading at the specified point at the
port of destination, the seller is not entitled to recover such costs from
the buyer unless otherwise agreed between the parties.
72
GUIDANCE NOTE
§ The seller is required either to deliver the goods on board the vessel or
to procure goods already so delivered for shipment to the destination.
In addition the seller is required either to make a contract of carriage or
to procure such a contract. The reference to "procure" here caters for
multiple sales down a chain ('string sales'), particularly common in the
commodity trades.
§ CIF may not be appropriate where goods are handed over to the carrier
before they are on board the vessel, for example goods in containers,
which are typically delivered at a terminal. In such circumstances, the
CIP rule should be used.
§ CIF requires the seller to clear the goods for export, where applicable.
However, the seller has no obligation to clear the goods for import, pay
any import duty or carry out any import customs formalities.
73
a. Contract of carriage: The seller must contract or procure a contract for the carriage of
the goods from the agreed point of delivery, if any, at the place of delivery to the named
port of destination or, if agreed, any point at that port. The contract of carriage must be
made on usual terms at the seller's expense and provide for carriage by the usual route
in a vessel of the type normally used for the transport of the type of goods sold.
b. Contract of insurance: The seller must obtain, at its own expense, cargo insurance
complying at least with the minimum cover provided by Clauses (C) of the Institute
Cargo Clauses (LMA/lUA) or any similar clauses. The insurance shall be contracted
with underwriters or an insurance company of good repute and entitle the buyer, or any
other person having an insurable interest in the goods, to claim directly from the
insurer. When required by the buyer, the seller shall, subject to the buyer providing any
necessary information requested by the seller, provide at the buyer's expense any
additional cover, if procurable, such as cover as provided by Clauses (A) or (B) of the
Institute Cargo Clauses (LMA/lUA) or any similar clauses and/or cover complying with
the Institute War Clauses and/or Institute Strikes Clauses (LMA/lUA) or any similar
clauses. The insurance shall cover, at a minimum, the price provided in the contract
plus 10% (i.e., 110%) and shall be in the currency of the contract. The insurance shall
cover the goods from the point of delivery set out in A4 and A5 to at least the named
port of destination. The seller must provide the buyer with the insurance policy or other
evidence of insurance cover. Moreover, the seller must provide the buyer, at the buyer's
request, risk, and expense (if any), with information that the buyer needs to procure any
additional insurance.
74
A4 Delivery
The seller must deliver the goods either by placing them on board the vessel or by procuring
the goods so delivered. In either case, the seller must deliver the goods on the agreed date
or within the agreed period and in the manner customary at the port.
B5.
The seller must pay
other than those payable by the buyer as envisaged in B6;
b. the freight and all other costs resulting from A3 a), including the costs of loading the
goods on board and any charges for unloading at the agreed port of discharge that
were for the seller's account under the contract of carriage;
c. the costs of insurance resulting from A3 b); and
d. where applicable, the costs of customs formalities necessary for export, as well as all
through any country that were for the seller's account under the contract of carriage.
75
measures that are normally necessary to enable the buyer to take the goods.
The seller must, at its own expense provide the buyer without delay with the usual transport
document for the agreed port of destination. This transport document must cover the contract
goods, be dated within the period agreed for shipment, enable the buyer to claim the goods
from the carrier at the port of destination and, unless otherwise agreed, enable the buyer to
sell the goods in transit by the transfer of the document to a subsequent buyer or by
notification to the carrier. When such a transport document is issued in negotiable form and in
several originals, a full set of originals must be presented to the buyer.
76
carriage.
insurance. However, the buyer must provide the seller, upon request, with any
information necessary for the seller to procure any additional insurance requested by
the buyer as envisaged in A3 b).
B4 Taking delivery
A4 and receive them from the carrier at the named port of destination.
delivered as envisaged in A4.
If the buyer fails to give notice in accordance with B7, then it bears all risks of loss of or
shipment, provided that the goods have been clearly identified as the contract goods.
77
A
u
g
B6 Allocation of cost
A4, except, where applicable, the costs of customs formalities necessary for export, as
well as all duties, taxes and other charges payable upon export as referred to in A6 d);
b. all costs and charges relating to the goods while in transit until their arrival at the port of
destination, unless such costs and charges were for the seller's account under the
c. unloading costs including lighterage and wharfage charges, unless such costs and
charges were for the seller's account under the contract of carriage;
d. any additional costs incurred if it fails to give notice in accordance with B7, from the
agreed date or the expiry date of the agreed period for shipment, provided that the
goods have been clearly identified as the contract goods;
e. where applicable, all duties, taxes and other charges, as well as the costs of carrying
transport through any country, unless included within the cost of the contract of
carriage; and
f. the costs of any additional insurance procured at the buyer's request under A3 b) and
B3 b).
78

The buyer must, whenever it is entitled to determine the time for shipping the goods and/or
the point of receiving the goods within the named port of destination, give the seller sufficient
notice thereof
79

9 August 2016
02 Tata cara pembayaran pada

Perdagangan Internasional

Kondisi Dalam Perdagangan Internasional
►Antara pembeli dan penjual tidak saling mengenal
Kondisi
►Terdapat Dalam
perbedaan Perdagangan
peraturan, Internasional
hukum, bahasa dan keimigrasian/pabean
►Pembeli biasanya menginginkan adanya masa tenggang dalam pembayaran,

kepastian barang dan barang sesuai dengan spesifikasi yang diinginkan
►Penjual menginginkan adanya jaminan pembayaran dan segera
►Perbedaan kondisi politik suatu negara
August 9,
2016
Risiko Perdagangan Internasional
Risiko Seller Buyer

Commercial Credit Risk
•Non Acceptance Risk
•Financial Risk
•Transportation Risk
•Performance risk such as
-Late delivery / non-delivery
-Inferior goods delivered
Documentary Risk
Foreign Exchange / Interest Rate Risk
Country Risk

Metode Pembayaran Internasional
Apa metode pembayaran yang paling tepat untuk Anda?
– pertanyaan penggali
►Assessing what is right for you
►How much risk is your company willing to take?
►How well do you know your customer?
►What payment terms are typical for your industry?
►What if you competitive offering?
►What is nature of the order?
►What is the political and economic situation in the buyer’s country?

Buyer Seller
Open Account
Documents against Acceptance
Risiko
Risiko
Documents against Payment
Letter of Credit
Confirmed Letter of Credit
Advance Payment

INSTRUMENT PEMBAYARAN
Dimuka Tunai Berjangka
LC/ SKBDN Red Clause Sight Usance
Collection D/A
Non LC/ SKBDN Advance Payment Collection D/P
Open Account

Open Account
Alur Transaksi Keterangan
1 Buyer dan seller membuat kontrak

sebagai underlying transaksi
2 Seller mengirimkan barang dan

3c
dokumen pengiriman barang kepada
Seller
buyer
Seller’s Bank
2 3 Buyer melakukan pembayaran melalui
Bank
3b
1
3a
Buyer
Buyer’s Bank

87
Open Account
Karakteristik
1 Seller’s credit
2 Buyer’s market (bargaining position ada pada pembeli)
3 Barang milik pembeli

88
Open Account
Seller melakukan pengiriman barang terlebih dahulu, kemudian Buyer
melakukan pembayaran
Advantages Risk
Mempunyai peluang untuk

Tidak ada kepastian pembayaran
menjual barang dengan harga
atas barang yang telah dikirimkan
yang lebih tinggi
Seller
1. Pembayaran dapat dilakukan

setelah barang diterima
2. Uang yang akan dibayarkan Tidak ada
Buyer dapat dimanfaatkan terlebih
dahulu

Advance Payment

2 Buyer melakukan pembayaran melalui

2
Bank
Seller
Seller’s Bank Seller mengirimkan barang dan
3
3 dokumen pengiriman barang kepada
buyer
Buyer
2
Buyer’s Bank

90
Advance Payment
Karakteristik
1 Buyer’s credit
2 Seller’s market (bargaining position ada pada penjual)
3 Barang milik buyer

Advance Payment
Buyer melakukan pembayaran terlebih dahulu sebelum Seller melakukan
pengiriman barang
Advantages Risk
1. Barang dapat dikirimkan setelah

pembayaran diterima
2. Uang yang diterima dapat Tidak ada
digunakan untuk membantu
Seller realisasi pengiriman barang
1. Tidak mendapatkan kepastian

barang akan dikirimkan oleh buyer
Mempunyai peluang untuk meminta setelah pembayaran dilakukan
potongan harga
2. Kehilangan manfaat penggunaan
Buyer uang
91
Document against Payment (D/P)

3a
2 Seller mengirimkan barang kepada
Collecting / Buyer
Seller 5b
Presenting Bank
3 Seller menyerahkan dokumen
2 3b pengiriman barang kepada Remmiting
Bank untuk kemudian dikirimkan kepada
Presenting Bank
4 Buyer melakukan pembayaran kepada

Collecting Bank. Dokumen pengiriman
1 5a
barang diserahkan kepada Buyer setelah
Buyer membayar.
5 Pembayaran dikirimkan kepada Seller

Buyer
4 Remitting
4
Bank

Document against Payment (D/P)
Dokumen atas barang dikirimkan dan ditagihkan Seller melalui Bank. Buyer
hanya bisa mengambil dokumen setelah melakukan pembayaran kepada
Bank
Advantages Risk
1. Ada resiko buyer tidak

melakukan penebusan
Kepemilikan barang masih dapat (pembayaran) atas dokumen
dikontrol melalui dokumen Bill of yang datang.
Lading.
Seller 2. Adanya kerugian apabila
dokumen tidak ditebus
Mempunyai kesempatan untuk

tidak melakukan penebusan Barang yang datang tidak sesuai
(pembayaran) atas dokumen yang dengan yang dipesan
Buyer datang.
93
Document against Acceptance (D/A)

3a
2 Seller mengirimkan barang kepada
Collecting / Buyer
Seller 5c
Presenting Bank
3 Seller menyerahkan dokumen
2 3b pengiriman barang kepada Remmiting
Bank untuk kemudian dikirimkan kepada
Presenting Bank
4 Buyer melakukan pembayaran kepada

Collecting Bank. Dokumen pengiriman
1 5b
barang diserahkan kepada Buyer setelah
Buyer memberikan Akseptasi
pembayaran.
4
4
Buyer Remitting Pembayaran dikirimkan kepada Seller
Bank 5 pada saat jatuh tempo pembayaran
5a
94

Document against Acceptance (D/A)
Dokumen atas barang dikirimkan dan ditagihkan Seller melalui Bank. Buyer
hanya bisa mengambil dokumen setelah melakukan akseptasi kepada Bank dan
berkewajiban membayar pada saat jatuh tempo
Advantages Risk
1. Ada resiko buyer tidak melakukan

penebusan (akseptasi) atas
Dokumen hanya akan diserahkan dokumen yang datang.
oleh bank apabila buyer sudah
melakukan akseptasi. 2. Ada resiko buyer tidak melakukan
Seller pembayaran pada saat akseptasi
jatuh tempo.
Mempunyai kesempatan untuk

tidak melakukan penebusan
Tidak ada
(akseptasi) atas dokumen yang
Buyer datang.
95
Letter of Credit
Pengertian Menurut UCP600 art. 2
Suatu janji yang pasti dari Issuing Bank yang bersifat irrevocable
untuk melakukan pembayaran kepada pihak penerima
(beneficiary) atas presentasi dokumen yang sesuai (complying
presentation) dengan syarat dan kondisi LC
96
Letter of Credit
Alur Transaksi
1 Applicant memnyerahkan aplikasi

penerbitan LC/SKBDN
3
Issuing Bank (Bank penerbit) menerbitkan
4b 2 LC/SKBDN
Penjual Advising Bank meneruskan LC ke
Beneficiary
7 3
Advising Bank Beneficiary
4a a. Nasabah mengirimkan barang
5 4 b. Nasabah mempresentasikan
dokumen melalui Bank
Negotiating Bank mengirimkan dokumen
5
ke Issuing Bank
2 7 Buyer melakukan pembayaran kepada
6 Issuing Bank. Dokumen pengiriman barang
diserahkan kepada Buyer setelah Buyer
1 membayar.
Pembeli Issuing Bank meneruskan pembayaran
Issuing Bank 7
Applicant 6 kepada Beneficiary melalui Negotiating
6
Bank
97
Letter of Credit
Keuntungan dan Risiko
Advantages Risk
1. Mendapat jaminan
pembayaran dari Bank selama 1. Ketidakmampuan presentasi
dokumen comply. dokumen yang dipersyaratkan.
2. Kemudahan memperoleh 2. Issuing Bank bangkrut.

Seller
pembiayaan ekspor.
1. Pembayaran hanya dilakukan

oleh bank bila terms &
1. Fraud documents
conditions L/C terpenuhi.
2. L/C tidak dapat dibatalkan
2. Kemudahan memperoleh
Buyer secara sepihak
credit baik dari bank maupun
seller.
98

9 August 2016
03 Letter of Credit

August 9, 2016
More Similarities Between Trade and Golf...
100
Letter of Credit
Pihak-pihak dalam LC
Pihak Utama Pihak Lain

1. Issuing bank adalah bank yang 1. Applicant adalah pihak yang meminta bank untuk
menerbitkan LC atas permintaan applicant menerbitkan LC.
atau atas nama bank sendiri. 2. Advising bank adalah bank yang ditunjuk oleh issuing
2. Beneficiary adalah pihak yang dijamin oleh bank untuk meneruskan LC.
issuing bank di dalam LC yang diterbitkan. 3. Nominated bank adalah bank yang ditunjuk atau
3. Confirming bank adalah bank yang ikut dikuasakan oleh issuing bank sebagai tempat
menambahkan jaminannya padaLC atas penyerahan dokumen yang ditarik atas dasar LC oleh
permintaan dari issuing bank. beneficiary, baik untuk sight payment, acceptance,
deferred payment, atau negotiation.
4. Negotiating bank adalah bank yang melakukan
negosiasi atas presentasi dokumen LC yang telah
memenuhi persyaratan (complying presentation), sesuai
kuasa issuing bank.
5. Reimbursing bank adalah bank yang ditunjuk oleh
issuing bank untuk melakukan pembayaran atas klaim
pembayaran atas LC.
6. Transferring bank adalah bank yang mentransfer LC dari
101
beneficiary pertama kepada beneficiary kedua.

Letter of Credit
Fungsi Keterangan
Commercial LC
Memberi rasa aman kepada penerima LC dikarenakan ada
Alat Pembayaran
jaminan dari bank penerbit LC apabila dokumen sesuai
dengan LC.
Standby LC (SBLC)
Bank Penerbit SBLC memberikan jaminan pembayaran
Alat Penjamin kepada penerima SBLC jika terjadi cidera janji oleh pihak
applicant dan dokumen yang diserahkan oleh penerima
SBLC telah sesuai dengan persyaratan dokumen dalam
SBLC.
102

Letter of Credit
Fitur LC
Sifat LC
• Irrevocable LC
Letter of Credit
LC yang tidak dapat diubah atau dibatalkan secara sepihak tanpa persetujuan issuing
Fitur LC
bank, confirming bank (jika ada) dan beneficiary).
• Transferable LC
LC yang memberi hak kepada Beneficiary untuk dapat memindahkan sebagian atau
seluruh nilai yang tercantum dalam LC kepada satu atau lebih pemasok/Beneficiary-2.
Tenor LC
• Sight LC
LC yang pembayarannya dilakukan oleh Issuing Bank pada saat dokumen diunjukkan
• Usance LC
LC yang pembayarannya dilakukan oleh Issuing Bank pada saat jatuh tempo
draft/kewajiban
Presentation title in footer
103

Letter of Credit
Fitur LC
Availability
• Sight payment LC Letter of Credit

LC yang memuat klausula dimana issuing bank berjanji melakukan pembayaran atas unjuk (at
Fitur LC
sight), baik secara langsung atau melalui bank lain yang diberi kuasa.
• Acceptance / Usance LC
LC yang memuat klausula dimana issuing bank berjanji untuk mengaksep draft yang dibuat oleh
beneficiary dan melakukan pembayaran berjangka/usance (pada waktu yang telah
ditentukan di kemudian hari).
• Negotiation LC
LC yang memuat klausula dimana issuing bank memberikan kuasa kepada bank lain untuk
menegosiasi (mengambil alih Wesel atau dokumen LC, yakni melakukan pembayaran baik atas
dasar sight dan usance).
• Deferred Payment LC
LC yang memuat klausula dimana issuing bank berjanji untuk melakukan pembayaran
berjangka/usance (pada waktu yang telah ditentukan di kemudian hari).
104
Letter of Credit
Fitur LC
Availability
Letter of Credit
• Usance Payable at Sight (UPAS)
LC yang memperkenankan pembayaranFitur kepadaLCbeneficiary secara sight, sedangkan pelunasan
kewajiban oleh applicant kepada issuing bank dilakukan dikemudian hari yang telah ditentukan
(pada saat jatuh tempo).
• Usance Payable at Usance (UPAU)

LC yang memperkenankan pembayaran kepada beneficiary secara usance, sedangkan
pelunasan kewajiban oleh applicant kepada issuing bank dilakukan dikemudian hari yang telah
ditentukan (pada saat jatuh tempo) dengan jangka waktu yang lebih panjang.
105

Letter of Credit
Fitur LC
Konfirmasi LC
• Unconfirm LC Letter of Credit

Fitur LC
LC yang pembayarannya hanya dijamin oleh Issuing Bank, asalkan sesuai dengan
syarat dan kondisi LC.
• Confirm LC
LC yang pembayarannya dijamin oleh Confirming Bank selain Issuing Bank, asalkan
sesuai dengan syarat dan kondisi LC.
Tanggung jawab Confirming Bank sama dengan Issuing Bank dan Confirming Bank
tidak dapat menarik diri dari kewajibannya kepada penerima
Mengapa Beneficiary meminta LC untuk

dikonfimasi?
106

107
Rules
Uniform Rules for Collections 522

merupakan acuan/ aturan internasional yang digunakan untuk transaksi Collection (non L/C)
Uniform Rules for Reimbursement 725
merupakan acuan/ aturan internasional yang digunakan untuk transaksi bank-to-bank
reimbursement atas dasar Documentary Credit
Uniform Customs and Practice for Documentary Credit 600

merupakan acuan/ aturan internasional yang digunakan untuk Documentary Credit
International Standard Banking Practice 745

merupakan standar praktik perbankan yang tidak terpisahkan dari UCP600 yang
menguraikan bagaimana pasal-pasal dari UCP600 ditafsirkan dan diterapkan
International Commercial Terms 2010

penafsiran persyaratan perdagangan yang menetapkan hak dan kewajiban pembeli dan
penjual dalam transaksi internasional

108
Surat Kredit Berdokumen Dalam Negeri

Ketentuan & Fitur
» Surat Kredit Berdokumen Dalam Negeri (SKBDN) atau lazim dikenal sebagai "Letter of
Credit" (L/C) Dalam Negeri adalah setiap janji tertulis berdasarkan permintaan tertulis
Pemohon (Applicant) yang mengikat Bank Pembuka (Issuing Bank) untuk:
a. melakukan pembayaran kepada Penerima atau ordernya, atau mengaksep dan membayar
wesel yang ditarik oleh Penerima;
b. memberi kuasa kepada bank lain untuk melakukan pembayaran kepada Penerima atau
ordernya, atau mengaksep dan membayar wesel yang ditarik oleh Penerima; atau
c. memberi kuasa kepada bank lain untuk menegosiasi wesel yang ditarik oleh Penerima, atas
penyerahan dokumen, sepanjang persyaratan dan kondisi SKBDN dipenuhi.
• SKBDN dan perubahannya tunduk pada PBI No. 5/6/PBI/2003 tanggal 2 Mei 2003.
August
Presentation
9, title in footer
2016
109
Surat Kredit Berdokumen Dalam Negeri

Ketentuan & Fitur
§ Merupakan LC yang berlaku di dalam negeri

§ Harus secara tegas menyebutkan nama “Surat Kredit Berdokumen Dalam
Negeri”
Ketentuan
§ Bank, Pemohon, dan Penerima Berkedudukan di dalam negeri
Umum
§ Untuk transaksi perdagangan barang
§ Apabila transaksi perdagangan barang terkait dengan transaksi jasa yang tidak
dapat dipisahkan, maka nilai jasa < nilai barang
ü Dalam mata uang rupiah (IDR)

ü Dalam valuta asing sepanjang SKBDN terkait:
§ Perdagangan internasional
Valuta § Untuk pembelian barang di dalam negeri dengan produksi untuk tujuan
ekspor
§ Untuk pembelian barang di dalam negeri yang mengandung komponen
impor untuk keperluan perdagangan dalam negeri maupun tujuan ekspor
August
Presentation
9, title in footer
2016
Contoh LC
Critical Points
1. Details of all 2. LC expiry &

contractual parties amount
8. LC reimbursement 3. Shipment Details

instructions
7. Other additional 4. Merchandise

Descriptions
conditions
Documentary
Credit
6. Whom to bear 5. Documents

bank charges Requirements

activities to be checked before issuance
• Understand your transaction
• Know your seller
• Put all terms and conditions in your contract
111
activities to be checked in respect of
issuance
• Pengisian aplikasi secara lengkap dan ditandatangani authorized signatory

nasabah dengan dilengkapi dokumen pendukung (bila ada)
• No excessive detail
Article 5(a) UCP 500
a. ….. In order to guard against confusion and misunderstanding, bank should
discourage any attempt:
i. To include excessive detail in the credit or its amendment
112
August 9, 2016

issuance-cont
• Penuangan dokumen yang diperlukan harus jelas
Article 14 (h) – UCP 600
If a credit contains a condition without stipulating the document to indicate
compliance with the condition, banks will deem such condition as not stated
and will disregard it.
• No Ambiguity
Article 3 UCP 600
Terms such as "first class", "well known", "qualified", "independent",
"official", "competent" or "local" used to describe the issuer of a document
allow any issuer except the beneficiary to issue that document.
1
1
3
issuance-cont
• Penutupan cover asuransi yang sesuai/specifik
Article 28 (g) dan (h)-UCP 600
g. A credit should state the type of insurance required and, if any, the
additional risks to be covered. An insurance document will be accepted
without regard to any risks that are not covered if the credit uses
imprecise terms such as “usual risks” or “customary risks”.
h. When a credit requires insurance against “all risks” and an insurance
document is presented containing any “all risks” notation or clause, whether
or not bearing the heading “all risks”, the insurance document will be
accepted without regard to any risks stated to be excluded.
114
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04 Standby Letter of Credit (SBLC)

Bank Instrument
the comparison of LC, SBLC & Bank Guarantee
LC subject to UCP 600 SBLC subject to

ISP 98 BG subject to URDG
Definisi Constitute a definite undertaking To support payment,… of …to make payment upon
of the issuing bank to honour a obligations based on money presentation of written
complying presentation loaned, or upon the demand
occurrence or non occurrence
of another contingency
Independent, Irrevocable Independent, irrevocable, Independent,

Fitur Unconditional unconditional irrevocable, unconditional
Force majeure : A bank assumes Force majeure: …the last day Tunduk pada Hukum
no liability/responsibility for the for presentation is Negara Penerbit
consequences arising out of the automatically extended to the Force majeure : same as
interruption of its business by day occurring 30 calendar days UCP 600
Act of God, after re-open
Docs cannot be re-present Docs can be re-present
Berlaku internasional, bukan Mulai populer

Summary Hukum namun dipatuhi oleh
Internasional
bank-bank di seluruh dunia Prosedur dan Format Kurang populer
Baik untuk menjamin mendukung transaksi
transaksi perdagangan barang dan jasa yang
barang kompleks
116
Guarantee
Definition
Uniform Rules on Demand Guarantee (URDG) Publication No. 758
Demand Guarantee or guarantee means any signed undertaking, however named or

described, providing for payment on presentation of a complying demand.
SE BI No. 23/7/UKU tanggal 18-3-1991
Garansi adalah :
» Warkat yang diterbitkan Bank yang menyebabkan kewajiban membayar apabila

terjadi wan prestasi.
» Penandatanganan kedua dan seterusnya atas surat2 berharga yang dapat

menimbulkan kewajiban membayar bagi bank bila terjadi wan prestasi
» Perjanjian bersyarat sehinga dapat menimbulkan kewajiban finansial bagi bank
117
August 9, 2016
Standby letter of credit (standby LC)

under International Standby Practice Publication Np 590 (ISP 98)
Standbys are issued to support payment, when due or after default, of

obligations based on money loaned, or advanced, or upon the occurrence
or non occurrence of another contingency.
A standby is an irrevocable, independent, documentary and binding

undertaking when issued and need not so state.
- International Standby Practices – ISP98 -
1
1
8
August 9, 2016
Bank Garansi– Dependent Guarantee

Tunduk kepada SE BI No. 23/7/UKU dated 18 March 1991
§ berbentuk warkat
§ tunduk pada hukum indonesia
§ merupakan accessoir dari perjanjian induk, dependent guarantee
§ minimal memuat :
1. Judul “Garansi Bank” atau “ Bank Garansi”
2. Nama & alamat Bank Pemberi BG
3. Tgl penerbitan
4. Transaksi yang dijamin
5. Jumlah uang yang dijamin bank
6. Tanggal mulai berlaku dan berakhirnya BG
7. Penegasan batas waktu pengajuan klaim
8. Ketentuan Pasal 1831 atau Pasal 1832 KUHP
9. Dokumen klaim yang dipersyaratkan
§ tidak boleh memuat :

1. Syarat-syarat yang terlebih dahulu harus dipenuhi untuk berlakunya BG
atau Standby LC misalnya garansi baru berlaku setelah pemohon
menyetor uang
2. Garansi dapat diubah/dibatalkan secara sepihak
1
1
9
August 9, 2016
Demand Guarantee - Independent Guarantee

Tunduk kepada URDG 758 atau ISP 98
§ Berbentuk warkat atau SWIFT

§ Tunduk pada hukum negara penerbit atau sesuai kesepakatan
§ Independent : terpisah dari perjanjian induk
§ Minimal memuat:
1.Nama & alamat Bank Penerbit
2.Tanggal Penerbitan
3.Nomor referensi atau informasi lainnya yang menunjukkan underlying relationship antara
beneficiary dengan applicant
4.Jumlah uang yang dijamin
5.Tanggal mulai berlaku dan berakhirnya Guarantee
6.Dokumen klaim yang dipersyaratkan
7.Pernyataan Guarantee tunduk pada URDG atau ISP
§ Transferable (dapat ditransfer), hanya jika dinyatakan dalam guarantee
§ Partial drawing (klaim sebagian) diperkenankan
§ Ketika terjadi Force Majeure masa berlaku garansi diperpanjang 30 hari :
§ Setelah Akhir Masa Berlaku (the Expiry Date) -> URDG
§ Setelah Issuing Bank beroperasi kembali -> ISP
1
2
0
August 9, 2016
standby letter of credit

nature of standby
Irrevocable
An issuer’s obligation cannot be amended or cancelled except as provided in the standby or
as consented by Beneficiary
Independent
The enforceability of the issuer’s obligations under a standby does not depend on:
1. The issuer’s right to obtain payment from applicant
2. The beneficiary’s right to obtain payment from applicant
3. A reference in the standby to any reimbursement agreement or underlying transaction
4. The issuer’s knowledge of performance or breach of any reimbursement agreement
or underlying transaction
Documentary
An Issuer’s obligation depend on the presentation of documents and an examination of
required documents on their face
Binding when issued
The enforceability against issuer does not depend on whether or not:
1. The applicant authorised its issuance
2. The issuer received a fee
3. The Beneficiary received or relied on the standby or the amendment
1
2
1
Klasifikasi Standby
Untuk kemudahan identifikasi, standby umumnya diklasifikasikan berdasarkan
fungsinya terhadap underlying transaction
No Klasifikasi Penjaminan bank terkait
1 Performance Standby Kewajiban untuk menyelesaikan pekerjaan termasuk menjamin

kerugian yang muncul akibat applicant wanprestasi dalam penyelesaian
underlying transaction
2 Advance Payment Kewajiban yang diperhitungkan terkait pembayaran dimuka dari

Standby beneficiary kepada applicant
3 Bid Bond / Tender Bond Kewajiban applicant melaksanakan kontrak jika memenangkan suatu
Standby tender / lelang
4 Counter Standby Penerbitan standby lain atau penjaminan lain yang diterbitkan oleh
beneficiary dari counter standby
5 Financial Standby Kewajiban pembayaran sejumlah uang
6 Direct Pay Standby Pembayaran pada saat jatuh tempo tanpa mensyaratkan adanya suatu
wanprestasi
7 Insurance Standby Kewajiban asuransi atau reasuransi
8 Commercial Standby Kewajiban applicant untuk membayar barang atau jasa dalam hal
applicant gagal bayar.
122
Standby Letter of Credit

Janji tertulis Bank yang bersifat irrevocable, diterbitkan atas 1 Applicant dan beneficiary membuat
permintaan Applicant untuk membayar kepada beneficiary atau kontrak sebagai underlying transaksi
bank yang mewakili beneficiary untuk melakukan penagihan,
apabila dokumen klaim comply with dengan persyaratan dokumen 2 Applicant meminta Bank utk
pada SBLC menerbitkan SBLC
3 SBLC terbit
4
Beneficiary
5 Advising Bank 4 Advising Bank meneruskan SBLC ke
8 Beneficiary
1
6
5 Mempresentasikan dokumen
6 Dokumen diteruskan ke Issuing Bank
3 7
7 Pembayaran dari Issuing Bank (jika
comply)
2
Applicant 8 Pembayaran kepada beneficiary

Ketentuan penerbitan SBLC
1. Mengisi dan melengkapi Aplikasi Penerbitan SBLC.

2. Syarat penerbitan :
a. Kelengkapan dokumentasi sesuai cover yang digunakan
b. Limit penerbitan pada Customer Liability
c. Underlying transaction
d. Aplikasi penerbitan & format/klausula SBLC
e. Dana untuk provisi & biaya penerbitan lainnya
3. SBLC dapat ditransmisikan dalam bentuk SWIFT, telex maupun surat (mail).

Ketentuan klaim
Pengajuan klaim SBLC dilakukan beneficiary sbb:

a. Dilakukan secara tertulis dengan langsung ke Issuing Bank
b. Dengan perantara advising bank melalui sarana
authenticated SWIFT/registered mail/tested telex sesuai
syarat klaim yang tercantum dalam SBLC
c. Klaim dilakukan setiap saat dalam masa berlakunya SBLC
d. Maksimal klaim sebesar nilai SBLC

August 9, 2016
Guarantee become operative instrument

Bank Garansi Demand Guarantee Standby LC
Berlaku sejak tanggal Berlaku sejak tanggal penerbitan Berlaku sejak tanggal penerbitan
penandatanganan dan Guarantee telah diserahkan
oleh Bank kepada pihak lain
Pemberian garansi … berlaku A guarantee is issued when it A standby is an irrevocable,
sejak tanggal dilakukannya leaves the control of the independent, documentary, and
pembubuhan tanda tangan oleh guarantor. binding undertaking when issued
bank and need not so state.
(SK Dir BI) (URDG 758 Article 4. Issue & (ISP98 1.06.a)
Effectiveness )
Revocable - Irrevocable
Irrevocable Irrevocable Irrevocable

Garansi Bank & SBLC tidak A guarantee is irrevocable on A standby is an irrevocable,
memuat : ketentuan bahwa issue even if it does not so state. independent, documentary, and
Garansi Bank / SBLC dapat binding undertaking when issued
diubah atau dibatalkan secara and need not so state.
sepihak
(SK Dir BI) (URDG 758 Article 4. Issue & (ISP98 1.06.a)
1 Effectiveness )
2
6
Expiry Date Guarantee
• Berakhirnya perjanjian Expiry event, an event which under the Expiration Date means the
pokok terms of the guarantee results in its latest day for a complying
• Berakhirnya BG expiry, whether immediately or within a presentation provided in a
sebagaimana specified time after the event occurs, standby.
ditetapkan dalam BG. for which purpose the event is deemed
to occur only :
a. When a document specified in the
guarantee as indicating the
occurrence of the event is
presented to the guarantor, or
b. If no such document is specified in
the guarantee, when the
occurrences of the event becomes
determinable from guarantor’s own
records.
Expiry date, the date specified in
guarantee on or before which a
presentation can be made
(SK Dir BI) (URDG 758 Article 2 Definition) (ISP98 1.09.a)
127
Dasar Pembayaran Klaim
actual default Statement of default Complying presentation

Warkat yang diterbitkan A demand under the guarantee shall An issuer undertakes to the
Bank yang menyebabkan be supported by such other beneficiary to honour a
kewajiban membayar documents as the guarantee presentation that appears on its
apabila terjadi wan specifies, and in any event by a face to comply with the terms &
prestasi. statement, by the beneficiary, conditions of the standby
indicating in what respect the
applicant is in breach of its obligations
…
(SK Dir BI) (URDG 758 Article 15) (ISP98 2.01.a)
128
Dependent - Independent
Dependent Independent Independent

Garansi Bank A guarantee is by its nature A standby is an irrevocable,
merupakan perjanjian independent of the underlying independent, documentary, and
buntut (accessoir) relationship and the application, and binding undertaking when issued
the guarantor is no way concerned and need not so state.
with or bound by such relationship.
(SK Dir BI) (URDG 758 Article 5) (ISP98 1.06.a)
129
Presentasi dokumen klaim
Selambat-lambatnya pada akhir Sebelum expiry date Sebelum expiry date

masa klaim BG setelah expiry
date
Claim dapat diajukan segera A presentation shall be made to A presentation is timely made at
setelah timbul wanprestasi the guarantor : any time after issuance and
denganbatas waktu pengajuan i. At the place of issue, or before expiry on the expiration
terakhir sekurang-kurangnya 14 such other place as date.
hari dan selambat-lambatnya 30 specified in the guarantee,
hari setelah berakhirnya and
Garansi Bank tersebut ii. On or before expiry
(SK Dir BI) Penjelasan Pasal (URDG 758 Article 14 (ISP98 3.05)
4.1. Presentation)
130
Governing Law
Hukum Indonesia § Sesuai yang tercantum dalam Sesuai yang tercantum dalam
Demand Guarantee, atau Standby
§ Sesuai hukum negara penerbit
Demand Guarantee (jika tidak
diatur dalam Demand
Guarantee)
…merupakan perjanjian Unless otherwise provided in These rules supplement the
penanggungan (borgtocht) yang the guarantee, it’s governing law applicable law to the extent not
diatur dalam ………… Kitab shall be that of the location of prohibited by that law
Undang-Undang Hukum the guarantor’s branch or office
Perdata that issued the guarantee
(SK Dir BI) (URDG 758 Article 34 (ISP98 1.02)
Governing Law)
131
August 9, 2016
Transfer
Tidak diatur Hanya bisa ditransfer jika Hanya bisa ditransfer jika
dicantumkan “transferable” dicantumkan “transferable”
A guarantee is transferable only A standby is not transferable
if it specially states that it is unless it so states
“transferable”.
Transferable standby :
Transferable Demand Transferred in their entirety
Guarantee : more than once
May be transferred more than May not be partially transferred
once for the full amount May not be transferred unless
available at the time transfer the issuer (incl confirmer)
The guarantor is not obliged to agrees to ……
give effect to a request to
transfer …
(SK Dir BI) (URDG 758 Article 33 Transfer (ISP98 6.02)
of guarantee and assignment of
proceeds)
1
3
2
Force Majeure
Tidak diatur Masa berlaku guarantee Periode presentasi standby

diperpanjang 30 hari kalender secara otomatis diperpanjang
sejak expiry date 30 hari kalender setelah tempat
untuk menyerahkan presentasi
kembali dibuka.
Each of guarantee and any If the last business day for
counter-guarantee shall be presentation the place for
extended for a period of 30 presentation stated in the
calendar days from the date standby is for any reason closed
which it would otherwise have and the presentation is not
expired, … timely made because of the
closure, then the last day of
presentation is automatically
extended to the day occuring 30
calendar days after the place for
presentation re-open for
business, unless the standby
otherwise provides.
(SK Dir BI) (URDG 758 Article 26 Force (ISP98 3.14)
majeure)
133
Risiko terkait Guarantee
No Risiko Mitigasi Risiko
1 Beneficiary menerima Guarantee Beneficiary melakukan konfirmasi secara
palsu tertulis kepada Bank Penerbit Guarantee
setiap menerima suatu Guarantee
2 Applicant menerima Guarantee Applicant mengajukan aplikasi Guarantee

palsu langsung kepada Bank, tidak melalui
perantara.
3 Underlying transaction (kontrak / Beneficiary mengadministrasikan Guarantee

tender) diperpanjang masa yang diterima secara tertib dan memonitor
pelaksanaannya, namun akhir masa berlaku (expiry date) guarantee
pelaksanaannya tidak lagi dijamin tersebut.
oleh Guarantee karena masa
berlaku Guarantee telah berakhir. Apabila terindikasi proyek akan diperpanjang
masa pelaksanaannya, maka beneficiary
Guarantee yang telah expired tidak segera menerbitkan dokumen yang meminta
dapat diperpanjang masa applicant untuk memperpanjang masa
berlakunya. berlaku Guarantee.
134
Risiko terkait Guarantee
No Risiko Mitigasi Risiko
3 Beneficiary menerima Guarantee Beneficiary menetapkan format Guarantee
yang non executable. yang dapat diterima dan mengatur Bank
Penerbit Guarantee yang dapat diterima
4 Beneficiary sulit melakukan klaim Beneficiary mensyaratkan :

karena Guarantee diterbitkan § Bank Garansi diterbitkan oleh Bank lokal.
langsung oleh Bank Asing di luar Applicant di luar negeri dapat mengajukan
negeri kepada Beneficiary Counter Guarantee. atau
§ Standby LC di confirm oleh Bank lokal.
135
Diskusi
Bagaimana perusahaan selama

ini mengelola Bank Garansi yang
terbit maupun yang diterima?
1
3
6
Hal-hal yang perlu diperhatikan oleh pelaku bisnis
Beneficiary Applicant
» Keaslian Bank Garansi » Bank Garansi memenuhi ketentuan tender /
kontrak dalam hal : format BG, nilai BG, masa
» Bank Garansi berlaku efektif berlaku BG, dll.
» Dokumen klaim yang dipersyaratkan dapat » Akhir masa berlaku BG tidak jelas.
dipenuhi
» Bank Garansi dengan klausula partial &
» Nilai Bank Garansi multiple drawing.
» Masa berlaku Bank Garansi » Dokumen klaim hanya sight draft. Bank
Garansi dapat diklaim tanpa menyertakan
» Bonafiditas penerbit Bank Garansi pernyataan bahwa Applicant wanprestasi.
» Klausula mengabaikan keputusan pengadilan
» Bank Garansi dengan klausula transferable
1
3
7
August 9, 2016
Automatically extended
The expiration date of this Standby Letter of Credit shall be automatically

extended in full amount without amendment for additional periods of one
(1) year from the present or any future expiration date hereof, unless we
notify Beneficiary by certified mail at least sixty (60) calendar days prior to
the expiration date then applicable, that we elect not to renew this Standby
Letter of Credit for an additional one (1) year period.
Issue apakah yang timbul dari klausula

Guarantee di atas?
1
3
8
Automatically extended
The expiration date of this Standby Letter of Credit shall be automatically

extended in full amount without amendment for additional periods of one
(1) year from the present or any future expiration date hereof, unless we
notify Beneficiary by certified mail at least sixty (60) calendar days prior to
the expiration date then applicable, that we elect not to renew this Standby
Letter of Credit for an additional one (1) year period.
1. Bank menghindari klausula automatically extended

2. Jaminan Applicant tidak dapat di-release selama periode guarantee +
tambahan 1 tahun
3. Applicant akan dikenakan biaya provisi sebesar expiry period SBLC +
additional one (1) year
4. Bank akan mensyaratkan Applicant untuk memberikan notice pada
periode tertentu sebelum expiry date jika expiry date SBLC tidak akan
diperpanjang 1 tahun
1
3
9
August 9, 2016
Expiry Date of Guarantee
This Advance Payment Bond will expire, on the earlier of:

a. On the date which the Advance Payment is repaid in full (which repayment shall
be notified by the Beneficiaries to the Bank)
b. On the date of the issuance of the Certificate of Practical Completion (which
repayment shall be notified by the Beneficiaries to the Bank)

Guarantee di atas?
1
4
0
August 9, 2016
This Advance Payment Bond will expire, on the earlier of:

a. On the date which the Advance Payment is repaid in full (which repayment shall
be notified by the Beneficiaries to the Bank)
b. On the date of the issuance of the Certificate of Practical Completion (which
repayment shall be notified by the Beneficiaries to the Bank)
c. On July 11, 2012 (The Expiry Date)
1
4
1
August 9, 2016
The guarantee of each relevant Phase shall remain operational until issuance of
Certificate of Warehouse Acceptance of all Contract Material of each Phase.
The guarantee shall be valid from the date hereof until …[dd/mm/yy]…… (Expiry Date)
at the latest.
The guarantee of each relevant Phase shall remain operational before the Expiry Date
until presentation to us issuance of Certificate of Warehouse Acceptance of all Contract
Material of each Phase.
1
4
2
Independent Clause
This Advance Payment Bond shall not be effected, discharged or released by any act,
omission matter or thing which but for this provision might operate to release or otherwise
exonerate the Bank from the Bank’s obligations hereunder in whole or in part, including but
not limited to and whether known to the Bank or the Beneficiaries:
a. any time or waiver granted by the Beneficiaries to the Applicant or any other person
for the performance of his obligations;
b. any taking variation, compromise, renewal or release of the Works, or any refusal or
neglect to perfect or enforce, or any other concession by the Beneficiaries of any
rights, remedies or securities against the NSC or any other person;
c. any legal limitation, disability or incapacity relating to the Applicant or any person;
d. any suspension of the Works or any variation of or amendment or supplement to
the Contract of the Works (including extensions of time for performance or
adjustments to the Contract Sum under the Contract) or any other document or
security so that references in this Advance Payment Bond to the Contract shall
include each such amendment or supplement;
e. any unenforceability, invalidity or frustration of any obligations of the Applicant or
any other person under the Contract or any other document or security;
f. the termination of the Contract; or
g. by any other circumstances which might operate as release of a guarantee or bond.
1
4
3
Amount of guarantee

August 9, 2016
Reducing amount of guarantee
The value of the guarantee will be reduce proportionally of each

shipment concerned according to the extent that the SELLER fulfill
the Contract, as evidenced by the SELLER invoice together with
the respective taking over certificates.

Guarantee di atas, jika SELLER = applicant ?
145
August 9, 2016
Reducing amount of guarantee
The value of the guarantee will be reduce proportionally of each shipment concerned
according to the extent that the SELLER fulfill the Contract, as evidenced by
presentation to BANK the SELLER invoice which countersigned by BUYER
together with the respective taking over certificates.
146
Terima Kasih
9 August 2016

9 August 2016
LC Indonesia Power – Case Study

Terms & Conditions of DC
Date of Issue
Terms & Conditions Explanations
27 : Sequence of Total LC Issuance date has to be stated clearly :

- Year
1/2 - Month
40A : Form of Documentary Credit - Date
IRREVOCABLE ie:
20 : Documentary Credit Number · October 16, 2008
· 16th October 2008
MI77106073644 · 16/10/08
31C : Date of Issue · 08/10/16
· 161008
140402 · 081016

Date & Place of Expiry
40E : Applicable Rules Date & Place of Expiry has to be stated clearly:
- Year
UCP LATEST VERSION - Month
31D : Date and Place of Expiry - Date
150715FINLAND Article 29 - UCP 600 :

a. If the expiry date of a credit or the last day for
presentation falls on a day when the bank to
which presentation is to be made is closed for
reasons other than those referred to in article
36, the expiry date or the last day for
presentation, as the case may be, will be
extended to the first following banking day.
b. If presentation is made on the first following
banking day, a nominated bank must provide
the issuing bank or confirming bank with a
statement on its covering schedule that the
presentation was made within the time limits
extended in accordance with sub-article 29 (a).
Applicant & Beneficiary Detail
50 : Applicant DC must stated:

• name of applicant and beneficiary
PT INDONESIA POWER
• Full address
JL.JEND GATOT SUBROTO KAV 18
JAKARTA INDONESIA
59 : Beneficiary - Name & Address
WARTSILA FINLAND OY
TARHAAJANTIE 2, FI-65101
VAASA, FINLAND

Amount LC
32B : Currency Code, Amount Amount LC:

EUR27000000,00 • number and words (if any) the same
• Currency

Amount LC
39B : Maximum Credit Amount Art 30 UCP 600 :

NOT EXCEEDING
TOLERANCE Q U/P AMT
Must Precise X X X
Blank ± 5%* X ±5 %**
Circa/About/
±10% ±10% ±10%
Approx.
* Uncountable
** even when Partial shipment not allowed as long as quantity in full and unit
price not reduce

Available With, By
41D : Available With...By... - Name&Addr Available with :

• Issuing Bank
ANY BANK
• Nominated Bank
BY NEGOTIATION
• Any Bank
Available by :
• Sight Payment
• Deferred Payment
• Acceptance
• Negotiation
Article 6a UCP 600
a. A credit must state the bank with which it is
available or whether it is available with any
bank. A credit available with a nominated bank
is also available with the issuing bank.

Term of Payment
42C : Drafts at... Article 6b – UCP 600

A credit must state whether it is available by sight
SIGHT payment, deferred payment, acceptance or
negotiation.
If Usance :
• After shipment date
• After B/L date
• After sight
• From shipment date
• From B/L date
• From sight

Partial Shipment
42A : Drawee - BIC drawee :

BMRIIDJA107
BANK MANDIRI (PERSERO), PT • Issuing Bank
10330 JAKARTA • Reimbursing Bank
INDONESIA • Nominated Bank but cannot
JAKARTA •Applicant
Note :
If drawee is Reimbursing Bank, reimbursement
subject to URR 725

Partial Shipment
43P : Partial Shipment Partial Shipment

ALLOWED • Allowed / Permitted
• Not Allowed / Prohibitted
Article 31 – UCP 600

a. Partial drawings or shipments are allowed
b. A presentation consisting of more than
one set of transport documents
evidencing shipment commencing on the
same means of conveyance and for the
same journey, provided they indicate the
same destination, will not be regarded as
covering a partial shipment, even if they
indicate different dates of shipment or
different ports of loading, places of taking
in charge or dispatch.
Transhipment
43T : Transhipment Transhipment

ALLOWED • Allowed / Permitted
• Not Allowed / Prohibitted
Article 20 – UCP 600 :

b. For the purpose of this article, transhipment means
unloading from one vessel and reloading to another
vessel during the carriage from the port of loading
to the port of discharge stated in the credit.
c. i. A bill of lading may indicate that the goods
will or may be transhipped provided that the entire
carriage is covered by one and the same bill of
lading.
ii. A bill of lading indicating that transhipment
will or may take place is acceptable, even if the
credit prohibits transhipment, if the goods have
been shipped in a container, trailer or LASH barge
as evidenced by the bill of lading.
Port of loading and port of discharge
44E : Port of Loading/Airport of Dep Loading in Charge :

ANY EUROPEAN AND/OR INDIAN PORT • named place of loading in charge
• named port of loading in charge
44E : Port of Discharge/Airport of Dest
NGURAH RAI AIRPORT AND/OR BENOA Loading in Discharge :
SEAPORT,DENPASAR,BALI,INDONESIA
• named place of discharge
• named port of discharge

Latest shipment date
44C : Latest Date of Shipment Latest date of shipment

• state exact latest date of shipment or
141231
• earliest date and latest date of shipment
Art 3 UCP 600
“ON OR ABOUT” = an event is to occur during a
period of five calendar days before until five calendar
days after the specified date, both start and end dates
included.
“TO”, “UNTIL”, “TILL”, “FROM” : include the date or

dates mentioned “BEFORE” and “AFTER” : exclude the
date mentioned
“FIRST HALF” : 1 - 15
“SECOND HALF” : 16 - end of month
“BEGINNING” : 1 - 10
“MIDDLE” : 11 - 20
“END” : 21 - end of month
Description of goods
45A : Description of Goods &/or Services Description of goods :

GOODS SHIPPED AS PER CONTRACT NO:
171.PJ/061/IP/2013 DATED 30.12.2013 • type of goods
. • quantity of goods
FOR THE SUM OR SUMS NOT EXCEEDING :
EUR 81,326,175.05 COMPRISING OF
PLANT EQUIPMENT SUPPLY OF 12 But no excessive detail
(TWELVE) GAS ENGINES AND
ALTERNATORS WITH RELATED AUXILIARY
EQUIPMENT
.
COUNTRY OF ORIGIN : EUROPEAN
COMMUNITY AND INDIA
.
TOTAL AMOUNT CIP NGURAH RAI
AIRPORT, BALI, INDONESIA /CIF BENOA
PORT DENPASAR, BALI, INDONESIA FOR
EUR 95,677,853.00 (INCOTERM 2010)

Document required
46A : Documents Required Documents Required :
• type of document
• number of document
• issuer

Document required
1. Commercial invoice by beneficary in two (2) original to mention the number of the relative b/l or awb and
and one (1) copy certify that all the goods of the consignment shipped
2. 2/3 set original clean on board bill of lading plus 3 non under the mentioned transport document have been
negotiable, made out or endorsed to the order of PT. delivered to site or in case of partial delivery the cif/cip
Bank Mandiri (Persero) Tbk., And/or 1 original airway value of goods delivered to site
bill plus 3 copies consigned to PT. Bank Mandiri 8. Copy of taking over certificate sign by beneficiary and
(Persero) Tbk marked 'freight prepaid' and notifying applicant
applicant in full name and address 9. Copy of final acceptance certificate sign by the
3. Packing list in one (1) original and two (2) copies applicant
4. One (1) original and two (2) copies of insurance policy 10. A) payment certificate sign by applicant, or
or certificate made out or endorsed to the order of B) (1) beneficiary statement stating that the applicant
pt.Bank mandiri (persero) tbk, for 110 pct of the cip/cif has failed to notify beneficiary representative wartsila
value. Insurance policy or certificate must include : indonesia to collect payment certificate signed by
institute war clauses, institute cargo clauses (all risks), applicant within 30 days of beneficiary payment
institute strike, riots and civil commotions clauses, application, and
claims payable in indonesia, in the currency of the B) (2) a copy of payment certificate solely signed by
drafts/credit Beneficiary
5. Certificate of origin in one (1) original and two (2) 8. Retention bond by an reputable international bank
copies having Operated in indonesia or reputable local bank
6. Beneficiary statement stating that 1/3 original B/L or nominated by Beneficiary in amount of 5 pct of foreign
one (1) copy of airway bill has been sent to the cif portion price valid until its expiration on the earlier
applicant for clearance purpose of i) the date of final acceptance certificate or ii)
7. Delivery certificate signed by applicant. For dd/mm/yy (which will be set to a calendar date thirteen
determination of the value of goods arrived at site (13) months after the date of taking over certificate
delivery certificate has certifying
© PT Bank Mandiri (Persero) Tbk. taking over the block of three last units).
Document required – Terms of Payment
A. EUR 14,351,677.95 representing 15 pct of the CIF/CIP 3. Payment upon taking over, EUR19,135,570.60
price is settled as advance payment outside this credit. representing 20 percent of the CIF/CIP price is
B. This LC only cover 85 pct of total contract payable for taking over. It's agreed that the taking
EUR95,677,853.00 over may take place in 4 (four) blocks each
I. Payment for twelve (12) gas engines and alternators consisting of 3 gas engine generator units and
with related auxiliary equipment : accordingly 5 pct of foreign CIF/CIP portion price
1. Payment upon shipment, EUR 47,838,926.50 shall be payable (pro rata) for each block of 3 units
representing 50 percent of the CIF/CIP price for certified taken over in the taking over certificate
supply of twelve gas engines and alternators against presentation of documents no.1, 8 and 10
with related auxiliary equipment is payable pro a) or 10 b)(1) and 10 b)(2) as listed in documents
rata to each shipment against presentation of required
documents no.1-6 as listed in documents 4. Payment for final acceptance, EUR4,783,892.65
required representing 5 pct of the foreign CIF/CIP portion
2. Payment upon delivery at site, price is payable (pro rata) against presentation of
EUR9,567,785.30 representing 10 percent of documents no. 1, 9 and 10 a) or 10.B)1) and
the CIF/CIP price for supply of twelve gas 10.B)2) as listed in field 46a. Notwithstanding the
engines and alternators with related auxiliary foregoing this payment for final acceptance shall
equipment i.E 10 percent of the CIF/CIP price of be payable at the sole discretion of beneficiary at
each consignment is payable pro rata against the same time as the payment upon taking over
presentation of documents no.1, 7 and 10 a) or certificate certifying taking over the block of last 3
10 b)(1) and 10 b)(2) as listed in documents units against presentation of document 12
required (retention bond) as substitute (in lieu) of final
acceptance certificate.

Document required
Terms & Conditions
47B : Additional Conditions

1. THIS CREDIT IS REVOLVING LETTER OF CREDIT WITH A
PLAFOND OF EUR 27,000,000.00 AND SHALL BE TOPPED UP BY
OUR AUTHENTICATED SWIFT AFTER EACH PAYMENT RECEIVED
BY THE CONFIRMING BANK UP TO AGGREGATE TOTAL OF EUR
81,326,175.05.

Period for Presentation
48 : Period for Presentation Article 14 (c) UCP 600 :

WITHIN 21 DAYS AFTER THE DATE
OF B/L OR AWB OR DELIVERY A presentation including one or more original
CERTIFICATE OR PAYMENT transport documents subject to articles 19, 20, 21, 22,
CERTIFICATE OR BENEFICIARY 23, 24 or 25 must be made by or on behalf of the
CERTIFICATE OR TAKING OVER beneficiary not later than 21 calendar days after the
CERTIFICATE OR FINAL ACCEPTANCE date of shipment as described in these rules, but in
CERTIFICATE BUT WITHIN THE any event not later than the expiry date of the credit.
VALIDITY OF CREDIT

Confirmation Instructions
49 : Confirmation Instructions Confirmation Instructions:

•Confirm
MAY ADD •May add
•Without
Article 8 UCP 600 :

A. the confirming bank must :
i. honor, if the credit is available by :
a. sight payment, deferred payment or acceptance with
the confirming bank.
b. sight payment with another nominated bank and that
nominated bank does not pay.
c. deferred payment with another nominated bank and
that nominated bank does not incur its deferred
payment undertaking or, having incurred its deferred
payment undertaking, does not pay at maturity.
ii. Negotiate without recourse, if the credit is available by
negotiation with confirming bank.
B. A confirming bank is irrevocable bound to honour or
negotiate as of the time it adds its confirmation to the
credit.

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Incoterm 2010, LC & SBLC

Bogor, 10 Agustus 2016

Trade Finance Dept

© PT Bank Mandiri (Persero) Tbk.

2 © PT Bank Mandiri (Persero) Tbk.

§ INCOTERMS stands for International Commercial Terms

3 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

4 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

§ Key themes for changes

5 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

§ INCOTERMS 2010 rules explain a set of three-letter trade terms

6 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

OBLIGATIONS OF SELLER OBLIGATIONS OF BUYER

A1 General obligations of the seller B1 General obligations of the buyer

7 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

Rules for Any Mode of Transport

EXW, FCA, CPT, CIP, DAT, DAP, DDP

Rules for Sea and Inland Waterway Transport

FAS, FOB, CFR, CIF

8 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

10 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

11 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

13 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

14 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

16 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

17 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

18 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

20 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

21 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

22 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

A3 Contracts of carriage and insurance

23 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

24 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

25 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

26 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

27 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

28 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

29 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

30 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

31 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

32 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

33 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

34 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

35 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

37 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

38 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

39 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

B3 Contracts of carriage and insurance

40 9 August 2016 © PT Bank Mandiri (Persero) Tbk.

B3 Contracts of carriage and insurance

© PT Bank Mandiri (Persero) Tbk.

47 Mandiri Trade Finance Products

B3 Contracts of carriage and insuranc

Free Alongside Ship

53 Mandiri Trade Finance Products

58 Mandiri Trade Finance Products

59 Mandiri Trade Finance Products

66 Mandiri Trade Finance Products