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1、Letter of Credit (L/C),Contents,1 An Overview of L/C,2 Procedures of L/C,3 Types of credit,4 Key Issues under L/C,1.An Overview of L/C Among various ways of payment in international trade, L/C is the most commonly used means of payment, because it is reliable and safe.,1.1 Definition of L/C,A L/C is
2、 a written undertaking（书面承诺） by a issuing bank（开证银行）given to the seller/beneficiary（卖方/受益人）at the request ,and on the instruction,of the buyer/applicant（买方/申请人）to pay at sight or at a determinable future date up to a stated sum of money,within a prescribed time limit and against stipulated documents
3、（凭规定的单据）which were complied with the terms and conditions of the credit.,1.2 Contents of a L/C,1.Type of the credit（信用证类型） 2.Credit number（信用证号码） 3.Place and Date of issue（签发地点和日期） 4.Date and place of expiry（到期日期和地点） 5.Applicant（开证申请人） 6.Beneficiary（受益人） 7.Advising bank（通知行） 8.Amount of credit（信用证的金
4、额） 9.Nominated bank and credit availability （指定银行和可用信用证） 10.Partial shipment（分批装运）,1.2 Contents of a L/C,11.Transshipment（转运） 12.Insurance clause（保险条款） 13.Shipment address（装运地） 1420.Documents need to be presented （需要提交的文件） 21.The latest date for presentation of the documents（提交文件的最近日期） 22.Advising i
5、nstruction（建议） 23.Bank to bank instruction（银行对银行指令） 24.Number of pages（页数） 25.Signature（签名）,1.3 Parties involved in a L/C,Applicant or opener Issuing bank or opening bank（开证行） Advising bank Beneficiary Negotiating bank（议付行） Confirming bank（保兑行）,2.Procedures of L/C,Seller/Beneficiary,Advising bank/ D
6、esignated bank,Buyer/Applicant,Issuing bank,Shipping company,2.Procedures of L/C,Step 1: A buyer and a seller enter into a sales contract providing payment by a documentary credit. Step 2: The buyer instructs the issuing bank to issue a documentary credit in favor of the seller. Step 3: The issuing
7、bank opens a documentary credit according to the instructions of the applicant.,2.Procedures of L/C,Step 4: The issuing bank asks another bank, usually in the country of the seller, to advise and perhaps also to add its confirmation to the documentary credit. Step 5：The seller examines the documenta
8、ry credit, and requires an amendment of the credit if necessary. Step 6: The seller examines the documentary credit and prepares for the required documents.,2.Procedures of L/C,Step 7: The seller presents his documents to the advising bank for settlement. Step 8: The negotiating bank forwards docume
9、nts to the issuing bank, claiming reimbursement as agreed between the two banks. Step 9: The issuing bank examines the documents and reimburses the negotiating bank. Step10: The buyer redeems the documents and picks up the goods against the documents.,3.Types of credit,1. According to the attaching
10、of documents 1) Clean（光票）credit 2) Documentary（跟单）credit 2. According to the revocability（可撤销）of credit 1) Revocable credit 2) Irrevocable credit 3. According to the transferability（可转让）of credit 1) Transferable credit 2) Non-transferable credit 4. According to the adding of confirmation 1) Confirme
11、d（保兑）credit 2) Unconfirmed credit 5. According to the time of payment 1) Sight credit 2) Usance or time credit,3.Types of credit,6. According to the method of payment 1) Sight Payment（即期付款）credit 2) Deferred payment（延期付款）credit 3) Acceptance（承兑）credit 4) Negotiation（议付）credit 7. According to the cre
12、dit amount to be used revolvingly 1) Automatic（自动式循环） 2) Semi-automatic（半自动式循环） 3) Non-automatic（非自动式循环） 8. Other credits 1) Red clause（预支）credit 2) Back to back（背对背）credit 3) Reciprocal（对开）credit,4.Key Issues under L/C,4.1 Urging Establishment of L/C load,The structure of writing a letter urging es
13、tablishment of L/C:,1. Open the letter in a positive way. For example, in the first paragraph the seller usually informs the buyer that the goods are ready for dispatch or that the shipping space has already been booked. 2. Politely push the buyers to open the L/C without delay, either by referring
14、to the stipulations of the contract or by reminding the buyers of the seriousness of not opening the L/C in time. 3. Express expectations and ask the buyers to take immediate action.,Sample Letter,Dear Sirs: With regard to 150 metric tons of chemical fertilizers under S/C No.005,we have got the good
15、s ready for shipment on schedule as contracted. As the date of shipment is drawing near, we wonder whether you have opened the relevant L/C for the first 75 M/T for shipment during May/June. Please open the L/C as soon as possible so as to enable us to execute your order smoothly. In order to avoid
16、subsequent L/C amendment, please see to it that the L/C stipulations are in exact accordance with the contract terms. Your prompt reply will be appreciated. Yours faithfully,4.Key Issues under L/C,4.2 L/C Amendment & Extension load,The structure of writing a letter asking for L/C amendment or extension:,1. Acknowledge receipt of the L/C and thank the buyer for opening it. 2. Point out the problem politely and ask the buyer to make the amendment accordingl
