Letter-of-Credit-信用证-国际结算-教学课件.ppt

1、12 Review31.Procedure 2.Characteristic3.Parties4.Types 45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 Revocabl

2、e 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 Acceptance 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 Recipr

3、ocal 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 Anticipatory CreditAnticipatory Credit备用信用证备用信用证 Stand-by CreditStand-by Credit6 A Credit must state whether it is available by sight payment,deferred payment,acceptance or negotiation.Article 6 bArticle 6 b7According

4、to the mode of availability 按兑用方式分类按兑用方式分类 1.Sight credit 即期付款信用证即期付款信用证Definition:A letter of credit calling for payment at once upon the presentation of the documents either with or without a sight draft.Draft?8 Under such a credit,the beneficiary(the drawer)is entitled to receive payment at once

5、on presentation of his draft to the drawee bank or the issuing bank if drawn on the issuing bank,once the relevant documents have been checked and found to be in order.9 Available with XX BankAvailable with XX Bank By sight payment/By paymentBy sight payment/By payment By acceptanceBy acceptance By

6、deferred payment By deferred payment By negotiation By negotiation and beneficiarys and beneficiarys draft_ draft_ drawn on drawn on Sight paying bankXX BankXX Bank Function clauseIssuing bank/nominated bank at sightat sight10 Benefit Exporter Importer 115.2.4 According to the mode of availability 按

7、兑用方式分类按兑用方式分类 2.Acceptance 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.12 Available with XX BankAvailable with XX Bank By sight payment/By paymentBy sight payment/By payme

8、nt 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 bank/nominated bankAccepting bankAccepting bank At 30 days At 30 days after sightafter sight13 Ben

9、efit Exporter Importer 14Operation of acceptance credit承兑信用证的处理承兑信用证的处理nominatednominatedaccepting accepting bankbank1.accepted bill1.accepted billbeneficiarybeneficiaryDiscountingDiscountingbankbank2.discount2.discount3.present for payment3.present for payment15 According to the mode of availabilit

10、y 按兑用方式分类按兑用方式分类 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.16 Available with XX BankAvailable wi

11、th 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 bankWithout

12、a bill of exchange17 Benefit Exporter Importer 18QuestionQuestionIf you are an exporter,do you prefer the acceptance credit or the deferred payment credit?195.2.4 According to the mode of availability 按兑用方式分类按兑用方式分类 4.Negotiation credit 议付信用证议付信用证Definition:A negotiation credit is one under which a

13、bank specifically nominated is authorized to negotiate or one,which is freely negotiable by any bank.20 A negotiation credit assures that any bank negotiating the drafts will be duly honored by the issuing bank provided all the terms stipulated are complied with.Dishonor?Negotiating bank is a holder

14、 in due course21 Available with XX BankAvailable 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 Functio

15、n clauseAny other banks other than the negotiating bank22Free 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 negotiationnegotiation By sight payment/By payment By sight payment/By payment By acceptance By acceptance By deferred payment By

16、 deferred payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn ondrawn on Types of negotiation creditAny other banks other than the negotiating bank23Restricted 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

17、 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 By deferred payment By negotiation By negotiation and beneficiarys draft and beneficiarys draft drawn ondrawn onAny other

18、banks other than the negotiating bank24 Benefit Exporter Importer 25 kindskindsitemsitemsSight Sight paymentpaymentDeferred Deferred paymentpaymentAcceptanceAcceptancenegotiationnegotiationrestrictiverestrictive freefreeBill of Bill of exchangeexchangeYes/noYes/noNoNo Yes Yes Yes/noYes/noTenor of th

19、e Tenor of the billbillAt sightAt sightUsanceUsance At sight/usanceAt sight/usanceDraweeDrawee NominatedNominatedbankbankNominated Nominated bankbankAny bank other than Any bank other than negotiating banknegotiating bankPayment time Payment time At sightAt sightfuturefuturefuturefuturemake payment

20、at make payment at sight,minus sight,minus interestinterestRight of Right of recourserecourseNo No No No No No YesYes26 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

21、by sight draft drawn on issuing 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 ban

22、k272.Time Credit If a letter 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 credt.Acceptance Credit and Deferred Credit28 3.Usance letter of credit payable at sight 假远期信用证假远期信用证With time/usanceWith tim

23、e/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:terms

24、of payment is at sightThe credit:terms of payment is at future time 29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额，而

25、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 Material30Function 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 bank

26、s 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 fo

27、r terms drafts as if drawn at sight.sight.31 Usance Usance drafts drawn under this credit are to be drafts drawn under this credit are to be negotiated at sight basis.Interest is for buyers negotiated at sight basis.Interest is for buyers account.account.本证下的远期汇票可按即期议付处理。利息由买本证下的远期汇票可按即期议付处理。利息由买方负担

28、。方负担。Payment are to be made at sight basis.Discount Payment are to be made at sight basis.Discount charges,acceptance commission and stamp duty,if charges,acceptance commission and stamp duty,if any,are for account of the applicant.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

29、付款处理。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 negotiate The negotiating bank is authorized to negotiate the usancethe usance draft at sight for the face amount.draft at sight for the face amount.议付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。行被授权对本证下的远期汇票按票面金额进行即期议付。32A transferable Credi

30、t is a Credit under which the Beneficiary(First Beneficiary)may request 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).6.2.5 Transferable credit可转让信用证可转让信用证

31、6.2 Types of Credit 信用证的种类信用证的种类1.Definition33 可转让信用证是指信用证的受益人(第一受益人)可以要求授权付款,承担延期付款责任对汇票承兑或议付的银行(统称为转让行),或当信用证是自由议付时,可以要求信用证中特别授权的转让银行,将该信用证全部或部分转让给一个或数个受益人(第二受益人)使用的信用证.34applicantapplicantIssuing Issuing bankbankSecondarySecondarybeneficiarybeneficiaryAdvising bank/Advising bank/transferring bank

32、transferring bankFirstFirstbeneficiarybeneficiaryApplication Application formformCreditCreditCreditCreditApply for Apply for transfertransfertransferredtransferredcreditcreditdocumentsdocumentsAdvise to Advise to change change the the documentsdocumentsChangeChangethe the documentdocuments smake mak

33、e paymentpaymentclaim claim reimbursementreimbursementreimbursementreimbursementD/PD/Pdocdocumeumentsnts2.Procedure Experimental book(P91)advise advise to to make make paymentpayment35TransferableTransferablecreditcreditExpression of Expression of transfertransferamendmentamendmentTimes ofTimes of t

34、ransfer transferchanged changed itemsitemsChangedChangedDocumentsDocumentstransferabletransferableThe first beneficiary must irrevocably instruct the The first beneficiary must irrevocably instruct the transferring bank whether or not he retains the right transferring bank whether or not he retains

35、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 beneficiary(ies).).Refusal of an amendment by one or more second Refusal of an amendment by one or more second beneficiary(

36、iesbeneficiary(ies)does not invalidate the)does not invalidate the acceptance(s)by the other second beneficiary(iesacceptance(s)by the other second beneficiary(ies)onceonceA BA B A B A B C C A B C XA B C XA B A A B A decreasedecrease、shortenshortenincreaseincreaseBeneficiary,applicantBeneficiary,app

37、licantUnitUnit price priceExpiry dateExpiry dateDate ofDate of shipment shipmentPeriod of Period of datedateCover percentageCover percentageCommercial invoiceCommercial invoiceBill of exchangeBill of exchange36Exercise Book P1271.How to decide whether a credit is a transferable credit or not?2.Do yo

38、u know a transferable credit be used in what kind of international trade?375.2.6.A back-to-back credit may be used when the credit issued in favor of the exporter(the middleman)is not transferable or though transferable it does not meet his requirements.The exporter,namely,the beneficiary of the fir

39、st credit,offers it as a security to the advising bank or his banker for the issuance of a second credit.The one being issued on the security of the other.5.2 Types of Credit 信用证的种类信用证的种类5.2.5 Back-to-back credit对背信用证对背信用证1.Definition38applicantapplicantFirst First Issuing Issuing bankbankSecondaryS

40、econdarybeneficiarybeneficiaryFirst advising bank/First advising bank/Second issuing bankSecond issuing bankFirstFirstbeneficiarybeneficiaryApplication Application formformCreditCreditCreditCreditApply for Apply for transfertransfertransferredtransferredcreditcreditdocumentsdocumentsAdvise to Advise

41、 to change change the the documentsdocumentsChangeChangethe the documentdocuments smake make paymentpaymentclaim claim reimbursementreimbursementreimbursementreimbursementD/PD/Pdocdocumeumentsnts2.Procedure Experimental book(P92)advise advise to to make make paymentpayment39Questions1.Distinguish th

42、e differences between the transferable credit and a back-to-back credit?(definition,procedure,the issuing banks liability,etc.)405.2 Types of Credit 信用证的种类信用证的种类5.2.7 Revolving credit 循环信用证循环信用证 1.DefinitionOne by which,under the terms and conditions thereof,the amount is renewed or reinstated witho

43、ut specific amendments to the documentary credit being required.41 Types of revolving credit Automatic revolving 自动循环自动循环Notice revolving 通知循环通知循环Periodic revolving按时间循环按时间循环Cumulative revolving积累循环积累循环Non-cumulative revolving非积累循环非积累循环Non-Automatic 非自动循环非自动循环Semi-Automatic半自动循环半自动循环按金额循环按金额循环42 Aut

44、omatic revolving 自动循环自动循环The total amount of this credit shall be restored automatically after date of negotiation.The amounts paid under this credit available to you automatically until the total of the payment reaches USD_.43Notice revolving 通知循环（非自动循环）通知循环（非自动循环）The amount shall be restored after

45、 each negotiation only upon receipt of issuing banks notice stating that the credit might be renewed.The amounts of each shipment shall be reinstated after each negotiation only upon receipt of credit-writing importers issuing banks notice stating that the credit might be renewed.44ExerciseThis cred

46、it is revolving at USD30,000,covering shipments of 3 consecutive calendar month from May 1999 to July 1999 up to a total amount of US D90,000.times of revolvingeach amounttotal amountwhen to use45Periodic revolvingThis credit is revolving at USD30,000,covering shipments of 3 consecutive calendar mon

47、th from May 1999 to July 1999 up to a total amount of US D90,000.46Automatic revolvingThis letter of credit can be automatically renewed to the amount.47This letter of credit cannot be renewed until received the notice from the issuing bank.Non-automatic revolving48Usually concerned with a barter tr

48、ansactions.The opener and beneficiary are both importers and exporters.BookP142 last paragraph6.2 Types of Credit 信用证的种类信用证的种类6.2.7 Reciprocal credit 对开信用证对开信用证49 我方进口国外原料时，开立凭承兑我方进口国外原料时，开立凭承兑交单的远期信用证，在出口成品时，交单的远期信用证，在出口成品时，要求对方开来即期信用证，这样原要求对方开来即期信用证，这样原料到，我方在承兑信用证项下的远料到，我方在承兑信用证项下的远期汇票后，即可提取原料进行加工

49、，期汇票后，即可提取原料进行加工，待成品完工后，就用收到的出口货待成品完工后，就用收到的出口货款偿付应付的到期原料费，可使外款偿付应付的到期原料费，可使外汇自相平衡，以达到先收后付，不汇自相平衡，以达到先收后付，不垫外汇的目的。垫外汇的目的。50It is a kind of pre-shipment financing intended to assist the exporter in the production or procurement of the goods sold.It is a credit with a special clause added thereto that

50、 authorizes the advising bank or any other nominated banks to make advances to the beneficiary before his submission of documents.6.2 Types of Credit 信用证的种类信用证的种类6.2.8 Red clause/Anticipatory credit红条款红条款/预支信用证预支信用证 1.Definition51A red clause letter of credit will be established only at the request