Logo

Simplified Trade Finance

Articles On Trade Advice

Trade Advice
Bank Guarantee Meaning, Process, Format & more

Bank Guarantee | Meaning, Process, Format & more

A bank guarantee is a financial instrument wherein a bank acts as the guarantor of the liabilities undertaken by the borrower/applicant. In other words, the bank agrees to pay the amount in case the borrower is not able to fulfil the conditions of the agreement. Read More

Trade Advice
Irrevocable Letter of Credit What is it & How does it work

Irrevocable Letter of Credit | What is it & How does it work

An ILOC gives the seller a guarantee that he/she will receive the fixed amount due, and also by the right time from the buyer. An ILOC provides added risk protection for the seller by promising a guarantee from both the buyer's and the seller's bank. Read More

Trade Advice
NVOCC Meaning and the complete guide to its process

NVOCC | Meaning and the complete guide to its process

NVOCC is an acronym for Non-Vessel Owning Common Carrier. It is a special agency that provides services like stuffing and transporting multiple containers to various ports. Read More

Trade Advice
Dunnage Meaning, Types & Usage in Shipping

Dunnage | Meaning, Types & Usage in Shipping

Dunnage is a commonly used term by industrial packaging technicians in the shipping industry. While transporting manufactured goods, dunnage is an inexpensive material that helps to load and secure all the items transported by ship, road, or rail. Read More

Trade Advice
Ocean Bill of Lading Meaning, Example & More

Ocean Bill of Lading | Meaning, Example & More

An Ocean BOL is a legal contract between the shipper and the carrier which acts as a receipt for the mentioned articles that are required to be shipped overseas. When it comes to transporting shipment through international waters, the Ocean Bill of Lading is required. Read More