1、Letter of Credit信用证 Chapter Sixa letter of creditnIn simple terms,a letter of credit is a conditional bank undertaking of payment.Guaranteed by banks creditworthiness以银行信誉担保以银行信誉担保受益人在规定的受益人在规定的时间内提交规定时间内提交规定的单据必须符合的单据必须符合信用证条款。信用证条款。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
2、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信用证与一般的担保业务是否相同？6.1.2 Characteristics 特点1)当单证相符时，独当单证相符时，独立履行付款承诺，不立履行付款承诺，不受当事人干扰受当事人干扰第一性的付款责任1.The issuing bank undertakes to effect payment,quite independent of whether the applicant is bankrupt or is in default or not,provided the documents presented are in
3、 compliance with the terms and conditions of the credit.1.1.The issuing bank assume the primarily liability of payments.draweedrawee：bankbankIssuingIssuingbankbankNominated Nominated bankbankCan the applicantCan the applicantBe the draweeBe the drawee?A credit should not be issued available by Draft
4、(s)on the Applicant.If the Credit nevertheless calls for Draft(s)on the Applicant,banks will consider such Draft(s)as an additional document(s).开立信用证时，不应以申请人作为开立信用证时，不应以申请人作为汇票付款人。如信用证仍规定汇票汇票付款人。如信用证仍规定汇票付款人为申请人，银行将视此汇票付款人为申请人，银行将视此汇票为附加的单据。为附加的单据。2）信用证是独立文件，与）信用证是独立文件，与销售合同分离销售合同分离2.A letter of cre
5、dit stands independent of the sales contract.sales contractsales contractapplication formapplication form creditcredit .Sales contract=Credit（？）（？）1.The relationship among Contract,application form and credit.An issuing bank states“the documents are not complied with the sale contract”,can this be a
6、 due course to dishonor the bill by the issuing bank?importerexporterimporterissuingbankissuingbankall partiesto credit3）银行处理的是单据，而不是货物，）银行处理的是单据，而不是货物，单据与货物分离。单据与货物分离。3.In Credit operations all parties deal with documents,and not with goods,services or other performances to which the documents may
7、relate.4.Banks assumes no liability or responsibility for the form,sufficiency,accuracy,genuineness,falsification or legal effect of any documents,or for the general and/or particular conditions stipulated in the document(s)or superimposed thereon;nor do they assume any liability or responsibility f
8、or the description,quantity,weight,quality,condition,packing,delivery,value or existence of the goods represented by any document(s),or for the good faith or acts and/or omissions,solvency,performance or standing of the consignors,the carriers,the forwarders,the consignees or the insurers of the goo
9、ds,or any other person whomsoever.银行对于任何单据的形式、完整性、准确性、银行对于任何单据的形式、完整性、准确性、真伪性或法律效力，或对于单据上规定的或真伪性或法律效力，或对于单据上规定的或附加的一般性及附加的一般性及/或特殊性条件，概不负责；或特殊性条件，概不负责；银行对于任何单据中有关的货物描述、数量、银行对于任何单据中有关的货物描述、数量、重量、质量、状况、包装、交货、价值或存重量、质量、状况、包装、交货、价值或存在与否，对于货物的发货人、承运人、运输在与否，对于货物的发货人、承运人、运输行、收货人或保险人，其它任何人的诚信、行、收货人或保险人，其它任何
10、人的诚信、行为及行为及/或疏忽、清偿能力、执行能力或信誉或疏忽、清偿能力、执行能力或信誉概不负责。概不负责。4）凭表面相符的单据付款）凭表面相符的单据付款5）对第三方的行为不负责（如票据）对第三方的行为不负责（如票据是否遗失，货物是否中途损失）是否遗失，货物是否中途损失）单据真假?6.1 Introduction6.1.3 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
11、BANK/OPENING BANK)三、通知行三、通知行(ADVISING BANK)(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)(REIMBERSI
12、NG BANK)Main partiesMain parties基本当事人基本当事人指定银行指定银行Nominated BankNominated Bank6.1.3 Parties involved 当事人1.Applicant/importer/the buyer 开证申请人开证申请人 Fills out and signs an application form,requesting the banks to issue a credit in favor of an exporter or seller aboard.申请开证：按合同填写开证申请书，签名，申请开证：按合同填写开证申请书
13、，签名，指定受益人指定受益人契约交纳押金和费用 问题问题1进口商是否有权拒绝赎取不合格单据？进口商是否有权拒绝赎取不合格单据？问题问题2 进口商在赎单提货之后，如发现货物规进口商在赎单提货之后，如发现货物规格，质量，数量等与单据不符，是否有格，质量，数量等与单据不符，是否有权向开证行追究责任和索还货款？权向开证行追究责任和索还货款？2.Issuing/opening bank/the buyers bank 开证行 1)issues a letter of credit 2)undertakes full responsibility for payment against proper do
14、cuments presented by the beneficiary.开证并承担付款责任开证并承担付款责任 问题1 开证行凭单付款后，进口商无力付款，此时，开证行向议付行追索票款，合理么？不合理！信用证开出后，开证行要对不合理！信用证开出后，开证行要对信用证独立责任。不能因进口商拒绝信用证独立责任。不能因进口商拒绝赎单或无力付款而向议付行，付款行，赎单或无力付款而向议付行，付款行，偿付行或出口商追索票款。偿付行或出口商追索票款。问题2 开证行履行付款责任后，如进口商开证行履行付款责任后，如进口商无力付款赎单，开证行是否有权处无力付款赎单，开证行是否有权处理单据和货物？理单据和货物？3.Ad
15、vising bank:通知行 1）Receive the L/C 2）Informing the beneficiary to make preparation for shipping the goods and drafting the documents.收到信用证，证明信用证的真实性，并负收到信用证，证明信用证的真实性，并负责通知受益人做好交单准备责通知受益人做好交单准备一般为出口地银行是否必定承担议付责任？4.Beneficiary/exporter/the seller受益人 In whose favor the credit is issued L/C benefits the
16、 exporter by its assurance of payment to him.信用证的受益人，信用证对出口方的好处是付款确定。受益人是信用证项下履行义务后有权得到付款得受益者。5.Confirming bank:保兑行 Add its undertaking to those of the issuing bank and assumes liability under the credit.是第三家银行应开证行得要求在不可撤销的是第三家银行应开证行得要求在不可撤销的信用证上加上保兑，信用证上加上保兑，对所保兑的信用证项对所保兑的信用证项下汇票和单据承担不可撤销的付款责任。下汇票和
17、单据承担不可撤销的付款责任。6.Negotiating bank:议付行 Purchases the documents under the credit Sent the drafts and documents to the issuing bank for reimbursement.买单，寄单索偿买单，寄单索偿Recourse?BeneficiaryBeneficiaryNegotiating Negotiating bankbank1.Documents1.Documents2.2.pay the valuepay the value and and getget the right
18、 of the the right of the documentary billdocumentary billNegotiating bank is the holder in due coursepayeeendorsee 议付行对信用证下汇票议付后，即成为该汇票的正当持票人。因此，不论开证行因何种原因不付款或倒闭时，议付行都有权向受益人追索。7.Paying bank/drawee bank 付款行 Authorized by the issuing bank to pay the beneficiary according to the terms and conditions of
19、 the credit.开证行在信用证中规定的汇票付款人开证行在信用证中规定的汇票付款人7.Paying bank 7.Paying bank 付款行付款行A bank who is authorized by the issuing bank to pay the beneficiary according to the terms and conditions of the credit.sight sight payingpayingbankbankAdvising Bankdeferred deferred payingpayingbankbankThis bank is the dr
20、awee bank,when issuing bank dishonor the documents,it has no right of recourse to the beneficiary.8.Accepting bank:承兑行 The bank accepting the drafts under the credit.对受益人签发的远期汇票予以承兑，并到对受益人签发的远期汇票予以承兑，并到期付款的银行。期付款的银行。8.Accepting bank 8.Accepting bank 承兑行承兑行A usance credit nominates a bank to accept t
21、he usance bill,this bank is the accepting bank under the credit.This bank is the drawee bank,when issuing bank dishonor the documents,it has no right of recourse to the beneficiary.9.Reimbursing bank9.Reimbursing bank偿付行偿付行This bank has no obligation to check the documents.A bank from which the nomi
22、nated paying bank or any negotiating bank that has made a payment under the credit may obtain reimbursement.ApplicantIssuing bankBeneficiary Confirming bankReimbursing bankAccepting/Paying bankNegotiatingbankAdvising bank6.2.4Types of letter of creditn Revocable L/Cn 可撤销的信用证n Documentary L/C confirm
23、ed L/C 保兑n unconfirmed L/C 不保兑n 跟单信用证 n Irrevocable L/C sight payment 即期付款n 不可撤销的信用证 deferred payment 延期付款nL/C acceptance credit 承兑n negotiation credit 议付n n Clean L/Cn 光票信用证n 一、一、跟单信用证跟单信用证 (Documentary Letter of Credit)跟单信用证是开证行凭跟单汇票跟单信用证是开证行凭跟单汇票 汇票汇票+单据单据 或仅凭单据付款的信用证。或仅凭单据付款的信用证。单据单据 二、光票信用证光票信用
24、证 (Clean Letter of Credit)光票信用证是指开证行仅凭受益人光票信用证是指开证行仅凭受益人 汇票汇票 开具的汇票而付款的信用证。开具的汇票而付款的信用证。According to whether it can be revoked or not Irrevocable credit（不可撤销信用证）Revocable credit（可撤销信用证）其实就是按照开证行责任的大小来分类其实就是按照开证行责任的大小来分类Revocable Credit 可撤销的信用证n1）Definition 定义nA revocable Credit may be amended or can
25、celled or revoked by the Issuing Bank without the 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.可撤销的信用证可以修改可撤销的信用证可以修改,撤回或注销撤回或注销,无需无需经受益人同意经受益人同意,甚至不必事先通知受益人甚至不必事先通知受益
26、人,直直到开证行的授权指定银行对信用证付款或承到开证行的授权指定银行对信用证付款或承兑兑.可撤销信用证中，开证行是否可撤销信用证中，开证行是否因为可单方面撤销和修改信用因为可单方面撤销和修改信用证，所以其无须承担信用证中证，所以其无须承担信用证中的任何责任？的任何责任？问题：问题：可撤销信用证中议付行于月日审单可撤销信用证中议付行于月日审单 相符后议付票款给受益人，月日开相符后议付票款给受益人，月日开 证行向议付行发出撤销信用证的通知，证行向议付行发出撤销信用证的通知，此时开证行还需要向议付行偿付票款吗？此时开证行还需要向议付行偿付票款吗？UCP600 Article 8 B然而，开证行必须：
27、然而，开证行必须：i.对办理可撤销信用证下即期付款、承对办理可撤销信用证下即期付款、承 兑或议付的另一家银行，在其收到修改兑或议付的另一家银行，在其收到修改 或撤销通知之前已凭表面相符的单据作或撤销通知之前已凭表面相符的单据作 出的任何付款、承兑或议付，予以偿付。出的任何付款、承兑或议付，予以偿付。ii.对办理可撤销信用证项下延期付款的另一家银行，对办理可撤销信用证项下延期付款的另一家银行，在其收到修改或撤销通知之前已接受表面相符的在其收到修改或撤销通知之前已接受表面相符的单据，予以偿付。单据，予以偿付。This credit is subject to amendmentor cancell
28、ation at any time without prior notice to the beneficiary.）Undertaking Clause此信用证可以随时修改或撤销此信用证可以随时修改或撤销,无需事先告知受益人无需事先告知受益人Irrevocable Credit 不可撤销的信用证）Definition:Definite Undertaking of Payment+Irrevocability 确定的付款承诺和不可撤销性确定的付款承诺和不可撤销性 definite undertaking of payment An irrevocable documentary L/C co
29、nstitutes a definite undertaking of the issuing bank,provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that the terms and conditions of the credit are complied with,to pay,accept draft and/or documents presented under the documentary credit(ICC Pub
30、lication No.515)构成开证行确定付款承诺的前构成开证行确定付款承诺的前提是：提是：受益人将规定的单据提交给指受益人将规定的单据提交给指定银行或开证行，并符合信用定银行或开证行，并符合信用证的条款和条件。证的条款和条件。Irrevocability An Irrevocable Credit can neither be amended nor cancelled without the agreement of the Issuing Bank,the Confirming Bank,if any,and the Beneficiary.（UCP600 Article 9）不可撤
31、销信用证的本质不可撤销的信用证未经开证行不可撤销的信用证未经开证行,保兑保兑行行(如果有保兑行的话如果有保兑行的话)和受益人的明和受益人的明确同意确同意,该证既不能修改该证既不能修改,也不能撤销也不能撤销,这就是不可撤销信用证的本质这就是不可撤销信用证的本质.According to the adding of confirmationnIrrevocable Confirmed Credit(不可撤销保兑信用证）nIrrevocable Unconfirmed Credit（不可撤销不保兑信用证）Confirmed Credit 1)Definition A Credit that carr
32、ies the commitment to pay by both the issuing bank and the advising bank.It gives the beneficiary a double assurance of payment.双重的付款保证 是不是每张信用证都需要保兑?P117 It constitutes a definite undertaking of the Confirming Bank,in addition to that of the Issuing Bank,provided that the stipulated documents are p
33、resented to the Confirming Bank or to any other Nominated Bank and that the terms and conditions of the Credit are complied with,to pay,to accept draft(s)or to negotiate.只要受益人将规定的单据提交保兑行或另一家指只要受益人将规定的单据提交保兑行或另一家指定银行并符合信用证的条款和条件定银行并符合信用证的条款和条件,即构成了保兑即构成了保兑行在开证行以外的确定的付款承诺行在开证行以外的确定的付款承诺.2 2、Instructio
34、nInstruction ）开证行在信用证中写明开证行在信用证中写明：口口 ADDING YOUR CONFIRMATION 口口 WITHOUT ADDING YOUR CONFIRMATION 口口 IF REQUESTED BY THE BENEFICIARY,ADDING YOUR CONFIRMATION.）通知行在通知面函中写明通知行在通知面函中写明：THIS CREDIT IS CONFIRMED BY US.WE HERRBY ADDED OUR CONFIRMATION TO THIS CREDIT.、为什么在可撤销的信用证中无保兑、为什么在可撤销的信用证中无保兑 的做法呢？
35、的做法呢？、开证行在信用证上写明、开证行在信用证上写明“我行已我行已 保兑了该证保兑了该证”，这张信用证，这张信用证 是不是一张保兑信用证？是不是一张保兑信用证？问题问题,3.保兑行是否有追索权保兑行是否有追索权?交易路径：交易路径：正规做法使指定银行寄单给保兑行索偿,保兑行审单相符予以 偿付,再寄单给开证行索偿,开证行审单相符,予以偿付再交单给申请人向其索偿.2.Unconfirmed Credit 开证行的不可撤销跟单信用证被一家开证行的不可撤销跟单信用证被一家通知行通知行予以通知予以通知,此时此时,信用证项下的通知行作为开信用证项下的通知行作为开证行的证行的代理人代理人,除了合理审慎地核验所通知除了合理审慎地核验所通知信用证的表面真实性信用证的表面真实性,对受益人对受益人不承担任何不承担任何责任责任.
