国际结算-信用证

Chapter8LettersofcreditP.sComparisontoothersettlementmethod----“collection”DocumentsagainstPayment（D/P）

委托人付款人托收行代收行

shipment1申请书及即期汇票2托收指示、跟单汇票6汇交收妥的货款3提示单据要求付款4付款5交单7款项贷记委托人RISKDilemma

Importer:paymentafterreceivingtheGoodsExporter:receivepaymentadvancethanshiptheGoodsCommercialcreditrisk!委托人付款人托收行代收行

shipment1申请书及即期汇票2托收指示、跟单汇票6汇交收妥的货款3提示单据要求付款4付款5交单7款项贷记委托人Reducetherisk!1.Whatisaletterofcredit?

Letterofcredit(L/C)isawrittenundertakingbytheissuingbanktopaymLoney,underwhichpaymentisgenerallyconditioneduponpresentationofadraftorotherwrittendemandforpaymenttogetherwithotherspecifieddocument'swhichallcomplywiththetermandconditionsofthecredit.银行(开证行)根据进口方（申请人）的要求和指示，向出口方（受益人）开立的，在一定时期内凭规定的符合信用证条款的单据，既期或在将来，支付一定金额的书面承诺。1.Whatisaletterofcredit?Brieflyspeaking:

L/Cisaletterwrittenbyabanktothebeneficiary,undertheinstructionofpayer,informingthebeneficiarythatthebankwillpayasumcertaininmoneytothebeneficiaryifthebeneficiaryoftheL/Cprovidesthebankwithcertaindescribedpiecesofpaperwithinaprescribedtimeperiod.Commercialcredit=bankcreditP.sComparisontoothersettlementmethod----“collection”DocumentsagainstPayment（D/P）

委托人付款人托收行代收行

shipment1申请书及即期汇票2托收指示、跟单汇票6汇交收妥的货款3提示单据要求付款4付款5交单7款项贷记委托人RISK1.Whatisaletterofcredit?Adocumentarycreditisaconditionalbankwrittenundertakingofpayment.Conditional

-----deliverytheinstructeddocumentwhichconformedthepaymentdemandoftheL/C

Content&termdateUndertakingofpaymentPaymentatsightoracceptance,deferredpayments

1.Whatisaletterofcredit?UCP500definesaletterofcreditas:“anarrangementhowevernamedordescribed,wherebyabank(theissuingbank)actingattherequestandontheinstructionsofacustomer(theapplicant)oronitsownbehalf,Istomakeapaymenttotheorderofathirdparty(thebeneficiary),oristoacceptandpaybillsofexchange(draftsdrawnbythebeneficiary)orAuthorizeanotherbanktoeffectsuchpaymentortoacceptandpaysuchbillsofexchange;orAuthorizesanotherbanktonegotiate,againststipulateddocuments,providedthatthetermsandconditionsofthecreditarecompliedwith.”

sellerbankbuyercontract

ApplicationL/CWhatisaletterofcredit?

Bankcreditininternationalpayment

Toreleaseriskininternationaltrade

由进口人承担的付款责任转由银行来履行，这样进口人在付款之后，可以肯定地取得代表货物的单据，出口人只要交付符合信用证规定的单据，就可从银行取得货款，从而在很大程度上解决了买卖双方在付款、交货时的矛盾。TheprocessofLettersofCreditBeneficiary（exporter）applicant（importer）ConfirmingAdvisingBankBankIssuingbank

4.L/C8.Documents11.payment10.documents

2.applicationofL/C9.Payment3.L/C7.Payment1.Goodscontract6.documentsGoods5.Shipment,obtaintheB/L12.DeliverytheB/LObtainthegoods3.ThebasicpartiesandprocedureoftheL/CStep1:Abuyerandasellerenterintoasalescontractprovidingpaymentbyadocumentarycredit.Buyer----Applicant;Seller----BeneficiaryMakesureinsalescontractthatthepaymentismadebytheletterofcreditanddetailedformofL/C.“thebuyersshouldopenthroughabankacceptabletothesellersa100%invoicevalueIrrevocableCableSightLetterofCredit

toreachthesellers***daysbeforethemonthofshipment”Step2:TheapplicantinstructstheissuingbanktoissueaL/Cinfavoroftheseller.Thesalescontractisthebasisforthebuyertoapplyforaletterofcredit.Buyer---Applicant(L/C)---IssuingBank---Beneficiary(seller):shipmentTheapplicantdeliveryaApplicationtoissuingbankinstructed:ThebasicpartiesandprocedureoftheL/C

Step3:Theissuingbankopensadocumentarycreditaccordingtotheinstructionsoftheapplicant.AnalyzetherisksinherentintheoperationReviewthetermsandconditionsoftheproposedL/Ctoensuretheircompliancewiththepoliciesofthebankandaccordancewiththerelatedlaw.Issuingbank---OpenaL/Cattherequestoftheapplicantforthecredit.---Theimporter’sbanktheissuingbankundertakestopayagainstcorrectdocumentsinaccordancewiththeinstructionsofthebuyer.Obligation:tomakecreditofpaymenttobeneficiaryRight:requestthebeneficiarytodeliverthestipulateddocument.ThebasicpartiesandprocedureoftheL/CExp:ifasalescontractforbidstransshipment,theL/Cwillalsoforbidstransshipment.ThetermrequestonthegoodscontractTheundertakingandtherightofapplicanttoissuingbankIfthebuyer(applicant)isperceivedascreditworthytheissuingbankwillnotrequireanysecurityfortheissue;otherwisetheissuingbankwillrequireacertainpercentageofcashdepositsandthepercentagegoesfrom0%~100%,dependingonthecreditstandingoftheparticularbuyer.AFormalFacilitytomakesure:ThegoodsdocumentasthesecurityofpaymentOtherReimbursementAgreement.

Depositinsecurity,DeliverytermThebasicpartiesandprocedureoftheL/C

Step3.Theissuingbankasksanotherbank,usuallyinthecountryoftheseller,toadviseandperhapsalsotoadditsconfirmationtotheL/C.

Advisingbank(issuingbank’scorrespondbank)uponreceiptoftheL/Cfromtheissuingbank,theadvisingbankshouldauthenticatetherealnessofthecredit.andifitcannotestablishtheauthenticityofthecredit,inmustinformtheissuingbankwithoutdelay.toinformthebeneficiaryandaccompaniedwiththedeclarationwithoutanyengagementorresponsibilityAdvisingbank=Confirmingbank“Theissuingbankrequesttheadvisingbanktoaddinghisconfirmation“weherebyconfirmtheCreditTheconfirmingbankundertakethesameobligationsassumedbytheissuingbankandtheliabilityoftheconfirmingbankisthesameasthatoftheissuingbank.“thestipulateddocumentsarepresentedtotheconfirmingbankandthetermsandconditionsofthecreditarecompliedwith,theconfirmingbankundertakestopayacceptornegotiate”ThebasicpartiesandprocedureoftheL/C

Step4.Advisingbanktoinformthebeneficiary“wehavealreadyreceivetheletterofcredit!”Beneficiary=whohasthedutyofperformanceundertheL/Candalsohastherighttoobtainthepayment=sellerunderthesalescontractSinceaL/Careindependentfromtheunderlyingsalescontract,whetherthebeneficiarywillbepaidornotsolelydependsonhisfulfillmentofthetermsandconditionsofthecredit.

examinetomakesure1.ThebeneficiarycanmakealldocumentsstipulatedundertheL/C2.ThebeneficiarycanconfirmalltermsstipulatedintheL/C3.TheL/Cisdrawnbasedonthesalecontract.ThebasicpartiesandprocedureoftheL/C

Step5.The

beneficiaryshipgoodsanddrawallrelateddocumentsStep6.ThesellerpresentshisdocumentstotheNominatedBank1.Theadvisingbankorconfirmingbankatexporter’scountry.2.Theissuingbankinimporter’scountry.Step7.TheNominatedbankexaminealldocumentsstipulatedinthecreditwithreasonablecaretoascertainwhetherornottheirfacetheyappeartobeincompliancewiththetermsandconditionsofthecreditThebasicpartiesandprocedureoftheL/C

Step7.

ifthedocumentsandthecreditarebothinorder,theNominatedbank

willnegotiatethedocumentsNominatedbank-----NegotiatingBank

Givingthevalueforthedraftsanddocuments,ifalldocumentsisconformed.NegotiateThediscountingofthedrafttobeneficiaryTheholderinduecourseofthedraft.Step8.TheNegotiatingbankforwards

documentstotheissuingbank,claimingreimbursementasagreedbetweenthetwobankTheissuingbankreimbursethecreditiftheamountofcurrencynegotiatedonL/Cbytheissuingbankisnotthecurrencyofimporter’scountry,theissuingbankneedthethirdbanktoreimburseatcurrencyclearingcentreWhichis“ReimbursingBank”-----------Step9.ThebasicpartiesandprocedureoftheL/C

Step9.Theissuingbankexaminesthedocumentsandreimbursesthenegotiatingbank.Theissuingbankmustdetermineonthebasisofthedocumentswhethertheirfacetobecomplywiththetermsandconditionofcredit.During7bankworkday.Ifnot,theissuingbankmayrefusetotakeupthedocuments.Step10.Theissuingbankdeliverythedocumentstothebuyer(applicant)

Step11.Step12.buyerpickupgoodsagainstthedocuments4.ApplicationFormmadebytheApplicant链接ShipmentasdefinedinUCP500Article:TheshipmentdatebelaterthantheissuingdateDonotuse:prompt,immediate,assoonaspossibleItwouldnotbecorrecttostipulateinthecreditanarrivaldateoranestimatedarrivaldate.

Drawaletterofcredit链接5.CharacteristicsofaletterofcreditAwrittenundertakingonthepartoftheissuingbankL/Cisan“arrangement”:issuingbanktopayorauthorizedtheNominatedBankpaytothebeneficiary.TheprimarypaymentobligationThedraweeofadraftunderaletterofcreditmustbeabank,beittheissuingbankofthenominatedbank,liableprimarilyforpayment：出口人将货物装船后，取得全套货运单据，出口人在向银行提交单据请求付款时，银行不得以进口人破产、货物在运输途中灭失等任何借口不付货款。theundertakingofpaymentissubjecttotheconditionthatthedocumentsareconsistentwithoneanotherandmustcomplywiththetermsandconditionsofthecredit.“thedoctrineofstrictcompliance”Thebankhastherighttodishonorthedocumentswhichisnotcomplywiththedoctrinestrictly.

“thedoctrineofstrictcompliance”Demandant(Issuingbank):EquitabletrustcompanyofNYdefendant(Importer):DawsonPartnerLtd.Exporter:ACompany.Djakarta,Indonesia

ApplicationL/C:“QualityCertificationofthegoods(bean)byexperts”beenambiguousandvagueintheTelexmessage:L/C:“QualityCertificationofthegoods(bean)byexpert”Thedemandantgobackuponthedefendant’sinstruction,sothedemandantlosealawsuit

5.Characteristicsofaletterofcreditindependentofthesalescontract----Thearrangementbetweentheissuingbankandthebeneficiary.

AccordingtotheUCP500creditsareseparatetransactionsfromthesalesorothercontractsonwhichtheymaybebasedandbanksareinnowayconcernedwithorboundbysuchcontract,evenifanyreferencewhatsoevertosuchcontractisincludedinthecredit.TheL/Cisadifferentbusinesscomparedwithothersalescontractandgoodscontract.Theundertakingofabanktopay,acceptandnegotiateorfulfillanyotherobligationunderacreditisnotsubjecttoclaimsordefensesbytheapplicantresultingfromhisrelationshipswiththeissuingbankorthebeneficiary.(信用证的自主性)5.Characteristicsofaletterofcredit2.independentofthesalescontractcaseTheshipmentdateonsalecontractisduetoJuly.NospecifiedshipmentdateonL/Cdrawbyissuingbank,justappointtheexpiringdateisduetoAug,31st.TheissuingbankmakepaymenttosellerupontheshipmentdocumentdateAug15th.Theimporterdishonorpaymentandbringasuitagainsttheissuingbankandseller.例如：出口合同中规定某货物为红、篮二种颜色，红色300件，篮色200件。信用证上规定刚好相反，出口人审证时未注意，装货时按合同规定装货，进口人愿接受，但银行拒不付款。5.Characteristicsofaletterofcredit3.ExclusivelydealingwithdocumentsAllpartiesconcernedinaL/Ctransactiononlydealwithdocuments,andnotwithgoods,servicesand/orotherperformancestowhichthedocumentsmayrelate.Accordingly,bankmakepaymentupontheinstructionwhichcontendedreceivingthedocumentsandensurethe

conformityofthecreditandthedocuments,nomatteroftheactualsiscomplywiththedocuments.In1942,London,thebuyerwanttopurchaseGroundnutandapplyfortheL/CtoROSSBank,thespecifiednameofcommodityis“Groundnut”Thesellermaketheinvoiceaftershipmentandthenameofthecommodityis“Peanut”Sotheissuingbankdishonorthepayment.

ThoughinthecourtthesellerauthenticateinWebsterdictionarythatthe“GroundnutandthePeanut”isthesameexplanationofthecommodity.Onface5.Characteristicsofaletterofcredit例如：付款行按照符合信用证要求的单据付款后，在向进口人要求付款赎单时，进口人称货物与合同规定不符拒绝付款，事实即使如此,进口人的理由也是站不住脚的。6.Typeofcredit

6.1IrrevocableCreditandrevocablecreditIrrevocableCredit1.DefiniteUndertakingofPayment

onthepartofissuingbank

A.Precondition-TheconformityofdelivereddocumentsB.Undertaking---PaymentastheL/Cdemand.2.IrrevocabilityNeitherbeamendednorcanceledwithouttheconsentofallpartiestothecredittransaction.IftheL/Cneedtoamend,theissuingbank,confirmingbankandthebeneficiaryshouldalldefinitelyconsentinwrittenform.Amendtobeneficiary:“AnysubsequentamendmentunderthisLetterofCreditmustbenotifiedbythebeneficiarytous(issuingbank)throughtheadvisingbankofacceptanceorrejectionoftheamendmentviatelex/SWIFTwithin7workingdaysafterdateofamendmentsotherwisetheamendmentwillcomeintoforce”IrrevocableCreditClause1.)DefiniteUndertakingofPayment----ClauseA.We(IssuingBank)herebyundertakethatdraftsdrawnandincompliancewiththetermsoftheCreditShallbedulyhonoredonduepresentation.B.We(IssuingBank)herebyissuetheIrrevocableDocumentaryCreditinyourfavour.ItissubjecttotheUniformCustomsandPracticeforDocumentaryCreditandengagesusinaccordancewiththetermsthereof,andespeciallyinaccordancewiththetermsofArticle9athereof.RevocablecreditGiveamaximumflexibilitytotheapplicantTheL/Cmaybeamendedorcancelledwhilethegoodsareintransitandbeforethedocumentsarepresented

----Itishighlyriskytothebeneficiary.Theamendmentmustadvisethenominatedbank.

RevocablecreditClause:“thiscreditissubjecttorevocationormodificationatanytimewithoutnoticetoyou,conveysnoengagementonourpart,andissimplyforyourguidanceinpreparingandpresentingdraftsanddocuments.”6.2IrrevocableConfirmeddocumentaryandIrrevocableDocumentaryCreditIrrevocableConfirmeddocumentaryUnderthedemandandauthorizeofissuingbank,aconfirmationisaddedtoanirrevocablecreditbyanotherbank,theconfirmingbankwillundertakepayment,ifthedelivereddocumentareconformedwiththetermsofL/Cbeforeexpirydate

Confirmingbank:IndependentprincipalNotthecorrespondbankofissuingbankprimaryobligationAdvantages:“AnIrrevocableConfirmedCreditgivesthebeneficiaryadoubleassuranceofpayment”

Disadvantages:Theissuingbankshoulddeliverythecommissiontotheconfirmingbank,Thecosttransferredtotheapplicant.IncreasethecostoftheapplicantandCompetenceoftheimportinggoods.IrrevocableConfirmeddocumentaryWhyneedtoConfirm?OnConsideringthefinancialcreditandstandingofissuingbank,beneficiarywilldemandtheapplicantasktheissuingbanktoauthorizinganotherbanktoconfirmpayment.ConfirmingbankClause:

AsrequestedbytheIssuingBank,weherebyaddourconfirmationtotheirCreditinaccordancewiththeStipulationsunderUCP500Article.IrrevocableDocumentaryCreditAdvisingbankClause:Thisnotificationandtheenclosedadvicearesenttoyouwithoutanyengagementonourpart.(noconfirmingbank)6.2IrrevocableConfirmeddocumentaryandIrrevocableDocumentaryCredit6.3Payment,Acceptance,NegotiationCreditSightpaymentcreditorcreditavailablebypaymentDeferredpaymentcreditorcreditavailablebydeferredpaymentAcceptancecreditorcreditavailablebyacceptanceNegotiationcreditorcreditavailablebynegotiationFreelynegotiablecreditSightpaymentcreditorcreditavailablebypaymentNoneedofdraftissuedbyexporterPaymentuponthedeliveryofB/Ldocument

MostfavorabletobeneficiaryDeferredpaymentcredit----withanameddraweebankatafixedtimeafterthedateoftheB/Lorafterthepresentationofdocuments.Clause----Weherebyengagethatdeferredpaymentwillbedulymadeatmaturityi.e.*daysafterpresentationofdocuments*daysafterthedateofshipmentOrafixedfuturedate.DeferredpaymentcreditCharacterNoneedofAcceptanceTimeBill---noacceptance,nodiscountingLongterm(longerthan6months)WithoutTimeBill(noneedtohandinstamptax)Theexporterhavepotentialrisks.

DeferredpaymentcreditThisformofcreditwasfirstintroducedinJapanIntheearly1950s.InordertodiscourageJapaneseimportsfromabroad,Japanesebanksrefusedtoissueanycreditswithtimedraftsandimportersdevelopedcreditswithsightdrafts.Asaresult,Japaneseimportersdevelopedakindof“deferredsightcredit”.

Althoughsuchacreditstipulatedthedrawingofasightdraft,theyalsocontainedaprovisionthatsuchadraftcouldonlybepresented.Whenthisformofcreditwasusedthecreditshouldstipulatealatestdateforpresentationoftheshippingdocumentsandanexpirydateofthecredit,sothatthedateofdeferredpaymentcouldbefixedwithintheperiodwhenthecreditwasvalid.6.3Payment,Acceptance,NegotiationCreditBuyer’sacceptancecreditClause:DraweeBank’sdiscountchargeandacceptancecommissionarefortheaccountofapplicantandthereforethebeneficiaryistoreceivevalueforthetermdraftsasifdrawnatsight.AUsancecreditbutthesalescontractonwhichthecreditisissuedprovidesforpaymentatsighttobeneficiary.AUsancecredit-----thebuyerwanttomakepaymentto