国际贸易实务.docx
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国际贸易实务.docx
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国际贸易实务
Chapter6
Letterofcredit
Ininternationaltradepractice,thesellerandthebuyerusuallyfacesuchadilemma.Ontheonehand,thesellerworriesaboutwhetherhecancollectthepaymentsuccessfullyafterheshipsthegoods.Ontheotherhand,thebuyerisreluctanttomakethepaymentinadvanceforfearthatthegoodshetakesarenotinaccordancewiththestipulationinthecontractorneverarrive.
Definition
LetterofCreditcanalsobecalledcredit.Letterofcredithastwomeanings.Inotherwords,itisadocumentitselfanditisalsoakindofpaymentmethodlikeremittanceandcollection.
AsdefinedinUniformCustomsandPracticeforDocumentaryCredits600(UCP600),Aletterofcreditmeansanyarrangement,howevernamedordescribed,wherebyabankactingattherequestandontheinstructionsofacustomeroronitsownbehalf,istomakeapaymenttoortotheorderofathirdparty.Inotherwords,inaninternationaltradecontext,aletterofcreditisthewrittenpromisemadebyabanktomakesettlementtoaselleronbehalfofabuyeronconditionthatthedocumentspresentedbythesellerareinaccordancewiththetermsandconditionsstipulatedinthecredit.
Innature,L/Cisbasedonbankcreditotherthancommercialcreditsincetheopeningbankprovidesguaranteetoboththesellerandthebuyer.Thesellercangethispaymentafterhesubmitstherequireddocumentstoprovethathehasdelivered,whilethebuyerwilltakedeliveryofthegoodsheorderedsolongashehaspaidforit.That’stheadvantageofletterofcredit.
ParitiesinvolvedinLetterofCredit
Apartfromapplicant(buyer)andbeneficiary(seller),therearealsosomebankswhichplaydifferentrolesintheperformanceofletterofcredit.
Beneficiaryisusuallythesellerininternationaltrade.
Applicantisthebuyerininternationaltrade.
Openingbank(issuingbank)isabankwhichopensorissuesthecreditattherequestoftheapplicant.
Advisingbankisabankwhichreceivestheletterofcreditfromtheopeningbankandthenadvisesthebeneficiaryofit.Theadvisingbankisusuallyintheexportingcountry.
Presentingbankisabankwhichpresentsthedocumentstotheopeningbankonbehalfofthebeneficiary.
Negotiatingbankisabankwhichmakesnegotiationuponthereceiptofthedocumentspresentedbythebeneficiaryaslongasthedocumentspresentedareinaccordancewiththetermsandconditionssetforthinthecredit.Thenegotiatingbankisusuallyintheexportingcountry.
Payingbankisusuallytheopeningbank.
Confirmingbankisabank,otherthantheissuingbank,undertakestheliabilitytopayincasetheopeningbankfailstomakethepayment.
MaincontentsofL/C
ThemaincontentsofL/Cincludethemajorconditionsinthesalescontract,therequireddocumentsandbank’sinstructions.Itmaybestatedasthefollowingprovisions:
Thepartiesinvolved,includingthebeneficiary,theapplicant,theopeningbank,theadvisingbank,thenegotiatingbank,theconfirmingbankifanyandsoon.
RemarksabouttheL/C:
thenumberofL/C,itsform,theissuingdate,theexpirydateandplace.
TheamountofL/C.
TheclausesofBillofExchange:
theamount,thedraweranddrawee.
Theclausesaboutdocumentsrequired
Whatkindofdocumentsarerequired
Thespecificrequirementsforeachkindofdocumentsrequired
Therequirednumberoforiginalandcopyforeachdocument.
Specialprovisionssuchastheprovisionsaboutthetransactioninaccordancewiththeparticularbusinessorpoliticalsituationsintheimportingcountries.
Instructionsfromtheopeningbanktothebanksinvolvedsuchaspayingbank,negotiatingbank,confirmingbankandothers.
PerformanceofL/C
IssuinganL/C
AmendmentofL/C
UtilizationofL/C
Sightpayment
Settlementbynegotiation
FeaturesofL/C
L/Cisakindofpaymentmethodbasedonbankcredit.Itmeansthattheopeningbankundertakesthepaymentliabilityinsteadofthebuyersolongasthesellercomplieswiththetermsandconditionsstipulatedinthecredit.
L/Cisaself-sufficientdocument.Althoughthetermsandconditionsofcreditisbasedonstipulationsinthesalescontract,onceitisconfirmedbythebeneficiary,itisutilizedindependently.Thatmeansintheprocessofutilization,partiesconcernedexaminethedocumentsaccordingtothecreditinsteadofthesalescontract.
Allpartiesconcernedcareaboutthedocumentsinsteadoftheactualsituationofgoods,soitiscalledpuredocumenttransaction.Thebanksinvolvedarenotheldresponsibleforverifyingtheauthenticityofthedocumentssubmittedatall.Solongasthepresenteddocumentsareinconformitywiththetermsandconditionsstipulatedontheirsurface,thebankswillhonorregardlessoftheactualsituationofthegoods.
PartKindsofCredit
1DocumentaryL/CandCleanL/C
DocumentaryL/Ciswidelyusedininternationaltrade.UnderaDocumentaryL/C,theopeningbankmakespaymentagainstthedocumentarydraftortherequireddocuments.Thedocumentarydraftisadraftattachedbyshippingdocumentswhichisadocumentoftitletothegoodsandevidenceofdelivery,commercialinvoice,packinglist,theinsurancepolicy,inspectioncertificateandotherrequireddocuments.
CleanL/Creferstoaletterofcreditthatrequirestheopeningbanktomakepaymentagainstthepresentationofdraftissuedbythesellerwithouttheattachmentofotherdocuments.
2revocableL/CandIrrevocableL/C
RevocableL/CisanL/Cwhichcanbeamendedorcancelledbytheissuingbankwithoutpriornoticeofthebeneficiary.IrrevocableL/CmeansanL/Cwhichcan’tbeamendedorcancelledwithouttheagreementofthebeneficiaryandallotherpartiesconcerned.IrrevocableL/Cgivesgreaterassuranceofpayment.AccordingtoUCP600,ifthewordingofrevocableorirrevocableisnotfoundonthecredit,thiscreditshallbedeemedasirrevocable.
3ConfirmedL/CandUnconfirmedL/C
ConfirmedL/CisanL/Cthatanotherbankotherthantheissuingbank,undertakestomakepaymentcoveringthecreditbyaddingitsconfirmation.Confirmingsignsunderthestatement,“weherebyaddourconfirmationtothiscredit”.Confirmingbankwillbeliableforpaymentincaseofdefaultbytheissuingbank.Itshouldbeanirrevocablecredit.Confirmedcreditprovidesdoubleinsuranceofpaymenttotheseller.UnconfirmedL/CisanL/Cwhichdoesn’tindicatetheundertakingtoeffectpaymentbyanotherbank,excepttheissuingbank.
4SightL/CandUsanceL/C
SightL/CisanL/Cunderwhichtheopeningbankwillimmediatelyeffectpaymentuponpresentationofalldocumentsaslongasthedocumentsareinaccordancewiththetermsincredit.UsanceL/CisanL/Cwhichindicatesthatpaymentwillnotbemadeatthedateofreceiptofdocumentsuntilthematuritydatespecifiedinthecreditprovidedthatallthedocumentspresentedareinaccordancewiththecredit.
5straightL/CandOpenL/C
6TransferableL/CandNon-transferableL/C
UndertransferableL/C,thebeneficiaryisentitledtotransferhisrights,inwholeorinpart,toanotherparty.Usedespeciallywhentheexporterisnotthedirectmanufacturerbutamiddlemerchant.Acreditmuststateclearlythatitistransferable.AtransferableL/Ccanbetransferredonceonly,namelyfromfirstbeneficiarytosecondbeneficiary.Wherethereareseveralsecondbeneficiariesinvolved,thecreditmustallowpartialshipments.
7revolvingL/C
RevolvingL/Cmeansthattheissuingbankcanrestorethecredittotheoriginalamountafterithasbeenutilizedorpartiallyutilizedanditcanrevolvebytimeorbyamount.Itisusedtofacilitaterepeatsalestransactionsininternationaltrade.
8ReciprocalL/C
AreciprocalL/Cisacountercreditunderwhichtheapplicantofafirstcreditbecomesthebeneficiaryofthesecondreciprocalcredit,whilethebeneficiaryifthefirstcreditbecomestheapplicantofthesecondreciprocalcredit.Itisoftenusedinbartertransactions,trade3ofprocessingincomingmaterials,countertradeorcompensationtrade.
9BacktoBackL/C
BacktobackL/Cisakindofpaymentarrangementinwhichadocumentcreditisusedasthebackupforissuinganewcredit.Itismainlyusedbymiddle-persons.Thefirstcreditmustbeirrevocableandnon-transferable.
Chapter7CommodityInspection
Inspectionisanessentialprocedureininternationaltradeaswellasanindispensableclauseofasalescontract,anditprotectstheinterestsofboththebuyerandtheseller.Therefore,itisofgreatsignificanceininternationaltrade.
Commodityinspection
Ininternationaltrade,thequalityandquantityofthegoodsdeliveredbythesellershouldbeconsistentwiththetermsofthecontractandshouldbepackedinthewaycalledforinthesalescontract.Commodityinspectionistheinspectionconductedbyanauthorizedthirdpartytotestifywhetherthequality,quantity,weight,package,etc,areinaccordancewiththosestipulationsinthecontract.Afterinspection,therelevantauthoritywillissuecertainkindsofcertificateswhichcanserveasevidenceincaseofdisputes.
TimeandPlaceofInspection
Therearegenerallythreewaystostipulatethetimeandplaceandtimeofinspectioninthesalescontract:
inspectionatthefactoryorattheportofshipment;inspectionattheportofdestination,andinspectionattheportofshipmentandre-inspectionattheportofdestination.
InspectionattheFactoryorattheportofshipment
Inspectionatthefactoryorattheportofshipmentreferstotheinspectionconductedbyanauthorizedpartyagreedbybothpartiesofthesalescontracttotestifythequality,quantity,weight,package,etc,ofthegoodsatthefactoryorattheportofshipmentbeforethedeliveryofthegoods.Itisalsoknownasshippingqualityandweight.Theinsp
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