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letter of credit翻译
信用证（letter of credit）是指由买方的银行以买方的名义，向卖
方的银行发出的一种有关国际贸易的支付方式。
它的原则是：买方的银行
承诺支付给卖方指定金额的钱，只要卖方能够提供指定的货品或服务证明，并满足其他条款。
信用证的出现有助于加强买卖双方的信任，确保交易的
安全性。
信用证是保证国际贸易支付的重要手段。
买卖双方中，买方希望确认
购买的货物是否满足约定标准，也希望卖方能够按时到货；而卖方希望保
证货款的安全，也希望能够与买方建立更长久的合作关系。
信用证能够双
方都满足其所需。
一般地，一个信用证包含了四方的信息，即卖方和买方，以及卖方和
买方的银行。
在贸易过程中，卖方向买方发货的时候，卖方的银行必须先
获得买方银行的确认，买方的银行才会向卖方支付货款。
卖方银行开出的
信用证是对卖方的一种担保，如果买方的银行没有严格按照信用证的条款
支付，卖方的银行有权要求买方支付损失。
所以，信用证是保障国际贸易
交易安全及双方利益的重要保证措施。
1、correspondent bank 代理银行2、clean collection 光票托收3、commitment fee 承诺费4、letter of credit 信用证5、letter of guarantee 担保书、保函6、single factoring （保理）7、Financial documents 金融单据8、reimbursement of remittance cover 汇款的偿付9、Accommodating draft 融通汇票10、expiry date 到期日11、Certificate of origin 原产地证书12、bill of lading 海运提单13、Promissory note 本票14、insurance policy 保险单15、Commercial check 商业汇票16、Credit is available for acceptance of your drafts at 90 days sight drawn on us本信用证可以凭你方对我方开立的90天期汇票承兑17、Beneficiary's drafts is negotiable at sight by the negotiating bank .受益人的汇票可由议付行见票即付18、Usance draft to be negotiated at sight basis远期汇票将即期议付19、Although drafts are drawn at 90 days sight ,they will receive payment at sight upon presentation of document in full compliance with l/c terms90天期远期汇票如单证相符可以即期付款20、Drawings against this credit are authorized only up to 97% of this face amount of the invoice submitted该信用证汇票金额应为所提交发票面值的97%。
KEY OF INTERNATIONAL SETTLEMENTChapter 11.Put the following phrases into English2.Put the following sentences into English(1)国际结算涉及有形贸易和无形贸易，外国投资，从其他国家借贷资金，等等。
The international settlement involves tangible trades, intangible trades, foreign investments, funds borrowed from or lent to other countries and so on.(2)许多银行注重发展国际结算和贸易融资的业务。
Many banks have focused on their business of international settlement and trade finance.(3)大多数国际间的支付来自于世界贸易。
Most of the international payments originate from transactions in the world trade.(4)一般来说，国际结算的方式分为三类：汇款、托收和信用证。
Usually the international settlement is divided into three broad categories: remittance, collection and letter of credit.3. True or False1)International payments and settlements are financial activities conducted inthe domestic country. (F)2)Fund transfers are processed and settled through certain clearing systems.(T)3)Using the SWIFT network, banks can communicate with both customers andcolleagues in a structured, secure, and timely manner.(T)4)SWIFT can achieve same day transfer.(T)4.Multiple Choice1)SWIFT is __B__A.in the united statesB. a kind of communications belonging to TT system for interbank’s fundtransferC.an institution of the United NationsD. a governmental organization2)SWIFT is an organization based in __A___A.BrusselsB.New YorkC.LondonD.Hong Kong3) A facility in fund arrangement for buyers or sellers is referred to __A___A.trade financeB.sale contractC.letter of creditD.bill of exchange4)Fund transfers are processed and settled through __C___A.banksB.SWIFTC.clearing systemD.telecommunication systems5)__C__is the reason why international trade first began.A.Uneven distribution of resourcesB.Patterns of demandC.Economic benefitsparative advantages5. Answer the following questions1)Where are the medium of exchange originated from?Tracing back the history of international settlement, the medium of exchange originated from coins to notes.2)What will inevitably lead to under the international political, economic andcultural exchanges?The international political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.3)Why do banks focus on the development of the businesses of internationalsettlement?Banks focus more and more on the development of the businesses because it isa major resource of profits.4)What will banks do to meet the higher and higher demand of the internationalmarket?Banks need to develop innovative products and deliver the best services possible in whatever way they can.Chapter 21.Put the following phrases into English2.Put the following sentences into English(1)用于国际结算的货币是可兑换的货币。
国际结算中英版国际结算1.1 The Concept of International Trade国际贸易的观念International trade is the exchange of goods and services produced in one country for those produced in another country. In most cases countries do not trade the actual the goods and services. Rather they use the income or money from the sale of their products to buy the products of another country.1.2 Introduction to International Payments and SettlementsInternational payments and settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to clear relations of debts.国际⽀付与结算是指为清偿国际间的债权债务关系或跨国转移资⾦⽽发⽣在不同国家之间的货币收付活动。
1.2 categories(分类)(1)、According to the cause of international settlementInternational trade settlement(国际贸易结算)International trade settlement is created on the basis of sales of commodities.国际贸易结算是指有形贸易活动（即由商品的进出⼝）引起的货币收付活动.（主要形式）International non-trade settlement (国际⾮贸易结算)invisible trade⽆形交易financial transaction⾦融业务payment between governments政府间的款项others 其他业务(2)、According to whether cash is usedCash settlement(现⾦结算)International payments is effected by shipping precious metals taking the form of coins, bars or bullions to or from the trading countries.Non-cash settlement(⾮现⾦结算)International payment is settled by way of transferring funds through the accounts opened in these banks.Four major clearing systems in the world(四⼤清算系统)2.1 SWIFT(Society for Worldwide Interbank Financial Telecommunication)SWIFT is a service organization established to meet a number of specialized service needs relating to interbank financial communications through a dedicated data processing and telecommunication system.Membership 会员制Low expenses 低费⽤Security 安全性Standardised 标准化2.2 CHIPS(The Clearing House Interbank Payment System).纽约清算所同业⽀付系统2.3 CHAPS（Clearing House Automated Payment System）伦敦银⾏同业⾃动⽀付系统2.4 TATGET（Trans-European Automated Real-Time Gross-Settlement Express Transfer）泛欧实时全额⾃动清算系统3.1 Correspondent Bank代理银⾏Correspondent banking is an arrangement under which one bank (correspondent) holds deposits owned by other banks (respondents) and provides payment and other services to those respondent banks. Such arrangements may also be known as agency relationships in somedomestic contexts.是接受其他国家或地区的银⾏委托，代办国际结算业务或提供其他服务，并建⽴相互代理业务关系的银⾏。
Copyright by Fei Zhonglin School of Economics and Management, NJUT15. Letters of credit5.1-5.5 General introduction5.1 Definition 5.2 Procedures 5.3 Characteristics5.4 Parties’ liabilities and rights5.5 contents5.6 Examination of a documentary credit5.7 Types of credit5.8 Financing provided by banksCopyright by Fei Zhonglin School of Economics and Management, NJUT2About UCPThe formal maturation of the letter of credit was in the 1920’s;ICC Uniform Customs and Practice for Documentary Credit (UCP)Versions of 1933,1951,1962, 1974,1983 and 1993(UCP500);The latest version is UCP600ISBP subject to UCP 600 (ICC Publication No. 681)Copyright by Fei Zhonglin School of Economics and Management, NJUT 35.1 What is a letter of creditAccording to UCP600 Article 2:Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation .信用证指一项不可撤销的安排，无论其名称或描述如何，该项安排构成开证行对相符交单予以承付的确定承诺。
Copyright by Fei Zhonglin School of Economics and Management, NJUT 4“Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour...”In simple terms, a credit is a conditional bank undertaking of payment.In UCP600 Article 7 a.Copyright by Fei Zhonglin School of Economics and Management, NJUT5Irrevocable:“A credit is irrevocable even if there is no indication to that effect.”In 500, the Art 2 gave the meaning of credit and four types of L/C, and in Art 6 theirrevocable and revocable L/C were listed at the same time,The revocable L/C has been deleted and all L/Cs are irrevocable under UCP600.In UCP600 Article 3 InterpretationsCopyright by Fei Zhonglin School of Economics and Management, NJUT 6Undertakeing:to put oneself under obligation to perform; also to accept as a charge or responsibility该词在英美法中具有特定含义，专指行为人单方自行承担的一种义务，无须对价支持即具有可执行性，一般具有无因性、独立性，不受其可能基于的其他交易下的抗辩影响。
UCP600中译为“承诺”、“责任”、“承担……责任”Copyright by Fei Zhonglin School of Economics and Management, NJUT 7Issuing bank （开证行，opening bank) “means the bank that issues a credit at the request of an applicant or on its own behalf.”It is usually the bank located in the importer ’s place.In UCP600 Article 2 DefinitionCopyright by Fei Zhonglin School of Economics and Management, NJUT 8Honour （承付）means:a. to pay at sight if the credit is available by sight payment. （即期付款信用证）b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment. （延期付款信用证）c. to accept a bill of exchange (“draft ”) drawn by the beneficiary and pay at maturity if the credit is available by acceptance. （承兑信用证）In UCP600 Article 2 DefinitionCopyright by Fei Zhonglin School of Economics and Management, NJUT9Complying presentation （相符交单）means a presentation that is in accordancewith the terms and conditions of the credit, the applicable provisions of these rules,and international standard banking practice.Compared with UCP500: “…against stipulated document(s), provided that the terms andconditions of the credit are complied with ”（单证相符）In UCP600 Article 2 DefinitionCopyright by Fei Zhonglin School of Economics and Management, NJUT105.2 Parties to a letter of creditBasic partiesApplicantBeneficiaryIssuing bankApplicationSales ContractL/CCopyright by Fei Zhonglin School of Economics and Management, NJUT 115.3 Procedures of a documentary credit operationCopyright by Fei Zhonglin School of Economics and Management, NJUT 12Copyright by Fei Zhonglin School of Economics and Management, NJUT 135.4 Characteristics of a creditA written undertaking on the part of the issuing bankArt. 7 b.An issuing bank is irrevocablybound to honour as of the time it issues the credit.Art. 6 c. A credit must not be issued available by a draft drawn on the applicant.Bank creditCopyright by Fei Zhonglin School of Economics and Management, NJUT14Independent of the sales contractArt 4 a.A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit.The parties to a letter of credit are only bound by the terms and conditions of the credit itself.Copyright by Fei Zhonglin School of Economics and Management, NJUT 15Exclusively dealing with documentsArt 5 :Banks deal with documents and not with goods, services or performance to which the documents may relate.Under UCP500:The documents comply with the terms and conditions of the credit anddocuments are consistent with one another. （单单一致，单证相符）Copyright by Fei Zhonglin School of Economics and Management, NJUT 16Applicant （开证申请人）“means the party on whose request the credit is issued.”It isthe buyer under the sales contract account party (US)consignee （收货人）on the Bill of LadingIn UCP600 Article 2 DefinitionCopyright by Fei Zhonglin School of Economics and Management, NJUT 17Applicant ’s liability and rightsSubmit application for issuing a credit inaccordance with the stipulation of sales contract and pay a certain percentage of cash deposits;Make payment to the issuing bank if there ’s complying presentation;Examine the documents received from issuing bank and has the right to refuse payment if discrepancies （不符点）are found.Copyright by Fei Zhonglin School of Economics and Management, NJUT 18Beneficiary （受益人）“means the party in whose favour a credit is issued.”It isthe seller under the sales contractconsignor （发货人）on the Bill of LadingIn UCP600 Article 2 DefinitionCopyright by Fei Zhonglin School of Economics and Management, NJUT19Beneficiary ’s liabilities and rightsCarry out the contract and complete the export documents;Examine the L/C to see whether the terms and conditions on the credit comply with those in the sales contract;Obtain the payment if no discrepancy among above documents;Refuse the L/C and ask for amendment if there ’s any discrepancy.Copyright by Fei Zhonglin School of Economics and Management, NJUT20UCP600 Article 7 Issuing Bank undertakinga . Provided that the stipulated documents are presented to the nominated bank or to theissuing bank and that they constitute a complying presentation, the issuing bank must honour, if the credit is available by ……b. An issuing bank is irrevocably bound to honour as of the time it issues the credit.c. An issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the issuing bank ……Copyright by Fei Zhonglin School of Economics and Management, NJUT 21Open L/C according to the instruction of the application and get the deposits from the applicant;Refuse to pay if there ’s any discrepancy with the documents submitted.Issuing bank ’s liability and rightCopyright by Fei Zhonglin School of Economics and Management, NJUT 22In UCP600 Article 2 DefinitionNominated bank （指定银行）means the bank with which the credit is available or any bank in the case of a credit available with any bank.Copyright by Fei Zhonglin School of Economics and Management, NJUT 23In UCP600 Article 2 DefinitionNegotiation 议付means the purchase by the nominated bank of drafts (drawn on a bank other than thenominated bank ) and/or documents under a complying presentation , by advancing or agreeing to advance funds to the beneficiary on or before the banking day on whichreimbursement is due to the nominated bank.Copyright by Fei Zhonglin School of Economics and Management, NJUT 24Other partiesAdvising bank/ Transmitting bank 通知行/转递行 Confirming bank 保兑行Paying bank/ Accepting bank 付款行/承兑行Negotiating bank 议付行Copyright by Fei Zhonglin School of Economics and Management, NJUT25Advising bank/ Transmitting bankA bank in the seller ’s country that receives the credit from the issuing bank.To check the apparent authenticity of the credit; to inform or advise the seller (beneficiary) that the credit is available.“An advising bank …advises the credit and any amendment without any undertaking to honour or negotiate .”(Art. 9 a)Copyright by Fei Zhonglin School of Economics and Management, NJUT 26Usually selected by the issuing bank.An advising bank may utilize the services ofanother bank (“second advising bank ”), the latter has the same right with the former.Note that unless the credit specifies otherwise, the beneficiary is not required to present documents to or through the advising bank.Copyright by Fei Zhonglin School of Economics and Management, NJUT27Confirming bank (UCP600 Art.2)Confirming bank means the bank that adds its confirmation to a credit upon the issuing bank ’s authorization or request.Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation.a Confirming Bank acts the role of second Issuing Bank, therefore it should undertake the same responsibility as the Issuing Bank.Copyright by Fei Zhonglin School of Economics and Management, NJUT28The Paying Bank/Accepting BankThe bank nominated by the issuing bank, to which the beneficiary is directed to present documents for payment, acceptance, or a deferred payment.To claim reimbursement from the Issuing Bank after payment.Lose its right of recourse to the beneficiary after payment.The Paying Bank is the drawee bank of the draft drawn by the Beneficiary, and the payment of the drawee will discharge the draft.Copyright by Fei Zhonglin School of Economics and Management, NJUT 29The Negotiating BankDifference from the paying bank:Has the right of recourse to the beneficiary.Copyright by Fei Zhonglin School of Economics and Management, NJUT30Benefits for the exporterBank credit is better than trade credit.The payment commitment is made by a third party —a bank.Most banks, in most countries, are responsible and reliable, and generally believed to adhere to ethical business practices and to exercise prudence in their commercial dealings.The precondition for obtaining payment is to provide the correct documents to the issuing bank at the right place on time.Benefits for the importerThe Issuing Bank provides credit to him once issuing the credit.The ability to obtain a letter of credit expands the buyers purchasing power.Only creditworthy buyers can obtain an L/Cfrom the issuing bank.Cash deposits will be required for those whoare not creditworthy.Copyright by Fei Zhonglin School of Economics and Management, NJUT31。
