主讲教师：夏夕美
Import & Export Practices
• 1 Instruments of Payment
•
Currency
•
Bills ---Draft
---Promissory Note
---Cheque
• 2 Modes of Payment
Remittance
Collection
L/C
• 3 Payment Clause in S/C
Import & Export Practices
Import & Export Practices
Utilization of Various
methods of Payment
各种支付方式的运用
Remittance
Collection
A set of
original
documents
L/C
Import & Export Practices
Import & Export Practices
Remittance
–(一） Definition
–Remittance
means
that the
(二） Involved
Parties
buyer
remits money to the
Remitter汇款人
seller
through a bank on his
Payee收款人
ownRemitting
initiative.Bank汇出行
Paying Bank汇入行或解付行
Import & Export Practices
Remittance
Kinds
Definition
Telegraphic
transfer
Mail transfer
T/T
Demand Draft
Import & Export Practices
M/T
D/D
kinds of remittance
1. T/T--Telegraphic Transfer （电汇）
The advantage
of is
TTaismethod
the
: telegraphic
transfer
fast
speed.
A
payment
can
of transferring funds by
be made within two or
telecommunication（电信）system
three banking days.
such
as
telex
or
cable.
The disadvantage is the
relatively high cost.
Import & Export Practices
kinds of remittance
theD/D-buyer Demand
will come
to the
local
(2)
Draft
（票汇）:
bank
to buy acan
banker's
billby
and
the transfer
be made
a
then
deliver
to the
or
check
that isitsold
to seller
its
beneficiary
byamail.
the
customer by
bankWhen
instructing
seller
or beneficiary
has
another
branch/bank
to pay
received
it, he a
will
comeamount
to the
upon demand
certain
bank
designated
by the on the
to the
payee as specified
banker's
check. bill for cash.
Import & Export Practices
kinds of remittance
• this check is called a banker’s
demand draft.
• advantage & disadvantage: It
is a cheaper but slower
method of transferring funds
since the purchaser of the
check must mail it to the
beneficiary for him to get the
funds from a local bank.
Import & Export Practices
kinds of remittance
–M/T--Mail Transfer（信汇）: by
mail to make the payment
–It is slow and has more paper
work than DD. So it has almost
been replaced by demand draft
or telegraphic transfer.
Import & Export Practices
M/T---T/T
Import & Export Practices
D/D
Import & Export Practices
Use of Remittance
Remittance is chiefly used for
payment in advance, cash
with order(订货时汇付),
delivery first and payment
afterwards（货到付款） for
small quantity of goods,
commission, sundry charges.
Import & Export Practices
Use of Remittance
*If it is used for payment in
advance or cash with order, it
will place the seller in an
advantageous position.
*Remittance uses commercial
*If for delivery first and
credit and hence in adopting this
payment afterwards, it will
method the parties involved need
place the buyer in an
have trust in each other.
advantageous position.
Import & Export Practices
Remittance: favorable
exchange(顺汇)：the
buyer makes the
payment by bank,
transfer of his own
accord（自愿）
Import & Export Practices
Import & Export Practices
Collection
• （一）Definition
• Collection means that the
exporter asks his bank to
arrange for the acceptance or
payment of the bill overseas, and
the bank will carry his task
through it’s own branch office
abroad or a correspondent bank.
Import & Export Practices
Involved in collection
• Principal:
• This party is also called drawer.
It is usually the seller, the
creditor of the buyer.
• Payer:
• This party is also called drawee.
It is usually the buyer, the
debtor of the seller.
Import & Export Practices
Involved in collection
• Remitting bank:
• This is the bank in the seller’s
country representing the seller.
• Collecting bank:
• This is the bank in the buyer’s
country presenting the
documents to the buyer. It is
often the remitting bank’s
overseas branch or
correspondent bank.
Import & Export Practices
Classification of collection
• 1.Collection on clean bill
• It means that the exporter
collects the purchase price
against the draft only, without
any shipping documents
•This method is usually used in
attached thereto.
collecting balance under L/C,
advance, commission and costs
of samples.
Import & Export Practices
Classification of collection
• 2.Collection on documentary bill:
•Documentary
collection
requires
• Documentary collection is a
the seller
to forward
collection
means
of ensuring
that
goods
instructions,
appropriate
(title
documents)
are only
documents
the buyer
seller’s
draft
handed
overand
to the
(by
a
bank)
when
amount
shown
through
the the
banking
system
to
on
bill of exchange
is paid
theabuyer’s
bank. Banks
act or
as
when
the customer accepts
the
intermediaries（媒介）,
protecting
bill
as
a
contract
to
pay
by
a
the interests of both parties.
specified date.
Import & Export Practices
Classification of collection
documentary Collection falls into:
⑴Document against payment
(D/P)
D/P at sight:
D/P after sight:
⑵Documents against acceptance
(D/A):
Import & Export Practices
D/P at Sight:
•Thus,
D/P
at sight enables
• It
means
document
can onlythe
be
seller to obtain
the payment
released
to the buyer
when he
before
hethe
loses
control
the
has
paid
amount
on of
the
draft.
documents
thatthat
represent
theof
At
sight means
payment
titledraft
to the
goods should
or it ensures
the
amount
be made
that
the as
seller
not
the
as
soon
the will
buyer
islose
presented
documents
the
draft. and payment at the
same time.
Import & Export Practices
D/P After Sight:
•However, this arrangement still
• means the buyer will pay the
requires the collecting bank to
draft amount a specified number
release the documents upon
days after the draft is presented
payment still requires the seller
and accepted.
as D/P at sight, but the payment
is not, made immediately and the
seller has to wait for a period of
time to get the payment.
Import & Export Practices
D/P.T/R
–If the date of payment is late
than
date
receipt of cargo，
1) the
Make
theof
advanced
in payment
order to grasp
favorable
time
against
documents提
to 前付款赎单
resale the goods, the buyer
can
thedocuments
following way:
2)adopt
Borrow
against
Trust Receipt凭信托收据借单
(e.g.: D/P.T/R)
Import & Export Practices
D/P·T/R(付款交单凭信托收据借单)
• 代收行对于资信较好的进口人，允许进口人凭信托
收据(Trust Receipt)借取货运单据，先行提货。
这是代收行自己向进口人提供的信用便利，而与出
口人无关。因此，如代收行借了单据后，汇票到期
不能收到货款，则代收行应对委托人负全部责任。
• 但如系出口人指示代收行借单，就是由出口人主动
授权银行凭信托收据借给进口人，即所谓付款交单
凭信托收据借单(D/P·T/R)，那么进口人在承兑汇
票后可以凭信托收据先行借单提货。日后如果进口
人在汇票到期时拒付，则与银行无关，应由出口人
自己承担风险。
Import & Export Practices
Documents against acceptance
• It is different from D/P in that
the documents representing the
title to the goods will be released
to the buyer once the buyer has
accepted the draft depends on his
credit and integrity. It is
therefore not as secure as D/P
since the seller may not be paid
at all.
Import & Export Practices
General procedures of
documentary collection
* The seller and the buyer agree to
use documentary collection.
* The seller effects shipment of the
contract merchandise and obtains
B/L from the shipping company.
Import & Export Practices
General procedures of
documentary collection
* The seller (principal/drawer)
draws a draft on the buyer
(drawee) and forwards to his
bank (remitting bank) the draft,
other documents and a collection
order containing the terms and
conditions for release of
documents to the buyer.
Import & Export Practices
General procedures of
documentary collection
*The remitting bank completes its
own collection order addressed to
the buyer’s bank
(presenting/collection bank).
This collection order will contain
the same instructions as the
seller’s collection order. The
remitting bank’s collection order
is then sent to the buyer’s bank,
along with other documents.
Import & Export Practices
General procedures of
documentary collection
*The collecting bank will present
the draft and other documents to
the buyer for immediate payment
or acceptance. Documents will be
released according to the terms
and conditions in the collection
order.
Import & Export Practices
General procedures of
documentary collection
* When the draft is paid, the
collecting bank sends the funds
to the remitting bank for credit
to the principal’s account.
»õÎï
Âô·½
Âò·½
Ç®¿î
Import & Export Practices
Documentary Collection
Principal
Payer
（1）S/C
Importer
（5）
Exporter
Bank in Export
Country
Remitting
bank
（4）
（7）
Import & Export Practices
Bank in Import
Country
Collecting
Bank
D/P at sight: The buyer shall pay against
draft and documentary drawn by the
seller at sight
and gain the documentary.
Principal
(Exporter)
Payer
(Importer)
3
6
4
1
2
Remitting Bank
Collecting Bank
5
Import & Export Practices
D/P at…days after sight: The buyer
shall duly accept the documentary draft
drawn by the seller upon first
presentation and make payment when
expire.
Payer
3 4 5
Principal
6
8
2
Collecting Bank
Notifying Bank
7
Import & Export Practices
1
Remitting
Bank
承兑交单（D/A）的支付程序
Payer
（8）
Import & Export Practices
Collecting
bank
（8）payment
Remitting bank
（7）Document
（4）Collection
（5）Presentation
Principal
（1）S/C
• 案例1:天津M出口公司出售一批货物给香港
G商，价格条件为CIF香港，付款条件为D/P
见票30天付款，M出口公司同意G商指定香
港汇丰银行为代收行。M出口公司在合同规
定的装船期限内将货物装船，取得清洁提单，
随即出具汇票，连同提单和商业发票等委托
中行通过香港汇丰银行向G商收取贷款。5
天后所装货物安全运抵香港，因当时该商品
的行市看好，G商信托收据向汇丰银行借取
提单，提取货物并将部分货物出售。不料因
到货过于集中，货物价格迅速下跌，G商以
缺少保险单为由在汇票到期时拒绝付款。你
认为M公司应如何处理此事？说明理由。
Import & Export Practices
答案解析
• 答：M公司应通过中行要求香港汇丰银行付
款。
•
理由是：香港汇丰银行在未经委托人受
权的情况下，自行允许G商凭信托收据借单
先行提货，因此而不能收回贷款的责任应
由代收行（汇丰银行）负责。
Import & Export Practices
• 案例2: 我国A公司向泰国B公司出口一批货
物，付款方式为D/P 90天。货物出运后，
汇票及货运单据通过出口地的托收银行寄
抵国外代收行，B公司进行了汇票承兑。货
抵目的港后，由于用货心切，B商于是出具
了信托收据向本地代收行借得货运单据，
先行提货转售。当汇票到期时，B商因经营
不善，失去偿付能力。代收行以汇票付款
人拒付为由通知托收行，并建议由A公司直
接向B商索取货款。此时距离汇票到期日还
有30天。试分析A公司于汇票到期时收回货
款的可能性，并提出处理该案的建议。
Import & Export Practices
答案解析
• 在远期付款交单的条件下，如果付款日期晚
于到货日期，进口商为了抓住有利时机转售
货物，可以采取两种做法：一是在付款到期
日之前付款赎单，扣除提前付款日至原付款
到期日之间的利息，作为进口商享受的一种
提前付款的现金折扣。另一种做法是代收行
对于资信较好的进口商，允许其凭信托收据
借取货运单据，先行提货，于汇票到期时再
付清货款，这是代收行自己向进口商提供的
信用便利，而与出口商无关。因此，如代收
行借出单据后，到期不能收回货款，则应由
代收行负责。
Import & Export Practices
• 但如系出口商指示代收行借单，就是由出口商主动
授权银行凭信托收据借单给进口商，即所谓远期付
款交单凭信托收据借单方式，也就是进口商承兑汇
票后凭信托收据先行借单提货，日后如进口商到期
拒付的风险，应由出口商自己承担。因此，使用远
期付款交单凭信托收据借单方式时出口商必须特别
慎重。
• 本案中，代收行凭信托收据将单据借给进口人，未
经委托人授权，到期进口人失去偿付能力应由代收
行负责。因此，我出口企业不能接受代收行要我向
A商索取贷款的建议，而应通过托收行责成代收行
付款。
Import & Export Practices
• 案例3: 某外贸公司受国内用户委托，以本
公司名义与国外一公司签定一项进口某种
商品的合同，支付条件为“即期付款交
单”。在履行合同中，卖方未经该公司同
意，就直接将货物连同单据都交给了国内
用户，但该国内用户在收到货物后由于财
务困难，无力支付贷款。在这种情况下，
国外卖方认为，我外贸公司作为合同的买
方，根据买卖合同的支付条款，要求我外
贸公司支付货款。问：外贸公司是否有义
务支付贷款？
Import & Export Practices
答案解析
答：我外贸公司无付款义务。这是因为合
同中的支付方式为即期付款交单，这种方
式要求卖方应按合同规定向买方交单，买
方才有义务付款。本案中，由于卖方没有
按合同规定向买方交单。而是向国外用户
交单，因此，外贸公司作为买方就没有义
务付款。
Import & Export Practices
案例4: 我某公司向日商以D/P即期方式
推销某商品，对方答复若我方接受D/P
90天付款，并通过他指定的A银行代收
可接受。问：日商为何提出此要求？
Import & Export Practices
答案解析
• （1）提出将D/P90天远期，很显然旨在推迟
付款，以利其资金周转。
• （2）而日商指定A银行作为该批托收业务的
代收行，则是为了便于向该行借单，以便早
日获取经济收益。
• 在一般的D/P远期业务中，代收行在未经授
权的情况下通常是不会轻易同意付款人借单
的。该日商所以提出通过A银行代收货款的
原因，当然是该商与A银行有既定的融资关
系，从而可取得提前借单的便利，以达到进
一步利用我方资金的目的。
Import & Export Practices
Collection
Definition
Kinds
Clean collection
D/P
D/P sight
Documentary
collection
D/A
D/P at--days after sight
Import & Export Practices
Advantage of documentary
collection
--There are a number of
advantages using documentary
collection to sellers.
--For example, sellers or banks
control shipping documents that
represent title to the goods until
buyers make payment or accept
the draft.
Import & Export Practices
Advantage of
documentary collection
--In most cases, payment under
documentary collection is more
prompt than open account and
less expensive than letters of
credit. Usually, there are also
reduced processing
requirements compared to
letters of credit.
Import & Export Practices
disadvantages of
documentary collection
•There are also some
disadvantages which represent
risks particularly for sellers:
•* Collection time may be
longer than letters of credit and
cash-in-advance as document
inspection is done by the buyer,
not a bank.
Import & Export Practices
Disadvantage of
documentary collection
•* Payment is not as guaranteed
as an L/C arrangement since
When
prices
buyer not
collection
is decrease,
a buyer’s credit,
may
refuse,
with
excuses
a bank
credit.
Buyer
may be
perhaps,
payinor
to paycases
a
unable totopay
certain
lower
price
or even claim for
such as
bankruptcy.
compensation.
Import & Export Practices
disadvantages of
documentary collection
•* Release of documents occurs
prior to payment under usance
draft collections.
•* There is less document
control with air shipments.
Import & Export Practices
Particular remarks
*Collection uses commercial credit,
so the seller should be sure that
the buyer is reliable and able to
*Under
D/P,
if the buyer does not
make the
payment.
make the payment，the seller
need first negotiate with the
buyer, and at the same time, he
may consider if he can sell the
goods to some others or to ship
the goods back, usually at his
own cost.
Import & Export Practices
Particular remarks
*D/A means more risks for the seller,
for the buyer
might refuse to pay after
对出口方而言，承担的风险由
he has accepted the draft and taken
the大到小依次为：
delivery of the goods.
*So, to use collection, the seller
D/AD/P
after
sight

D/P
at
sight
needs to have a good
understanding of the credit status
of the buyer. It is advisable not to
use collection if the importing
country has strict control over
foreign exchanges
Import & Export Practices
Considerations
* Check
buyer’s
credit standing,
There
are
a few measures
they
thentake
decide
the term
can
to avoid
the and
risksamount
to be used. For instance, D/A
should be used only with very
trustworthy buyers. Payment can
be also be made with a
combination of different methods
such as cash-in-advance, L/C
and collection.
Import & Export Practices
Considerations
* Study the importing country’s
market such as size and
development, and then decide
the size of shipment. A seller
should make his own judgment
if the market can absorb（吸收）
the quantity if the goods that the
buyer is purchasing.
Import & Export Practices
Considerations
Sellers
in particular find
*Get
to should
know important
out
when
an
important
license
country’s regulation and
will be needed,
whether foreign
commercial
customs.
exchange approval is automatic,
once the important license is
issued, what types of
commodities cannot be imported
with collection, etc.
Import & Export Practices
Considerations
•* Appoint an agent in the
importing country who has the
full authority to dispose the
goods on behalf of the seller so
that the goods will not be left
unattended in any case.
Import & Export Practices
Considerations
•*Arrange proper insurance to
keep the shipment covered.
Import & Export Practices
出口信用险（Export Credit Insurance)是保
障因国外进口商的商业风险或政治风险而
给本国出口人造成的收不到货款的损失。
卖方利益险承保的是在CFR或FOB等条件下，
若货物运输途中受损，买方不付款赎单时
给卖方造成的损失。
Import & Export Practices
Disposal of goods in case of
payment default
• No matter how careful sellers are,
the possibility of non-payment
and non-acceptance still exists.
This will leave seller with the
following choices in disposing
the shipment.
• * Return the goods with further
freight cost.
Import & Export Practices
Disposal of goods in case of
payment default
• * Sell the goods to any taker at a
lower price if the value of the
goods is not very high but
shipping the goods back can be
costly.
• * Warehouse the goods while
negotiating with the buyer for
payment, if the storage cost is
not very high.
Import & Export Practices
Disposal of goods in case of
payment default
• * Dump the goods if the value
is lost. For example, the market
value of fruits will be lost
quickly.
Import & Export Practices
• adverse exchange (逆汇)
 支付方式从资金的流向与支付工具的传递
方向划分，可分为顺汇和逆汇。汇付采用
顺汇，托收采用逆汇。
Import & Export Practices
Discussions:
Advantages and disadvantages of
remittance
Advantages and disadvantages of
collection
Import & Export Practices
Import & Export Practices
introduction
• The most commonly used method
of payment in the financial
business of international trade is
the letter of credit which is a
reliable and safe method of
payment, facilitating trade
between unknown parties and
giving protection to both the
seller and the buyer.
Import & Export Practices
• While distrust exists between the
seller and the buyer as to whether
the other party will carry out his
obligations, the problem can
nevertheless be solved by the
involvement of a third that
guarantees payment to the seller
and delivery of goods to the buyer.
Banks have been chosen as that
party since banks are much better
trusted in the business world.
Import & Export Practices
• With a bank’s involvement, instead
of relying upon the buyer’s
willingness and ability to pay, the
seller looks to the bank for
payment on condition that he
complies with all the terms in a
document issued by the bank.
• At the same time, the bank pay
against the documents which
represent the title to the goods
and are to be further transferred
to the buyers.
Import & Export Practices
• As a result, banks assist in the
settlement of international
commercial transactions by
providing safeguard for parties
involved and ensuring payment to
the seller if he acts in accordance
with the terms in that bank
document-documentary letter of
credit.
Import & Export Practices
1. Definition
•In simple terms, a
documentary letter of credit is
a conditional bank undertaking
or guarantee of payment.
the doctrine of strict compliance
单证相符，单单一致
Import & Export Practices
• Expressed more fully, it is a
written undertaking by a bank
given to the seller at the request,
and in accordance with the
instructions, of the buyers to
effect payment up to a stated
sum of money, within a
prescribed time limit and against
stipulated documents.
Import & Export Practices
Function of the L/C
• This legal financial instrument is
used to guarantee payment for
goods and services imported and
exported. It mitigates（减轻） the
financial risk of doing business in
unfamiliar economics and also
facilitates international sales.
Import & Export Practices
How to draw the L/C
• L/C is issued by the buyer’s bank,
advised through a bank in the
seller’s country (in most cases,
the seller’s bank), then forwarded
to the seller by the advising bank.
The letter specifies the terms and
conditions that must be met
before payment is rendered
（=made）.
Import & Export Practices
UCP600
• The letter of credit process has
been
standardized
a set
of
•When
the text ofby
the
credit
rules
published
by thethat it is
expressly
indicates
international
Chamber
ofthey
subject to these
rules,
Commerce
(ICC).
These
rules are
are binding
on all
parties
referred
as theexpressly
Uniform
theretoto
unless
Customs
and
modified
or Practice
excludedfor
by the
Documentary
Credit and are
credit.
currently listed in ICC Publication
No.600.
Import & Export Practices
信用证（Letter of Credit, L/C）含义
开证申请人
是银行根据进口人
开证行
的请求和指示向出
口人开立的一定金
额的，有条件的承
诺付款的书面文件.
Import & Export Practices
受益人
2. Parties to credit
• Applicant:
• the party on whose request the
credit is issued. It is usually the
Beneficiary:
buyer. The applicant is also
the
party
in
whose
favor
a
credit
called the opener.
is issued. This is normally the
seller, who must comply with the
terms and conditions of the credit
in order to be entitled to receive
its proceeds.
Import & Export Practices
2. Parties to credit
• Issuing banks:
• the bank that opens the credit at
the request of the applicant.
•Confirming bank:
• the bank that adds its definite
undertaking, in addition to that of
the issuing bank, to honor or
negotiate a complying
presentation.
Import & Export Practices
2. Parties to credit
• Advising bank:
• the bank that advises the credit
at the request of the issuing
bank without any undertaking to
honor or negotiate.
通知行只负责鉴别L/C的表面真实性，不承
担其他义务。
Import & Export Practices
2. Parties to credit
• Paying bank:
• the bank that makes payment to
the beneficiary against
presentation of stipulated
documents.
•Accepting bank:
•the bank nominated in the credit
to accept a usance bill of
exchange drawn on it.
Import & Export Practices
2. Parties to credit
• Negotiating bank:
• the bank that negotiates or
discounts the beneficiary’s bill of
exchange.
•Remitting bank:
•the bank which sends the
documents to the issuing bank.
Import & Export Practices
信用证方式的当事人及职责
• 偿付银行（Reimbursement Bank )
• 偿付行的偿付不视为开证行终局性的付款，
因为偿付行不审查单据。若开证行见单后
发现单证不符，可向议付行或付款行追索
货款。（第三国银行）
Import & Export Practices
2. Parties to credit
• A single documentary credit
transaction does not
necessarily include all the
above parties. However, a
transaction must have at least
three parties: the applicant,
the issuing bank and the
beneficiary.
Import & Export Practices
3. Workflow of L/C Issuance
• Step 1.
• The buyer and the seller agree
on the terms of sale:
• (a) specifying a documentary
credit as the means of payment,
(b) naming an advising bank
(usually the seller's bank), and
(c) listing required documents.
Import & Export Practices
3. Workflow of L/C Issuance
• Step 2.
• The buyer applies to his bank
(issuing bank) and opens a
documentary credit naming the
seller a beneficiary based on
specific terms and conditions
that are listed in the credit.
Import & Export Practices
3. Workflow of L/C Issuance
• Step 3.
• The issuing bank sends the
documentary credit to the
advising bank named in the
credit.
Import & Export Practices
3. Workflow of L/C Issuance
• Step 4.
• The advising bank informs
(advises) the seller of the
documentary credit.
Import & Export Practices
3. Workflow of L/C Issuance
• Step5.
• is up to exporter who will have
to ship the goods ordered. The
documents of transport required
for the completion of the
transaction will be remitted to
the exporter typically by the
shipping company.
Import & Export Practices
3. Workflow of L/C Issuance
••In
Step6:
case the bank had originally
the credit
or if
a whole
•confirmed
The exporter
presents
the
discount
is grantedrequired
to the in the
set of documents
exporter,
be to
terms of the
the payment
Letter of will
Credit
done
to the
exporter.
its bank.
This
bank will perform
some document checking to
ensure their compliance with
the terms of the documentary
credit.
Import & Export Practices
3. Workflow of L/C Issuance
• Step7:
• The bank of the exporter is
sending the documents to the
issuing bank who performs the
payment or acceptance after a
thorough checking of the
documents.
Import & Export Practices
3. Workflow of L/C Issuance
• Step8:
• The issuing bank transfers the
documents to the importer and
proceeds with the debit of its
account for the principal
amount.
Import & Export Practices
3. Workflow of L/C Issuance
• Step9:
• he importer receives the goods,
especially thanks to the
document of title (bill of lading)
Import & Export Practices
3. Workflow of L/C Issuance
•
A
•
A
applicant
•
①
A
beneficiary
②
⑤
⑧
issuing bk
Paying bk
④
③
⑥
⑦
Import & Export Practices
Advising bk
Negotiating bk
L/C的开立形式
1、 To open by Airmail信开本
2、 To open by Cable电开本
(1) Brief Cable简电本
（2） Full Cable全电本
3、 To open by SWIFT=Society
简电本不是有效的
for Worldwide
Interbank
L/C文件，不能作为
Financial
Telecommunication
交单议付的依据。
Import & Export Practices
Amendment
to L/C
• Once the letter of credit is
opened, the opening bank will
send the credit either to the
notifying bank. Upon arrival of
the credit, the seller should
check the credit immediately. If
the credit contains
unacceptance requirements,
they should be rejected at once,
preferably fax, asking for
amendments.
Import & Export Practices
Amendment
to L/C
Check L/C
4
1
Advising
bank
Ask the buyer to
make amendment to L/C
2
Issuing bank
Import & Export Practices
3
Workflow of L/C Amendment
• Step 1.
• The seller requests that the
buyer make an amendment to
the credit. This can be effected
by a telephone call, a fax letter,
by2.
face-to-face negotiation.
• or
Step
• If the buyer agrees, the buyer
orders the issuing bank to issue
the amendment.
Import & Export Practices
Workflow of L/C Amendment
• Step 3.
• The issuing bank amends the
credit and notifies the advising
bank of the proposed
amendment.
• Step 4.
• The advising bank notifies seller
of the amendment.
Import & Export Practices
• 按照《跟单信用证统一惯例》的相关规定，信
用证经过修改后，银行即受该修改后的信用证
的约束。出口商可自行决定修改内容或拒绝修
改，但其应发出是否同意修改的通知。
• 当出口商告知其接受修改之前，原证继续有效，
即原证的条款对出口商仍具有约束力。但如果
出口商未发出接受或拒绝的通知，而其提交的
单据与原证的条款相符，则视为出口商拒绝其
修改；如果出口商提交的单据与经修改后的信
用证条款相符，则视为出口商接受了其修改。
从这时起，信用证就被视为已经修改。
Import & Export Practices
案例分析
• 我某进口公司与国外某客商订立一份轻纺制品的出
口合同，合同规定以即期信用证为付款方式。买方
在合同规定的开证时间内将信用证开抵通知银行，
并经通知银行转交给我出口公司。我出口公司审核
后发现，信用证上有关信用证到期地点的规定与双
方协商的不一致。为争取时间，尽快将信用证修改
完毕，以便办理货物的装运，我方立即电告开证银
行修改信用证，并要求开证银行修改完信用证后，
直接将信用证修改通知书寄交我方。问：（1）我
方的做法可能会产生什么后果？（2）正确的信用
证修改渠道是怎样的？
Import & Export Practices
答案解析
• 1）我方的做法可能会产生：（1）因有关
方面不同意修改信用证或拖延修改信用证，
导致我方无法凭证结汇的结果；（2）无法
辨别信用证修改通知书的真伪就办理装运，
到头来落得无法凭证结汇的后果。
• 2）正确的信用证修改渠道是：受益人—开
证人—开证银行—通知银行—受益人。
Import & Export Practices
案例分析：
• 中方某公司与加拿大商人在2002年10月份按
CIF条件签定了一份出口10万码法兰绒合同，
支付方式为不可撤销即期信用证。加拿大商
人于5月通过银行开来信用证，经审核与合同
相符，其中保险金额为发票金额的110%。我
方正在备货期间，加拿大商人通过银行传递
给我方一份信用证修改书，内容为将保险金
额改为发票金额的120%。
Import & Export Practices
案例分析：
• 我方没有理睬，按原证规定投保、发货，并
于货物装运后在信用证有效期内，向议付行
议付货款。议付行议付货款后将全套单据寄
开证行，开证行以保险单与信用证修改书不
符为由拒付。
• 问：开证行拒付是否有道理？为什么？
Import & Export Practices
4. The feature of L/C
* It is a kind of bank
credit.
* It is a self-sufficient
document.
* It is a document deal.
Import & Export Practices
4. The feature of L/C
• * It is a kind of bank credit.
• The letter of credit is the
guarantee that the issuing bank
gives to the beneficiary, if the
beneficiary carries out contract
according to the L/C, the issuing
bank shall pay.
Import & Export Practices
案例分析
某出口公司收到一份国外开来的L/C，出
口公司按L/C规定将货物装出，但在尚未
将单据送交当地银行议付之前，突然接到
开证行通知，称开证申请人已经倒闭，因
此开证行不再承担付款责任。问：出口公
司如何处理？
Import & Export Practices
4. The feature of L/C
• * It is a self-sufficient document.
• It must be remembered that
credits are separate transactions
from the sales or other contract
on which they may be based and
banks are in no way concerned
with or bound by such contracts,
even if any reference to such
contract is included in the credits.
Import & Export Practices
案例分析
• 我某公司从国外进口一批钢材，货物分两
批装运，每批分别由中国银行开立一份L/C。
第一批货物装运后，卖方在有效期内向银
行交单议付，议付行审单后，即向外国商
人议付货款，然后中国银行对议付行作了
偿付。我方收到第一批货物后，发现货物
品质与合同不符，因而要求开证行对第二
份L/C项下的单据拒绝付款，但遭到开证行
拒绝。问：开证行这样做是否有道理？
Import & Export Practices
答案解析
• 信用证是一种银行开立的有条件的承诺
付款的书面文件。对出口商来说，只要
按信用证规定条件提交了单据，在单单
一致、单证一致的情况下，即可从银行
得到付款；对进口商来说，只要在申请
开证时，保证收到符合信用证规定的单
据即行付款并交付押金，即可从银行取
得代表货物所有权的单据。因此，银行
开立信用证实际是进行单据的买卖。
Import & Export Practices
• 此外，开证行与受益人之间的关系属于一
种对双方都有约束力的合同关系。这种合
同关系约束开证行应在对单据做出合理审
查之后，按照信用证的规定，承担向受益
人付款的义务，而不受买卖双方买卖合同
或者开证行和买方依开证申请书成立的合
同以及其它合同的影响。因此，在本案中，
中国银行这样做是合理的。
Import & Export Practices
4. The feature of L/C
• * It is a document deal.
• In credit operations all parties
concerned deal with documents
and not with goods, services
and/or other performance to
which the documents may relate.
Import & Export Practices
案例分析
• 我某出口公司按CIF条件，凭L/C向某外商
出售货物一批。该外商按合同规定开来的
L/C经我方审核无误，我出口公司在L/C规
定的装运期内将货物装上海轮，并在装运
前向保险公司办理了货运保险，但装船完
毕后不久，海轮起火爆炸沉没，该批货物
全部灭失，外商闻讯后来电表示拒绝付款。
问：我公司应如何处理？根据《2000通则》
和《UCP600》分别说明理由。
Import & Export Practices
案例分析
国外贸易公司从我进出口公司购买小麦500吨，
合同规定，1月30日前开出L/C，2月5日前装船。
1月28日买方开来L/C，有效期至2月10日。后由
于卖方不能按期装船，故电请买方将装船期延
至2月17日并将L/C有效期延至2月20日，买方回
电表示同意，但未通知开证行。2月17日货物装
船后卖方到银行议付时，遭到拒绝。
Import & Export Practices
分析
【问题】
（1）银行是否有权拒绝付款，
为什么？
（2）作为卖方，应当如何处
理此事？
返回
Import & Export Practices
【分析】
（1）银行有权拒付。据《UCP500》规定，
L/C虽是根据合同开出的 ，但一经开出就独
立于买卖合同。银行只受信用证条款的约束。
本案虽合同条款改变，但L/C条款未改，故银
行只按原L/C条款办事，2月17日超出了原L/C
的有效期，故银行可以拒付。
（2）作为卖方，当银行拒付时，可依据修改
后的合同条款要求买方履行付款义务，卖方也
可要求修改信用证。
返回
Import & Export Practices
补充：信用证的作用
• 1.对出口商的作用
• 出口商只要提交合格的单据，开证行保证付款，
为出口商取得货款提供了安全保障
• 出口商可在交货前将信用证抵押取得资金融通，
有利于资金周转
• 2.对进口商的作用
• 进口商通过信用证的条款要求，可以保证按质
按量按时收到货物。
• 进出口商申请开立信用证时，要缴纳押金，若
资信较好，可免于缴纳，从而获得资金融通
Import & Export Practices
补充：信用证的作用
• 3.对银行的作用
• 银行信用代替了商业信用，银行提供的每
一项服务均可取得各种收益
Import & Export Practices
5. Kinds of L/C
• 1) According to whether the
draft is accompanied with the
shipping document, L/C is
divided into 2 kinds:
• Documentary L/C:
• Clean L/C:
Import & Export Practices
5. Kinds of L/C
• Documentary L/C:
• The bill of exchange should be
accompanied with shipping
documents.
• Clean L/C:
• The bill of exchange isn’t
accompanied with shipping
documents.
Import & Export Practices
5. Kinds of L/C
• 2) According to the
responsibilities that the issuing
bank bears, L/C is classified
into2 kinds:
• Revocable L/C
• Irrevocable L/C
Import & Export Practices
5. Kinds of L/C
• Revocable L/C:
• A revocable L/C is one that “may
be amended or cancelled by the
issuing
bank at any
moment
•Thus,
a revocable
L/C
offers and
without
prior notice
the
little
protection
to the to
seller
beneficiary
beforeFor
thethis
documents
before
negotiation.
have been
paid,
reason,
it has
not accepted,
been used.or
negotiated.
Import & Export Practices
5. Kinds of L/C
• Irrevocable L/C:
• Once the L/C is opened, without
agreement
the
beneficiary, the
•As long asof
the
beneficiary
providesbank
the documents
in or
opening
can’t amend
accordance
with
the stipulation
revoke
the L/C
within
its validity.
in the L/C, the opening bank
shall perform its duty of
payment.
Import & Export Practices
在《跟单信用证统一惯例
》中规定，如信用证中无
表明“不可撤销”或“可
撤销”的信用证，应视为
不可撤销信用证。
Import & Export Practices
案例分析
• 我向美出口一批货物，合同规定8月份装船，
后国外来证将装船期改为不得晚于8月15日。
但8月15前无船去美，我立即要求外商将装
船期延至9月15日前装运。随后美商来电称：
同意船期展延，有效期也顺延一个月。我于
9月10日装船完毕，15日持全套单据向银行
办理议付，但银行拒绝收单。问银行能否拒
收单据、拒付货款？为什么？
Import & Export Practices
答案解析
• 根据信用证国际惯例，L/C非经所有当事人
同意，不得任意修改或撤消。由此可见，如
开证人和受益人双方撇开开证行而对L/C之
内容进行修改显属无效，当然议付行拒绝议
付。因此，如受益人要求改证应先给开证人，
开证人同意后再由其给开证行，而后开证行
通知通知行向受益人发出修改通知，至此这
一修改能生效。如开证人需要修改L/C，亦
应先给开证行，然后由开证行将修改内容通
知通知行转受益人。如受益人同意。则修改
成立；如受益人不同意，则不能修改。
Import & Export Practices
5. Kinds of L/C
• 3) According to whether the
bank confirms, L/C is classified
into 2 kinds:
• Confirmed L/C:
• Unconfirmed L/C:
Import & Export Practices
5. Kinds of L/C
• Confirmed L/C:
• It has the commitment of the
confirming
bank besides
that of the
•The
confirming
bank
is
Sometimes
the confirming
issuing bank
issuing
bank.
The
irrevocably
bound
to
honor
or
bank’s credit
standing
is seller has
guarantees
payment
and
the
negotiate as of the time it falls its
unknown
or questionable,
double
assurance
of payment and is
confirmation to the credit. The
better
protected.
and then
a confirmed L/C
seller can too directly to the
should bebank
used.of payment.
confirming
Import & Export Practices
5. Kinds of L/C
• Unconfirmed L/C:
• It contains the commitment of
the issuing bank only. There is no
undertaking on the part of
advising bank or any other bank.
Import & Export Practices
5. Kinds of L/C
• 4) According to the time of
payment, L/C is divided into 2
kinds:
Sight payment credit
• Sight L/C
Sight Negotiation L/C
• Time L/C
Negotiation L/C with
usance draft
Acceptance L/C
Deferred L/C
Import & Export Practices
5. Kinds of L/C
• Sight payment documentary L/C
• A documentary credit available
by sight payment will specifically
nominate the bank which is to
pay without recourse (meaning
the payment is final), unless
•A sight
draft under
would reserve（
payment
is made
normallythe
be stipulated
called for. sum
保留追索权）,
immediately against presentation
to it of the required documents.
Import & Export Practices
5. Kinds of L/C
• Negotiation L/C with sight draft
• Negotiation means the giving of
value for draft(s) and /or
document(s) by the bank
authorized to negotiate. Mere
•A
negotiationof
credit
will
examination
the documents
nominate
the bank
authorized
to
without giving
of value
does not
constitute
a negotiation.
effect
negotiation
under the
credit, unless the credit is freely
negotiable by the bank.
Import & Export Practices
5. Kinds of L/C
The opening bank invites other
bank to buy draft and /or
documents. This kind of L/C
allows the beneficiary to negotiate
the purchase price from an
indicated bank or any bank.
Open negotiation L/C
Restricted negotiation L/C
Import & Export Practices
5. Kinds of L/C
• such a bank does not guarantee
that payment will be forthcoming
（唾手可得） from the issuing bank.
In paying the beneficiary the
negotiating bank retains the right
Ifrecourse
the bankto
purchases
the draft
of
the beneficiary
in
the
event
that the issuing
bank
from
the beneficiary,
it will
fails
to take
up the
documents.
If
provide
working
capital
to
the
negotiating
bank has
finance
the beneficiary
confirmed the credit, the payment
is final.
Import & Export Practices
5. Kinds of L/C
• Negotiation L/C with time draft
• Negotiation credits calling for a
usance draft will nominate the
bank authorized to effect
negotiation (unless the credit is
freely negotiable).
The beneficiary will present the
documents to this bank including a
usance draft on the party
nominated in the credit.
Import & Export Practices
5. Kinds of L/C
The negotiating bank may purchase
the draft and pay the beneficiary
the discounted proceeds (i.e., the
face amount less interest for the
usance period), with recourse to
him in the event that the issuing
bank fails to settle the documents.
On maturity of the draft it will
reimburse itself in accordance with
the reimbursement instructions
contained in the credit.
Import & Export Practices
5. Kinds of L/C
• Sight payment L/C with time draft
• A usance credit with a time draft
available by sight payment will
specifically nominate the bank
which is to pay without recourse
•And the buyer will purchase all
(meaning the payment is final) the
the documents at its maturity
stipulated sum immediately
against presentation to it of the
required documents and the
usance draft.
Import & Export Practices
5. Kinds of L/C
• Acceptance L/C:
• this kind of L/C is accepted by
the bank. When the beneficiary
•By
nominating
a bank
into
the
credit
presents
the time
draft
the
asbank,
the accepting
the issuing
the bank bank,
will accept
it and
bank
such
to
pay authorizes
the price on
the bank
due date.
accept the draft drawn under the
credit, and undertakes to
reimburse that bank at maturity.
Import & Export Practices
5. Kinds of L/C
The accepting bank may then
discount the draft itself and pay
the beneficiary the discounted
proceeds (i.e., the face amount less
On maturity of the draft the
interest for the usance period) in
accepting bank will claim
full settlement or alternatively the
reimbursement from the issuing
accepted draft may be returned to
bank.
the beneficiary who may then
arrange to discount it with another
bank at a more favorable rate.
Import & Export Practices
5. Kinds of L/C
• Deferred L/C
• A documentary credit available by
deferred
payment
will specifically
•In
such cases
the beneficiary
will
nominate
a payingto
bank
present
documents
the and
paying
indicate
a fixed
or determinable
bank
and such
bank
will settle at
date
on which
payment
is to be
the
stipulated
date.
The documents
effected.
will,
however, be passed by the
paying bank to the issuing bank
immediately.
Import & Export Practices
5. Kinds of L/C
• By nominating a bank in the
credit as the paying bank, the
issuing bank authorizes such
A draft would not normally be
bank to effect payment under the
called for.
credit at the fixed or
The seller has to wait for funds
determinable date indicated in
under a deferred payment credit
the credit and undertakes to
since discounting is not available;
reimburse that bank on the due
nevertheless, he can use the credit
date.
as collateral（担保品） to borrow.
Import & Export Practices
假 远 期 信 用 证 (Usance Credit payable a
sight)。
它是指受益人开立远期汇票，由付款行负责
贴现，并规定一切利息和费用由进口人负担。
这种信用证，表面上看是远期信用证。但从
上述条款规定来看，出口人却可即期收到十
足的货款。因此，这种信用证对出口人而言，
实际上仍属即期收款，但对进口人来说，则
待远期汇票到期时才付款给付款行。 （即
期全额得款）
Import & Export Practices
假远期信用证
Import & Export Practices
5. Kinds of L/C
• 5) According to whether
the L/C can be
transferred, it is classified
into 2 kinds:
• Transferable L/C:
• Non-transferable L/C:
Import & Export Practices
5. Kinds of L/C
• Transferable L/C
• A transferable credit is one that
can be transferred (only once) by
the original (first) beneficiary to
another (second) beneficiary. If
partial shipments are permitted,
different portions of such a credit
not exceeding the total amount of
the credit can be transferred to
different beneficiaries.
Import & Export Practices
5. Kinds of L/C
•It is normally used when the first
•For example,
an
beneficiary
doeswhen
not supply
some
is buying through
hisbut
orimporter
all the merchandise
himself,
the exporter,
the
is agent
only afrom
middleman
and thus
wishes
to transfer
part,
importer
can open
a or all, of
his
rights and obligations
transferable
L/C in favortoofthe
the
actual
as second
agentsuppliers
for transfer
to the
beneficiary(ies).
exporter.
Import & Export Practices
Procedures of transferring L/C
• @The advising bank informs the
exporter (first beneficiary) of the
transferable L/C.
@The first beneficiary instructs
with an application the advising
bank to transfer part or the whole
amount of the credit to the second
beneficiary.
Import & Export Practices
Procedures of transferring L/C
• @The bank then issued a new
advice of L/C to the second
beneficiary according to the
application. In this advice:
•> the name and address of the
first beneficiary may be
substituted for that of the
applicant for the credit;
Import & Export Practices
Procedures of transferring L/C
• > the amount of the credit and
any unit price may be reduced
and this would enable the first
beneficiary to allow for his profit;
• > the period of validity and the
period for shipment may be
shortened to five the first
beneficiary time for his
negotiation;
Import & Export Practices
Procedures of transferring L/C
• > other terms of the original
credit should remain unchanged.
• > the insurance amount of the
transferred credit ( if applicable )
may be increased to comply with
the amount required under the
original credit;
Import & Export Practices
Procedures of transferring L/C
• @The first beneficiary issues a
letter of assignment(分配) to the
second beneficiary for
negotiation.
•@The
first beneficiary
substitutes his own B/L, invoice
@The
second
and draft
of beneficiary
a bigger amount
negotiates
withthe
thedifference
bank according
and receives
as
tohis
theprofit.
transferred L/C from the
bank.
Import & Export Practices
开证行作为转让行转让自己开立的信用证
Import & Export Practices
a few points must be noted
• 1) According to UCP 500 Article
47-b, a credit can be transferable
only if it is expressly designated
as “transferable” by the issuing
UCP 600 remains the same as
bank.
UCP 500 with regard to the
• Terms such as “divisible”,
designation（名称） of
“fractionable”, “assignable”, and
transferable credit.
“transmissible” do not render the
credit transferable and shall be
disregarded if they used.
Import & Export Practices
a few points must be noted
• 2) The transferability of an L/C
does not mean it must be
transferred. When the L/C is
transferred, the first beneficiary is
still responsible for fulfilling the
contract between him and the
importer.
• 3) A transferable L/C can only be
advised and negotiated normally
through the advising bank.
Import & Export Practices
a few points must be noted
• 4) The advising bank can refuse to
process a transferable L/C. It will
not be responsible for any loss
•5) Importers must trust
even if it has agreed to process a
exporters because importers do
transferable L/C. The issuing bank
not know the ultimate suppliers
will be responsible for the loss.
or their ability to perform.
Substandard goods might be
shipped.
Import & Export Practices
a few points must be noted
• Transferable documentary credits
give more convenience to
international traders; however,
transferable L/Cs cannot be used
in the following situations.
Look at the text book P130
When a transferable L/C cannot
be used, a back-to-back L/C can
be considered.
Import & Export Practices
5. Kinds of L/C
• Back-to-back L/C
• Such a L/C is one that is opened
at the request of an exporter who
is the beneficiary of an exporter
L/C which is offered as the
security for the back-to-back L/C.
Import & Export Practices
5. Kinds of L/C
• The concept involved the issue of
a second credit applied by the
exporter in favor of his supplier.
As applicant for his second credit,
the exporter is responsible for
reimbursing the bank for
payment made under it,
regardless of whether or not he
himself is paid under the first
credit.
Import & Export Practices
背对背信用证操作流程
Import & Export Practices
对背信用证
• 对背信用证(Back to Back Credit)，是指受
益人要求原证的通知行或其它银行以原证为
基础，另开一张内容相似的新信用证。对背
信用证的受益人可以是国外的，也可以是国
内的。对背信用证的开证银行只能根据不可
撤销信用证来开立。
• 对背信用证的开立通常是中间商转售他货物，
从中图利，或两国不能直接办理进出口贸易
时，通过第三者以此种方法来沟通开展贸易。
（母证与子证）
Import & Export Practices
5. Kinds of L/C
• Revolving L/C
• A revolving L/C is one that is
issuing
a specific L/C,
amount
•In
usingfor
a revolving
the
which renews
itself
the same
exporter
will ship
thefor
goods,
amountdocuments
over a given
present
to period.
the bank
paid. used
Thenby
thean
credit
will
•and
It isget
usually
importer
become
available
in the
a regular
flow of again
merchandise
original
from to the
exporter
and
from a particular
foreign
supplier
another
shipment
be of
made.
when there
are a can
series
shipment at regular intervals.
Import & Export Practices
5. Kinds of L/C
• There are different ways of
revolving.
•First, the renewal can be
automatic: It means the credit
will be renewed without a further
examination of the opener’s credit
rating（信贷分类）.
Import & Export Practices
5. Kinds of L/C
•non-automatic revolving: The
beneficiary needs a confirmation
from the bank if the agrees to
renew the credit after its review
of the opener’s credit standing.
This is safe for the bank but less
convenient for all parties
concerned.
Import & Export Practices
5. Kinds of L/C
•Semi-automatic revolving: is
something in between. With this
arrangement, if the bank does not
notify the beneficiary that the
credit is not renewed, then the
credit becomes re-available.
Import & Export Practices
5. Kinds of L/C
•to allowed the beneficiary obtain
•an
Red
Clause L/C
advance
or pre-shipment
•
A red clause
one with
advances
fromL/C
the is
advising
ora
clause (originally
or printed
confirming
bank at typed
the
The
purpose
such
an L/C bank.
is to
in red
ink toof
draw
responsibility
of
thespecial
issuing
finance
the beneficiary’s
attention)
that authorizes the
purchase
rawto
material
to
advising of
bank
make clean
manufacture
goodspercentage
or to
advances of the
a certain
make
cash
payments
to the
the L/C to
or the
total
amount of
supplier.
the exporter,
Import & Export Practices
1、预支方式(包括向开证行预支和向议付
行预支）
2、 Red Clause L/C红条款L/C
3、 Green Clause L/C绿条款L/C
•开证行要求受益人必须将预支货款下的货
物，以开证行的名义存放在出口国海关仓
库，受益人凭“栈单”和以后补交单据的
声明书，预支部分货款。
Import & Export Practices
5. Kinds of L/C
• Standby L/C
•
A standby
L/C
is used
in relation
•For
example,
when
a standby
to
performances,
defaults,
L/C is intended to cover a nonperiodic（定期）
payments,
performance (default) situation,
credit,
and
other
it extension
stipulatesof
that
a sum
will
be
forms
of
legal
transactions.
paid to the beneficiary submits, a
signed statement (default claim)
setting forth that there has been
default.
Import & Export Practices
• Classified descriptively based on
their function in the underlying
transaction, the following are
common examples of Standby
Letters of Credit
• Look at your text book P133
Import & Export Practices
补充：对开信用证
• 对开信用证(Reciprocal Credit)，
• 是指两张信用证的开证申请人互以对方为受
益人而开立的信用证。
• 对开信用证的特点是第一张信用证的受益人
(出口人)和开证申请人(进口人)就是第二张
信用证的开证申请人和受益人，第一张信用
证的通知行通常就是第二张信用证的开证行。
两张信用证的金额相等或大体相等，两证可
同时互开，也可先后开立。对开信用证多用
于易货交易或来料加工和补偿贸易业务等。
Import & Export Practices
对开信用证操作流程图
Import & Export Practices
信用证的种类
跟单信用证
V.S.光票信用证
保兑信用证
V.S.不保兑信用证
可转让信用证
V.S.不可转让信用证
不可撤销信用证
V.S.可撤销信用证
即期信用证
V.S.远期信用证
对开信用证
循环信用证
对背信用证
付款信用证、承兑
信用证、议付信用证
预支信用证
备用信用证
Import & Export Practices
Disadvantages of L/C
•Despite the advantages of using a
document credit, there are some
disadvantages as well.
•The first disadvantage of using a
documentary credit is the high cost.
There are quite a number of
commission and fees that bank will
charge in L/C opening, advising，
etc., This has discouraged many
importers from using L/Cs.
Import & Export Practices
Disadvantages of L/C
•The second disadvantage is the
amount of time that has to be
spent in using L/Cs because
accuracy of documentation is a
must. Theoretically, any
discrepancy can cause payment
delay or even rejection although
banks usually will not reject
payment for documentary
discrepancies that will not
materially affect the transaction.
Import & Export Practices
Checklist for export L/C
•Exporters should examine letters
of credit carefully upon receipt and
make certain that all terms and
requirements have been agreed
upon in the sales contract.
Examining the following points
may help exporters avoid
misunderstandings and
discrepancies that can disrupt
trade transaction.
Import & Export Practices
Checklist for export L/C
* Which bank has committed to
pay? As the beneficiary, is the
exporter satisfied with the bank?
If not, he may wish to request the
importer to have the L/C
confirmed by a prime bank.
* Is the L/C irrevocable?
* Is the type of L/C the one as
required, e.g., transferable,
revolving or red clause, etc?
Import & Export Practices
Checklist for export L/C
* Are the exporter’s name and
address, as well as that of
importer, complete and spelled
cover the shipment?
* Does the letter of credit describe
the merchandise correctly?
* Are the terms of delivery
correct? Is the amount of the
credit sufficient to cover the
shipment?
Import & Export Practices
Checklist for export L/C
* Is there sufficient tolerance
allowed on the quantity to be
shipped and also on the amount to
be paid?
* Is shipment permitted from the
place the exporter intends to use?
Dose the port of destination agree
with the sales contract?
Import & Export Practices
Checklist for export L/C
* Do expiration and shipping dates
give sufficient time to effect
shipment and assure payment?
* Is partial
shipment/transshipment
permitted, if required?
* If the exporter or the importer is
chartering a vessel, does the L/C
allow charter party B/L?
Import & Export Practices
Checklist for export L/C
* If the exporter is shipping “on
deck”, does the L/C allow for “on
deck” shipment? Does the
insurance policy or certificate,
under CIF terms, cover “on deck”
shipment?
Import & Export Practices
Checklist for export L/C
* If the L/C stipulates shipment to
be effected on a named vessels of
a named steamship company, can
the exporter comply with this
requirement?
* Can the exporter obtain properly
executed documents to conform to
the L/C terms, e.g., shipping
documents, consular invoice,
export license, and other
documents?
Import & Export Practices
Checklist for export L/C
* Can the exporter comply with
insurance conditions required in
the L/C. and does the credit
request an insurance policy or
certificate?
Import & Export Practices
L/C的注意事项
• 1、注意开证时间，合同中应明确规定开证时间；
若未规定，买方应在合理时间内开立L/C。
• 案例分析：我某公司与欧洲某客户达成一笔圣诞
节应季礼品的出口交易。合同规定的交货期为
2003年12月1日前，但未对买方的开证时间予以规
定。卖方于2003年11月上旬开始向买方催开L/C，
经多次催证，买方于11月25日将L/C开抵我方。我
方于12月5日将货物装运完毕，当我方向银行提交
单据时遭到银行拒付。
• 问：（1）银行拒付有无道理？为什么？（2）此
案例中，我方有哪些失误？
Import & Export Practices
答案解析
• 1）银行的拒付是有理的。因为我方未能在
信用证规定的装运期内完成装运，银行当
然可以单证不符为由拒付货款。
• 2）我方的失误主要是：1、在合同中未对
买方的开证时间给予规定，以致买方未能
及时开立信用证；2、催证的时间较迟，以
致我方在收到信用证后，无法在规定的是
内完成装运。
Import & Export Practices
2、注意L/C中三个重要期限之间的关系
（1）L/C的有效期
《UCP600》第42条A款规定：“所有信用
证必须规定一个到期日和一个付款交单、承
兑交单的地点，或除了自由议付信用证外，
一个议付交单的地点，规定的付款、承兑或
议付的到期日将被解释为交单到期日。”
一般信用证有效期至规定的装运期后第
15天；未规定有效期的L/C无效。
Import & Export Practices
（2）L/C的装运期
•一般应明确规定装运期；若只有有效期
而无装运期，可理解为二者为同一天，
即“双到期”。
（3）L/C的交单期
•根据《UCP600》的规定：银行拒绝接受
迟于运输单据21天提交的单据，但无论
如何交单期不得晚于L/C的有效期。
Import & Export Practices
案例分析
• 国外开来L/C，证中规定最迟装运期为2001
年12月31日，议付有效期为2002年1月15日。
我方按证中规定的装运期完成装运，并取
得签发日为12月10日的提单，当我方备齐
议付单据于1月4日向银行议付时，遭银行
拒付。
• 问：银行拒付是否有道理？为什么？
Import & Export Practices
案例分析
• 某外贸公司出口货物一批，数量为1000公
吨，每公吨USD65CIF Hamburg, 国外卖方
开证行按时开来信用证，该证规定：总金
额不得超过USD65000，有效期为7月31日。
信用证内注明按《UCP600》办理。外贸公
司于7月4日将货物装船完毕，取得提单，
签发日期为7月4日。问：
• （1）外贸公司最迟应于何日将单据送交银
行议付？为什么？
• （2）本批货物最多和最少能交多少吨？为
什么？
Import & Export Practices
How to handle documentary
discrepancies
Despite the carefulness of
•*
Correct
the
discrepancies
and
exporters, the documents
resubmit
the
documents
and
presented to banks have
draft within the
validity
of the
discrepancies
that
may cause
L/C.
The
exporter
should
not
banks to reject payments. In such
until
the last day
await
case,
an exporter
can:to present
documents; otherwise, they may
not have the time at all to
correct the discrepancies
Import & Export Practices
How to handle documentary
discrepancies
•* Request the importer to waive
discrepancies if they do not
materially affect the shipment.
The importer can give the issuing
bank the authority to pay, accept,
or negotiate even if there are
discrepancies, but the importer
may request a price reduction or
other concessions from the
exporter.
Import & Export Practices
How to handle documentary
discrepancies
•* Provide a documentary
discrepancy
guarantee
if, unwilling
•The exporter
himself can
also
to
waitan
for
the waiver,
the is
issue
indemnity
if that
exporter
is confident
acceptable.
With suchthat the
importer
will accept
the
arrangements,
the paying
bank
discrepancy,
The exporter
can ask
pays under reserve.
discrepancy;
apayment
party that
is acceptable
toto
the
must
be refunded
the
paying
issue a guarantee
paying bank
bank to
if refusal.
in favor of the paying bank.
Import & Export Practices
How to handle documentary
discrepancies
•*Submit the documents on
collection basis. When the
exporter is unable to do the above,
he will not be able to get paid
under
Since the
the documentary
original draft credit.
is drawn
Then
canunder
use collection
in
on a he
bank
a documentary
which
importer
credit,the
a new
draft should
on the be the
drawee.
importer should be issued to
replace the original one.
Import & Export Practices
Letter of Credit
nature confirmed
Standby
Reciprocal
Anticipatory
Back-to-bake
Transferable
Revolving
Acceptance
Negotiation
Payment
Irrevocable
Revocable
Confirmed
Unconfirmed
Sight
Usance
Usance payable at sight
Import & Export Practices
Special
use
The way
Using
of payment purpose
Time of
payment
Graph
Kinds
Definition
信用证例样
27 /Sequence of Total
1/1
40A/+ Form of Documentary Credit
IRREVOCABLE
20 /+ Documentary Credit Number
0101LC08000187
31C/+ Date of Issue
080521
40E/Applicable Rules
UCP LATEST VERSION
31D/+ Date and Place of Expiry
080626NEW ZEALAND
Import & Export Practices
信用证例样
• 50 /+ Applicant
•
CHINA NATIONAL TOWNSHIP
ENTERPRISES
• CORPORATION 8/F JINGCHAO BUILDING
• NO.5 NONGZHAN NANLU CHAOYANG
• DISTRICT, BJ. 100026 CHINA
• 59 /+ Beneficiary
•
SEGARDMASUREL (NZ)LTD.
•
9TH FLOOR PSIS HOUSE 20-26
BALLANCE
•
STREET BOX 3473 WELLINGTON NEW
•
ZEALAND
Import & Export Practices
信用证例样
•
•
•
•
•
•
•
•
•
•
•
•
•
32B/+ Currency Code, Amount
USD157000,
39A/+ Percentage Credit Amount Tolerance
00/02
41D/+ Available With ... By ...
ANY BANK
BY NEGOTIATION
42C/+ Draft at ...
90 DAYS FROM B/L DATE FOR 100 PCT
OF INVOICE VALUE SHOWING THIS L/C
NO.AND DATE OF ISSUE
42A/+ Drawee
MSBCCNBJ001
Import & Export Practices
信用证例样
•
•
•
•
•
•
•
•
•
•
43P/+ Partial Shipments
NOT ALLOWED
43T/+ Transshipment
ALLOWED
44E/Port of loading
MAIN NEW ZEALAND PORTS
44F/Port of discharge
SHANGHAI, CHINA
44C/+ Latest Date of Shipment
080615
Import & Export Practices
信用证例样
• 45A/Description of Goods and/or Services
•
NAME OF COMMODITY: NEW ZEALAND
FLEECE GREASY WOOL
• T107/ 3-5 INCHES 4INCHES UP AVG, 34.5 MIC
MAX AVG35.0MIC MAX
• AOL, Y-Z 2.5 MAX,VM 0.5 PCT MAX AVG/VM
0.7 PCT MAX AOL
• QUANTITY:50,000.00KGS (-2 PCT ALLOWED)
• UNIT PRICE: ON IWTO SCOURED YIELD AT 16
PCT REGAIN USD3.14/KG
• TOTAL AMOUNT:USD:157,000.00 CIF
SHANGHAI CHINA
•
AS PER SAMPLE
APPROVED.
Import & Export Practices
信用证例样
• 46A/Documents Required
•
+SIGNED COMMERCIAL INVOICE IN 3
ORIGINALS AND 3 COPIES
• INDICATING THIS L/C NO. AND CONTRACT NO.
08CTEC028NZ
• +SIGNED PACKING LIST IN 3 ORIGINALS AND 3
COPIES INDICATING
• QUANTITY/GROSS AND NET WEIGHTS OF
EACH BALE
• +FULL SET(INCLUDED 3 ORIGINALS AND 3
COPIES) OF CLEAN ON BOARD
• OCEAN BILL(S) OF LADING MARKED' FREIGHT
PREPAID 'MADE OUT TO
• ORDER AND BLANK ENDORSED , NOTIFYING
APPLICANT
Import & Export Practices
信用证例样
• +FULL SET OF INSURANCE
POLICY/CERTIFICATE(INCLUDED 2 ORIGINALS
• AND 1 COPY) BLANK ENDORSED FOR AT
LEAST 110 PCT OF THE INVOICE
• VALUE, SHOWING CLAIMS PAYABLE AT
DESTINATION IN CURRENCY OF THE
• DRAFT, COVERING ALL RISKS AND WAR RISKS.
• +CERTIFICATE OF ORIGIN IN 1 ORIGINAL AND 2
COPIES ISSUED BY A
• CHAMBER OF COMMERCE IN NEW ZEALAND
Import & Export Practices
信用证例样
• +CERTIFICATE FOR WOOL AND WOOL
PRODUCTS EXPORTED FROM NEW
• ZEALAND ISSUED BY NEW ZEALAND
MINISTRY OF AGRICULTURE AND
• FORESTRY IN 1 ORIGINAL AND 2 COPIES
• +IWTO COMBINED CERTIFICATE OF
QUALITY IN 1 ORIGINAL AND 3
• COPIES ISSURED BY NEWTA OR BY SGS
NEW ZEALAND LTD
Import & Export Practices
信用证例样
• 47A/Additional Conditions
•
+BOTH QUANTITY AND AMOUNT 2 PCT
LESS ARE ALLOWED.
• +ALL OTHER TERMS AND CONDITIONS AS PER
CHINA-AUSTRALIA-NEW
• ZEALAND STANDARD WOOL CONTRACT 1999.
• +ONE ADDITIONAL COPY EACH OF A/M
DOCUMENTS MUST BE PRESENTED TO
• ISSUING BANK FOR FILE,FAILING
WHICH,USD50 WILL BE DEDUCTED
• FROM THE PROCEEDS.
• +A DISCREPANT DOCS FEE USD100 WILL BE
DEDUCTED FOR EACH DRAWING
• IF DOCS ARE PRESENTED WITH DISC.
Import & Export Practices
信用证例样
•
•
•
•
•
•
•
71B/Charges
+ALL BANKING CHARGES OUTSIDE THE
OPENING BANK INCLUDING
REIMBURSMENT CHGS ARE FOR
BENEFICIARY'S ACCOUNT.
48 /+ Period for Presentation
DOCUMENTS MUST BE PRESENTED
WITHIN
• 12 DAYS AFTER SHIPMENT DATE BUT
• WITHIN VALIDITY OF THIS CREDIT
Import & Export Practices
信用证例样
• 49 /+ Confirmation Instructions
•
WITHOUT
• 78 /Instructions to the
Paying/Accepting/Negotiating Bank
•
+UPON RECEIPT OF THE DOCUMENTS AND
THE DRAFTS IN COMPLIANCE
• WITH THE TERMS AND CONDITIONS OF THIS
CREDIT,THE REIMBURSEMENT
• WILL BE EFFECTED AS PER THE
NEGOTIATING BANK'S INSTRUCTION.
• +ALL DOCUMENTS MUST BE SENT TO
ISSUING BANK (ADD:516 ROOM, NO.2
Import & Export Practices
信用证例样
• FUXINGMENNEI ST, XICHENG DISTRICT,
BEIJING 100031 CHINA) IN
• ONE LOT BY COURIER SERVICE.
• +THE AMOUNT OF EACH DRAFT MUST BE
ENDORSED ON THE REVERSE OF
• THIS CREDIT.
• 72 /Sender to Receiver Information
•
/REC/THIS CREDIT IS SUBJECT TO
• U.C.P. 600(2007).
Import & Export Practices
《跟单信用证统一惯例》--有关信用
证的国际惯例
• 为了规范信用证业务的运作，国际商会在
1933年制定了《商业跟单信用证统一惯例》。
此后进行了多次修订，最新文本是2007年的
《跟单信用证统一惯例》（国际商会第600
号出版物，UCP600）。该惯例被世界各国银
行处理信用证业务所适用。
Import & Export Practices
• 1.兑付：据UCP600解释，“兑付”有三个含义：
对于即期付款信用证即期付款。
对于延期付款信用证发出延期付款承诺并到期
付款。
对于承兑信用证承兑由受益人出具的汇票并到
期付款。
• 2.议付：议付意指被指定银行在其应获得偿付
的银行日或在此之前，通过向受益人预付或者
同意向受益人预付款项的方式购买相符提示项
下的汇票及/或单据。
Import & Export Practices
综合性案例分析
• 宁波市某进出口公司对外推销某种货物，该
商品在新加坡市场的销售情况日趋看好，逐
渐成为抢手货。新加坡贸发公司来电订购大
批商品，但坚持用汇付方式支付。此时，在
宁波公司内部就货款支付方式问题产生不同
的意见，一些业务员认为汇付的风险较大，
不宜采用，主张使用信用证方式；但有些人
认为汇付方式可行；还有一部分业务员人认
为托收可行。试问，如果你是出口公司的业
务员，应如何选择恰当的支付方式? 并说明
理由。
Import & Export Practices
答案解析
• 在国际贸易中，汇付方式通常用于货到付款、赊
销、预付货款及随订单付现等业务。货到付款是
指出口商在没有收到货款以前，先交出单据或货
物，然后由进口商主动汇付货款的方法，因此，
除非进口商的信誉可靠，出口商一般不宜轻易采
用此种方式。而预付货款是指进口商先将货款汇
付给出口商，出口商收到货款后再发货的方法。
这对出口商较为有利，但其只意味着进口方预先
履行付款义务，并不等于货物的所有权是在付款
时转移，在CIF等装运港交货的条件下，出口方
在没有交出装运单据以前，货物的所有权仍归其
所有。
Import & Export Practices
• 由此可见，预付货款对出口方来说有预先
得到一笔资金的明显好处。在本案中，宁
波公司对外推销货物在新加坡市场的销售
情况日趋看好，逐渐成为抢手货，可坚持
使用汇付中的预付货款方法作为结算方式。
Import & Export Practices
Import & Export Practices
Definition of open account
• Open account is an arrangement
in with the credit is extended to
an individual firm, corporation or
other legal entity based on an
estimate of the general ability to
pay, as distinguished from the
credit that is extended and
supported buy a note, mortgage,
or other formal written evidence
of indebtedness.
Import & Export Practices
Procedure of using open account
• Open account is quite simple to
use. First, the seller dispatches
the goods. Then he sends the
buyer and waits for payment
form the buyer. When the goods
are dispatched, the title to the
goods transfers to the buyer
from the seller.
Import & Export Practices
Procedure of using open account
• Normally, the seller will stipulate
a time period in which payment
is to be made and even offer a
discount to encourage quick
payment.
Import & Export Practices
Procedure of using open account
• Advantages of using open
account
• Disadvantages of using open
account
• Prime considerations for a sale
on open account
• Text book pages141
Import & Export Practices
Payment in Installments & Deferred
Payment分期付款与延期付款
Payment in Installments分期付款：
Put into
Production
投产
10%
Commodity
Inspection
商检
Shipment
装船
10%
60%
Import & Export Practices
Cargo
Arrival到货
10%
Reinspection
验收
10%
Deferred Payment延期付款：
Put into
Production
投产
10%
Take
delivery
of
goods交
货
10%
Check &
Accept验
收
10%
Import & Export Practices
03.
8.
10%
…
04.8.
10%
Difference between payment by
installments and deferred payment
• The degree of settlement of payment货
款清偿程度不同
• The time of transformation of title所有
权转移时间不同
• The interest paid支付利息费用不同
Import & Export Practices
Combined use of different
method of payment
• Combined Use of Different Method of
Payment
• Combination of L/C and Collection
• Combination of L/C and Remittance
• Combination of Documentary
Collection and Down Payment
• Combination of Documentary
Collection and Standby L/C
Import & Export Practices
各种支付方式的结合使用
一、信用证与汇付相结合
这种方法是指部分货款用信用证支付，
余数用汇付方式结算。例如双方约定：信
用证规定凭装运单据先付发票金额的若干
成，余数待货到目的地后，根据检验的结
果，按实际品质或重量计算出确切的金额，
再用汇付方式支付。
Import & Export Practices
二、信用证与托收相结合
这是指部分货款用信用证支付，余数用托收
方式结算。一般做法是，信用证规定出口人
开立两张汇票，属于信用证部分的货款凭光
票付款，而全套单据附在托收部分汇票项下，
按即期或远期付款交单方式托收。但信用证
上必须订明“在发票金额全部付清后才可交
单”的条款，以策安全。
Import & Export Practices
三、汇付、托收、信用证三者相结合
在成套设备、大型机械产品和交通工具的
交易中，因为成交金额较大，产品生产周
期较长，一般采取按工程进度和交货进度
分若干期付清货款，即分期付款和延期付
款的方法，它们一般采用汇付、托收和信
用证相结合的方式。
Import & Export Practices
Import & Export Practices