Glossar Trade & Export Finance
Glossar (T)

Tender Conditions

Tender conditions relating to a public invitation to tender.

Tender Bond

Explanation see under «Bid Bond».

Tender closing date

Explanation see under «Invitation to Tender».

Third party documents

In documentary credit operations, documents showing other parties than the ones mentioned in the documentary credit are referred to as «third party documents». If a documentary credit indicates their acceptability, it should specify precisely which parties/documents are meant. See UCP Art. 14f and Art. 21.

Through Bills of Lading

Bills of lading where transhipment takes place en route but which cover the entire carriage of the goods from the port of loading to the final destination.

Tolerances (in amounts, quantities, unit prices)

The UCP stipulate the tolerances allowed with regard to amounts, quantities and prices in documentary transactions. See UCP Art. 30.

Transfer risk

Currency measures of foreign governments which make it impossible for the debtor to allocate and transfer foreign exchange abroad. Transfer risks can be covered through use of bank guarantees, confirmed documentary credits, export credit agencies, etc.

Transferable (Letter of Credit)

In case of a transferable documentary credit, the beneficiary named therein may request the issuing or nominated bank to transfer all or part of the documentary credit to another beneficiary. A credit can only be transferred if it is expressly designated as «transferable» by the issuing bank. This type of documentary credit enables intermediaries (first beneficiaries) to offer security in the form of documentary credits to their suppliers (second beneficiaries). See UCP Art. 38. To carry out transfers under documentary credits we recommend that you contact your documentary credit customer advisor at UBS.

Transhipment (in Documentary Credits)

Even if the documentary credit prohibits transhipment, banks will accept bills of lading/sea waybills which indicate that transhipment may or will occur, provided that according to the bill of lading/sea waybill the goods were transported in containers, trailers or LASH barges and that the entire journey is covered by a single bill of lading. In all other transport documents except charter party bills of lading and courier and post receipts, transhipment is allowed even if the documentary credit prohibits it, provided that the entire transport route is covered by a single document. See UCP Art. 20b, c, d.

Transport documents

All types of documents evidencing shipment or dispatch of goods. Examples: bill of lading, air waybill, rail waybill, etc. As per the ICC, forwarders certificates of receipt (FCR) and forwarders certificates of transport (FCT) are not considered transport documents.