Unit 6 Documentary Credit
教学目的和要求：
1.
2.
3.
4. 掌握重点单词 了解信用证的定义和运作方式 了解信用证涉及的各方和基本内容 了解信用证的种类
教学重点：
1. 信用证的定义和运作方式
2. 信用证涉及的各方
3. 信用证的基本种类
教学过程：
一、 复习提问
二、 重点单词
Beneficiary 受益人
Documentary 跟单的，附有单据的
Irrevocable 不可撤销的
Issue 开立
三、 Definition
A letter of credit is one of the international payment methods.
A letter of credit is the written promise of a bank to act at the request and on the instruction of the applicant and to undertake payment to the beneficiary in the amount specified in the credit, provided that the beneficiary complies with the terms and conditions of the credit.
信用证是一种银行开立的有条件的承诺付款给受益人的书面保证文件。信用证为国际贸易中最常采用的付款方式。
A Letter of Credit (LC or LoC) is a mode of making payments for trade transactions. An LC is a highly popular payment mode because it allows an importer or buyer to make secure payments to the exporter or seller. The processing of the LC involves the banking institutions of both the
buyer and the seller. The financial term used for a Letter of Credit is „Documentary Credit‟. This term originates from the fact that the LC deals in documents only and not cash in the actual transaction undertaken.
How Letter Of Credit Works
When a buyer requests the shipment of goods, the seller will require a guarantee of payment. This process assumes a bigger role in international trade, where the buyer asks his banking institution to deliver a letter of credit of a specified amount, say $300,000. The bank will issue the letter of credit on either the direct payment of the amount along with the processing fees or through the loan underwriting method. The buyer can then send a copy of the LC to the seller. Also, the issuing bank sends another copy to the specified bank of the seller. When the seller produces the essential business documents as mentioned in the LC, the issuing bank will transfer the LC amount to the seller‟s b ank account.
A business called the InCosmetika from time to time imports goods from a business called BLISS, which banks with the ABC Bank. InCosmetika holds an account at the Commonwealth Bank. InCosmetika wants to buy $500,000 worth of merchandise from BLISS, who agrees to sell the goods and give InCosmetika 60 days to pay for them, on the condition that they are provided with a 90-day letter of credit for the full amount. The steps to get the letter of credit would be as follows:
• I nCosmetika goes to The Commonwealth Bank and requests a
$500,000 letter of credit, with BLISS as the beneficiary.
• T he Commonwealth Bank can issue an LC either on approval of a
standard loan underwriting process or by InCosmetika funding it directly with a deposit of $500,000 plus fees which are typically between 1% and 8% of the face value of the LC.
• T he Commonwealth Bank sends a copy of the LC to the ABC Bank,
which notifies BLISS that payment is available and they can ship the merchandise InCosmetika has ordered with the full assurance of payment to them.
• O n presentation of the stipulated documents in the letter of credit and
compliance with the terms and conditions of the letter of credit, the Commonwealth Bank transfers the $500,000 to the ABC Bank, which then credits the account of BLISS for that amount.
• N ote that banks deal only with documents required in the letter of
credit and not the underlying transaction.
• M any exporters have mistakenly assumed that the payment is
guaranteed after receiving the LC. The issuing bank is obligated to pay under the letter of credit only when the stipulated documents are presented and the terms and conditions of the letter of credit have been met.
四、 Parties of an L/C
1、 Applicant (opener, accountee) 开证申请人
An applicant is the party that applies to a bank for opening a letter of credit. It is usually the buyer or importer in a contract.
2、 Issuing bank 开证行
An issuing bank refers to the bank that issues a letter of credit at the request of the applicant, and is responsible for payment of the proceeds under an L/C if the terms and conditions of the credit are complied with.
3、 Advising bank 通知行
An advising bank is usually a bank in the seller‟s country. Of course, it may also be in a third country. Upon instructions and entrustment of the issuing bank, the advising bank advises the beneficiary of an L/C.
4、 Beneficiary 受益人
A beneficiary refers to the party in whose favor an L/C is opened and which should comply with the terms and conditions of the credit in order to receive the proceeds. It usually refers to the seller, the exporter.
5、 Negotiating bank 议付行
A negotiating bank is the bank that negotiates the beneficiary‟s draft(s).
议付意指被授权议付的银行对汇票及/或单据付出对价。仅审核单据而不付出对价并不构成议付。
也就是说，以信用证作为结算工具，受益人在信用证的规定的交单日期内，向议付银行提交了信用证规定的全套单据，并没有不符点，则议付银行在审核这些单据后，接受了这些单据，并向受益人给付“对价”——扣除了从
“付款”到预计议付银行从开证行收到款项这段时间的利息和议付、寄单等费用后的款项。
通俗地说就是议付银行在收到受益人没有不符点的单据之后，自行以自己的资金先向受益人“付款”。但这里加了引号，意思是：这不是信用证真正意义上的付款——因为信用证业务中定义的付款是没有“追索权”的。而议付行在接受受益人的单据之后，按照“议付”的定义付出对价（付款）是有“追索权”的——当开证行在议付行向其寄单之后没有按照约定向议付行支付款项时，议付行可以向受益人追索先行垫付的款项。
所以，议付行先行给付受益人款项的行为不是信用证真正意义上的付款，除非信用证指定议付行就是“付款行”——作为信用证指定的付款行，它对受益人的是真正意义上的付款——没有追索权。此外，开证行或保兑行接受单据后的也是付款，没有追索权。
五、 Basic Contents of an L/C
An L/C can be opened by mail, by cable, or by SWIFT.
They include all the important terms and conditions of the sales contract signed by the two parties: documents required, the banker ‟s undertaking clauses, and any special conditions in the L/C.
六、 Basic Procedure of a Documentary Letter of Credit
1、 the issuance of the L/C
the process of a buyer applying for and opening a documentary credit at the issuing bank, and the issuing bank‟s notification of the L/C to the seller through the advising bank
2、 the amendment to the L/C if necessary
the process whereby the terms and conditions of a documentary credit may be modified after the credit has been issued
3、 the utilization and settlement
the process whereby the seller ships the goods, transfers the documents from the seller to the buyer through banks, and transfers the proceeds from the buyer to the seller through banks in different ways
After a contract is concluded between buyer and seller, buyer's bank supplies a letter of credit to seller.
Seller consigns the goods to a carrier in exchange for a bill of lading.
Seller provides bill of lading to bank in exchange for payment. Seller's bank exchanges bill of lading for payment from buyer's bank. Buyer's bank exchanges bill of lading for payment from the buyer.
Buyer provides bill of lading to carrier and takes delivery of goods.
七、 Characteristics of Settlement by Letter of Credit
1、 the issuing bank has the primary liability for payment
信用证支付方式是由开证银行以自己的信用做保证，，所以，作为一种银行保证文件的信用证，开证银行对之负的即第一性的付款责任。信用证开证银行的付款责任，不仅是首要的而且是终局的，即使进口人在开证后失去偿付能力，只要出口人提交的单据符合信用证条款，开证行也要负责付款，付了款如发现有误，也不能向收益人和索偿行进行追索。
2、 an L/C is a self-sufficient instrument
信用证虽然是根据买卖合同开立，单信用证一经开立，就成为于买卖合同以外的约定。UCP500第三条明确规定：“信用证按其性质与凭以开立信用证的销售合同或者其他合同，均属不同业务。即使信用证中援引这些合同，银行也与之毫无关系并不受其约束。”
3、 it is simply a document transaction
银行处理信用证业务时，只凭单据，不问货物，它只审查收益人所提交的单据是否与信用证条款相符，以决定其是否履行付款责任。
八、 Types of Letters of Credit
• D ocumentary Credits 跟单信用证
Shipping documents are required
是凭跟单汇票或仅凭单据付款的信用证。国际贸易结算中所使用的信用证绝大部分是跟单信用证。
• C lean Credits 光票信用证
Shipping documents are not required and only drafts are required
是凭不附带单据的汇票付款的信用证
• I rrevocable Documentary Credits 不可撤销信用证
Once the L/C is opened, it cannot be cancelled or amended within its term of validity without the agreement of the issuing bank, the confirming bank, if any, and the beneficiary
是指信用证一经开出，在有效期内，非经信用证各有关当事人的同意，开证行不能片面修改或撤销的信用证。这种信用证在国际贸易中使用最多。
• C onfirmed Credits 保兑信用证
Contains the guarantee of payment to the beneficiary by both the issuing bank and confirming bank as long as the terms and conditions of the credit are met
是指经开证行以外的另一家银行加具保兑的信用证。
• U nconfirmed Credits
A credit is not confirmed by another bank
• S ight Credits 即期信用证
The issuing bank or its nominated bank effects payment or negotiation immediately unpon receipt of the drafts and/or other documents that are in conformity with the stipulations of the L/C
是开证行或付款行收到符合信用证条款的汇票和单据后，立即履行付款义务的信用证。
• T ime Credits 远期信用证
是开证行或付款行收到符合信用证的单据时，不立即付款，而是等到汇票到期履行付款义务的信用证。
• P ayment Credits 付款信用证
是指信用证规定开证银行保证当受益人向开证银行或其指定的付款行提交符合信用证规定的单据时付款，或受益人开具而不准议付的信用证。
• A cceptance Credits 承兑信用证
是指使用远期汇票的跟单信用证。开证行或指定付款行在收到符合信用证规定的汇票和单据时，先履行承兑手续，待汇票到期再行付款的信用证。
• N egotiation Credits 议付信用证
是指信用证规定由某一银行议付或任何银行都可议付的信用证。
• A nticipatory Credits 预支信用证
进口商先付款，出口商后交货的贸易方式，是进口商给予出口商的一种优惠、融通资金的便利。凡欲采用预支款的信用证，买卖双方于谈判时，出口商须向进口商提出支付条款，预支款额和方法列明在信用证内。经进口商同意后，进口商填写并签署开立信用证申请书中予以明示。
• R evolving Credits 循环信用证
循环信用证即可多次循环使用之信用证，当信用证金额被全部或部分使用完后，仍又恢复到原金额。
• T ransferable Credits 可转让信用证
是指开证行授权通知行在受益人的要求下，可将信用证的全部或一部分转让给第三者，即第二受益人的信用证。
• B ack-to-back Credits 背对背信用证
是受益人要求通知行在原有的信用证基础上，开立一个新的信用证，主要两国不能直接进行贸易时，通过第三方来进行贸易。
九、 小结并布置作业：
1. 什么是信用证？
2. 信用证可能涉及到哪些银行？
3. 跟单信用证运作的基本步骤有哪些？
Unit 6 Documentary Credit
教学目的和要求：
1.
2.
3.
4. 掌握重点单词 了解信用证的定义和运作方式 了解信用证涉及的各方和基本内容 了解信用证的种类
教学重点：
1. 信用证的定义和运作方式
2. 信用证涉及的各方
3. 信用证的基本种类
教学过程：
一、 复习提问
二、 重点单词
Beneficiary 受益人
Documentary 跟单的，附有单据的
Irrevocable 不可撤销的
Issue 开立
三、 Definition
A letter of credit is one of the international payment methods.
A letter of credit is the written promise of a bank to act at the request and on the instruction of the applicant and to undertake payment to the beneficiary in the amount specified in the credit, provided that the beneficiary complies with the terms and conditions of the credit.
信用证是一种银行开立的有条件的承诺付款给受益人的书面保证文件。信用证为国际贸易中最常采用的付款方式。
A Letter of Credit (LC or LoC) is a mode of making payments for trade transactions. An LC is a highly popular payment mode because it allows an importer or buyer to make secure payments to the exporter or seller. The processing of the LC involves the banking institutions of both the
buyer and the seller. The financial term used for a Letter of Credit is „Documentary Credit‟. This term originates from the fact that the LC deals in documents only and not cash in the actual transaction undertaken.
How Letter Of Credit Works
When a buyer requests the shipment of goods, the seller will require a guarantee of payment. This process assumes a bigger role in international trade, where the buyer asks his banking institution to deliver a letter of credit of a specified amount, say $300,000. The bank will issue the letter of credit on either the direct payment of the amount along with the processing fees or through the loan underwriting method. The buyer can then send a copy of the LC to the seller. Also, the issuing bank sends another copy to the specified bank of the seller. When the seller produces the essential business documents as mentioned in the LC, the issuing bank will transfer the LC amount to the seller‟s b ank account.
A business called the InCosmetika from time to time imports goods from a business called BLISS, which banks with the ABC Bank. InCosmetika holds an account at the Commonwealth Bank. InCosmetika wants to buy $500,000 worth of merchandise from BLISS, who agrees to sell the goods and give InCosmetika 60 days to pay for them, on the condition that they are provided with a 90-day letter of credit for the full amount. The steps to get the letter of credit would be as follows:
• I nCosmetika goes to The Commonwealth Bank and requests a
$500,000 letter of credit, with BLISS as the beneficiary.
• T he Commonwealth Bank can issue an LC either on approval of a
standard loan underwriting process or by InCosmetika funding it directly with a deposit of $500,000 plus fees which are typically between 1% and 8% of the face value of the LC.
• T he Commonwealth Bank sends a copy of the LC to the ABC Bank,
which notifies BLISS that payment is available and they can ship the merchandise InCosmetika has ordered with the full assurance of payment to them.
• O n presentation of the stipulated documents in the letter of credit and
compliance with the terms and conditions of the letter of credit, the Commonwealth Bank transfers the $500,000 to the ABC Bank, which then credits the account of BLISS for that amount.
• N ote that banks deal only with documents required in the letter of
credit and not the underlying transaction.
• M any exporters have mistakenly assumed that the payment is
guaranteed after receiving the LC. The issuing bank is obligated to pay under the letter of credit only when the stipulated documents are presented and the terms and conditions of the letter of credit have been met.
四、 Parties of an L/C
1、 Applicant (opener, accountee) 开证申请人
An applicant is the party that applies to a bank for opening a letter of credit. It is usually the buyer or importer in a contract.
2、 Issuing bank 开证行
An issuing bank refers to the bank that issues a letter of credit at the request of the applicant, and is responsible for payment of the proceeds under an L/C if the terms and conditions of the credit are complied with.
3、 Advising bank 通知行
An advising bank is usually a bank in the seller‟s country. Of course, it may also be in a third country. Upon instructions and entrustment of the issuing bank, the advising bank advises the beneficiary of an L/C.
4、 Beneficiary 受益人
A beneficiary refers to the party in whose favor an L/C is opened and which should comply with the terms and conditions of the credit in order to receive the proceeds. It usually refers to the seller, the exporter.
5、 Negotiating bank 议付行
A negotiating bank is the bank that negotiates the beneficiary‟s draft(s).
议付意指被授权议付的银行对汇票及/或单据付出对价。仅审核单据而不付出对价并不构成议付。
也就是说，以信用证作为结算工具，受益人在信用证的规定的交单日期内，向议付银行提交了信用证规定的全套单据，并没有不符点，则议付银行在审核这些单据后，接受了这些单据，并向受益人给付“对价”——扣除了从
“付款”到预计议付银行从开证行收到款项这段时间的利息和议付、寄单等费用后的款项。
通俗地说就是议付银行在收到受益人没有不符点的单据之后，自行以自己的资金先向受益人“付款”。但这里加了引号，意思是：这不是信用证真正意义上的付款——因为信用证业务中定义的付款是没有“追索权”的。而议付行在接受受益人的单据之后，按照“议付”的定义付出对价（付款）是有“追索权”的——当开证行在议付行向其寄单之后没有按照约定向议付行支付款项时，议付行可以向受益人追索先行垫付的款项。
所以，议付行先行给付受益人款项的行为不是信用证真正意义上的付款，除非信用证指定议付行就是“付款行”——作为信用证指定的付款行，它对受益人的是真正意义上的付款——没有追索权。此外，开证行或保兑行接受单据后的也是付款，没有追索权。
五、 Basic Contents of an L/C
An L/C can be opened by mail, by cable, or by SWIFT.
They include all the important terms and conditions of the sales contract signed by the two parties: documents required, the banker ‟s undertaking clauses, and any special conditions in the L/C.
六、 Basic Procedure of a Documentary Letter of Credit
1、 the issuance of the L/C
the process of a buyer applying for and opening a documentary credit at the issuing bank, and the issuing bank‟s notification of the L/C to the seller through the advising bank
2、 the amendment to the L/C if necessary
the process whereby the terms and conditions of a documentary credit may be modified after the credit has been issued
3、 the utilization and settlement
the process whereby the seller ships the goods, transfers the documents from the seller to the buyer through banks, and transfers the proceeds from the buyer to the seller through banks in different ways
After a contract is concluded between buyer and seller, buyer's bank supplies a letter of credit to seller.
Seller consigns the goods to a carrier in exchange for a bill of lading.
Seller provides bill of lading to bank in exchange for payment. Seller's bank exchanges bill of lading for payment from buyer's bank. Buyer's bank exchanges bill of lading for payment from the buyer.
Buyer provides bill of lading to carrier and takes delivery of goods.
七、 Characteristics of Settlement by Letter of Credit
1、 the issuing bank has the primary liability for payment
信用证支付方式是由开证银行以自己的信用做保证，，所以，作为一种银行保证文件的信用证，开证银行对之负的即第一性的付款责任。信用证开证银行的付款责任，不仅是首要的而且是终局的，即使进口人在开证后失去偿付能力，只要出口人提交的单据符合信用证条款，开证行也要负责付款，付了款如发现有误，也不能向收益人和索偿行进行追索。
2、 an L/C is a self-sufficient instrument
信用证虽然是根据买卖合同开立，单信用证一经开立，就成为于买卖合同以外的约定。UCP500第三条明确规定：“信用证按其性质与凭以开立信用证的销售合同或者其他合同，均属不同业务。即使信用证中援引这些合同，银行也与之毫无关系并不受其约束。”
3、 it is simply a document transaction
银行处理信用证业务时，只凭单据，不问货物，它只审查收益人所提交的单据是否与信用证条款相符，以决定其是否履行付款责任。
八、 Types of Letters of Credit
• D ocumentary Credits 跟单信用证
Shipping documents are required
是凭跟单汇票或仅凭单据付款的信用证。国际贸易结算中所使用的信用证绝大部分是跟单信用证。
• C lean Credits 光票信用证
Shipping documents are not required and only drafts are required
是凭不附带单据的汇票付款的信用证
• I rrevocable Documentary Credits 不可撤销信用证
Once the L/C is opened, it cannot be cancelled or amended within its term of validity without the agreement of the issuing bank, the confirming bank, if any, and the beneficiary
是指信用证一经开出，在有效期内，非经信用证各有关当事人的同意，开证行不能片面修改或撤销的信用证。这种信用证在国际贸易中使用最多。
• C onfirmed Credits 保兑信用证
Contains the guarantee of payment to the beneficiary by both the issuing bank and confirming bank as long as the terms and conditions of the credit are met
是指经开证行以外的另一家银行加具保兑的信用证。
• U nconfirmed Credits
A credit is not confirmed by another bank
• S ight Credits 即期信用证
The issuing bank or its nominated bank effects payment or negotiation immediately unpon receipt of the drafts and/or other documents that are in conformity with the stipulations of the L/C
是开证行或付款行收到符合信用证条款的汇票和单据后，立即履行付款义务的信用证。
• T ime Credits 远期信用证
是开证行或付款行收到符合信用证的单据时，不立即付款，而是等到汇票到期履行付款义务的信用证。
• P ayment Credits 付款信用证
是指信用证规定开证银行保证当受益人向开证银行或其指定的付款行提交符合信用证规定的单据时付款，或受益人开具而不准议付的信用证。
• A cceptance Credits 承兑信用证
是指使用远期汇票的跟单信用证。开证行或指定付款行在收到符合信用证规定的汇票和单据时，先履行承兑手续，待汇票到期再行付款的信用证。
• N egotiation Credits 议付信用证
是指信用证规定由某一银行议付或任何银行都可议付的信用证。
• A nticipatory Credits 预支信用证
进口商先付款，出口商后交货的贸易方式，是进口商给予出口商的一种优惠、融通资金的便利。凡欲采用预支款的信用证，买卖双方于谈判时，出口商须向进口商提出支付条款，预支款额和方法列明在信用证内。经进口商同意后，进口商填写并签署开立信用证申请书中予以明示。
• R evolving Credits 循环信用证
循环信用证即可多次循环使用之信用证，当信用证金额被全部或部分使用完后，仍又恢复到原金额。
• T ransferable Credits 可转让信用证
是指开证行授权通知行在受益人的要求下，可将信用证的全部或一部分转让给第三者，即第二受益人的信用证。
• B ack-to-back Credits 背对背信用证
是受益人要求通知行在原有的信用证基础上，开立一个新的信用证，主要两国不能直接进行贸易时，通过第三方来进行贸易。
九、 小结并布置作业：
1. 什么是信用证？
2. 信用证可能涉及到哪些银行？
3. 跟单信用证运作的基本步骤有哪些？