国际结算chapter 8 letter of credit practice

Chapter8.LetterofCreditpracticeImportcreditoperationExportcreditoperationCreditasaMeansofFinanceRiskProtection8.1ImportCreditOperation8.1.1DocumentarycreditapplicationWhentheimporterappliesfortheissueofadocumentarycredit,heisrequestinghisbanktomakeapromiseofpaymenttothesupplier.Itisintheimporter’sinteresttoformulatethetermsandconditionsofthecreditwithcare.8.1ImportCreditOperationRulestofollow:RefertodocumentsonlyBeclearandconciseDonotspecifyimpossibledocumentationElementsofCreditApplication8.1ImportCreditOperation8.1.2SecurityarrangementAsaprecautionarymeasure,securityforopeningacreditisusuallyrequiredfromtheapplicantbytheissuingbank.8.1ImportCreditOperation8.1.3IssuanceofthecreditReviewingthedocumentarycreditapplicationCompletionofthestandarddocumentaryissuanceformTransmittingthedocumentarycredit8.1ImportCreditOperation8.1.4AmendmentofthecreditProblemsthebeneficiarymayoftenfindProcedureforamendmentofthecreditThestandardamendmentform8.1ImportCreditOperation8.1.5ExaminationofdocumentaryanddishonorGeneralprincipleWhatevertheletterofcreditstipulatedmustbecarriedout.Generalchecklist8.1ImportCreditOperation8.1.6Accepting/Paying/ReimbursingReviewthedocumentsDiscrepantdocumentsandprocedurestobetakenbytheissuingbankReimbursementunderaletterofcredit8.2ExportCreditOperation8.2.1ReviewthecreditUponreceivingtheletterofcreditopenedbytheoverseascorrespondentbank,theadvisingbankshouldcheckthesignatureorthetestcodeofthecredittodeterminetheapparentauthenticityofthecreditandthenadvisethecredittothebeneficiary.Pointstobechecked:8.2ExportCreditOperation8.2.2Advising/ConfirmingAftertheseller’sbankhascheckthecreditandfounditisinorder,hemustadvisethebeneficiarywithoutdelay.Thecorrespondentbankmay,ontheinstructionsoftheissuingbank,additsownconfirmationtoanirrevocablecredit,therebycommittingitselftomakepaymenttothebeneficiaryifthetermsofcreditaremet.8.2ExportCreditOperation8.2.3ExaminationofdocumentsExaminingadraftExaminingthecommercialinvoiceExaminingthetransportdocumentsExaminingtheinsurancedocumentsMostcommondiscrepanciesinexaminationofdocuments8.2ExportCreditOperation8.2.5Accepting/Paying/NegotiatingNegotiationItmeansthegivingofvalueforthedraft(s)and/ordocument(s)bythebankauthorizedtonegotiate.PaymentAssoonasthebeneficiarysubmitsthecomplyingdocuments,theadvisingbankcaneffectthepaymenttothebeneficiaryandsendthedocumentstotheissuingbankornominatedreimbursingbankforreimbursement.Acceptance8.2ExportCreditOperation8.2.6ClaimClaimforreimbursementThecorrespondentbankforwardsthedocumentstotheissuingbankandrequestsreimbursement,eitherimmediatelyoratalaterdatedependingonthetermsofreimbursement.PaymentrefusedbytheissuingbankIftheissuingbankconsidersthatthedocumentspresentedappearontheirfacenottobeincompliancewiththetermsandconditionsofthecredit,itmustinformthebanksendingthedocumentsoftherefusalofpayment.8.3CreditasameansofFinance一、对出口商的融资1.信用证打包放款(PackingCredit)指出口银行以出口商提供的进口银行开来的信用证正本作抵押向其发放贷款的融资行为.8.3CreditasameansofFinance打包放款的特点:第一,放款时间.第二,放款的目的是向出口商提供周转资金.第三,放款的金额.第四,放款的期限.8.3CreditasameansofFinance应注意的问题:第一.风险承担问题,注意融资风险是由谁承担.第二.银行要加强对打包放款下的审查.8.3CreditasameansofFinance2.出口押汇(BillPurchased)指出口银行对出口商有追索权地规买货权单据地融资行为.这是银行在出口商发货后对其提供地短期融资.一般要求出具质押书.(LetterofHypothecation)8.3CreditasameansofFinance3.卖方远期信用证融资指开具承兑信用证后,通过银行承兑汇票在贴现市场贴现来融资.银行承兑(Bank’sacceptance)票据贴现(Discounting)8.3CreditasameansofFinance二、对进口商的融资1.开证授信额度指开证行对于在本行开户且资信良好的进口商在申请开立信用证时提供地免收开证保证金或不要办理抵押的最高资金限额.根据客户资信和业务不同,授信额度分为循环使用授信额度和一次性使用授信额度.8.3CreditasameansofFinance2.进口押汇(InwardBills)指信用证开证行在收到出口商或其银行寄来的单据后先行付款,待进口商得到单据、凭单据提货并销售后收回货款的融资活动.8.3CreditasameansofFinance进口押汇的步骤:第一,申请与审查;第二,签订进口押汇协议;第三,开证行对外付款;第四,凭信托收据向进口商交付单据;第五,进口商凭单提货及销售货物;第六,进口商归还货款及利息,换回信托收据.8.3CreditasameansofFinance3.买方远期信用证融资买方远期信用证即假远期信用证,指远期汇票付款按即期付款办理的信用证.真假远期信用证融资的不同:第一,贸易合同规定的付款期限不同.第二,贴现利息支付者不同.8.4RiskProtection一、信用证对进、出口方的影响第一,出口方收款风险较小,且融资方便.第二,进口方提货风险较大,要占用一定资金.8.4RiskProtection二、信用证下的欺诈及防范(一)信用证欺诈1.假信用证;2.伪造文件;3.在信用证中加列软条款.8.4RiskProtection例如,某国S行发给B行一份电传,声称其将委托美国一家银行C行开出一份与电传内容相同的信用证,金额为30万美元,几日后,B行果然收到C行的分行C1开来的信用证,内容与S行来电一致,该证内容齐全,但未加密押,声称以收到证实书为准.B行后收到证实书,但无法核对印签.后B行与C行总行联系查询,获悉C行未开出信用证,也无分行C1.8.4RiskProtection例如,某行开出一份不可撤销信用证,除规定单到开证行柜台付款外，还另加一条“此证下开立的汇票只准于在货款安排实现后进行支付。”8.4RiskProtection（二）信用证诈骗的防范措施1.了解客户的贸易背景＆经营范围。2.加强银行的系统管理＆内部控制。8.5国际结算方式比较与选择一、汇款、托收＆信用证的比较对出口商而言：(1)赊销汇款有钱货两空的风险.(2)托收有被拒绝接单及接单后延付的风险.(3)信用证有遭”软条款”欺诈的风险.8.5国际结算方式比较与选择对进口商而言:(1)预付汇款有钱货两空的风险.(2)托收有单货不符及收到伪劣货物的风险.(3)信用证有单据欺诈和以次充好的风险.8.5国际结算方式比较与选择二、三者选择时考虑的因素:第一,交易对手的资信情况.第二,货物的销路情况.第三,贸易条件的性质.第四,运输单据的性质.8.5国际结算方式比较与选择三、支付方式的综合使用.第一,汇款、托收与备用信用证的综合使用.第二,跟单托收与光票托收的综合使用.第三,跟单信用证与光票托收的综合使用.第四,跟单信用证与光票信用证的综合使用.