Letter-of-Credit-国际结算-教学课件.ppt

1、 Review1.Procedure 2.Characteristic3.Parties4.Types 申请人申请人进口商进口商开开 证证 行行议付行议付行通知行通知行受益人受益人出口商出口商货物货物资金资金申请申请开证开证通知通知交单交单议付议付寄单寄单偿付偿付通知赎单通知赎单付款赎单付款赎单审单审单审证审证2.A letter of credit stands independent of the sales contract.3.In Credit operations all parties deal with documents,and not with goods,services

2、 or other performances to which the documents may relate1.The issuing bank assume the primarily liability of payments.3.Parties involved in a documentary credit 信用证的当事人信用证的当事人一、开证申请人一、开证申请人(APPLICANT)(APPLICANT)二、开证行二、开证行(ISSUING BANK/OPENING BANK)(ISSUING BANK/OPENING BANK)三、通知行三、通知行(ADVISING BANK)

3、(ADVISING BANK)四、受益人四、受益人(BENEFICIARY)(BENEFICIARY)五、保兑行五、保兑行(CONFIRMING BANK)(CONFIRMING BANK)六、议付行六、议付行(NEGOTIATING BANK)(NEGOTIATING BANK)七、付款行七、付款行(PAYING BANK)(PAYING BANK)八、承兑行八、承兑行(ACCEPTING BANK)(ACCEPTING BANK)九、偿付行九、偿付行(REIMBERSING BANK)(REIMBERSING BANK)Main partiesMain parties基本当事人基本当事人指

4、定银行指定银行Nominated BankNominated BankApplicantIssuing bankBeneficiary Confirming bankReimbursing bankAccepting/Paying bankNegotiatingbankAdvising bankQuestions1.Which bank has the right of recourse to beneficiary when the issuing bank dishonor the documentary bill?2.Which bank can not be the drawee ba

5、nk of the draft under credit?6.2.4Types of letter of credit Revocable L/C 可撤销的信用证 Documentary L/C confirmed L/C 保兑 unconfirmed L/C 不保兑 跟单信用证 Irrevocable L/C sight payment 即期付款 不可撤销的信用证 deferred payment 延期付款L/C acceptance credit 承兑 negotiation credit 议付 Clean L/C 光票信用证 信信用用证证的的种种类类普通信用证普通信用证特殊信用证特殊信用

6、证光票信用证光票信用证 Clean CreditClean Credit跟单信用证跟单信用证 Documentary CreditDocumentary Credit不可撤销信用证不可撤销信用证 Irrevocable CreditIrrevocable Credit即期付款信用证即期付款信用证 Sight Payment Credit Sight Payment Credit 可撤销信用证可撤销信用证 Revocable CreditRevocable Credit议付信用证议付信用证 Negotiation Credit Negotiation Credit 承兑信用证承兑信用证 Acce

7、ptance Credit Acceptance Credit 延期付款信用证延期付款信用证 Deferred Payment Credit Deferred Payment Credit 可转让信用证可转让信用证 Transferable CreditTransferable Credit对背信用证对背信用证 Back to Back CreditBack to Back Credit对开信用证对开信用证 Reciprocal CreditReciprocal Credit循环信用证循环信用证 Revolving CreditRevolving Credit预支信用证预支信用证 Antici

8、patory CreditAnticipatory Credit备用信用证备用信用证 Stand-by CreditStand-by Credit6.2.4 Types of Credit 信用证的种信用证的种类类6.2.4 According to whether it can be revoked or not 按是否可撤销分类按是否可撤销分类1.Revocable credit 可撤销信用证可撤销信用证1)DefinitionA credit that may be amended or cancelled or revoked by the Issuing Bank without t

9、he Beneficiarys consent and even without prior notice to the Beneficiary up to the moment of payment by the bank at which the Issuing Bank has made the documentary credit available.QuestionA negotiating bank made payment to the beneficiary against a set of complied documents on 5,March,the issuing b

10、ank airmailed a notice of cancellation to the negotiating bank on 7,March.Can the issuing bank cancel its obligation of payment?6.2.4 Types of Credit 信用证的种信用证的种类类 According to whether it can be revoked or not 按是否可撤销分类按是否可撤销分类2.Irrevocable credit 不可撤销信用证不可撤销信用证1)DefinitionA credit that constitutes a

11、definite undertaking of the issuing bank to make payment,it cant be cancelled/modified without the express consent of the issuing bank,the confirming bank(if any)and the beneficiary.6.2.4 Types of Credit 信用证的种类信用证的种类 According to the adding of confirmation 按是否加保兑分类按是否加保兑分类 Confirmed irrevocable cred

12、it 保兑的不可撤销信用证保兑的不可撤销信用证1)DefinitionIt constitutes a definite undertaking of the confirming bank,in addition to that of the issuing bank,provided that the stipulated documents are presented to the confirming bank or to any other nominated bank on or before the expiry date and the terms and conditions

13、 of the documentary credit are complied with,to pay,to accept draft(s)or to negotiate.Questions1.If you are a beneficiary,do you prefer a confirmed credit?2.If you are an issuing bank,do you prefer a confirmed credit?3.If you are an advising bank,do you want to add your confirmation to the beneficia

14、ry?口口 The advising bank is authorized to add your confirmation.口口 Please notify the beneficiary and add your confirmation.口口 Please add your confirmation if the beneficiary required.3.The issuing banks authorization clauseQuestionDo you think the above credit is a confirmed credit?At the request of

15、the correspond(Issuing Bank)we(Advising Bank)have been requested to add our confirmation to this credit and we hereby undertake that all drafts drawn by you(Beneficiary)in accordance with the terms of the credit will be duly honored by us.4.The confirming banks engagement clauseAt the request of the

16、 correspondent bank we confirm the credit and also engage with you that drafts drawn in conformity with the terms of this credit will be paid by us.This credit bears our confirmation and we hereby engage to negotiate,or accept on presentation to us,drafts drawn and documents presented in conformity

17、with the terms of this credit.We have been requested to add our confirmation to this credit and we hereby undertake to honor all drafts drawn in accordance with the terms of the credit.Questions1.Why there has no confirmed revocable credit in practice?2.An issuing bank adds“This credit has been conf

18、irmed by us”,can this credit deem to be a confirmed credit?6.2.4 Types of Credit 信用证的种信用证的种类类 According to the tenor 按期限分类按期限分类 1.Sight credit 即期信用证即期信用证With or without sight draftWith or without sight draftFunction clause:Function clause:Available by sight draft Available by sight draft drawn on is

19、suing bankdrawn on issuing bank against complied documentsagainst complied documents;Payment is to be made upon presentation of the Payment is to be made upon presentation of the complied documents at the counters of _ plied documents at the counters of _ bank.Nominated bank2.Time Credit If a letter

20、 of credit specifies that drafts are to be drawn at any length of time,such as 60 days,90days or 180days,after sight,it is called a time or usance credti.5.2 Types of Credit 信用证的种类信用证的种类5.2.3 According to the tenor 按期限分类按期限分类 3.Usance letter of credit payable at sight 假远期信用证假远期信用证With time/usanceWit

21、h time/usance draft draft The beneficiary will receive payment at The beneficiary will receive payment at sight;The discount charges and acceptance sight;The discount charges and acceptance commission are for the account of the commission are for the account of the applicant.applicant.The contract:t

22、erms of payment is at sightThe credit:terms of payment is at future time 买方为了获得伦敦或纽约贴现市场的资金融买方为了获得伦敦或纽约贴现市场的资金融通，对于通，对于合同订明即期信用证合同订明即期信用证，申请，申请开立以开立以伦敦或纽约的银行作为汇票付款人的远期信伦敦或纽约的银行作为汇票付款人的远期信用证用证。该证项下远期汇票经过承兑拿到贴现市场贴该证项下远期汇票经过承兑拿到贴现市场贴现，或由承兑行自行贴现，买方支付贴现息，现，或由承兑行自行贴现，买方支付贴现息，卖方即可取得即期票面金额，而买方则待汇卖方即可取得即期票面金

23、额，而买方则待汇票到期日付款。票到期日付款。卖方即期从卖方即期从贴现公司收款贴现公司收款买方远期付款，买方远期付款，支付贴现息、承兑费支付贴现息、承兑费Reading MaterialFunction clause:Function clause:假远期付款表示条款假远期付款表示条款Available for acceptance of your draft at Available for acceptance of your draft at 90 days sight drawn on us,drawee90 days sight drawn on us,drawee banks ban

24、ks discount or interest charges and acceptance discount or interest charges and acceptance commission are for applicants account,commission are for applicants account,and therefore the beneficiary is to receive and therefore the beneficiary is to receive value for terms drafts as if drawn at value f

25、or terms drafts as if drawn at sight.sight.Usance Usance drafts drawn under this credit are to drafts drawn under this credit are to be negotiated at sight basis.Interest is for be negotiated at sight basis.Interest is for buyers account.buyers account.本证下的远期汇票可按即期议付处理本证下的远期汇票可按即期议付处理。利息由买方负担。利息由买方负

26、担。Payment are to be made at sight basis.Payment are to be made at sight basis.Discount charges,acceptance commission and stamp Discount charges,acceptance commission and stamp duty,if any,are for account of the applicant.duty,if any,are for account of the applicant.本证按即期付款处理。贴现费，承兑费和印花税（如果有本证按即期付款处理

27、。贴现费，承兑费和印花税（如果有），由申请人承担。），由申请人承担。The negotiating bank is authorized to The negotiating bank is authorized to negotiate the usancenegotiate the usance draft at sight for the face draft at sight for the face amount.amount.议付行被授权对本证下的远期汇票按票面金额进议付行被授权对本证下的远期汇票按票面金额进行即期议付。行即期议付。6.2.4 Types of Credit 信用证

28、的种信用证的种类类According to the mode of availability 按付款方式分类按付款方式分类 1.Payment credit/Sight credit 即期付款信用证即期付款信用证Definition:It provides for payment to be made to the beneficiary immediately after presentation of the stipulated documents and on condition that the terms of the credit have been complied with.

29、Sight Payment L/C 即期付款信用证是指受益人（即期付款信用证是指受益人（出口商）出口商）根据开证行的指示开立即期汇票根据开证行的指示开立即期汇票、或无、或无须汇票仅凭运输单据即可向指定银行提须汇票仅凭运输单据即可向指定银行提示请求付款的信用证。示请求付款的信用证。Available with XX BankAvailable with XX Bank By sight payment/By paymentBy sight payment/By payment By acceptanceBy acceptance By deferred payment By deferred p

30、ayment By negotiation By negotiation and beneficiarys and beneficiarys draft_ draft_ drawn on drawn on Sight paying bankXX BankXX Bank Function clauseIssuing bank/Advising bank/Third bankat sightat sight5.2 Types of Credit 信用证的种类信用证的种类5.2.4 According to the mode of availability 按付款方式分类按付款方式分类 2.Acce

31、ptance credit 承兑信用证承兑信用证Definition:A credit available by acceptance,under which a bank specifically nominated upon therein is authorized to accept the draft drawn under the credit.Available with XX BankAvailable with XX Bank By sight payment/By paymentBy sight payment/By payment By acceptanceBy acce

32、ptance By deferred payment By deferred payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn on drawn on XX BankXX Bank Function clauseIssuing bank/Advising bank/Third bank（other drawee bank)承兑行承兑行at_days at_days after sightafter sightOperation of acceptance credi

33、t承兑信用证的处理承兑信用证的处理nominatednominatedaccepting accepting bankbank1.accepted bill1.accepted bill2.accepted advice2.accepted advicebeneficiarybeneficiaryDiscountingDiscountingbankbank3.discount3.discount4.present for payment4.present for payment6.2.4Types of Credit 信用证的种类信用证的种类 According to the mode of

34、availability 按付款方式分类按付款方式分类 3.Deferred payment credit 延期付款信用证延期付款信用证Atdays after the presentation of the documentsAtdays after the date of shipmentDefinition:The beneficiary does not receive payment when he presents the documents,but at a later date specified in the credit.Available with XX BankAvai

35、lable with XX Bank By sight payment/By paymentBy sight payment/By payment By acceptanceBy acceptance By deferred payment By deferred payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn on drawn on XX BankXX Bank Function clauseIssuing bankAdvising bankThird bank

36、Without a bill of exchangeQuestionQuestionIf you are an exporter,do you prefer the acceptance credit or the deferred payment credit?5.2 Types of Credit 信用证的种类信用证的种类5.2.4 According to the mode of availability 按付款方式分类按付款方式分类 4.Negotiation credit 议付信用证议付信用证Definition:A bank specifically nominated there

37、in is authorized to negotiate or one,which is freely negotiable by any bank.A negotiation credit assures that any bank negotiating the drafts will be duly honored by the issuing bank provided all the terms stipulated therein are complied with.A credit treated as negotiable is either a sight credit o

38、r a time credit,calling for drafts to be drawn on the issuing bank or on any other drawee bank.The so-called negotiation is to buy the draft from the beneficiary or to give value for draft and/or documents by the bank authorized to negotiate.In this case the negotiating bank becomes a holder in due

39、course.Negotiation of drafts and/or documents is with recourse to the beneficiary unless the credit has been confirmed by the negotiating bank.Available with XX BankAvailable with XX Bank By sight payment/By paymentBy sight payment/By payment By acceptanceBy acceptance By deferred payment By deferre

40、d payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn on drawn on XX BankXX Bank Function clauseAny other banks other than the negotiating bankFree negotiation creditFree negotiation credit自由议付信用证自由议付信用证Available with Available with any bank any bank by by negot

41、iationnegotiation By sight payment/By payment By sight payment/By payment By acceptance By acceptance By deferred payment By deferred payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn ondrawn on Types of negotiation creditAny other banks other than the negotia

42、ting bankRestricted negotiation creditRestricted negotiation credit限制议付信用证限制议付信用证 Available with the Available with the XX Bank(nominated XX Bank(nominated bank)bank)by negotiation by negotiation By sight payment/By payment By sight payment/By payment By acceptance By acceptance By deferred payment

43、By deferred payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn ondrawn onAny other banks other than the negotiating bank kindskindsitemsitemsSight Sight paymentpaymentDeferred Deferred paymentpaymentAcceptanceAcceptancenegotiationnegotiationrestrictiverestricti

44、ve freefreeBill of Bill of exchangeexchangeYes/noYes/noNoNo Yes Yes Yes/noYes/noTenor of the Tenor of the billbillAt sightAt sightUsanceUsance At sight/usanceAt sight/usanceDraweeDrawee NominatedNominatedbankbankNominated Nominated bankbankAny bank other than Any bank other than negotiating banknego

45、tiating bankPayment time Payment time At sightAt sightfuturefuturefuturefuturemake payment at make payment at sight,minus sight,minus interestinterestRight of Right of recourserecourseNo No No No No No YesYesA transferable Credit is a Credit under which the Beneficiary(First Beneficiary)may request

46、the nominated bank,specifically authorized in the Credit as a Transferring Bank,to make the Credit available in whole or in part to one or more other Beneficiary(ies)(Second Beneficiary(ies).5.2.5 Transferable credit可转让信用证可转让信用证UCP500 Article 48 A5.2 Types of Credit 信用证的种类信用证的种类1.Definitionapplicant

47、applicantIssuing Issuing bankbankSecondarySecondarybeneficiarybeneficiaryAdvising bank/Advising bank/transferring banktransferring bankFirstFirstbeneficiarybeneficiaryApplication Application formformCreditCreditCreditCreditApply for Apply for transfertransfertransferredtransferredcreditcreditdocumen

48、tsdocumentsAdvise to Advise to change change the the documentsdocumentsChangeChangethe the documentdocuments smake make paymentpaymentclaim claim reimbursementreimbursementreimbursementreimbursementD/PD/Pdocdocumeumentsnts2.Procedure Experimental book(P91)advise advise to to make make paymentpayment

49、TransferableTransferablecreditcreditExpression of Expression of transfertransferamendmentamendmentTimes ofTimes of transfer transferchanged changed itemsitemsChangedChangedDocumentsDocumentstransferabletransferableThe first beneficiary must irrevocably instruct the The first beneficiary must irrevoc

50、ably instruct the transferring bank whether or not he retains the right transferring bank whether or not he retains the right to refuse to allow the transferring bank to advise to refuse to allow the transferring bank to advise amendments to the second beneficiary(iesamendments to the second benefic