国际结算英文版第2版教学课件chapter5LetterofCredit.pptx
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- 国际 结算 英文 教学 课件 chapter5LetterofCredit
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1、International Settlement5 Letter of Credit目录CONTENTSDefinition of Letter of Credit5.1Features of Letter of Credit5.2Role of Banks under Letter of Credit5.3Parties to Letter of Credit5.45.55.6Application and Issuing of Letter of CreditProcedures of Documentary Letter of Credit目录CONTENTSMain Contents
2、of Letter of Credit5.7Checking and Examination of Letter of Credit5.8Discrepant Documents Handling under Letter of Credit5.9Types of Letter of CreditUniform Customs and Practice for Documentary CreditsUniform Customs and Practice for Documentary Credits Supplement for Electronic Presentation5.125.10
3、5.115.15.1 Definition of Letter of Credit According to Uniform Customs and Practice for Documentary Credits,ICC Publication No.600(UCP 600),Credit means any arrangement,however named or described,that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a comply
4、ing presentation.5.1 Definition of Letter of Credit Generally speaking,a letter of credit is an undertaking at the request of the applicant,written by the issuing bank to the beneficiary,informing it that the bank will pay a sum certain in money,if it provides complying documents within a prescribed
5、 time of period.5.25.2 Features of Letter of CreditFirst,the issuing bank undertakes the primary liability to effect payment.Second,all patties concerned are exclusively dealing with documents.Third,the credit is independent and self-sufficient.The feature of the letter of credit can be summarized a
6、s banking credit,document transaction and self-sufficient.5.35.3 Role of Banks under Letter of CreditBanks act upon specific instructions given by the applicant in the application formBanks will act in good faith and exercise reasonable care to verify that documents submitted appear to be as listed
7、in the credit.Banks are not liable,nor can they held accountabilities for the acts of the third parties 5.3 Role of Banks under Letter of CreditBanks assume no liability or responsibility for loss arising out of delays or loss in transit of messages,letters documents and etc.Banks assume no responsi
8、bility regarding to quantity or quality of goods shipped.So long as the documents presented to banks appear on their face to comply with the terms and conditions of the credit,banks take the liability to effect payment as stipulated in the documentary credit.5.45.4.3 Beneficiary5.4.2 Issuing Bank5.4
9、.6 Claiming Bank 5.4.5 Nominated Bank5.4.4 Advising Bank 5.4.7 Reimbursing Bank 5.4.1 Applicant5.4.1 ApplicantApplicant means the party on whose request the credit is issued.It is usually the buyer/importer in business.Issuing Bank means the bank that issues a credit at the request of an applicant o
10、r on its own behalf.It should effect payment provided complying documents are presented.It is primary liable for the credit and it owns the right to refuse documents with discrepancies.5.4.2 Issuing Bank5.4.3 BeneficiaryBeneficiary means the party in whose favor a credit is issued.It is usually the
11、seller/exporter or middleman.5.4.4 Advising Bank Advising Bank means the bank that advises the credit at the request of the issuing bank.It is also called notifying bank.5.4.5 Nominated Bank5.4.5.1 Paying/Accepting BankThe issuing bank may nominate another bank,in most cases the advising bank,to eff
12、ect payment or to make acceptance under a credit.Such a bank is referred to as the paying bank or accepting bank as the case may be.5.4.5.2 Confirming BankConfirming bank is the bank that adds its confirmation to a credit upon the issuing banks authorization or request.Sometimes,the advising bank or
13、 some other bank will add confirmation at the request of the beneficiary without authorization or instruction from the issuing bank,which constitutes a“Silent confirmation”5.4.6 Claiming BankWhen a bank effects payment,acceptance or negotiation in accordance with the instructions from the issuing ba
14、nk,it is entitled to request the issuing bank or the bank nominated by the issuing bank to cover the reimbursement that has been made.Such a paying bank,accepting bank or negotiating bank,which claims reimbursement from the issuing bank or the bank nominated by the issuing bank,is claiming bank.5.4.
15、7 Reimbursing BankReimbursing Bank means a bank other than the issuing bank that reimburse the claiming bank with the instruction or authorization from the issuing bank.Reimbursing bank has no responsibility to check the documents under credit.The action of reimbursement is a“simple payment”for the
16、issuing bank.The reimbursing bank has the right to claim refund,which has been made before together with interest from the claiming bank if the issuing bank refuses to effect payment when documents are received.5.55.5.1 Application of Letter of Credit5.5.2 Issuing of Letter of Credit5.5.3 Amendment
17、of Letter of Credit5.5.1 Application of Letter of CreditTraditionally,the application for a L/C should include the following details:Full name and address of applicant and beneficiary;Type and amount of L/C;Expiry date and place of L/C;Terms of L/C,whether the L/C is available by sight payment,defer
18、red payment,acceptance,or negotiation;By whom and how the L/C is advised;Price terms;Whether partial shipments and transshipment are allowed;Place where goods are loaded on board/taken in charge/dispatched from,place of receipt,port of loading,port of discharge,place of final destination;The latest
19、date of shipment;Description of goods,including packing,details of quantity and unit price,if any;Details of the documents required;5.5.2 Issuing of Letter of CreditWhen the application has been submitted to the issuing bank for L/C issuing,the issuing bank should review the terms and conditions of
20、the proposed documentary credit to ensure that they are in compliance with the policies of the bank and in accordance with the legal requirement or regulation of the issuing banks countryMoreover,the issuing bank should carefully avoid to include the clause which requires the beneficiary to submit a
21、 document whose performance and creation are totally dependent on the third party not controlled by the beneficiaryWhen issuing the L/C,the issuing bank should keep in mind that the wording should be simple and specific.There are two ways to issue a letter of credit according to transmitting method:
22、credit issued by mail and credit opened by tele-transmission.5.5.2 Issuing of Letter of Credit5.5.3 Amendment of Letter of CreditOnly with the consent of the issuing bank,the confirming bank and the beneficiary,can the amendment or cancellation take place.The terms and conditions of the original cre
23、dit will remain in force for the beneficiary until the beneficiary informs the advising bank that it accepts the amendment.5.65.6 Procedures of Documentary Letter of CreditApplicantShipping companyBeneficiaryAdvising/Confirming/Nominated BankIssuing Bank 13 5.6 Procedures of Documentary Letter of Cr
24、edit(1)Applicant/Buyer and Beneficiary/seller sign a sales contract,specifying that documentary credit will be issued as payment method to the issuing bank;(2)Applicant applies for a documentary credit to the issuing bank;(3)Issuing bank issues a credit by tele-transmission/mail,requiring the advisi
25、ng bank to advise or confirm the credit.(4)Advising bank advises credit to the beneficiary upon verification of its authenticity;(5)After verifying of the credit,beneficiary ships the goods and prepares relative documents;(6)Beneficiary presents required documents to the nominated bank;(7)After care
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