國際結(jié)算(楊娟著)英文課件7

1ChaptersixLetterofCredit26.1AnOverviewofL/C6.2ProceduresofL/C6.3Typesofcredit6.4KeyIssuesunderL/C36.1AnOverviewofL/C6.1.1DefinitionofL/C

6.1.2CharacteristicsofaL/C6.1.3ContentsandformofaL/C6.1.4PartiesinvolvedinaL/C4

AL/cisawrittenundertakingbytheissuingbanktothebeneficiary,underwhichthebankwillpayasumcertaininmoneytothebeneficiaryifthebeneficiaryoftheL/Cprovidesthebankwithspecifieddocumentswithinaprescribedtimeperiod,whichallcomplywiththetermsandconditionsofthecredit.6.1.1DefinitionofaL/C信用證是銀行做出的有條件的付款承諾。它是開證銀行根據(jù)申請人（進口商）的要求和指示做出的滿足信用證要求和提交信用證規(guī)定的單據(jù)的條件下，向第三者（受益人、出口商）開立的承諾在一定期限內(nèi)支付一定金額的書面文件。5UCP600Article2Definition

creditmeansanyarrangement,howevernamedordescribed,thatisirrevocableandtherebyconstitutesadefiniteundertakingoftheissuingbanktohonoracomplyingpresentation.Here“honor”means:topayatsightifthecreditisavailablebysightpayment.toincuradeferredpaymentundertakingandpayatmaturityifthecreditisavailablebydeferredpayment.toacceptabillofexchangedrawnbythebeneficiaryandpayatmaturityifthecreditisavailablebyacceptance.6Accordingtothedefinition:1IssuingbankundertaketheprimaryLiabilitytomakepayment2Theissuingbankcanmakepaymentbyitselforassignanotherbanktomakepayment3Thepaymentisconditional4Itisawrittenpromise5Withinaprescribedtime76.1.2RolesofL/CFromtheimporter'spointofview(1)applicantmayapplypartvalueofcreditformargintobegiveninadvancetoissueacreditinordertoreducetheoccupyanduseofflowingfunds.(2)creditstipulatesshipmentdatetocontrolthetimeofdeliveryofgoods.8Fromtheimporter'spointofview(3)creditcallsforinspectioncertificatetocontrolthequalityofgoodsatthetimeofshipment.(4)applicantmakesreimbursementagainstissuingbank’ssurrenderingdocumentsincludingB/Lwhichshouldbepresentedtothecarrierforthereleaseofgoodstotheapplicant.9Fromtheexporter'spointofview(1)beneficiarymayobtainfinanceofpackingloansecuredbymortgageofletterofcreditreceivedbyhimbeforeshipmentwillbeeffected.10Fromtheexporter'spointofview(2)onceconformingdocumentsarepresentedtothenominatednegotiatingbank,beneficiarywillbesuretosecurenegotiation(oroutwarddocumentarybillpurchased),andthereforespeeduphisfundsturnover.11Fromtheexporter'spointofview(3)oncecredithasbeenreceivedbythebeneficiary,itmeansthatthegoodshavebeenapprovedforimportationandforeignexchangehasbeenpermittedbythecompetentauthorities.12Fromtheissuingbank'spointofview(1)Theissuingbankattherequestandontheinstructionsoftheapplicantissuesaletterofcredit,itgrantsitscredit,butnotfundstotheotherparty.Bymeansofopeningcredit,issuingbankreceivesincomeofopeningcreditcommission.13Fromtheissuingbank'spointofview(2)issuingbankeffectspaymenttothebeneficiaryand/ornegotiatingbankagainstpresentationofdocumentswhichwerecompliedwiththetermsandconditionsofthecredit,anditwillreleasedocumentstotheapplicantagainstthelatter’smakingreimbursementtoit.14Fromtheadvisingornegotiatingbank'spointofview(1)draftsand/ordocumentswerepresentedtothenegotiatingbankdomiciledintheexportcountrywhichbelievesissuingbank’sdefiniteundertakingofpaymentwritteninthecredit,itiswillingtonegotiatethemandgivesvaluetothebeneficiary.15Fromtheadvisingornegotiatingbank'spointofview(2)bymeansofnegotiatingdocuments,thenegotiatingbankgainsincomeofexaminingdocumentscharge.16L/Cbelongstobankingcredit

Independentofthetradecontract

DealingwithDocumentsOnlyHighlevelofprotectionandsecuritytobothimportersandexporters6.1.3CharacteristicsofaL/C17開證申請人（Applicant/buyer）Applicantisalsocalledopener,isgenerallythebuyerinthesalescontractandinfewcases,anothertrader(middleman)Importerisrestrictedby:thesalescontractbetweenthebuyerandtheseller;theapplicationandsecurityagreement(擔(dān)保協(xié)議)withtheissuingbankorreimbursingagreementbetweenthebuyerandtheissuer.6.2PartiestoaL/C18Contractshouldinclude：（1）paymentbyL/C(2)typesofL/C(3)Deadlinetoexporter(4)Theselectionofissuingbank(5)Quantity,currency,timeofL/C(6)ThematurityofL/C19ResponsibilitiesofApplicantApplytheL/ConcontractedtimeRegulatetheapplicationbycontract合理指示開證

anyrequirementoftheapplicantshouldbesatisfiedbycertaindocumentsandclearlyindicatedwhenmakingcreditapplicationSecuredagreementforL/C提供開證擔(dān)保Paytherelevantfees(includingissue,revise)ReimbursetheL/Candgetthedocuments Liableforpaymenttotheissuingbankprovidednodiscrepancybetweendocumentsandthecredit righttoexaminethedocumentsandrefusepayment20開證行（Issuingbank/thebuyer’sbank）Theissuingbankisone,whichattherequestoftheapplicantoronitsownbehalf,issuesaletterofcredit.Itundertakestopaytothebeneficiaryatsightforasightpayment,oratmaturityforadeferredpayment,ortoacceptdraftsandpaythemonmaturityforacceptanceprovidedthatthedocumentspresentedareincompliancewiththecredit.211.IssuingBanks’Legalrights(1) RequirementonMarginforCreditIssuance(2) HandleGoodsandMakeClaim(3) RejectiononPayment(4) Theissuingbankmaybeexemptedfromitsobligationfordelayorlossoftransmissionorforcemajeure.222.IssuingBank’sLegalLiability(1) TheissuingBankwillbeafirstobligatorafteritacceptstheapplicationofimporterandissuesaletterofcredit.(2) Theissuingbankdealsexclusivelywithdocuments(inappearance),nothingelse.(3) IssueandrevisetheL/Caccordingtotheinstructionoftheapplicant23受益人（Beneficiary/seller）

Thebeneficiaryisalsocalledtheexporterortheseller.Heistheonewhohastherighttodemandtheproceedsbypresentingdraft(s)and/ordocument(s)complyingwiththetermsandconditionsofthecredit.

24Beneficiary’srights:Theexportermayrequireamendmentorrejectthecreditifhedoesnotsatisfythatthetermsandconditionscalledforinthecreditareinagreementwiththesalescontract.Theexportermaytakelienandstoppageintransitorresellgoodsiftheimportergoesbankruptandisunabletopay.Iftheissuingbankdoesnotpayorhasbeeninliquidation,theBeneficiarycanclaimfromtheopenerforthepayment25Beneficiary’sobligations:Beresponsiblenotonlyforaccuracyandauthenticityofthedocumentsbutalsoforthegoodsconformingtothecontract.CheckthecontentsandtermsinL/C.26Three-partyContractualArrangementapplicantbeneficiaryissuingbankSalescontractapplicationL/C27通知行AdvisingBanks

Theadvisingbankistheonewhichadvisesthecredittothebeneficiaryinaccordancewiththestipulationsconcerningthecredit.Theadvisingbankisinthelocalityofthebeneficiaryandisusuallytheissuingbank’sbranchorcorrespondentactingasanagentoftheopeningbankinaccordancewiththegiveninstructions.MainresponsibilityistoverifytheL/Candtransmitthetermsandconditionsofcredit

,thatisthereasonL/Cisafour-partyContractualArrangementinsteadofthree.28保兌行（Confirmingbank）Thisisthebankaddsitsownundertakingtothatoftheissuingbankanditoffersthebeneficiaryadoublepromisetopay.Undertakethesameobligationsassumedbytheissuingbank;ResponsibleforacreditindependentlyandpaywithoutrecourseGettheagreementoftheconfirmingbankbeforereviseaconfirmedL/C29Casestudy保兌行收到遠期信用證不符點單據(jù)一套，經(jīng)受益人同意向開證行電詢。開證行遂接受單據(jù)，并承兌了匯票。受益人因資金寬松未要求保兌行貼現(xiàn)或議付，匯票到期時，開證行倒閉，款項未付。受益人與保兌行就保兌行是否應(yīng)履行保兌責(zé)任產(chǎn)生爭議。30國際商會銀行委員會認為，不符點單據(jù)由保兌行在信用證交易的框架內(nèi)提交開證行求其認可（Forapproval），此舉可視為實質(zhì)上要求對信用證加以修改。一旦單據(jù)被接受了，不符點就不存在了。保兌行仍要承擔(dān)保兌責(zé)任，履行其付款義務(wù)。31議付行（Negotiatingbank）Negotiationmeansthepurchasebythenominatedbankofdraftsanddocumentsunderacomplyingpresentation,byadvancingoragreeingtoadvancefundstothebeneficiaryonorbeforethebankingdayonwhichreimbursementisdueto.（UCP600）Negotiatingbankcanbeadvisingbankorconfirmingbank32LetterofHypothecation(L/H質(zhì)押書) Whensthhappened,theN.B.hastherighttodealwiththedocuments,evensellthegoods.Whendishonoredbytheissuingbank,ithastherightofrecoursetothebeneficiary;Obtainthereimbursementfromtheissuingbank33付款行（Paying/acceptingbank）Itisabanknominatedorauthorizedbytheissuingbank.Onceithasbeenestablishedthatthedocumentsareofnodiscrepancy,itwillpayatmaturityorincuradeferredpaymentundertakingwithoutrecourse.34PayingBank’sLegalrights(1) Thepayingbankisusuallytheissuingbank’ssisterbankorcorrespondentbankunderanagentagreementwithissuingbank.Thepayingbankmayrefusetopayifthecreditamountexceedslineoftheagreementbetweenthepayingbankandtheissuingbank.(2) Thepayingbankmayrefusetopayifthedocumentspresenteddonotcomplywithtermsandconditionsofthecredit.35PayingBank’sLegalLiability(1) Thepayingbankisobligedtocheckdocumentsandeffectpaymentaftersigninganagentagreementwiththeissuingbank.(2) Thepaymentofpayingbankisfinalandithasnorightofrecoursetothepresenterofdocuments.Thepayingbankwillberesponsibleforitsownactioniftheissuingbankrefusestoacceptdocumentswithdiscrepancies.36償付行（Reimbursingbank）

Abanknamedincreditfromwhichthepayingbank,acceptingbankornegotiatingbankmayrequestcoverafterpayingornegotiatingthedocuments.thereimbursingbankshallnotexaminethedocumentsthereimbursingbankmayrefusetopayiftheissuingbankhasnotenoughdeposits.376.3ContentsandformofaL/C6.3.1TheformofissuingacreditformCableletterBriefcableFullcableAmount,expirydateMailconfirmationtofollowFullcontentsThisisanoperativeinstrument,nomailconfirmationtofollow386.3.2ContentsofaL/CItemsonthecredititself(L/Cnumber,formofcredit,dateofissue)Basicparties(Issuingbank,beneficiary,applicant)Itemsondraft(drawer,drawee,drawnclause)Settlementconditions(termofvalidityorexpirydate)Itemsongoods,shippingdocuments,transportandinsurance（descriptionsofgoodsbyname,amount,unitpriceandmark,documentsrequirements,portofloading/shipment,portofdischargeordestination,latestdateofshipment,Partialshipmentpemitted/notpermitted,Transhipmentallowed/notallowed）39L/CamountandcurrencyAdditionalconditions(e.g.restrictbank’snegotiation,forbidsomecountry’sshipcarryinggoods,notallowedstopatcertainport)Reimbursementofthepaying,acceptingandnegotiatingbank(instructionstonegotiatingbank/advisingbank/payingbank,engagement/undertakingclause開證行保證條款,openingbank’snameandsignature)ThenotationofthecreditsubjecttoUCP60040InternationalRulesandCustoms

UniformCustomsandPracticeforDocumentaryCredits,ICCPublication1929/74，1933/82，1951/151，1962/222，1974/290，1983/400，1993/500,2006/60041UCP6002007RevisiontheICCBankingCommissionon25October,2006approvedUCP600,anditentersintoforceonJuly1,2007andcontainssubstantivechangestotheexistingrulesNewProvisionsaleanersetofrules,with39articlesratherthan49articlesofUCP500;anewsectionof“Definitions,”containingtermssuchas“honor”and“negotiation”;areplacementoftheterm“reasonabletime”withadefinitenumberofdaysforexamininganddeterminingcomplianceofdocuments;42anewprovisionconcerningaddressesofthebeneficiaryandtheapplicant;anexpandeddiscussionof“originaldocuments”;re-draftedtransportarticlesaimedatresolvingconfusionovertheidentificationofcarriersandagents.ThenewUCP600alsocontainswithinthetextthe12ArticlesoftheeUCP,ICC’ssupplementtotheUCPgoverningpresentationofdocumentsinelectronicorpart-electronicform.43SampleofL/C446.4ProceduresofL/CSeller/beneficiaryBuyer/applicantAdvisingbankdesignatedbankIssuingbankShippingcompany1)contract2)applicationandcashdeposits3)opensaL/C4)adviseL/C5)examineandrequireanamendment6)8)Forwardsdocumentsandclaimingreimbursement10)pickupgoods9)examinedocumentsandaskthebuyertoredeem7)Presentandnegotiatedocuments45Step1:AbuyerandasellerenterintoasalescontractprovidingpaymentbyadocumentarycreditStep2:ThebuyerinstructstheissuingbanktoissueadocumentarycreditinfavorofthesellerStep3:TheissuingbankopensadocumentarycreditaccordingtotheinstructionsoftheapplicantStep4:Theissuingbankasksanotherbank,usuallyinthecountryoftheseller,toadviseandperhapsalsotoadditsconfirmationtothedocumentarycreditStep5：Thesellerexaminesthedocumentarycredit,andrequiresanamendmentofthecreditifnecessary.

46Step6:Thesellerexaminesthedocumentarycreditandpreparesfortherequireddocuments.Step7:ThesellerpresentshisdocumentstotheadvisingbankforsettlementStep8:Thenegotiatingbankforwardsdocumentstotheissuingbank,claimingreimbursementasagreedbetweenthetwobanksStep9:TheissuingbankexaminesthedocumentsandreimbursesthenegotiatingbankStep10:Thebuyerredeemsthedocumentsandpicksupthegoodsagainstthedocuments476.4.1ApplicationofIssuingL/CbyApplicantTheimporter’sresponsibilityistoapplyforcreditissuancetimely,becausetheimporterisboundtomakeanapplicationofcredittothebankuponthesalescontract.Theexportermayrequiretobefreefromtheexecutionofthecontractiftheimporterdoesnotapplyforcreditissuancetothebankintime.48Theimporterisalsoobligedtohandovercertainmargintothebankwhenheappliestoissueacredit.Bankswilldecidetheamountofthemarginuponthecreditworthinessoftheimporter.496.4.2IssueofL/CbyIssuingBanks

Theissuingbankwillundertakethefirst-lineresponsibilityofpaymentonceacreditisopened.Thusitmuststudycautiouslyalltherisksconcerningtheapplicant,marketandtrade.1.RisksofCreditIssuance(1) RisksofMarket(2) RisksofFraudulence(3) RisksofClauses2.CreditStudyonApplicantsandTrade3.CheckApplicationForms506.4.3L/CDeliveredbyAdvisingBankAcreditmaybeadvisedtoabeneficiarythroughanotherbank(the“advisingbank”)orbemailedtohimdirectlywithoutadvising.Whiletheadvisingbankshouldchecktheauthenticityofthecreditthroughthetestkeywiththeissuingbank,thebeneficiaryiswarnedespeciallybyI.C.C.thatbeforeacceptingacreditreceivedbymaildirectlyfromtheissuingbank,heshouldobtainverificationfromthatbankatfirsttopreventapossiblefraudulence.516.4.4Amendment

Amendmentistheprocesswherebythetermsandconditionsofadocumentarycreditmaybemodifiedafterthecredithasbeenissued,especiallywhenthestipulationofthecreditdoesnotcomplywiththesalescontractortimestipulated.TheexportermustchecktheL/Cimmediatelyandthoroughlyuponreceiptfromthebank,toensurethatthetermsandconditionsstipulatedintheL/Carecorrectandconformwiththesalescontract.52Amendmentsmustbeauthorizedbythebuyerandissuedbytheissuingbanktothesellerthroughthesamechannelastheoriginaldocumentaryletterofcredit.ThecommonamendmentunderaL/Cincludestheextensionoflatestshipmentandexpirydate,“moreorlessclause”onthequantityofthecommodityandtheamount,thechangeonportofshippingandportofdestination,thechangeonconsignee,clauseonpartialshipment536.4.5ShipmentofGoodsandPresentationofDocuments

Theexporter’sliabilityistoshipgoodsasrequiredbycredittimelyafterreceivingthecredit.Aftershipment,theexportershouldcompleteallthedocumentscarefullyandmakepresentationtothebankonthe