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KEY TO CHAPTER SIX

KEY TO CHAPTER SIX

KEY TO CHAPTER SIX

KEY TO CHAPTER SIX

III. Give the Chinese Equivalents to the Following English Terms and Match Their Definition Given.

Irrevocable letter of credit 不可撤销信用证confirmed L/C 保兑信用证Revocable letter of credit 可撤销信用证sight draft 即期汇票Commercial bill of exchange 商业汇票time draft 远期汇票Drawee 受票人(付款人)

1. Irrevocable letter of credit

2. Time draft

3. Drawee

4. Revocable letter of credit

5. sight draft

6. Confirmed L/C

7. Commercial bill of exchange IV .Translate the Following Sentences into Chinese.

1.由于银行提供了担保,信用证保护了买卖双方的利益,所以它是国际贸易中一种相对可靠而安全的支付方式。

2.凭保兑的、不可撤销的、可转让的、可分割的即期付款信用证,信用证以北京进出口有限公司为受益人并允许分批装运和转船。

3.信用证必须在30 天前开到卖方,信用证的有效期应为装船期后15 天,在装运口岸到期,否则卖方有权取消本销售合同,不另行通知,并保留因此而发生的一切损失的索赔权。

4.既然我们过去合作得很好,这次我们接受分期付款。请先电汇30%的定金,剩余的款项以托收方式支付。

V. Case Study.

1. [Answer]

The most important lesson we can learn is that, it is essential for the exporter to present documents in accordance with the stipulations of the relevant LC. In this case, finding the shipping marks illegible on the L/C, the export salesman in the ABC Company, instead of asking the buyer for clarification, decided the shipping marks himself. This constituted discrepancy between the documents and the L/C. Article 14 of the UCP600 clearly indicates, “When the Issuing Bank authorizes another bank to pay, incur a deferred payment undertaking, accept draft(s), or negotiate against documents which appear on their face to be in compliance with the terms and conditions of the Credit…” It is clear that the documents presented must be in conformity with the stipulations in the L/C.

2. [Answer]

It is necessary to refund the payment to the issuing bank .

According to UCP600, The opening bank’s payment is final. The opening bank could not refund the payment in case they have already accepted the document and made the reimbursement.

In our case, Issuing bank have already made the reimbursement to negotiating bank when negotiating bank presented a full set of documents.

Meanwhile, the applicant has already fetched the goods. That is to say the applicant accepts the goods by actions.

3. [Answer]

The exporter could get the payment because the negotiating bank was also the confirming bank and it had agreed to make payment. Confirming bank shall pay the L/C.

The exporter should ask the confirming bank to pay the L/C.

VI. L/C Checking.

L/C

To: Bank of China, Shanghai

We here y open our Irrevocable Documentary L/C No. A50-6781-338 in favor of China National Textiles Imp. & Exp. Corp. Guangzhou Branch, for account of Endo Trading Co., Ltd. Osaka Branch up to an aggregate amount of USD220 5000[USD220

500](Say Canadian[U.S.] dollars two hundred and twenty thousand five hundred only), Kobe/Asaka for 100% of the full invoice value covering the shipment of 500[5000] dozen of Men’s Cotton Y/A[Y/D]Short[Long]Sleeve Shirts, Fabric [Garments] Washed, as per Sales Contract No.90Ja1002[91JA1002] dated March 3, 2002, from China.

Port to Kobe/Tokyo[Osaka]

Drafts to be drawn at 45 days after[at sight] on ourselves accompanied by the following documents marked “X” below:

(X) Signed Commercial Invoice in triplicate.

(X) Full set of Clean On Board Bills of Lading made to order, blank endorsed, marked “Freight Prepaid” and notify the accountee.

(X) One original Marine Insurance policy of Certificate for 10%[110%] of the invoice value covering.

All Risks, War Risk and TPND[S.R.C.C.] with claims, if any, payable in Japan in the current of drafts 5% more or less in quantity and invoice value are allowed.

Partial shipments are permitted.

Transshipment is prohibited[Allowed].

Shipment must be made not later than 30[25] April,2002.

Drafts drawn under this credit must be presented for negotiation in China on or before 16 May, 2002.

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