循环信用证与非循环信用证.docVIP

循环信用证与非循环信用证（一）循环信用证循环信用证（Revolving Letter of Credit）的功能适用的贸易方式是在交易条款中明确定时、定量、定品种的契约货物，而且只限向同一个贸易伙伴提供同一货物；这样的贸易方式可采用循环信用证 。在实务中，如出口商向进口商较长时间分批、定量、定时提供大型设备的零配件、易损件等业务，可以采用循环信用证。采用循环信用证的优点是，无须分批逐个由不同的银行开证和议付，对买卖双方可节约银行费用，可作到简便易行，故买卖双方都愿意接受循环信用证。循环信用证是指受益人在一定时间使用规定的金额后，能够恢复再度使用其金额，周而复始，直至使用到规定的次数和金额终止时为了结。（二）循环信用证的类别1. 循环信用证按“时间”依次循环可分为：a. 自动循环（Automatic Revolving）受益人按规定的时间或时间间隔装运货物议付后，信用证可自动恢复到原金额供再度使用。b. 通知循环（Notice Revolving）通知循环，顾名思义，受益人于每次装货议付后，须等待和收到开证银行致受益人通知后，才能恢复到原金额再度使用，亦称非自动循环（Non-automatic Revolving）。c. 定期循环（Periodic Revolving）定期循环是指受益人于装货议付后，须经过一定期间方可恢复原金额再度使用。定期循环是依契约的规定，可按月、按季循环使用，亦称半自动循环（Semi-Automatic Revolving）。2. 循环信用证按“金额”循环可分为a. 积累循环（Cumulative Revolving）积累循环是指上期未使用之余额可转入下期使用。b. 非积累循环（Non-Cumulative Revolving）系指本期尚未使用的余额，不能转入下期使用。不能转入下期使用的尚未使用的余额视为过期、放弃和作废的金额处理，故称非积累循环。（三）循环信用证的功能条款1. 自动循环（Automatic Revolving）-本信用证项下总金额，于每次议付后自动循环。The total amount of this credit shall be restored automatically after date of negotiation.-本信用证项下支付金额，于每次议付后自动恢复循环，直至用完金额，美元为止。The amounts paid under this credit are again available to you atically until the total of the payments reaches US 2. 通知循环（Notice Revolving）-于每次装货议付后，须待收到开证银行通知，方可恢复到原金额使用。The amount shall be reinstated after each negotiation only upon receipt of Issuing Banks notice stating that the credit might be renewed.-受益人于每次装货议付后，须待收到进口商或开证银行发出的通知，方可恢复到原金额使用。The amount of each shipment shall be reinstated after each negotiation only upon receipt of credit-writing importers issuing banks notice stating that the credit might be renewed.3. 定期循环（Periodic Revolving）-每次议付后于七天之内，议付银行未接到停止循环的通知时，本信用证项下尚未用完的余额，可积累于原金额中使用。Should the Negotiating Bank not be advised of stopping renewal within seven (7) days after each negotiation, the unused balance of this credit shall be increased to the original amount.4. 积累循环（Cumulative Revolving）-每三（3）个日历月积累循环一次，由20年3月15日，从达成第一笔交易之日起至20年12月15日循环终止。Per three (3) calender month cumulative commencing with 15th March 19, revolving on the first business day of each successive month and ending with 15th December 19.5. 非积累循环（Non-Cumulative Revolving）-每批货物所支付的金额，尚未满额时不得积累使用。The unused balance of each shipment is not cumulative to the following shipment.（四）非循环信用证凡信用证所列的金额不可循环使用者，皆为非循环信用证(Non-Revolving Letter of Credit)。在实务中，一般的信用证都属非循环信用证。但可循环的信用证必须在信用证中注明，凡未注明者皆为非循环信用证。循环证和一般的LC申请是一样的，只是选以下可循环即可。再就是把EXPIRY DATE 写到最后循环一笔的交单时间之后。一般来说，循环证你要结掉前一笔，后一笔才能用。占用等额额度。有风险，你能保证循环的期数与你合同执行的时间完全一致么。比如你的证是三年内每年循环，可第二年，你就不打算执行合同了，想撤销信用证必须有对方的同意才行，对方不同意撤销，就还得执行。不像一般的证，付完所有证下的款项就自动废了。和一般的信用证不一样，循环信用证的主要功能是减少资金占用、少些繁复手续。举个例子：如信用证规定7，8，9月份按月循环，那么7月份金额用完后，到8月1日信用证金额就复原可以再被利用，依次类推。举例具体条款：This L/C amounting USD100000.00 is automatically revolving for 4 times but our total liability does not exceed USD400000.00（本信用证金额为100000美圆，自动循环4次，但本行负责的金额以400000美圆为限）。从以上条款中可以看出100000美圆的信用证金额，可以当400000美圆用，比较适合你说的想做循环信用证这种情况，关键是要安排好具体时间内的具体出货量。可依照以下的要点来选择最适合实际情况的循环信用证：1. 根据循环计算方式分类：按时间循环信用证， 按金额循环信用证2. 根据恢复方式分类 ：自动循环信用证、半自动循环信用证和被动循环信用证3. 根据金额计算方式分类 ：不可积累循环信用证，可积累循环信用证建议做按金额自动循环的信用证，因为这种按金额自动循环的信用证用后立即恢复，受益人有空子可钻。Revolving Letter of Credit (L/C)+ m6 M+ x, u# n! I( 6 FIntroductionIn situations where constant and regular shipments from the same supplier are to be effected over a given period, the buyer may approach his bankers to open a Revolving L/C in favour of the seller.5 t& ( I& r/ V1 O BDefinition Under a Revolving L/C the terms and conditions including, the amount is renewed or reinstated without specific amendments to the L/C being required. A revolving L/C can revolve in relation to time or value.: D( E5 ) H1 b; w1 q In case of a L/C that revolves in relation to time, it is automatically available for a specified amount within defined period irrespective of any sum was drawn during the previous period. The drawing can be on cumulative or non-cumulative basis. In the case of a L/C revolves in relation to value, the amount is reinstated upon utilisation within a given overall period of validity.)CharacteristicsThe characteristics of a Revolving L/C are:% c5 Q5 g) / P4 I It is used for regular shipment of identical goods over a period.3 j; J y1 I7 _7 M3 G3 t+ j/ S, q It can revolve on time or value basis.5 S+ t4 : y8 O+ T! L. W+ It can be cumulative or non-cumulative.e* x8 F6 q# p, b, s# u2 U It can either revolve on notice from the issuing bank or automatically. In addition to the risks undertaken under a normal L/C, the issuing bank of a revolving L/C undertakes higher operational risk. O* p- y0 U+ # y) f# . N The wording of the reinstatement clause is an effective means by which the issuing bank can cap its exposure under the L/C.6 v( e1 F0 h, r( _. b; Q1 WCommonly Used Terms$ Z: B% o8 x 4 w D2 X5 O4 D$ N7 fThe following are the terms commonly used in Revolving L/C:( q9 p3 f! B# R0 ?% Q Issuing Bank: is one which issues the credit i.e. it is the bank which creates a Letter of Credit and undertakes to pay. The primary undertaking to pay under the L/C is that of the Issuing Bank.8 z d( p& b$ w# E3 P U, H5 b Cumulative: For instance, a L/C is available for USD100K per month during a fixed period of time say, 3 months. If it is stated to be cumulative, any sum not utilised during the first period carries over and may be utilised during a subsequent period. If that happens, the liability of the Issuing bank will be more than USD100K even though the face value of the L/C is shown as USD100K.6 L, V( o$ t! ?, t Non-Cumulative: For instance a L/C is available for USD100K per month during a fixed period of time, say, 3 months. If it is stated to be non-cumulative, any sum not utilised in a period ceases to be available, i.e. it is not carried over to a subsequent period. The maximum liability of the Issuing Bank is USD100K as any unutilised amount in one period cannot be carried over to the next period.& y t% A; c% a& ! |7 V1 X Reinstatement Clause: a clause in the L/C inserted by the Issuing bank to mitigate/control the operational risks in the L/C. This clause states how and under what circumstances can only the value of the L/C be reinstated upon utilisation.Risks Revolving L/Cs could expose the issuing bank to risks beyond those normally associated with the standard import L/Cs. Indeterminate L/Cs revolving in relation to value, in relation to value may involve the Bank in liability as there is no limit on the number of shipments that can be effected. To maintain a degree of control, the Issuing bank must specify the overall amount that may be drawn under the L/C.+ w8 6 i+ I. * 6 / ? On L/Cs that revolve in relation to time, the Issuing Bank faces greater exposure than the face value of the L/C if it is cumulative. The use of non-cumulative feature should be used as a capping device to limit the exposure of the issuing bank. The Bank faces the following operational risks, which may result in operational losses:s Inadequate control of the reinstatement of drawings may lead to the total exposure of the Revolving L/C being greater than the credit facility granted.s Reinstatement of amounts negotiated under the Revolving L/C when the relative drafts have not been accepted or paid in accordance with the terms of the L/C.s Failure to properly authenticate and control the advice of reinstatement. # M1 b( A4 l( D& L0 AdvantageThere are advantages of using Revolving L/C: No need for the buyer to open multiple L/Cs or ame