IBT-4A-国际商法第4章.ppt

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 immediately. One final point I wish to emphasize here is that a letter of credit transaction always means the seller will get paid before the buyer gets access to (and thus will have an opportunity to inspect) the goods. The requirement of a negotiable bill of lading was designed to create some balance Part E An independent 3rd party, the carrier, issues the bill of lading after the verifying the seller has actually delivered the described goods. If negotiable, the bill of lading then legally controls access to the goods. IN addition the banks will not pay under the letter of credit until the seller presents such a negotiable bill of lading covering the goods required by the contract. Part E: Finally, the buyer can only get possession of the bill, and thus of the goods themselves, by reimbursing the issuing bank (absent a preexisting financial agreement). Lets take a look at how this all shakes out in a more visual context: Stage 1: Buyer and Seller Form a Sales ContractRequiring Payment via Confirmed Letter of Credit Request for Pro Forma Invoice (1)(a) Pro Forma Invoice (1)(b) Purchase Order (1)(c) Order Acknowledgement (1)(b) Standard Alternative 1: Standard Alternative 2: BUYER SELLER BUYER SELLER Purchase Order (1)(a) Typical Contract Formation Process Stage 2: (If Required by Contract) Buyer Arranges for Its Bank to “Issue” a L/C That is “Confirmed” by a Bank in Seller’s Ar