IBT 4A 国际商法第4章.pptVIP

Part D: Form 13: The draft is the final important document in the letter of credit transaction. Note that the letter of credit is in and of itself not the actual payment vehicle. It is exactly what it says it is and merely creates a “credit” with the issuing bank in favor of the beneficiary. The draft is a legal device by which the beneficiary “draws” on the credit. Part E: Seller Obtains Payment; Buyer Obtains the Goods Drafts: There are 2 types of drafts: Time drafts, payable after a certain fixed amount of time has passed, and Sight or Demand drafts, payable on sight or on demand immediatel