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1、Chapter five Letter of credit,The concept and characteristics of a L/C Contents of a L/C Parties to a L/C Procedures of a documentary credit operation Types of credit Examination of a L/C,A L/c is a written undertaking by the issuing bank to the beneficiary, under which the bank will pay a sum certa
2、in in money to the beneficiary if the beneficiary of the L/C provides the bank with specified documents within a prescribed time period, which all comply with the terms and conditions of the credit.,The concept of a L/C,UCP500 Art.2 an arrangement, however named or described, whereby a bank(the issu
3、ing bank) acting at the request and on the instructions of a customer (the applicant) or on its own behalf, 1)is to make a payment to the order of a third party(the beneficiary), or is to accept and pay bills of exchange(drawn by the beneficiary); or 2)authorizes another bank to effect such payment,
4、 or to accept and pay such bills of exchange; or 3) authorizes another bank to negotiate, against stipulated documents, provided that the terms and conditions of the credit are complied with.,A written undertaking on the part of the issuing bank Independent of the sales contract Exclusively dealing
5、with documents High level of protection and security to both buyers and sellers Abide byUCP500, Uniform Customs and Practice for Documentary Credits, ICC Publication No.500 1929/74，1933/82，1951/151，1962/222，1974/290，1983/400，1993/500, 2006/600 全文共49条，包括：总则与定义、信用证的格式与通知、责任与义务、单据、杂项规定、可转让信用证和款项让渡七个部分。
6、,Characteristics of a L/C,the ICC Banking Commission on 25 October, 2006 approved UCP 600, and it enters into force on July 1, 2007 and contains substantive changes to the existing rules New Provisions a leaner set of rules, with 39 articles rather than 49 articles of UCP 500; a new section of “Defi
7、nitions,” containing terms such as “honour” and “negotiation”; a replacement of the term “reasonable time” with a definite number of days for examining and determining compliance of documents; a new provision concerning addresses of the beneficiary and the applicant; an expanded discussion of “origi
8、nal documents”; re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents. The new UCP 600 also contains within the text the 12 Articles of the eUCP, ICCs supplement to the UCP governing presentation of documents in electronic or part-electronic form.,
9、UCP 600 2007 Revision,Contents of a L/C,Items on the credit itself Basic parties Items on draft Settlement conditions兑付的方式 Items on goods,shipping documents , transport and insurance L/C amount and currency Additional conditions Reimbursement of the paying, accepting and negotiating bank The notatio
10、n of the credit subject to UCP500,开证申请人（Applicant/buyer） Liable for payment to the issuing bank provided no discrepancy between documents and the credit; right to examine the documents and refuse payment; any requirement of the applicant should be satisfied by certain documents and clearly indicated
11、 when making credit application Issuing application form 在国际贸易中，信用证的开证申请人是进口商(importer)、买方(buyer)、付款方(accountee party)。有时开证申请人也称开证人(opener)，他还是运输单据的收货人(consignee)。此外有些国家的开证申请人被称为：holder,order,customer。 开证申请人的双重身份决定了他必须同时受贸易合同和信用证业务代理合同的约束，并享有相应权利。 进口商根据贸易合同的规定到其有业务往来的银行申请开立信用证；提供开证担保并承担相关费用和及时赎单付款。同
12、时，有权取得与信用证相符的单据并得到合同规定的货物。,开证行（Issuing bank/the buyers bank） By issuing a credit the issuing bank undertakes full responsibility for payment 接受开证申请人委托开立信用证的银行即是开证行。 开证行也被称作授予人。 开证行是以自己的名义对信用证下的义务负责的。虽然开证行同时受到开证申请书和信用证本身两个契约约束，但是根据UCP 500第三条规定，开证行依信用证所承担的付款、承兑汇票或议付或履行信用证项下的其他义务的责任，不受开证行与申请人或申请人与受益人之间
13、产生纠纷的约束。 开证行在验单付款之后无权向受益人或其它前手追索。 根据申请人的指示开立信用证，承担第一性的付款责任，在拒付时的适当处理。同时，有权收取押金或取得质押、有权审单，单证不符有权拒付。,受益人（Beneficiary/seller） The right to examine a credit upon receipt of it according to the sales contract; whether be paid or not solely depends on the fulfillment of terms and conditions of the credit.
14、,applicant,beneficiary,issuing bank,Sales contract,applicant,L/C,通知行（Advising bank） Accurately transmit the terms of credit and check the apparent authenticity of the credit,受益人（Beneficiary/seller） The right to examine a credit upon receipt of it according to the sales contract; whether be paid or n
15、ot solely depends on the fulfillment of terms and conditions of the credit. 国际贸易中，信用证的受益人是出口商(exporter)或卖方(seller)。受益人同时还是信用证汇票的出票人(drawer)、货物运输单据的托运人(shipper)，也是信用证的收件人(addressee)。 受益人与开证申请人之间存在一份贸易合同，而与开证行之间存在一份信用证。受益人有权依照信用证条款和条件提交汇票及/或单据要求取得信用证的款项。受益人交单后，如遇开证行倒闭，信用证无法兑现，则受益人有权向进口商提出付款要求，进口商仍应负责付
16、款。这时，受益人应将符合原信用证要求的单据通过银行寄交进口商进行托收索款。如果开证行并未倒闭，却无理拒收，受益人或议付行可以诉讼，也有权向进口商提出付款要求。 受益人按合同发货并提交相符单据、接受议付行的追索；但有权决定是否接受及要求修改信用证、有权向开证行及进口商收取货款。,通知行（Advising bank） Accurately transmit the terms of credit and check the apparent authenticity of the credit 通知行是开证行在出口国的代理人。 通知行的责任是及时通知或转递信用证，证明信用证的真实性并及时澄清疑点。
17、 如通知行不能确定信用证的表面真实性，即无法核对信用证的签署或密押，则应毫不延误地告知从其收到指示的银行，说明其不能确定信用证的真实性。如通知行仍决定通知该信用证，则必须告知受益人它不能核对信用证的真实性。 通知行对信用证内容不承担责任。,保兑行（Confirming bank） Undertake the same obligations assumed by the issuing bank; Responsible for a credit independently and pay without recourse 保兑行是应开证行的要求在不可撤销信用证上加具保兑的银行。通常由通知行做
18、保兑行。但是，保兑行有权做出是否加保的选择。 保兑行承担与开证行相同的责任。保兑行一旦对该信用证加具了保兑，就对信用证负独立的确定的付款责任。 如遇开证行无法履行付款时，保兑行履行验单付款的责任。保兑行付款后只能向开证行索偿，因为它是为开证行加保兑的。 保兑行付款后无权向受益人或其它前手追索票款。,议付行（Negotiating bank） In a negotiation credit, purchases the drafts and documents; When dishonored by the issuing bank, it has the right of recourse t
19、o the beneficiary; Obtain the reimbursement from the issuing bank 议付是信用证的一种使用方法。它是指由一家信用证允许的银行买入该信用证项下的汇票和单据，向受益人提供资金融通。议付又被称作”买单”或”押汇”。买入单据的银行就是议付银行。 具体做法是，议付行审单相符后买入单据垫付货款，即按票面金额扣除从议付日到汇票到期之日的利息，将净款付给出口商。 在信用证业务中，议付行是接受开证行在信用证中的邀请并且信任信用证中的付款担保，凭出口商提交的包括有代表货权的提单在内的全套出口单证的抵押，而买下单据的。议付行议付后，向开证行寄单索偿。如
20、果开证行发现单据有不符信用证要求的情况存在，拒绝偿付，则议付行有向受益人或其它前手进行追索的权利。 有权不议付，如果议付要严格审单。,付款行（Paying/accepting bank） Designated by issuing bank to effect payment or acceptance, in most cases to be the advising bank; Once it has made payment to the beneficiary, it will lose the right of recourse to the beneficiary; Entitle
21、d to obtain reimbursement from the issuing bank 付款行是开证行的付款代理人。 开证行在信用证中指定另一家银行为信用证项下汇票上的付款人，这银行就是付款行。它可以是通知行或其它银行。 如果开证行资信不佳，付款行有权拒绝代为付款。但是，付款行一旦付款，即不得向受益人追索，而只能向开证行索偿。,偿付行（Reimbursing bank） A bank named in credit from which the paying bank, accepting bank or negotiating bank may request cover after
22、 paying or negotiating the documents. the reimbursing bank shall not examine the documents 偿付行是开证行指定的对议付行或付款行、承兑行进行偿付的代理人。为了方便结算，开证行有时委托另一家有账户关系的银行代其向议付行、付款行或承兑行偿付，偿付行只有在开证行存有足够的款项并受到开证行的偿付指示时才付款。偿付行偿付后再向开证行索偿。 偿付行的费用以及利息损失一般由开证行承担。 偿付行不受单和审单，因此如事后开证行发现单证不符，只能向索偿行追索而不能向偿付行追索。如果偿付行没有对索偿行履行付款义务，开证行有责任
23、付款。,信用证,开证申请人,开证行,受益人,合同,开证 申请书,开证申请书,是申请人对开证行详尽的开证指示，有两部分即对开证行的开证申请和对开证行的声明和保证。 申明赎单付款前货物所有权归银行； 开证行及其代理行只付单据表面是否合格之责； 开证行对单据传递中的差错不负责； “不可抗力”不负责； 保证到期付款赎单； 保证支付各项费用； 开证行有权随时追加押金,进口人申请开证：选择开证行，谈妥保证金比例，填写开证申请书，备妥有关文件； 开证行开立L/C，并交通知行：开证行审核申请人、业务的贸易背景和开证申请书，选择开证方式，选择通知行； 通知行通知受益人：核验L/C真伪，审核信用证（完整性、政策性
24、条款、可否撤销、是否生效、索汇路线和方式、信用证责任条款、费用问题等）缮制通知面函； 受益人交单议付：受益人审证（与合同一致性、信用证条款的可接受性、价格条款、“三期”、货物控制权等）发货，缮制单据，交单议付； 议付行议付单据索偿 开证行审单并付款：审单原则、偿付或拒付、偿付行偿付（偿付授权书） 申请人付款、放单,信用证流程,信用证的种类,（一）光票信用证与跟单信用证 （二）不可撤销与可撤销信用证 （三）保兑的与不保兑的信用证 （四）付款、承兑、议付信用证 （五）预支信用证 （六）可转让信用证 （七）背对背信用证 （八）对开信用证 （九）循环信用证 （十）软条款信用证,按用途及是否随附单据，分
25、为光票信用证和单信用证 按性质分为可撤销信用证和不可撤销信用证（irrevocable L/C) 按信用证是否有另一银行加以保证兑付，分为保兑信用证(confirmed L/C)和不保兑信用证 缄默保兑silent confirmation 根据受益人对信用证的权利是否可转让，可分为可转让信用证(transferable L/C)和不可转让信用证 背对背信用证(back to back L/C) 循环信用证(revolving L/C) 按信用证的兑付方式，可分为预支信用证、即期付款信用证、延期付款信用证、承兑信用证和议付信用证 对开（reciprocal L/C）信用证和伊士克罗（escro
26、w L/C)信用证,Types of a L/C,According to whether it can be revoked or not Revocable credit May be amended or cancelled or revoked by the issuing bank without the beneficiarys consent or even without prior notice ; The issuing bank is bound to notice nominated bank not to accept the documents delivered
27、by the beneficiary and reimburse the nominated bank which has made payment/accept/negotiation prior to the receipt of notice of cancellation or amendment. Irrevocable credit Definite undertaking,Types of a L/C,Confirmed L/c,According to the adding of confirmation Confirmed irrevocable credit gives t
28、he beneficiary a double assurance of payment According to the UCP500,confirmation can be only added at the request of the issuing bank. Used when the seller does not have confidence that the issuing bank can effectively guarantee payment . &Silent confirmation Based on a separate arrangement between
29、 the beneficiary and the “confirming” bank The bank will not be considered the confirming bank by the issuing bank and acquiring no right of claiming reimbursement from the issuing bank.,Sight payment credit,According to the mode of availability Sight payment credit-available by sight payment to ben
30、eficiary with a named bank The paying bank may be the issuing bank, the advising bank, or a third bank; With or without draft; Payment without recourse; Usually marked in L/C as : “this credit is to expire on or before(date) at place and is available with issuing bank or advising bank/other bank by
31、payment at sight against the beneficiarys draft at sight drawn on nominated paying bank and the documents detailed herein” Straight credit Two party involved onlythe issuing bank and beneficiary Draft and documents are honored by issuing bank ,L/C expires at the counter of the issuing bank and advis
32、ed to beneficiary by the issuing bank directly.,Acceptance credit and deferred credit,-Available by acceptance with a named drawee bank, be it the issuing bank or other nominated bank. the accepted draft can be discounted by the beneficiary; time draft discounting charges and acceptance commission a
33、re for the buyers account -available by deferred payment with a nominated bank at a fixed time after the date of the B/L or after the presentation of documents. Usually without a draft,Negotiation credit,Negotiation means the giving value for draft and /or documents Negotiating bank becomes holder i
34、n due course of a draft Types: Restricted negotiation credit Free negotiation credit Draft : for negotiation at sight,no necessary for negotiation at certain days sight,necessary &discounting,Comparison of the five kinds,A credit under which the beneficiary (first beneficiary) may request the bank a
35、uthorized to pay, incur a deferred payment undertaking,accept or negotiate(the “transferring bank”), or in the case of a freely negotiable credit, the bank specifically authorised in the credit as a transferring bank, to make the credit available in whole or in part to one or more other beneficiary(
36、second beneficiary) application： enables a middleman who is receiving payment from a buyer to transfer his claim under the credit to his own supplier. funtion： provides a bank undertaking to manufacturer and will not tie up the funds of middleman; simplifies the payment procedures; keeps the commerc
37、ial secrets,Transferable L/C,Seller/first beneficiary,Transferring bank,Buyer/applicant,Issuing bank,manufacturer,Advising bank,1)application,2)documentary L/c,3)advice of L/C,4)request to transfer L/C,5)advice of transferred L/C,6)presentation of documents,7)remitting documents,8)payment,9)payment,
38、9)pay the balance,The issuing bank must expressly designate “transferable”; the transferable credit can only be transferred once Contents of request to transfer: 1)whether some clauses being changed or not是否变更信用证条款 Unit price and the amount of credit can be reduced The expire date,final shipment dat
39、e and the final date for presentation can be shortened the percentage of insurance cover may be increased The name and address of the first beneficiary can be substitute for that of the original buyer 2)retainment of beneficiarys right on amendment保留修改权利 Partial transfer and total transfer:related w
40、ith partial shipment; Transfer with substitution of invoice and draft; Payment will be effected by the transferring bank only when cover has been received under the original transferable credit ;,The beneficiary of an irrevocable credit(primary credit) may use the credit as security to open a separa
41、te credit(back-to-back credit /subsidiary credit). back-to-back credit transferable credit,Back to back L/C,Original beneficiary /new applicant,Buyer/Original applicant,Issuing bank,Advising bank,Real supplier New beneficiary,Issuing bank,Advising bank,Buyer/Original applicant,Issuing bank,Advising
42、bank /transferring bank,First beneficiary,Manufacturer Real supplier,背对背L/C使两个独立的信用证，有两个开证行分别对自己的受益人负责，而可转让信用证是一笔信用证业务的延伸，开证行只有一个，同时对两个受益人负责； 背对信用证的开立并非原始信用证申请人和开证行的意旨，而可转让L/C的开出则是在开证行和开证申请人允许下； 背对背L/C中的中间商可自选新证的开证行，而可转让L/C中间商不能自选转让行； 在存在多个中间商时，中间商可依次开立背对背L/C，而可转让L/C只能转让一次； 背对背L/C比可转让L/C对实际供货商更有保障，而
43、可转让L/C在转开时，会加入限制性的条款，如只有开证行付款后，才对实际供货商付款。,Back to back &transferable Credit,The amount of the credit can be renewed or reinstated without specific amendments to the credit 适用于需要在较长时间内分批供货的贸易合同，如包销或专卖，以避免资金占压和重复的办理手续 循环条款，说明循环方法、循环次数和总金额 按时间循环 “This is a monthly revolving credit which is available fo
44、r up to the amount of USD15000 per month, and the full credit amount will be automatically renewed on the 1st day of each succeeding calendar month. Our maximum liability under this revolving credit does not exceed USD90000 being aggregate value of six months. ” 按金额循环 “This credit is revolving for t
45、hree shipments only.Each shipment should be effected at one month interval. The amount of each shipment is not exceeding USD50000. The total value of this revolving credit does not exceed USD150000.”,Revolving L/C,上次未用完金额能否移到下期使用： cumulative revolving 积累循环 non-cumulative revolving非积累循环 金额恢复方式： autom
46、atic revolving periodic revolving (semi-automatic revolving) notice revolving (non-automatic revolving),It is a credit with a special clause added that authorizes the advising bank or any other nominated banks to make advances to the beneficiary before the submission of document. Issued at the reque
47、st of the applicant Places the burden of final repayment on the applicant who could be liable for repayment of advances and all costs if the beneficiary failed to present the documents required under the credit. Application &T/T,Anticipatory L/C,是以交易双方互为开证申请人和受益人、金额大致相等的信用证。对开信用证广泛用于易货贸易、来料加工贸易、补偿贸易
48、等。 对开信用证中，第一份信用证的开证申请人就是第二份信用证的受益人；反之，第二份信用证的开证申请人就是第一份信用证的受益人。第二份信用证也被称作回头证。第一份信用证的通知行一般就是第二份信用证的开证行。 注意： 1、规定两证的生效时间很重要 2、我国的来料加工贸易中，对原料、配件的进口一般开远期L/C,对成品的出口要求对方开即期付款的L/C。远期汇票的期限与加工周期吻合。,对开信用证（Reciprocal L/C),伊士克罗信用证（Escrow L/C) 是指在对销贸易中，一国开立的L/C中规定，该信用证下申请人所付的款项，将以受益人的名义存放开证银行，用于支付受益人从开证行所在国的进口货款
49、，也称为有条件支付。开证行为受益人开立的帐户叫“P.I.E”账户。 特点： 1、“付款”只是以受益人的名义存在P.I.E账户中，不能支取现金，类似与记帐贸易； 2、平衡进出口贸易收支； 3、实际的交易方涉及三方，而不像对开L/C中仅涉及两方。,Importer A,Exporter B/ Applicant of N(importer),Exporter N,Issuing bank C,P.I.E account of B,Advising bank/ Issuing bank of B,1)appli-cation,2)advise,3)advise,4)docu-ments,5)documents,6)pay and redeem documents,7)credit Bs account,goods,goods,Advising bank,1)application,2)advise,3)documents,4)docu-ments,5)Asking C to pay,7)payment from Bs account,Examination of L/C,受益人审证： 依据：买卖合同；