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1、Module 06: Types and Variations of Letters of CreditTopic: StartThis module provides an outline of different types and variations of Letters of Credit.This module will take approximately 60 minutes to complete.Original materials developed by Collyer Consulting LLPTopic: WelcomeWelcomeIn this module
2、you will learn about different types and variations of Letters of Credit.Oracle the owl will appear at different times to give you some important information.At different stages throughout this module, you will be presented with questions or tasks to confirm your understanding of the content.Enjoy!S
3、elect the Next button to continue.Oracle Owl Flash AssetHello. My name is Oracle.Welcome to Trade & Supply Chain Operations foundation course on Types and Variations of Letters of Credit.Topic: Learning OutcomesLearning OutcomesCompleting this module will enable you to perform your work in the Trade
4、 & Supply Chain Operations area in accordance with ANZ policies and procedures.The tasks that you will be able to complete are: Identify the features and requirements of conditions added to a standard structure of a Letter of Credit. Demonstrate the correct use of terminology with these conditions.
5、List the UCP 600 position regarding these conditions. Describe the risks involved if the correct practices and procedures are not applied to the different variations of Letters of Credit.Oracle Owl Flash AssetAfter each section, you will be asked questions to see how well you have understood the top
6、ic.Whilst these questions are compulsory, they are not scored and do not form part of the module assessment.TerminologyThe Letters of Credit process uses very specific terms and phrases. The below buttons provide explanations for some of this terminology.Applicant Usually a customer of an Issuing Ba
7、nk on whose behalf the Letter of Credit is issued. Usually the buyer of goods or services.Beneficiary The party in whose favour the Letter of Credit has been issued. Usually the Seller of goods or services.Issuing Bank The Bank which issues the Letter of Credit (Usually the Applicants Bank). Issuing
8、 Bank provides an irrevocable undertaking to pay the Beneficiary upon receipt of documents in compliance with the terms and conditions of the Letter of Credit.Nominated Bank A Bank authorised by the Issuing Bank to pay the Beneficiary upon receipt of complying documents. The Bank to whom the Benefic
9、iary is instructed to present documents. Usually a Bank in the Beneficiarys country. A Letter of Credit can specify one or more Nominated Banks. It is also common for Letter of Credit to state that any bank in the Beneficiarys country can act as a Nominated Bank.Topic: Credits With Advance Payment C
10、onditionsGreen Clause Credits绿色条款信用,预支信用证的一种。以绿色文字表示预支条款的信用证，与信用证红色条款相类似，但条款更严格。出口商有义务将预支后所采购的货物以开证行名义存入仓库，以后再办装船出口手续。因信用证中习惯将此条款打印成绿色文字因而得此名。绿色条款信用证的运用出口商须将预支资金所采购的契约货物，以银行的名义存放仓库，将仓库单据交付银行持有，以保证该预支金额依信用证规定使用，并受到控制以减少资金被挪用的风险。 在国际贸易的实务中，进口商同意采用绿色条款信用证时，进口商须向开证银行提供担保或抵押，而且一般来讲凡采用绿色条款信用证项下预支金额数量较大，故为
11、了明确其功能，必须在信用证中注明“绿色条款信用证”（Green Clause Credit)字样BackgroundA Green Clause Credit is a type of credit where the Beneficiary is allowed to draw a portion of the credit as an advance of warehousing the goods. A Green Clause is so named because the condition relating to this form of advance was historica
12、lly typed on a Credit in green ink. Today, a Packing Credit (in the form of a bank loan or advance) is the more common product name that is used and serves a similar purpose.Oracle Owl Flash AssetA Credit is also known as a Documentary Credit, a Documentary Letter of Credit, a Letter of Credit or a
13、L/C.These terms are often used interchangeably.When is it used?A Green Clause credit is often used when partial shipments are not allowed and/or where the goods are of a type that require manufacture or production over a period of time. The Beneficiary in such circumstances may require a Credit to a
14、llow for pre-shipment financing in order that they can complete and/or finance the required shipment.In these circumstances, a Green Clause condition can be used in the Credit.List of Glossary Terms on Pagepartial shipments The term partial shipment under a Letter of Credit means multiple shipments.
15、 When partial shipments are allowed, the Beneficiary may make multiple shipments, as long as the aggregate of all those shipments does not exceed the value and quantity of goods stated in the Letter of Credit.pre-shipment financingIn some instances the Seller/Producer of the goods may require a loan
16、 to manufacture, pack and store the goods. They may approach their bank to provide them such a loan. This type of financing by a bank is called pre-shipment finance.ConditionsA Credit that contains a clause authorising a Nominated Bank to make advances to the Beneficiary against a form of security, such as the storage o
