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1、备用信用证 ISP98,主讲人：陈 虹,备用信用证,Types and Uses of Standby LCDifference between Standby LC and Commercial LCISP98 ISP98 & UCP500 Compared,Types and Uses of Standby Letter of Credit,Types Performance StandbyAdvance Payment Standby Bid Bond/Tender Bond StandbyCounter StandbyFinancial StandbyInsurance Standby
2、Commercial StandbyDirect Pay Standby,May or may not be linked to default in performance or payment,Sample wording of SBLC,Performance Standby“ customer failed to ship in accordance with the contract”“ customer failed to complete construction” Financial Standby“ customer failed to pay note on due dat
3、e”“ represents payment of customer debt”“ represents funds we were required to pay in satisfaction of customer obligation”,Sample wording of SBLC,Commercial Standby“The amount of this drawing $ under bank L/C No. represents funds due us as attached invoice is 30 days past due.”copy of invoicecopy of
4、 transport document.,Sample wording of SBLC,Direct Pay Standby Standby intended to cover principal plus interest for extended period Standby issued for principal amount of obligation plus interest for one period This Standby will be the payment vehicle for periodic interest. (direct pay),The essenti
5、al function difference between a Commercial Credit and a Standby Letter of Credit,What articles of UCP500 will most likely not apply to Standby Credits? *Article 23 to 38 *Article 41 *Article 43,ISP98 & UCP500 Compared,Not be equitable in default situations,Thirty calendar days I/O one day is suffic
6、ient for third parties to be aware of resumption of business,Why is the rule in respect of closure on a business day in relation to ISP98 and Standby Credit important?,Can you understand the rule regarding inconsistency in documents in relation to ISP98 and Standby Credit? In what respects is this d
7、ifferent from UCP 500?,The distinction is best explained by examining the wording of a standby credit, that includes documents other than claim documents and certificates.,Standby amount : US$1 millionDemand : US$1 million Invoice enclosed shows US$2 millionAcceptable? Yes (Rule3.08)The documents ar
8、e consistent with the terms of the standby but not with each other. Is this acceptable? Yes (Rule4.03),Partial Shipments / Drawings,ISP98 - Art.3.08 Partial Drawing and Multiple Presentation; A presentation may be made for less than the full amount available (“partial drawing”) More than one present
9、ation (“multiple presentations”) may be made. The statement “partial drawings prohibited” means that a presentation must be for the full amount available. The statement “multiple drawings prohibited” means that only one presentation may be made and honored but that it may be for less than the full a
10、mount available. UCP500 Art40 Partial Shipments/Drawings Partial drawing s and/or shipments are allowed, unless the Credit stipulates otherwise.,Installment Shipments/Drawings,UCP500 Art.41 Installment Shipments/Drawings If drawings and/or shipments by installments within given periods are stipulate
11、d in the Credit and any installment is not drawn and/or shipped within the period allowed for that installment, the Credit ceases to be available for that and any subsequent installments, unless otherwise stipulated in the Credit. ISP98 Art.3.07 Separateness of Each Presentation or failing to make a
12、ny one of a number of scheduled or permitted presentations does not waive or otherwise prejudice the right to make another timely presentation or a timely re-presentation whether or not the standby prohibits partial or multiple drawings or presentations.,Obligation of Advising Bank,ISP98 Rule2.05 th
13、e advice accurately reflects what has been received. UCP500 None,In ISP 98 and Standby Credits how may a document reproduced from an original be deemed to be an original? A presented document is deemed to be an “original” unless it appears on its face to have been reproduced from an original. A docu
14、ment, which appears to have been reproduced from an original, is deemed to be an original if the signature or authentication appears to be original. “two copies”, “two-fold”, ISP98 Rule4.15 either originals or copies may be presented, UCP500 Art.20 one original and the remaining number in copies.,IS
15、P V. UCP Key Difference for Standbys,ISP98 Rule 2.02 identifies an issuers branch or other office as a separate “person”, while UCP500 Art.2 identifies an issuers branch in another country as a separate entity. ISP98 Rule 3.07 effectively eliminates the unwritten principle of “precedence”, by statin
16、g that the honour of a non-complying presentation does not waive the requirements of the standby for future presentations.,ISP V. UCP Key Difference for Standbys,ISP98 Rule 5.04 states that the issuer is not “preclude” by its failure to notify a presenter that a presentation is being dishonoured due
17、 to the presentation being made after the expiry date of a stand-by. There is no UCP500 article that covers the issue. Under ISP98 Rule 6.02, a standby may be transferred in its entirety, more than once and may not be partially transferred. Under UCP500 a credit may be partially transferred but may not be transferred in its entirety more than once.,
