第六章信用证1

Chapter6letterofcreditWhytheletterofcredithadbeendeveloped?1.Keyissueofinternationalsettlement:Creditrisk,andcapitaltiedup.2.DisadvantageofPaymentinadvanceandopenaccount.3.bank’sroleininternationalsettlement6.1introduction6.1.1definitionThedocumentarycreditorletterofcreditisanundertakingissuedbyabankfortheaccountofthebuyer(Theapplicant)orforitsownaccount,topaythebeneficiarythevalueofdraftand/ordocumentsprovidedthatthetermsandconditionsofthedocumentaryarecompliedwith.跟单信用证或信用证是开证行代买方或开证行自己开立的,保证对受益人提交的与信用证条款和条件相符的汇票或单据金额进行付款的承诺.6.1.2featuresofL/C.Aletterofcreditplacesabank’screditinsteadofacommercialcredit.Itisguaranteedbytheissuingbank’screditworthiness.(1)Theissuingbankundertakestoeffectpayment,quiteindependentofwhethertheapplicantisbankruptorisindefaultornot,providedthedocumentspresentedareincompliancewiththetermsandconditionsofthecredit.(2)Aletterofcreditstandsindependentofthesalescontract.Althoughthecreditisissuedonthebasisofthecontract,banksareinnowayconcernedwithorboundbysuchcredit,evenifanyreferencewhatsoevertosuchcontractisincludedinthecredit.Thebank,whenissuingthecredithasnoregardforthesalescontractbutfollowsanapplicationhandedinbythebuyer.(3)Inletterofcreditbusiness,banksdealwithdocumentsandnotwithgoods,servicesorotherperformancetowhichthedocumentsmayrelate.Theycheckexclusivelyonthebasisofthedocumentspresentedtothemtoseewhetherthetermsofthecreditarefulfilled.Theyarenotinapositiontoverifywhetherthegoodssuppliedactuallyconformtothosespecifiedinthecredit.(4)Banksengagedinletterofcreditbusinessassumesnoresponsibilityfortheform,sufficiency,accuracy,genuineness,falsificationorlegaleffectofanydocumentspresented.Theirmainresponsibilityinthisrespectistoexamineeachdocumentpresentedtoseewhetheritappearsonthefacetobeincompliancewiththecreditterms.(5)Banksdealingletterofcreditbusinessassumenoresponsibilityfortheactsofthirdpartiestakinginonewayoranotherinthecredittransaction.6.1.3benefitsandlimitationsofthedocumentarycredit1.benefitsThedocumentarycreditprovidesahighlevelofprotectionandsecuritytobothbuyerandsellers.Thesellerisassuredthatpaymentwillbemadebyapartyindependentofthebuyersolongasthetermsandconditionsofthecreditarecompliedwith.thebuyerisassuredthatpaymentwillbemadetotheselleronlyafterthebankhasreceivedthetitledocumentscalledforinthecredit.2.LimitationsofL/CDocumentarycreditsarenotfoolproof(简单明了得决不会出乱子的).therearelayersofprotectionsforboththebuyerandtheseller,butopportunitiesforfrauddoexist.Manyoftheopportunitiesforfraudcenteronthefactsthatbanksdealwithdocumentsratherthanthegoods.Thesituationlistedbelowareextremelyuncommon,butdoexist.1.Sellershavereportedreceivinganadviceoraconfirmationofadocumentarycreditfromnonexistingbanks.Theperpetratorofthefraudattemptstogetthesellertoshipgoodsandpresentdocumentsforpaymenttoabankthatdoesnotexist.Bythetimethesellerisawareofthefraud,the“buyer”hasreceivedthegoodsanddisappear.2.Buyershavereportedreceivingemptycratesorcratesfilledwithsandinsteadofthemerchandisetheyordered.Bythetimetheyreceivedtheshipmentthebankshadalreadypaidthe“supplier”.3.Buyerhavereportedreceivingdefectivemerchandisefromsellers.Whiletheremaybesomelatitudeforinterpretationofwhatconstitutes“defective”,itisclearthatsomesuppliershavepurposefullyshippedincorrectorsubstandardgoods.4.Buyershavereportedbeingshort-shipped.Insomecasesbuyershaveorderedavaluablecommoditysoldbyweightandwerechargedforthegrossweightratherthanthenetweight.5.Buyersofcommodities,especiallygraymarketgoods,havereportedbeingdefraudedbytheseller’sprovidingfraudulentshippingdocuments,evidencingshipmentonanonexistentship.信用证的性质与作用一.信用证的性质.1.信用证是开证行有条件的付款承诺:一般担保业务是被担保人不履约时,担保人才承担付款义务.而信用证业务是开证行首先承担付款义务,只要单证相符,开证行就要对议付行,承兑行付款行付款,受益人也可直接向开证行提交单据,只要单据相符,开证行必须付款,所以说”开证行负第一性的付款责任”.2.信用证是自足文件:信用证的基础首先是买卖合同(first,thesalescontractbetweenbuyerandseller),第二是买方（申请人）与开证行的申请书和担保协议（second,the“applicationandSecurityagreement”orthe“reimbursingAgreement”betweenthebuyer(theapplicant)andtheissuer(theissuingbank)）;第三，在这两个文件的基础上开证行才向受益人开立信用证（third,thedocumentarycreditbetweentheissuingBankandthebeneficiary.)但是这些文件是相互独立的，每个文件只能约束有关当事人（Eachcontractisindependentandcontrolstherespectiverelationshipbetweentheparties.）正如UCP指出的，信用证的特点就是独立于合同，并不受合同的限制（credit,bytheirnatureareseparatetransactionsfromthecontractsonwhichtheymaybebasedandbackareinnowayconcernedwithorboundbycontracts.）.虽然信用证条款中出现了合同号，但银行并不对合同负责。是否有合同，合同条款是否与信用证一致，所交单据是否符合合同要求等，银行一律不过问。另外，受益人也不能利用银行之间以及申请人和开证行之间的上述契约关系。（abeneficiarycaninnocaseavailhimselfofthecontractualrelationshipsexistingbetweenthebankorbetweentheApplicantandtheissuingbank）3.信用证业务是单据买卖，开证行只凭正确单据付款，议付行凭单据议付。在信用证业务中，所有各方，银行和商人所处理的都是单据，而非货物。（indocumentarycreditoperationsallpartiesconcerneddealindocumentsandnotingoods.）二、信用证的作用。跟单信用证满足了卖方需要现金和买方需要融资的要求，这个融资工具可以为买卖双方独立地提供融资服务。（Thisdocumentarycreditarrangementusuallysatisfiestheseller’sdesireforcashandtheimporter’sdesireforcredit.Thisfinancialinstrumentservestheinterestofbothpartiesindependently.）跟单信用证的使用解决了国际贸易中预付和迟付的矛盾，进口商可以不必先将货款付给出口商，出口商也不用担心进口商收到货物不付款。银行负第一性付款责任。跟单信用证的作用，一是保证出口商安全收款，进口商安全收货；二是银行为进口商提供资金便利，使相隔遥远，互不信任的商人能进行贸易。跟单信用证具备完善结算方式的三个特点：一是安全迅速清偿债权债务；二是能保证买卖双方的利益都能照顾；三是便于融通资金，方便各方筹措资金。但信用证结算方式也会遇到一些风险和问题，如出口商开不出信用证，或开出的信用证与合同不符，或在信用证条款里做埋伏；出口商用假单据欺骗等。近年来还出现了一些假信用证（fraudulentL/C），有的是由一个根本不存在的银行开出，有的以本行分支行的名义开出，但签字人是伪造的假签名，还有的是假银行，假签名，并造出假格式，假密押等，增加了信用证业务的风险，需要谨慎处理。6.1.4partiesinvolvedinadocumentarycreditTherearefourmainpartiestoadocumentarycredittransactionandotherparties.1.Applicant(importer):theapplicantisalwaysanimporterorabuyer,whofillsoutandsignsanapplicationform,requestingthebanktoissueacreditinfavorofanexporterorasellerabroad.3.Advisingbank:correspondentbankorbranchoftheissuingbanktowhomtheletterofcreditisroutedfortransmissiontothebeneficiary.Ithasthetaskofinformingthebeneficiarythatthecredithasbeenissuedinhisfavorsothatthebeneficiarymaymakenecessarypreparationforshippingthegoodsanddraftingthedocumentsstipulatedinthecredit.(4)beneficiary/seller:thesellerinwhosefavorthecreditisissued,becausesuchacreditisconsideredtobenefittheexporterbyitsassuranceofpaymenttohim.(5)Confirmingbank:abank,usuallytheadvisingbank,whichaddsitsundertakingtothoseofissuingbankandassumesliabilityunderthecredit.6.Negotiatingbank:abankthatpurchasethedocumentsunderthecredit,ifallthecredittermsaremet,thenegotiatingbankwillbuytheexporter’sdraftswithrecourseandthenitwillsendthedraftsanddocumentstotheissuingbankforreimbursement.7.Payingbank/drwaeeban