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1、In international trade it is almost impossible to mach payment with physical delivery (实际交货) of the goods, which constitutes conflicting problems for trade, since the exporter prefers to get paid before releasing the goods and the importer prefers to gain control over the goods before paying the mon
2、ey. The letter of credit is an effective means to solve these problems. Its objective is to facilitate international payment by means of the credit-worthiness of the bank. This method of payment offers security to both the seller and the buyer. The former has the security to get paid provided (假如) h
3、e presents impeccable（没有缺陷 的）documents while the latter has the security to get the goods required through the documents he stipulates in the credit. This bilateral security is the unique and characteristic feature of the letter of credit. “Letter of credit” is often shortened as L/C or L.C. and is
4、sometimes referred to as “bankers commercial letter of credit”, “bankers credit”, “commercial credit” or simply “credit”. Modern credits were introduced 开始采用 in the second half of the 19th century and had substantial development after the First World War. The credit is a letter issued by a bank at t
5、he request of the importer in which the bank promises to pay upon presentation of the relevant documents. It is actually a conditional bank undertaking（承 诺） of payment. The operation of the letter of credit starts with the importer. He instructs his bank to issue an L/C in favor of the seller （以为收益人
6、） for the amount of the purchase. Here the importer is called the applicant（开证申请人）, or opener, principal etc., the bank that issues the credit is called the opening bank, the issuing bank or the establishing bank, (开证行) and the exporter in whose favor the credit is opened is called the beneficiary（受
7、 益人）. The opening bank sends the credit to its correspondent bank（往 来行）in the exporters country, who will, after examining（检查） the credit, advise （通知）the exporter of its receipt. Here the correspondent bank is called the advising bank（通知行）. The exporter or beneficiary will make a careful examination
8、（仔细检查）of all the contents of the credit and will request the opener to make amendments 修改 to any discrepancies （不一致）in the credit so as to ensure safe and timely payment. Sometimes the exporter may require a confirmed letter of credit (保兑信用证) either because the credit amount is too large, or because
9、 he does not fully trust the opening bank. The bank that adds its confirmation（保兑）to the credit is called the confirming bank which is undertaken（承担）either by the advising bank or another prime （big）bank. When everything with the credit is in order, the exporter will prepare the relevant documents b
10、ased on the credit and dispatch the goods to the importer. Then he will present the draft and the accompanying documents to the advising bank that pays or accepts (承兑) or negotiates（议付） the bill of exchange. The advising bank then also becomes the paying bank which acts as the agent of the opening b
11、ank and gets reimbursed（pay back） by the opening bank after paying the beneficiary. If a bank, either nominated （指定） by the opening bank or at its own choice, buys the exporters draft submitted to it under a credit, it is called a negotiating bank (议付行). The draft and the documents will then be sent
12、 to the opening bank for reimbursement（偿付）. Letters of credit are varied in form, length, language, and stipulations. Generally speaking, however, they include the following contents: 1. The number of the credit and the place and time of its establishment. 2. The type of the credit. 3. The contract
13、on which it is based. 4. The major parties relevant to the credit, such as the applicant, opening bank, beneficiary, advising bank. etc. 5. The amount or value of the credit. 6. The place and date on which the credit expires（失效）. 7. The description of the goods including name of commodity, quantity,
14、 specifications, packing, unit price, price terms, etc. 8. Transportation clause（条款） including the port of shipment, the port of destination, the time of shipment, whether allowing partial shipments or transshipment（转船） . 9. Stipulations relating to the draft. 10. Stipulations concerning the shippin
15、g documents required. 11. Certain special clauses if any. e.g. restrictions on the carrying vessel（承运船只） and the route. 12. Instructions to the negotiating bank. 13. The seal or signature of the opening bank. 14. Whether the credit follows “the uniform customs and practice for documentary credits”.
16、The letter of credit provides security to both the exporter and the importer. However, it only assures payment to the beneficiary provided the terms and conditions of the credit are fulfilled. It does not guarantee that the goods purchased will be those invoiced or shipped. It is stipulated in Article 4 of the uniform customs and practice for documentary credit th
