[国际贸易]实务-练习题与答案Chaper

1、chapter18一 chapter summary1. implementing a cif and l/c contract,matters that the seller should handle mainly involve: preparing the goods,urging the opening of l/c,checking l/c,asking the amendment to l/c,arranging shipment,effecting insurance,clearing export customs,making out documents and collec

2、ting export proceeds in foreign exchange.2. the seller must deliver the goods to the buyer the exact quantity of goods stipulated in the contract for sale.in determining the quality and description of the goods,the requirements in the contract will prevail.the way in which the goods are packaged has

3、 to be sufficient to protect and preserve the goods until the goods are handed over to the buyer at their destination.3. goods should also fit for the purpose for which goods of the same description would “ordinarily” be used and for a particular purpose.4. delivery after the date or period for deli

4、very is a breach of contract, even a fundamental breach of contract. the time of delivery is governed first by the provisions of the contract.5. the seller should also ensure that the goods it delivers are not subject to rights or claims by a third party and do not infringe on the industrial propert

5、y rights or other intellectual property rights of the third party.6. the seller may urge the buyer to open the l/c in cases of:1)the buyer fails to issue an l/c within the time stipulated in the contract;2)the goods are ready for shipment, and the seller wants to advance shipment.7. the seller shoul

6、d check the details of letter of credit. if the seller finds that the terms stipulated in the credit are not in line with those specified in the contract or not acceptable, it must immediately notify the buyer (applicant) in the shortest possible time. meanwhile it should keep in mind that shipment

7、could not be effected until the l/c amendment arrives. partial acceptance of an amendment is not allowed.8. the seller shall fill in the shipping note to book the shipping space. after receiving the shipping order from the carrier, the goods can be loaded on board the vessel. after receiving the mat

8、es receipt, the seller shall exchange it for the bills of lading from the shipping agency after making payment of the freight. the seller should take out at his own expense cargo insurance as agreed in the contract.9. the seller should declare the export goods to the customs by filling in certain cu

9、stoms forms and submitting appropriate documents for customs clearance.10. the quality of documents should meet the following general requirements: accuracy, completeness, promptness, conciseness and cleanness. the documents should be presented at the right time.11. documents required by the credit

10、include draft, commercial invoice, pro-forma invoice, customs invoice, consular invoice, shipping documents, insurance policy (or certificate), packing documents, certificate of origin, inspection certificate, etc.12. in china, three are three ways of settlement of export proceeds in foreign exchang

11、e, namely, “settlement after payment has been made”, “settlement on a fixed date” and “settlement by negotiation”.13.in the majority of cases the discrepancies are not of a significant nature, and payment can be made against indemnity. if the discrepancies are complicated, the exporter may request t

12、he negotiating bank to send the documents to the issuing bank on an approval basis. if the discrepancies are of material nature, the bank will only be prepared to handle the documents on a collection basis. chinas exporters, after effecting shipment and making out documents, should take out verifica

13、tion and writing-off of export proceeds in foreign exchange and export tax rebate.二 review questionsa. briefly define the concepts1. pro-forma invoice2. customs invoice3. consular invoice4. gsp certificate of origin 5. settlement of export proceeds in foreign exchange6. negotiation against indemnity

14、 (or negotiation under reserve)7. documents sent on approval basisb. questions and problems1. outline the procedures for carrying out cif and l/c transactions from the perspective of the seller.2. what are the general requirements for the sellers delivery of goods?3. what are the general quality req

15、uirements for documents?4. how does the system of verification and writing-off of export proceeds in foreign exchange in china operate?5. if there is not enough time to make corrections to the discrepancies of documents under payment by l/c, how should the exporter handle the discrepancies? c. multi

16、ple-choice questions1. in arranging shipment, the seller shall fill in a _ to book the shipping space in a liner.a. shipping note b. shipping order c. mates receipt d. bill of lading2. implementing the cif contract, the seller should take out at his own expense cargo insurance as agreed in the contr

17、act_a. once the contract is concluded. b. once the shipping date and shipping vessel are determined.c. after the shipment has been effected.d. at any time.3. in china, declaration of export goods shall be made by the consignor _ prior to loading unless otherwise specially approved by the customs.a.

18、12 hours b. 24 hoursc. 36 hours d. 48 hours4. according to the ucp 600, if the letter of credit does not specify the period of time for presentation of documents, the presentation must be made not later than _ after the date of shipment, but in any event not later than the expiry date of the credit.

19、a .14 calendar days b. 21 calendar daysc. 28 calendar days d. 30 calendar days5. a documentary credit specified the amount and quantity of the commodity as “amount: about us$120,000.quantity: about 1,000 m/t”. then the amount and quantity of the commercial invoice may be an amount equal to _ of the

20、stipulated amount of the credit.a. +_2% b. +_3%c. +_5% d. +_10%6. the issuance of the _ indicates the shipping companys confirmation of booking space.a. shipping note b. shipping orderc. mates receipt d. bill of lading7. according to the ucp 600, the description of goods in the _ must correspond pre

21、cisely to the description of goods in the credit.a. bill of lading b. packing listc. post receipt d. commercial invoice8. the invoice that is often required by the buyer so that an import licence and/or foreign exchange permit will be approved by the authorities concerned is _a. commercial invoice b

22、. customs invoicec. pro-forma invoice d. consular inoice9. which of the following is not a way of settlement of export proceeds in foreign exchange in china?a. settlement after payment has been made. b. settlement on a fixed date.c. settlement by negotiation.d. settlement with no definite date.d. tr

23、ue or false questions1. commercial invoice is a key accounting document describing the commercial transaction between the buyer and the seller. 2. the date of the insurance document may be before of later than the date of shipment.3. partial acceptance of an amendment is not allowed and will be deem

24、ed to be notification of rejection of the amendment.4. customs invoices are required by the customs authority of the exporting country.5. the shipper usually obtains bill of lading from the shipping company by submitting shipping order to it.e. case study1. an irrevocable credit was issued covering

25、“37,500 1bs of 1/5.5 mm mohair yarn hkd23.98/1bdelivery instruction: 20,000 1bs to be delivered latest august 22,1994;17,000 1bs to be delivered latest august 27,1994” and stipulating that “l/c amount & quantity 5% or more or less acceptable.the delivery was effected as follows: 1) first partial del

26、ivery: 20,000 1bs on august 19,1994(first drawing: hk$ 479,600.00); 2) second partial delivery: 18,000 1bs on august 24,1994(second drawing: hk$ 431,640.00).the issuing bank rejected the documents quoting as sole discrepancy “over shipped ”.was the issuing banks rejection justified ? why?2. chinese

27、company a exported good x on cif and l/c. after the goods were loaded on board the ship, a made payment of all the freight and got a full set of clean on board b/l issued by the shipping company. but the words “freight prepaid were left out on the b/l. at that time the market was declining. after co

28、nsulting with the applicant, the opening bank refused to make payment on the grounds that the documents were not in compliance with the l/c. was the opening banks rejection justified ? why?f. check letter of credityou are asked to check the following letter of credit and make necessary amendments ac

29、cording to the contract terms.1.letter of credit copenhagen bankdate: january 4,2000to: bank of china, beijingwe hereby open our irrevocable letter of credit no.112235 in favor of china trading corporation for account of copenhagen import company up to an amount of gbp1,455.00(say pounds sterling on

30、e thousand four hundred and fifty-five only) for 100% of the invoice value relative to the shipment of: 150 metric tons of writing paper type 501 at gbp97 per m/t cif copenhagen as per your s/c no.po5476 from copenhagen to china port. drafts to be drawn at sight on our bank and accompanied by the fo

31、llowing documents marked x: (x)commercial invoice in triplicate(x)bill of lading in triplicate made out to our order quoting l/c no.112235,marked freight collect.(x)one original marine insurance policy or certificate for all risks and war risk, covering 110% of the invoice value, with claims payable

32、 in copenhagen in the currency of draft(s).partial shipments and transshipment are allowed.shipment must be effected not later than march 31,2000.this l/c is valid at our counter until april 15,2000.附：po5476 号合同主要条款：卖方：中国贸易公司买方：哥本哈根进口公司商品名称：写字纸规格：501型数量：150公吨单价：cif哥本哈根每公吨97英镑总值：14.550英镑装运期：2000年3月31

33、日前自中国港口至哥本哈根保险：由卖方按发票金额的110%投保平安险和战争险支付：不可撤销的即期信用证，于装运前1个月开到卖方，并于上述装运期后15天内在中国议付有效2.letter of credit: hua chiao commercial bank ltd.88-89 des voeux road,central, hong kongirrevocable documentary credit no.f-07567date and place of issue:95/09/28 hong kongdate and place of expiry:95/11/30 hong kongapp

34、licant: j. brown & co.,175 queens way, hong kongbeneficiary: liaoning textiles i/e corp., dalian, chinaadvising bank: bank of china, liaoning branch, dalianamount: us$26,700-(say united states dollars twenty-six thousand seven hundred only)partial shipments and transshipment are prohibited.shipment

35、from dalian, china to hong kong, latest 95/11/30. credit available against presentation of the documents detailed herein and of your draft at 90 days sight for full invoice value._ signed commercial invoice in quadruplicate._ full set of clean on board ocean bills of lading made out to order of hua

36、chiao commercial bank ltd. marked freight prepaid._insurance certificate or policy endorsed in bank for full invoice value plus 10%,covering all risks and war risk.covering 50 doz. woolen sweaters, s105,us$120 per doz. cfr hong kong60 doz. woolen sweaters, m107,us$150 per doz. cfr hong kong70 doz. w

37、oolen sweaters, l109,us$180 per doz. cfr hong kongas per contract no.28kg630销售合同主要条款如下：合同号码：28kg603卖方：辽宁纺织品进出口公司买方：j. brown & co., 175 queens way, hong kong商品名称及数量：羊毛衫 s105 50打m107 60打l109 70 打单价：s105 每打成本加运费香港 120美元m107每打成本加运费香港 150美元l109每打成本加运费香港 180美元金额：27,600美元交货期：1995年11月，不允许分批装运，可转运付款条件：不可撤销的见

38、单后90天付款的信用证，效期为装运后15天在中国到期三answers to review questionsa. brief define the -forma invoice: an abridged or estimated invoice sent by the seller to a potential buyer, which is commonly used as a preliminary invoice with a quotation. 2. customs invoice: an extended form of commercial invoic

39、e (often in a specific format) required by the customs authority of the importing country.3. consular invoice: a specially printed invoice to be issued by the importing countrys consulate in the exporting country, serving as a certificate of origin.4.gsp certificate of origin: a certificate used to

40、obtain the treatment of preference customs duty imposed by the developed country on the imports from the developing countries. 5.settlement of export proceeds in foreign exchange: the exporter sells its export proceeds in foreign exchange to the bank thet pays it an equivalent amount in rmb accordin

41、g to the foreign exchange rate.6.negotiation against indemnity (or negotiation under reserve): a provisional negotiation made to the beneficiary of a letter of credit where the documents submitted under the l/c requirements have discrepancies.7.documents sent on approval basis: in the event that the

42、 discrepancies between the documents and the l/c are rather complex, the exporter should request that the negotiating bank send the documents to the issuing bank on an approval basis or notify the issuing bank by wire, outline the discrepancies, and request the authority to pay. b. questions and pro

43、blems1.the procedures for carrying out cif and l/c transactions from the perspective of the seller mainly involves the following stages: preparing the goods, urging the opening of l/c, checking l/c,asking amendment to l/c, arranging shipment, effecting insurance, clearing export customs, making out

44、documents and collecting export proceeds in foreign exchange.2.the general requirements for the sellers delivery of goods are as follows:1)the goods should meet the contractual quality, quantity and packing conformity;2)the goods should be fit for ordinary purposes;3)the goods should also be fit for

45、 a particular purpose;4)the goods should be delivered in time;5)the goods should not be subject to rights or claims by a third party.3. the quality of documents should meet the following general requirements:1)accuracy: in handing the documents the doctrine of strict compliance must be observed;2)co

46、mpleteness: all detailed requirements for documents such as types of documents, numbers of originals and copies, items for each document in the credit should be met;3)promptness: make sure the documents are ready when they are needed to avoid any delay or confusion;4)conciseness: no redundant words

47、or expressions should be used;5)cleanness: no correction should be made on the documents.4.the system of verification and writing-off of export proceeds in foreign exchange in china operates as follows:1)the exporter is required to take out and fill in the verification and writing-off forms (with se

48、rial number) accurately and completely.2)the customs office will check if the contents of the verification forms are in consistent with the relevant contents stated on the customs declaration forms and whether the serial numbers of the verification forms are in consistent with the serial numbers sta

49、ted on the customs declaration forms.3)after checking the goods and ensuring there are no mistakes, the customs office shall then affix the “test-over seal” on both the verification forms and export customs declaration forms.4)when the nominated bank receives the export proceeds, it shall issue a ba

50、nk slip which is especially for verification of export proceeds bearing the serial number of verification form.5)with the verification form, the above-mentioned bank slip and other relevant documents, the exporter will then go to the foreign exchange administration of the place where it is located t

51、o handle verification procedures. the latter shall affix “verified” on the verification form and give back the special page of the verification form for export tax rebate to the exporter.5.if there is not enough time to make corrections to the documents, the exporter may handle the discrepancies in

52、the following ways:1)negotiation against indemnity: by doing so, the discrepancies in the documents are listed in banks standard indemnity form and executed by the seller. in the event the issuing bank refuses to take up the documents and pay the negotiating bank, the seller is liable to refund the

53、negotiating bank.2)documents sent on approval basis: in the event that the discrepancies are rather complex, the exporter should request that the negotiating bank send the documents to the issuing bank on an approval basis or notify the issuing bank by wire, outline the discrepancies, and request th

54、e authority to pay.3)payment under collection: in such cases where the discrepancies are of a material nature, the seller may ask the bank to handle the documents on a collection basis. c. multiple-choice questions1.a 2.b 3.b 4.b 5.d 6.b 7.d 8.c 9.dd. true or false questions1.t 2. f 3.t 4.f 5.f e. case study1. the banks rejection of the documents was justified because the credit stated that the delivery of the goods was to be effected in two lots, 20,000 1bs and 17,000 1bs for the first and second lot respectively and