国际货运代理人考试

Documentary Credit

(一)基本要求

了解：Basic Contents of an L/C and Basic Procedure of a

Documentary Letter of Credit

熟悉：Definition, Characteristics of Settlement by L/C

掌握：Parties to an L/C, Types of Letters of Credit

(二)考试内容：

1. Definition

A letter of credit is the written promise of a bank(银行书面保证文件) to act at the request and on the instructions of the applicant and to undertake payment to the beneficiary (承诺付款给受益人) in the amount specified in the credit, provided that the beneficiary complies with the terms and conditions of the credit.

2. Parties to an L/C

Applicant: the party which applies to the bank for opening L/C (buyer or importer)

Issuing bank : the bank that issues a L/C at the request of the applicant

Advising bank : the bank that advises the beneficiary of an L/C

Beneficiary: the party in whose favor an L/C is opened and which should comply with the terms and conditions of the credit in order to receive the proceeds (seller, exporter)

Negotiating bank: the bank that negotiates the beneficiary’s draft. It may be the advising bank or another bank authorized to negotiate the documents

3. Basic Contents of an L/C

4. Basic Procedure of a Documentary Letter of Credit

5. Characteristics of Settlement by L/C

The issuing bank has the primary liabilities for payment;

An L/C is a self-sufficient instrument(自足文件);

It is simply a document transaction.

The relevant parties deal with documents only, rather than with the goods or services(银行处理的是单据，而不是单据所涉及的货物、服务)。If the goods do not conform to the documents after the applicant pays the issuing bank, the applicant can only take this matter up with the defaulting parties. It has nothing to do with the bank. On the contrary, if the goods are in order, but the document are not correct, the issuing bank and the applicant have the right to refuse to pay the seller.

6. Types of Letters of Credit

Documentary credits ( shipping documents required)

Clean credits (光票信用证only drafts required)

Irrevocable documentary credits (cannot be cancelled)

Confirmed credits (confirmed by another bank)

Unconfirmed credits (非保兑not confirmed by another bank)

Sight credits (effect payment immediately)

Time credits(effect payment not immediately)

Other Credit：Payment (付款)credits, acceptance (承兑)credits, negotiation(议付) credits, anticipatory (预支)credit, revolving (循环)credits, transferable (可转让)credits, back-to-back credits, etc

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