外文翻译 中英文 信用证应用指南

1、 DOCUMENTARY LETTERS OF CREDIT Gevil H. SharpOctober，2021This article will provide the exporter, importer and others engaged in international trade with a practical guide to documentary letters of credit.Documentary credits, commercial letters of credit or just letters of credit, as they will be ref

2、erred to in this article, play an integral part in facilitating international trade while providing a secure and reliable means of payment.This article is not intended to provide legal or other professional advice and readers should not act on information contained herein without seeking specific ad

3、vice on the particular transactions with which they are concerned.Within its limitations, it is hoped that this article will serve as a basic tool in understanding letters of credit.In simple terms, a letter of credit is a bank undertaking of payment separate from the sales or other contracts on whi

4、ch it is based. It is a way of reducing the payment risks associated with the movement of goods. Expressed more fully, it is a written undertaking by a bank (issuing bank) given to the seller (beneficiary) at the request, and in accordance with the buyers (applicant) instructions to effect payment t

5、hat is by making a payment, or by accepting or negotiating bills of exchange (drafts) up to a stated amount, against stipulated documents and within a prescribed time limit.The need for a letter of credit is a consideration in the course of negotiations between the buyer and seller when the importan

6、t matter of method of payment is being discussed. Payment can be made in several different ways: by the buyer remitting cash with his order; by open account whereby the buyer remits payment at an agreed time after receiving the goods; or by documentary collection through a bank in which case the buy

7、er pays the collecting bank for account of the seller in exchange for shipping documents which would include, in most cases, the document of title to the goods. In the aforementioned methods of payment, the seller relies entirely on the willingness and ability of the buyer to effect payment.When the

8、 seller has doubts about the credit-worthiness of the buyer and wishes to ensure prompt payment, the seller can insist that the sales contract provides for payment by irrevocable letter of credit. Furthermore, if the bank issuing the letter of credit (issuing bank) is unknown to the seller or if the

9、 seller is shipping to a foreign country and is uncertain of the issuing banks ability to honour its obligation, the seller can, with the approval of the issuing bank, request its own bank or a bank of international repute to assume the risk of the issuing bank by confirming the letter of credit.The

10、re are three basic features of letters of credit, each of which has two options. These are described below. Each letter of credit has a combination of each of the three features.Letters of credit can permit the beneficiary to be paid immediately on presentation of specified documents (sight letter o

11、f credit), or at a future date as established in the sales contract (term/usance letter of credit).Letters of credit can be revocable. It means that they can be cancelled or amended at any time by the issuing bank without notice to the beneficiary . However, drawings negotiated before notice of canc

12、ellation or amendment must be honoured by the issuing bank. An irrevocable letter of credit cannot be cancelled without the consent of the beneficiary.An unconfirmed letter of credit carries the obligation of the issuing bank to honour all drawings, provided that the terms and conditions of the lett

13、er of credit have been complied with. A confirmed letter of credit also 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. Letters of credit open doors to international trade by

14、 providing a secure mechanism for payment upon fulfilment of contractual obligations. A bank is substituted for the buyer as the source of payment for goods or services exported. The issuing bank undertakes to make payment, provided all the terms and conditions stipulated in the letter of credit are

15、 complied with. Financing opportunities, such as pre-shipment finance secured by a letter of credit and/or discounting of accepted drafts drawn under letters of credit, are available in many countries. Bank expertise is made available to help complete trade transactions successfully. Payment for the

16、 goods shipped can be remitted to your own bank or a bank of your choice. Payment will only be made to the seller when the terms and conditions of the letter of credit are complied with. The importer can control the shipping dates for the goods being purchased. Cash resources are not tied up.The Uni

17、form Customs and Practice for Documentary Credits is an internationally agreed upon set of rules for all parties involved in all types of letter of credit transactions. The rules, which were adopted by the International Chamber of Commerce in Vienna in 1933, have been revised several times and are u

18、sed by banks in practically all countries.The Uniform Customs and Practice for Documentary Credits, currently applicable, is a set of rules which, when not in contravention of local laws, are binding on the parties who have adopted them. The authority of UCP lies in its universal acceptance which is

19、 acknowledged by a statement on the letter of credit itself. Letters of credit are separate transactions from the sales or other contracts on which they may be based, and banks are in no way involved with or bound by such contracts, even if reference to them is included in the letter of credit. In l

20、etters of credit transactions, all parties deal with documents and not with the underlying contracts to which the documents may relate. Before payment or acceptance of drafts is effected, banks bear the responsibility for examining the documents to ensure that they appear on their face to be in acco

21、rdance with the terms and conditions of the letter of credit. Banks bear no responsibility for: the form or genuineness of documents; for the goods described in the documents; or the performance of the seller of the goods.So far a description has been provided of the basic types of letters of credit

22、 used to cover the shipment of goods. In addition to these basic types, there are various specialized formats which meet particular sets of circumstances.A red clause letter of credit incorporates a clause, traditionally written in red, which authorizes the bank acting as the negotiating or paying b

23、ank to pay the beneficiary in advance of shipment. This enables the purchase and accumulation of goods from a number of different suppliers, and the arrangement of shipment in accordance with the letter of credit terms. Such advances will be deducted from the amount due to be paid when the documents

24、 called for are presented under the letter of credit. If the beneficiary fails to ship the goods or cannot do so before the expiry of the letter of credit, the issuing bank is bound to reimburse the negotiating or paying bank, recovering its payment from the applicant.Variations of such credits may

25、also require that any advances be secured by temporary warehouse receipts until shipment is effected. Beneficiaries of red clause letters of credit are invariably brokers/agents of buyers in a particular field.A transferable letter of credit allows the beneficiary to act as a middleman and transfer

26、his rights under a letter of credit to another party or parties who may be suppliers of the goods. Depending on whether the letter of credit permits partial shipments, fractional amounts may be transferred to more than one beneficiary. The letter of credit however, can be transferred only once: the

27、secondary beneficiaries cannot transfer their rights to a third party. Transfer of a letter of credit can be made on specific application by the original beneficiary to the authorized transferring bank.To be transferable, a letter of credit must be so marked by the issuing bank which can only do so

28、on the applicants specific instructions. The applicant should be aware that any second beneficiary, the probable supplier, is usually a party not likely known to the applicant.The terms and conditions of the transferred letter of credit must be identical to those of the original letter of credit wit

29、h the following exceptions: The original beneficiary may be shown as the applicant on the transferred credit. The amount of the letter of credit, and unit prices if any, may be less than in the original letter of credit (the difference being the original beneficiarys profit margin). The latest shipm

30、ent date, if any, and expiry date as shown on the original letter of credit should be shortened. The percentage of insurance coverage, if any, should be increased to satisfy the requirements of the original letter of credit. When a drawing takes place, the original beneficiary normally substitutes h

31、is invoices for those of the second beneficiary for up to the amount and unit prices available under the original letter of credit, and draws the difference as profit.Although not recorded on a letter of credit, “back-to-back is a term used in transactions involving two irrevocable letters of credit

32、.Such transactions originate when a seller receives a letter of credit covering goods which must be obtained from a third party who in turn requires a letter of credit. The “second issuing bank looks to the first issuing bank for reimbursement after paying under the second letter of credit.The diffe

33、rence between back-to-back letters of credit and transferable letters of credit, is such that in a transferable letter of credit, the rights under the existing letter of credit are transferred. In a back-to-back transaction, different letters of credit are actually issued. Because technical problems

34、 can arise in back-to-back transactions, banks tend to discourage their use.Under a deferred payment letter of credit, the applicant does not pay until a future date determined in accordance with the terms of the letter of credit. No drafts are called for, which avoids “stamp duties charged by some

35、countries on bills of exchange . One reason an exporter might extend credit terms to importer could be the competitiveness of the market and the need for the exporter to finance the importer if the exporter is to make the sale.Standby letters of credit may apply in general to transactions which are

36、based on the concept of default by the applicant in performance of a contract or obligation. In the event of default, the beneficiary is permitted to draw under the letter of credit. Standby letters of credit may be used as a substitute for performance guarantees, or issued to guarantee loans grante

37、d by one firm to another, thereby securing payment to the creditor in the event the other party fails to repay its obligation on the due date. Even if the applicant claims to have performed, the bank issuing the letter of credit is obliged to make payment provided the beneficiary produces complying

38、documents, usually a sight draft, and a written demand for payment.The sales contract is the formal agreement between the buyer and seller specifying the terms of sale that both parties have agreed upon. The contract should include: a description of the goods; the amount; the unit price; the terms o

39、f delivery; the time allowed for shipment and presentation of documents; the currency; and the method of payment.The banks letter of credit application and agreement forms, when executed, constitute a payment and reimbursement contract between the issuing bank and its customer. It is also the custom

40、ers instruction to the issuing bank. The letter of credit must be issued exactly in accordance with the customers instructions; therefore, it is important that the application be completed fully and accurately, so as to avoid the inconvenience of having to have the letter of credit amended. The agre

41、ement constitutes an undertaking by the customer to reimburse the issuing bank for drawings paid in accordance with the terms of the letter of credit, and normally takes the form of an authorization to debit the customers account.The issuing bank prepares the letter of credit as specified in the app

42、lication and forwards it by tele-transmission or airmail to the advising bank, (a branch or correspondent of the issuing bank). The issuing bank instructs the advising bank as to whether or not to add its confirmation, as per their customers instructions.The advising bank forwards the letter of cred

43、it to the beneficiary (seller) stating that no commitment is conveyed on its part. However, if the advising bank has been asked to confirm the letter of credit and agrees to do so, it will incorporate a clause undertaking to honour the beneficiarys drafts, provided the documents evidence that all te

44、rms and conditions of the letter of credit have been complied with.There is no limit to the number and variety of documents which letters of credit may stipulate. The following is a list of documents most commonly seen in a letter of credit transaction. Each document is described in brief with a che

45、ck-list for preparing the document.As already stated, the beneficiary should, on first being advised of the letter of credit, examine it carefully and be satisfied that all the documentary requirements can be complied with. Unless the documentary requirements can be strictly complied with, the benef

46、iciary may not receive payment from the issuing bank.If there are any requirements that cannot be complied with, the beneficiary should immediately request the applicant to arrange for an appropriate amendment to the letter of credit.A draft is a bill of exchange and a legally enforceable instrument

47、 which may be regarded as the formal evidence of debt under a letter of credit. Drafts drawn at sight are payable by the drawee on presentation. Term (usance) drafts, after acceptance by the drawee, are payable on their indicated due date. Drafts must show the name of the issuing bank and the number

48、 and date of the letter of credit under which they are drawn. Drafts must be drawn and signed by the beneficiary of the letter of credit. The terms of the draft must be expressed in accordance with the tenor shown in the letter of credit; at sight or at a stated number of days after bill of lading/s

49、hipment date. The amount in words and figures must agree and be within the available balance of the letter of credit and in the same currency as the letter of credit. The amount must agree with the total amount of the invoices unless the letter of credit stipulates that drafts are to be drawn for a

50、given percentage of the invoice amount.The commercial invoice is an itemized account issued by the beneficiary and addressed to the applicant, and must be supplied in the number of copies specified in the letter of credit. The invoice description of the goods must be identical to that stipulated in

51、the letter of credit. Unit prices and shipping terms, CIF, FOB, etc., must be as stipulated in the letter of credit. Extensions and totals should be checked for arithmetical correctness. For definitions of CIF , FOB etc.A consular or customs invoice is prepared by the beneficiary on forms either sup

52、plied by the buyer or local consulate offices.On presentation of the documents called for under the letter of credit, provided they are in compliance with its terms, the advising/negotiating bank, in the case of an unconfirmed letter of credit, may pay/negotiate the draft.In the case of a confirmed

53、letter of credit, the confirming bank is obliged to honour the drawing without recourse to the beneficiary.The advising/confirming/negotiating bank will claim reimbursement from the issuing bank.On receipt of conforming documents, the issuing bank will also be responsible for checking documents and

54、will charge the applicants account under the terms of the letter of credit application and agreement forms, effecting reimbursement to the negotiating bank.中文翻译： 信用证应用指南 2021年10月本文是提供的出口商，进口商和其他在从事国际贸易业务的有关各方提供了信用证知识。信用证，在促进国际贸易开展过程中起到的非常重要的作用，同时提供一个平安可靠的支付手段。本文不应该被视为一个文本或操作手册，也不是企图涵盖所有可能的情况。本文的目的不是

55、提供法律或其他专业意见，存在一定的局限性，本文旨在让读者了解信用证这种结算方式。简单而言，信用证是基于销售合同或其他合约由银行开立的有条件的承诺付款的书面文件，这是减少支付等有关的风险的一种方式。信用证是指由银行开证行依照申请人的要求和指示或自己主动，在符合信用证条款的条件下，凭规定单据向第三者受益人或其指定方进行付款的书面文件。需要不需要使用信用证结算方式进行结算，是买方和卖方之间的谈判过程中涉及结算方式订立时需要考虑的重要问题之一。付款可以在几种不同的方式：由买方通过汇付方式汇付全部的交易货款给卖方；开具以进口方为付款人的汇票，即买方收到货物后在约定的时间支付合同工程下的账款；通过在这种情

56、况下，买方支付代收银行托收银行帐户的卖方以换取装运单据，其中包括，在大多数情况下，货物所有权的文件。使用上述方法付款，卖方完全依赖于买方的信用和付款能力。当卖方对买方的信用，存有疑虑或是不太信任的时候，为了确保对方能够及时付款，卖方可以对要签订的销售合同中约定，使用不可撤销的信用证付款结算。按照这种结算方式的一般规定，买方先将货款交存银行，由银行开立信用证，通知异地卖方开户银行转告卖方，卖方按合同和信用证规定的条款发货，银行代买方付款。如果该银行开证行开立的信用证是未知向卖方或如果卖方被运送到了国外和不确定的开证行的有能力会履行其义务，卖方可以申请要求对方对开证银行开立的信用证进行保兑，要求国

57、际知名的银行，确认对开证行开立的信用证承当付款责任。根据信用证的不同特点的进行分类，可以把信用证分成三大类，其中每一类有两个不同的选择。每一个信用证都是这三个特点相结合的产物。即期信用证是指开证行或付款行收到符合信用证条款规定的跟单汇票和单据后，立即履行付款义务的信用证。此类信用证在国际结算中使用最广。远期信用证是指付款人收到符合信用证条款规定的跟单汇票或单据后，不立即付款，等到汇票到期或规定的到期日开始履行付款义务的信用证。这类信用证包括银行承兑信用证、商业承兑信用证和延期付款信用证。远期信用证是买方取得资金融通的一种方式。不可撤销信用证指开证行对已开出的信用证，在有效期内，非经各有关当事人

58、同意，不得修改或撤销，只要卖方提供与信用证条款相符的货运单据，开证行必须履行付款义务。这种信用证对卖方收取货款有保障，故在国际贸易中广为使用。可撤销信用证不必征得卖方同意，开证行对所开信用证有权随时撤销。这种信用证对受益人无保障，国际贸易中极少采用。保兑信用证是指有一家开证银行开出的，由另一家银行保证对卖方提供符合信用证条款规定的货运单据履行付款责任的信用证，这种信用证都是不可撤销的。不保兑信用证是指不经另一方银行加以保兑的信用证，可撤销的信用证都是不保兑信用证。为国际贸易敞开信贷大门，为国际贸易中能够使双方履行合同义务提供的平安机制。银行为买方出口的商品或效劳的付款承当来替代付款责任。开证银

59、行承诺付款，使得所有在信用证规定的条款和条件都得到遵守。提供融资时机，在许多国家提供装运前融资信贷和或信用证项下的承兑汇票贴现信担保。银行的专业知识提供为成功完成交易提供技术和专业保证。已装运货物的货款可以直接汇到出口商自己的银行或所选择的银行。对进口商和出口商来讲：只有在买方向银行提供了信用证下所规定的单据之后，银行才进行放款。进口商可以控制已装运的货物的所有权，防止钱货两空。现金资源，不被冻结起来。跟单信用证统一惯例是国际商会指定的涉及及所有类型信用证和交易各方义务的一套业务惯例。跟单信用证统一惯例由商务部国际商会于1933年在维也纳通过的，已经屡次修订，已被世界绝大多数国家与地区银行和贸易界接受，成为通用的惯例。目前适用的跟单信用证统一惯例，在不违反当地法律，对那些通过他们的当事人具有约束力。 UCP的权