IBD Chapter3 LC 信用证

1、CHAPTER 3International Business DocumentationObjectivesHave a general understanding about the Letter of Credit, including conception, characteristicsparties in L/C transaction, classification, etc.;Figure out the main steps in the L/C.OutlineThe Uniform Customs and Practices for Documentary Credit;

2、ICC Publication No.600UCP600L/C (conception, classification, parties involved, procedures, etc.)UCPUCP Uniform Customs and Practice for Documentary Credits 跟单信用证统一惯例，简称“统一惯例”。UCP是国际商会出版的一份关于跟单信用证业务的惯例条文，是指导、规范、制约跟单信用证业务的重要国际惯例。UCPICC 1920Uniform Customs and Practice for Documentary Credits 1933 、195

3、1、1962、1974（292）、1983（400）、1993（500） 、2006（600）2007 Reversion, ICC Publication no.600 UPC600调整结构条款增减内容变化新增概念语言特色UCP600 Major ChangesUCP600Art1-Art5 总则Art6-Art13 信用证的开立、修改、当事人的关系责任等Art14-Art16 审单标准、单据处理Art17-Art28 单据条款Art29-Art32 款项支取Art33-Art37 免责条款Art38 可转让信用证Art39 款项让渡Modes of International Settle

4、mentRemittance (汇款)Collection (托收)Deferred Payment (迟期付款)Consignment (寄售)Barter (易货)Compensation Trade (补偿贸易)Processing with incoming Materials (来料加工)Open Account (赊帐)Forfaiting (福费庭)Factoring (货帐保理)Modes of International SettlementFrequently used modes of settlement are Remittance, Collection, and

5、Letter of Credit. 信用证结算方式付款的依据是“单据”，故称为“跟单信用证”（Documentary Letter of Credit 或Documentary Credit）简称“信用证”（Credit或L/C）Dear Sirs, We hereby issue the Irrevocable Documentary Letter of Credit which is available by beneficiarys drafts on us for full invoice value at sight bearing the credit number and dat

6、e of issue, and accompanied by the following documents: Signed Commercial Invoice in quintuplicate; Canadian Customs Invoice in quintuplicate; Packing list in quintuplicate; Weight and Measurement Certificate in quintuplicate; Full set of clean on board Bills of Lading issued to order of shipper mar

7、ked “Freight prepaid” and notify accountee. 对信用证本身的说明要求的单据Evidencing shipment of: About 300,000 yards of 65% Polyester, 35% Cotton Grey Lawn as per buyers order No.S-0578, CFR Montreal. We are informed insurance is to be covered by buyer. Partial shipment permitted Shipment from China to Montreal la

8、test July 31,20- Transshipment permitted All other bank charges are for the account of beneficiary. Documents must be presented to negotiating bank or paying bank within 15 days after the on board date of Bills of Lading, but within validity of letter of credit. 议付日期对货物的说明对运输的说明对保险的说明Special Conditi

9、ons: Two sets of non-negotiable shipping documents must be airmailed direct to Kanematsu-Gosho (Canada) Inc., Montreal and beneficiarys certificate to this effect is required. Special instructions for reimbursement: We will pay the negotiating bank as per their instructions upon receipt of documents

10、. The amount of any draft drawn under this credit must, concurrently with negotiation, be endorsed on the reverse hereof, and the presentment of any such draft shall be a warranty by the negotiating bank that such endorsement has been made and that documents have been forwarded as herein required. 特

11、殊条款对偿付的特殊规定承诺语句东京银行纽约分行 100 Broadway New York, N.Y. 10005 日期：20-年 6 月 21 日 不可撤销 跟单信用证 开证行信用证号码 110 LCI 985467 通知行信用证号码 通知行 由中国银行青岛分行电传通知 申请人 Kanematsu-Gosho (Canada) Inc. 400 de Maisonneuve Blvd. W. Montreal, Quebec 金额 大约 174,000.00 加拿大元(大约壹拾柒万肆仟加拿大圆) 受益人 中国纺织品进出口公司 中国青岛江西路 78 号 有效期 20-年 8 月 15 日以前议

12、付有效 执事先生： 现开立不可撤销的跟单信用证，凭受益人向我行开立的发票全额的即期汇票付款，汇票上具明本信用证号码和开证日期，并由下列单据伴随： 签署的商业发票一式五份； 加拿大海关发票一式五份； 装箱单一式五份； 重量和尺码单一式五份； 全套清洁已装船提单，凭托运人指示，著名“运费预付” ，并通知收货人 证实下列货物的装运： 买方订单 S-0578 项下的大约 30 万码原色细麻布，65%化纤，35%棉，成本加运费到蒙特利尔。 保险由卖方负责。 允许分批装运 最迟于20-年7月31日由中国运往蒙特利尔 允许转船 其他银行费用均由受益人承担。 单据必须在提单日期后 15 日之内、并要在本信用证

13、有效期内提交议付行或付款行。 特殊条款： 受 益 人 必 须 将 两 套 副 本 装 运 单 据 直 接 航 寄 给Kanematsu-Gosho (Canada) Inc., Montreal，并出具已航寄证明。 关于偿付特殊规定： 收到单据后我们会向议付行进行偿付。本信用证下开立的所有汇票的金额， 必须在议付的同时在本信用证背面背书，该汇票的提示即作为议付行的担保，证明该背书已作出，单据已经按此处要求寄出。 我们向汇票的出票人、背书人以及善意持有人保证，在本信用证项下并按本信用证要求开立、 议付的所有汇票， 都将在向受票人提示时得到支付。 我们要求通知行在不加保兑的情况下向受益人发出通知。

14、 东京银行 谨上 Letter of CreditConceptionAn L/C is a commitment by a bank on behalf of the buyer that payment will be made to the beneficiary (exporter) provided that the terms and conditions have been met, as verified through the presentation of all required documents. The buyer pays its bank to render t

15、his service. Letter of CreditKEY PointsAn L/C as a documentary credit is a contractual agreement bases on the bank separates from the sales contract.Obligation of the bank is only to pay and to deal in documents, no conducts on goods or services.1. Characteristics of a Letter of CreditA written unde

16、rtaking on the part of the issuing bankIndependent of the sales contractExclusively dealing with documentsHigh level of protection and security to both buyers and sellers2. Parties to a L/C Whole Parties:Accepting bankAdvising bankBeneficiaryApplicantConfirming bankDiscounting bankDrawee bankIssuing

17、 bankNegotiating bankPaying bankReimbursing bankSimply ApplicantIssuing bank (Opening bank)BeneficiaryAdvising bank (Notifying bank)Negotiating bankPaying bank (Drawee bank)Confirming bankReimbursing bankApplicant (/buyer importer) = The party on whose request the credit to be issued.申请人意指 发出开立信用证申请

18、的一方申请人对开证行详尽的开证指示Two parts: 1)对开证行的开证申请2)对开证行的声明和保证。2. Parties to a L/C Issuing Bank (/the buyers bank) = The bank that issues a credit at the request of an applicant or on its own behalf. 开证行意指 应申请人要求或代表其自身开立信用证的银行By issuing a credit the issuing bank undertakes full responsibility for payment.2. Pa

19、rties to a L/C Beneficiary (/seller exporter) = The party in whose favour a credit is issued. 受益人意指 信用证中受益的一方。 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.2. Parties to

20、 a L/C Advising bank (/Notifying Bank) = The bank that advises the credit at the request of the issuing bank. It is usually a branch or correspondent bank at or near the domicile of the beneficiary, to which the issuing bank either sends the L/C, or a notification that a L/C has been issued, with in

21、structions to notify the beneficiary.Accurately transmit the terms of credit and check the apparent authenticity of the credit.2. Parties to a L/C Negotiating bank = Nominated by the issuing bank Usually the beneficiarys bank which, after satisfying itself that the documents conform with the L/C, ag

22、rees to purchase the draft (pay the beneficiary).指由开征行指定的愿意购买该信用证项下的汇票或单据的银行。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。 2. Parties to a L/C The purchase by the nominated bank of drafts (drawn on a bank other

23、than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. 议付意指 指定银行在相符交单下，在其应获得偿付的银行日或在此之前，通过向受益人预付或者同意向受益人预付款项的方式购买汇票（汇票付款人为被指定银行以外的银行）及/或单据

24、的行为。 2. Parties to a L/C Paying bank = Bank on which a check or a draft is drawn; the bank which cashes it. Also called accepting bank, drawee bank, or payer bank.Nominated by issuing bank to effect payment or acceptance, in most cases to be the advising bank;Once it has made payment to the benefici

25、ary, it will lose the right of recourse to the beneficiary;Entitled to obtain reimbursement from the issuing bank.2. Parties to a L/C Confirming bank = A bank usually in the county of the beneficiary which, at the request of the issuing bank, joins that bank in undertaking to honour (承兑) drawings ma

26、de by the beneficiary, provided the terms and conditions of the L/C have been complied with.保兑意指 保兑行在开证行之外对于相符提示做出兑付或议付的确定承诺。 Responsible for a credit independently and pay without recourse.2. Parties to a L/C Reimbursing bankA bank named in credit from which the paying bank, accepting bank or negot

27、iating bank may request cover after paying or negotiating the documents.the reimbursing bank shall not examine the documents索偿行 Claiming bank2. Parties to a L/C 3. Illustrative L/C TransactionThe importer arranges for the issuing bank to open an L/C in favor of the exporter;The issuing bank transmit

28、s the L/C to the advising bank, which forwards it to the exporter;The exporter forwards the goods and documents to a freight forwarder.The freight forwarder dispatches the goods and submits documents to the advising bank;The advising bank checks documents for compliance with the L/C and pays the exp

29、orter.The importers account at the issuing bank is debited.The issuing bank releases documents to the importer to claim the goods from the carrier.3. Illustrative L/C TransactionSeller/beneficiaryBuyer/applicantAdvising bank/Nominated bankIssuing bankcontract1)application 2)opens a L/C3)advise 4)pre

30、sentation5)payment6)Forwards documents and claims8)Presentation and redeem goodsProcedures of a L/C7)reimbursing9)payment3. Simplifying the procedureBoth parties arrange the payment by L/C in contract.Buyer applies for opening L/C from issuing bank.Issuing bank transmits the L/C to seller via advisi

31、ng bank.Seller presents bills of exchange and other documents to the related bank for negotiating the payment.Negotiation bank transmits the receiving documents to specific bank for payment.Issuing bank notifies seller to pay for redeeming the receiving bills.4. Contents of L/CNot uniformed, but sam

32、e to each other:Specification of the L/C, including type, amount, validity and place of expiry.Specification of the goods, including name of commodity, quantity, packing, unit price etc.Specification of the shipment，including latest date, port of shipment and destination, terms of shipment, partial

33、shipment or transshipment.4. Contents of L/CRequirements for the documents, including type and copies, i.e. commercial invoice, bill of landing, insurance etc.Special clauses and statement of responsibility.5. Classification of L/CAccording to different aspects include time, function, feature, metho

34、ds etc., we can divide the L/C into different types.1. According to the attaching of documentsClean Credit （光票信用证）Documentary Credit（跟单信用证）5. Classification of L/C2. According to the revocability of creditRevocable Credit Irrevocable Credit L/C can be revocable. They can be cancelled or amended at a

35、ny time by the issuing bank without notice to the beneficiary. However, drawings negotiated before notice of cancellation or amendment must be honoured by the issuing bank. An irrevocable L/C cannot be cancelled without the consent of the beneficiary.5. Classification of L/C3. According to the addin

36、g of confirmationConfirmed letter of credit （保兑信用证）Unconfirmed letter of credit （不保兑信用证）Confirmed L/C carries the obligation of another bank which is normally located in the beneficiarys country, thereby giving the beneficiary the comfort of dealing with a bank known to him.Unconfirmed L/C carries t

37、he obligation of the issuing bank to honour all drawings, provided that the terms and conditions of the L/C have been complied with.5. Classification of L/C4. According to the time of paymentSight L/C （即期信用证）Usance or time L/C （远期信用证）Deferred payment L/C（延期付款信用证）Sight L/C permit the beneficiary to b

38、e paid immediately upon presentation of specified documents.Term/Usance L/C permit the beneficiary to be paid at a future date as established in the contract.Deferred payment L/C the applicant does not pay until a future date determined in accordance with the terms of the L/C. 5. Classification of L

39、/C5. According to the method of paymentPayment credit（付款信用证）Acceptance credit（承兑信用证）Negotiation credit（议付信用证）5. Classification of L/C6. According to whether credit can be transferred or notTransferable creditNon-transferable creditTransferable L/C allows the beneficiary to act as a middleman and tra

40、nsfer his rights under a L/C to another party/(ies) who may be suppliers of the goods. It can only be transferred once.5. Classification of L/C7. According to opening of credit relying on another creditBack-to-back credit（背对背信用证）Counter credit or reciprocal credit（对开信用证）Back-to-back L/C used in tran

41、saction involving two irrevocable L/C.Counter credit the alternative term for back to back letter of credit.5. Classification of L/C8. According to other specific methodsAnticipatory Credit （与支付信用证）Standby Letter of Credit （备用信用证）5. Classification of L/CSociety Worldwide Interbank Financial Telecomm

42、unication Code, a standard format provided for transmitting payment, stock transaction, letter of credit and other financial messages, works like a routing number to transfer funds between banks especially.It is a standard format of Business Identifier Codes approved by the International Organizatio

43、n for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. These codes are used when transferring money and other messages between banks. The codes can sometimes be found on account statements.6. SWIFT CodeAdvantages of SWIFT CodeIt needs the m

44、embershipIt has a lower costIt has a higher securityIt has the standard format6. SWIFT CodeRepresentation of SWIFTSWIFT constituted by FIELD example: 59 BENEFICIARY is one FIELDHas two types of FIELD 1. MANDATORY FIELD 2. OPTIONAL FIELD Representation of DATEThe date represents in the form as YYMMDD

45、 examples: 1999年5月12日，represents：990512； 2000年3月15日，represents：000315； 2011年12月9日，represents：111209。 Representation of NUMBERThe form of number represented as : 5,152,286.36=5152286,36 4/5 = 0,8 5% = 5 percentSWIFT uses comma to separate numbers instead of dotRepresentation of CURRENCY澳大利亚元：AUD 奥地利元

46、：ATS 比利时法郎：BEF 加拿大元：CAD 人民币元：CNY 丹麦克朗：DKK 德国马克：DEM荷兰盾：NLG 芬兰马克：FIM 法国法郎：FRF 港元：HKD 意大利里拉：ITL 日元：JPY 挪威克朗：NOK 英镑：GBP 瑞典克朗：SEK 美元：USD Advising the Establishment of L/CUrging the Establishment of L/CChecking L/C and Requesting Amendments to L/CGranting Amendment to L/CRequesting Extension of L/CExample

47、s Dear Sirs,Re: Advising the Establishment of L/CIts a great pleasure to have reached an agreement on Excavator Type XXX with you two weeks ago. As we have required, you have to effect the shipment of the goods as soon as possible. Therefore we have already established our L/C No. XXX dated May 28 f

48、or Sales Confirmation No. XXX through the Bank of China，Beijing Branch, valid until July 12. Please make the shipment in time. As to the quality and the performance of your products, we think it is necessary for you to keep them in exact accordance with the samples. Any inconsistency with the requir

49、ed quality and performance of the products will be detrimental to our future business. Best regards to you. Yours sincerely Advising the Establishment of L/CDear Sirs，Re: Urging the Establishment of L/CWe wrote a letter to you on XX August to confirm having received your Order for XX sets of Drillin

50、g Machines Type XXX and we, accordingly, enclosed the original of our Sales Confirmation No. XXX, which stipulates the shipment should be made by the end of October and the L/C should reach us one month before the shipment date. Now the shipment date is approaching, but your L/C has not been receive

51、d by us. We think your immediate attention should be called on to this matter.Therefore, we have to write to you again for urging your establishment of the above-mentioned L/C in order to enable us to execute your order smoothly.We thank you for your cooperation. Truly yours,Urging the Establishment

52、 of L/CDear Sirs,Re: L/C No. XXX Issued by Barclays Bank, LondonWe wish to acknowledge receipt of the above-mentioned L/C, covering your order for XX sets of Electronic Computers Type XX. After checking, we have found some discrepancies. Please amend the L/C as follows:(1)The amount both in figures

53、and in words should respectively be 12,480 and Say Pounds Sterling Twelve Thousand Four Hundred and Eighty Only.(2)“Draft to be at sight” should be instead of “at 60 days after sight”.(3)The port of destination should be “London” instead of “Liverpool”.Your early fax amendment to the L/C will be hig

54、hly appreciated. Sincerely yours Checking the L/C and Requesting Amendments to L/CDear Sirs,Re: Granting Amendment to L/C No. XXXWe are in receipt of your letter dated XXX and have to apologize to you for making mistakes in the captioned L/C, which are made due to the negligence of our new employee.

55、We now inform that we have already instructed our Bank to amend the relevant L/C by fax with the least possible delay. We believe our Bank would certainly pay its prompt attention to this matter when they have received our instructions.As we are in urgent need of the goods, we hope this amendment of

56、 L/C will not effect your punctual shipment of the goods.Lets express our apology to you again. We are expecting your favorable reply. Truly yours,Granting Amendment to L/CDear Sirs,Re: Requesting Extension of L/CWe thank you very much for your L/C No. XXX dated XXX, covering your order for Type XXX

57、 Children Bicycles. According to our Sales Confirmation, it is our duty to deliver the goods to you next month. But to our great regret, 3 days ago, our No. 2 Workshop was caught on fire. This fire disaster has destroyed our manufacturing equipment in the workshop and made our steel pipes deformed.

58、As a result of this, we have to stop our production to repair our equipment and to buy new materials from the other supplier for manufacturing your bicycles. It is clear that we shall not be able to get our goods ready for shipment next month. Therefore, we request you to extend the shipment date to

59、 November 5 and the validity of your L/C to November 20.Please amend your L/C immediately and accept our apology. Truly yours,Requesting Extension of L/C1.In spite of our repeat requests, your L/C has not reached us up to now. Please open the credit by fax immediately to enable us to effect shipment in October.尽管我方再三要求，你方信用证至今仍未收到。请立即用传真开立信用证，以使我方能在10月发货。2.We may accept deferred payment if the quantity is over 10,000.如果数量超过10,000，我方可接受延期付款。3.We suggest you to pay by bill of exchange at 30 da