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第6章 开立、审核及修改信用证
教学重点:
审核信用证
修改信用证
Focus:
Examination of L/C
Amendments to L/C
教学难点:
审核信用证
Difficulties:
Examination of L/C
教学内容:
开立信用证
审核信用证
修改信用证
Contents:
Issuance of L/C
Examination of L/C
Amendments to L/C
Letter of Credit (L/C) is a principal payment method. It is much more complicated than Remittance and Collection. L/C is commonly used in large scale import and export business or the initial transaction between sellers and buyers to ensure performance of the contract and recovery of payments. Irrevocable documentary L/C is the most commonly used. Therefore, foreign trade salesman should particularly be familiar with and master its operation procedures.
A documentary letter of credit (L/C) is a commitment from the issuing bank to pay the seller as beneficiary, a specified amount provided certain terms and conditions of the letter of credit are met. All L/C’s are irrevocable, which means that once the L/C is established it cannot be revoked or changed without the consent of all parties.
In international business,
When the ability of importer to pay is uncertain,
In countries where there is a regulatory requirement,
When a seller needs an L/C to obtain bank financing,
They will choose L/C as the payment method. L/C is beneficial to both the exporter and the importer.
Advantages to Importer:
Provides reasonable assurance that proper shipment is made prior to payment.
May obtain lower price due to reduced credit risk for seller.
Advantages to Exporter:
Substitute bank’s credit for buyers.
Provides assured and prompt payment.
Protects against cancellation of underlying sales contract.
The L/C also distributes risk between the importer and the exporter. The exporter is assured of payment when the conditions of the L/C are met and the importer is assured that the conditions specified are documented and shipment of the goods has been made.
However, the L/C also has drawbacks. If discrepancies exist in the documents required by the L/C that cannot be corrected by
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