Letter_of_credit

1、Backgroundv We have seen that exporting on open account terms is not satisfactory . Cash payment is ideal for the exporter, but seldom used or illegal in some countries. However, the most widely-used and well - accepted method is by documentary credit. vAs we know, a buyer and a seller live far apar

2、t, international business is carried out beyond each others control and mutual trust is hard to establish.vThe seller is unwilling to ship the goods without receiving payment,- while the buyer is reluctant to part with his money without actually controlling the goods. vIn case the credit worthiness

3、becomes the major bottleneck, the problems of the buyer and the seller are solved by the intervention of a third party- -the bank.v Documentary credit is the product of international business and the creation of merchants and bankers and they have gone a long way, hand in hand, with the development

4、and settlement of credit and money. Development of world business has always been an immense impetus to the evolution of documentary credits. Technological advances in banking, transportation and telecommunications have made it possible for the worldwide acceptance of credit operations.vThe objectiv

5、e of documentary credit is to facilitate international payment by making use of the financial expertise and credit reputation of the banks. It differs from other methods of payment in the credit and offers both buyer and seller a means of security. This bilateral security is the unique and character

6、istic feature of the documentary credit. : 3 Procedures of L/CSeller/beneficiaryBuyer/applicantAdvising bank/designated bankIssuing bankShipping company1)contract2)application and cash deposits3)opens a L/C4)advise L/C5)examine and require an amendment 6)8)Forwards documents and claiming reimburseme

7、nt10)pick up goods9)examine documents and ask the buyer to redeem 7)payment 1、進(jìn)出口雙方簽訂貨物買賣合同2、進(jìn)口方申請(qǐng)開證3、開證行開立信用證并航寄或電訊通知出口方所在地的代理行（即：通知行）4、通知行通知出口方5、出口方收到信用證，審核無誤后交單議付（即：出口方提交信用證提及的全套單據(jù)給通知行或其他銀行，該行支付款項(xiàng)）6、議付行寄單索償（即：付款給出口方的銀行憑信用證規(guī)定的全套單據(jù)向開證行或其他銀行請(qǐng)求償付貨款，付款行付款后獲得該全套單據(jù)）7、進(jìn)口方付款贖單（進(jìn)口方審核無誤后付清全部貨款及有關(guān)費(fèi)用，取得全套單據(jù)）至

8、此，進(jìn)口方與開證行間因開立信用證而構(gòu)成的契約關(guān)系即告結(jié)束。4 Categories of L/C1)根據(jù)信用證項(xiàng)下匯票是否附有貨運(yùn)單據(jù)，可分為： 跟單信用證跟單信用證(Documentary Credit)，是指憑跟單匯票或代表物權(quán)的商業(yè)票據(jù)付款的信用證。國際結(jié)算中使用的信用證絕大部分是跟單信用證。 光票信用證光票信用證(Clean Credit)，是指憑不附單據(jù)的匯票付款的信用證。2) 根據(jù)開證行對(duì)信用證的責(zé)任，可分為： 可撤銷信用證(Revocable DL/C)，是指開證行對(duì)所開信用證不必征得收益人同意即有權(quán)隨時(shí)撤銷的信用證。當(dāng)然，倘若通知行在接到通知前，已經(jīng)議付了信用證，開證行仍應(yīng)負(fù)責(zé)

9、償付。 不可撤銷信用證(Irrevocable DL/C) ，是指信用證一經(jīng)開出，在有效期內(nèi)，非經(jīng)信用證各有關(guān)當(dāng)事人同意，開證行不得修改或撤銷的信用證。 3)根據(jù)付款時(shí)間不同，可分為： 即期信用證(Sight Credit)，是指開證行或付款行收到符合信用證條款的單據(jù)后，立即履行付款義務(wù)的信用證。 遠(yuǎn)期信用證(Time/Usance Credit)，是指開證行或付款行收到符合信用證條款的單據(jù)時(shí)，不立即付款，而是等到信用證規(guī)定的到期時(shí)間方履行付款義務(wù)的信用證。包括承兌遠(yuǎn)期信用證和延期付款信用證。承兌遠(yuǎn)期信用證(Acceptance Credit)是以開證行（銀行承兌）或進(jìn)口商（商業(yè)承兌）為遠(yuǎn)期匯

10、票付款人，并由其承兌收單的信用證。延期付款信用證(Deferred Payment)是指信用證規(guī)定貨物裝船后若干天付款，或開證行見單后若干天付款的信用證。4)根據(jù)收益人對(duì)信用證的權(quán)利是否可以轉(zhuǎn)讓，分為： 可轉(zhuǎn)讓信用證(Transferable) ，是指在受益人的要求下，信用證的全部或部分可以轉(zhuǎn)讓給第二受益人的信用證。信用證轉(zhuǎn)讓后，由第二受益人辦理交貨，但原受益人仍須負(fù)買賣合同上賣方的責(zé)任。 不可轉(zhuǎn)讓信用證(Untransferable) ，是指受益人不能將信用證權(quán)利轉(zhuǎn)讓給他人的信用證。除非明確注明“可轉(zhuǎn)讓”（Transferable），否則即為不可轉(zhuǎn)讓信用證。5)其他特殊信用證種類： 對(duì)背信用

11、證(Back to Back L/C)，是指中間商要求進(jìn)口商開立以他為受益人的信用證，并以該信用證為保證，要求銀行向商品的實(shí)際供貨商開立的信用證。通常使用于轉(zhuǎn)口貿(mào)易結(jié)算。 對(duì)開信用證(Reciprocal L/C) ，是指買賣雙方互相開立信用證，第一張信用證的受益人就是第二張信用證的開證申請(qǐng)人，第一張信用證的開證申請(qǐng)人就是第二張信用證的受益人。通常使用于易貨貿(mào)易的結(jié)算。 循環(huán)信用證(Revolving L/C) ，是指信用證被全部或部分使用后，仍然恢復(fù)到原金額，可再使用的信用證。通常使用于分批交貨的長期合同結(jié)算。v G G銀行于銀行于19991999年年3 3月月1 1日開立一份以日開立一份以

12、B B為受益人的備用信用為受益人的備用信用證，規(guī)定于證，規(guī)定于19991999年年4 4月月1 1日生效。日生效。3 3月月1414日申請(qǐng)人指示開日申請(qǐng)人指示開證行撤銷備用信用證。證行撤銷備用信用證。請(qǐng)分析上述做法可否？請(qǐng)分析上述做法可否？G G銀行必須拒絕執(zhí)行該項(xiàng)指示。銀行必須拒絕執(zhí)行該項(xiàng)指示。 備用信用證自備用信用證自3 3月月1 1日開立后即不可撤銷，而備用信日開立后即不可撤銷，而備用信用證的生效日，即用證的生效日，即4 4月月1 1日代表的是可憑備用信用證提出日代表的是可憑備用信用證提出索款要求的最早日期，但該日期與備用信用證變?yōu)椴豢伤骺钜蟮淖钤缛掌?，但該日期與備用信用證變?yōu)椴豢沙蜂N

13、的時(shí)間無關(guān)。撤銷的時(shí)間無關(guān)。 Best practice when dealing with a L/Cv If it is decided that a letter of credit is necessary, the terms and conditions of the credit should be agreed upon at the contract negotiation stage with the importer. v Even when the above steps are followed, it is essential to check the letter of credit as soon as it is received. The following is a checklist to be reviewed immediately on receipt of a letter of credit. From the perspective of beneficiary：The form of the credit and validity clause；The type of credit;Description of the goods；Currency c