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Consignment Acceptance Certificate

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Mon, 07/26/2010 - 05:19
pdvsa
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Hello, I am new to LC's and can not find a good definition of what exactly is the meaning of a CAC and why is it important? 

Thank you

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Mon, 07/26/2010 - 08:04
#1
phill doran
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extremes but

Hello

The underlying transaction: is it a project or perhaps fish (yes, yes I know it sounds odd, but seriously...is it either of these?)
I am familiar with an Acceptance Certificate for project work (on delivery and commissioning) and a Consignment Certificate for fish transactions
Ok, neither are “Consignment Acceptance Certificates” exactly...
But, am I warm?

cheers

phill doran

 ...thus: another step on the road to mercantile enlightenment...

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Mon, 07/26/2010 - 06:19
#2
Abrar
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CAC

Personally, I have not come across this acronym nor the title of the document before. Do you mean perhaps a "Goods Receipt Note"?

Others may be able to assist  

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Wed, 08/04/2010 - 00:04
#3
laxman12 (not verified)
International finace.

I am familiar with an Acceptance Certificate for project work (on
delivery and commissioning) and a Consignment Certificate for fish
transactions
Ok, neither are “Consignment Acceptance Certificates” exactly...
But, am I warm?

cheers

regards,

phe9oxis,

http://www.guidebuddha.com

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Mon, 07/26/2010 - 06:41
#4
pdvsa
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CAC

Hi, no actually I do not mean that.  It is term.  Will wait for other responses....

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Tue, 07/27/2010 - 05:04
#5
Ozgur Murat
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Meaning of CAC

Dear Pdvsa,

Could you please write down the whole sentence, definition where CAC" takes place? . The first impression i had was the same like Phill's first option, it can be a document counter signed by the applicant which is completely a big disadvantage for the beneficiary..

Regards,

Ozgur Murat

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Tue, 07/27/2010 - 05:31
#6
pdvsa
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Here it is...

PACKING LIST IN 2 ORIGINALS
  8-CONSIGNMENT ACCEPTANCE CERTIFICATE APPROVED BY APPLICANT AND/OR
  INSPECTOR ( NAME AND SPECIMEN SIGNATURE  WILL FOLLOW)
  9-BENEFICIARY'S DECLARATION CERTIFYING THAT THE BENEFICIARY HAS
  SENT A COPY OF ALL DOCS PLUS ONE OF ORIGINAL B/L FOR OCEAN AND OR
  EXTRA ORIGINAL AWB  DIRECTLY TO APPLICANT'S ADDRESS BY COURIER SERVICES WITHIN 8 DAYS AFTER SHIPMENT DATE   (TO BE ATTACHED WITH COPY OF COURIER SERVICE RECIEPT)

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Tue, 07/27/2010 - 07:04
#7
Abrar
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CAC

Well, going back to my earlier post,  it does seem to be a form of "Goods Receipt Note" and if not issued by an independent inspector, does appear to put the control of issuance in the hands of the applicant, and the risk on the beneficiary.

However, although not ideal from a LC point of view, the requirement for such a document under a DDU/DDP contract is not uncommon. 

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Tue, 08/03/2010 - 12:55
#8
pdvsa
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Thank you

thanks for the advice.  It is good to know that this CAC is form in hands of buyer and can be risk to us. 

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