Unit 8 Terms of PaymentPPT精选文档

LearningObjectivesUnderstandthemainmodesofpaymentininternationaltrade;Negotiatetermsofpayment;WritealetteraskingforL/Camendments.Rememberthatcreditismoney.AnAmericanstatesmanBenjaminFranklinSpeakingTaskStartingUp1ListeningTask23ReadingTask5WritingTaskFollow-upPractice64543216Contents8.1StartingUp8.1.1Workinpairstoworkoutasmanyfactorsasyoucanthatneedtobeconsideredinnegotiatingpaymentsforexportsales.Forexample:theimporter’spastandpresentbusinessrelationshipwiththeexportertheimporter’spastpaymenthistoryandperceivedcreditworthinessM/TL/CT/TD/PD/AD/D8.1.2.Thetermsofpaymentareanimportantpartofthesalescontract.Whenconsideringpayment,weneedtounderstanddifferentmodesofpaymentusedininternationaltrade.Nowstorethewordsandphrasesthatareassociatedwithmodesofpaymentandthenexplainordescribetheseterms.??1)Whatarethedifferencesinpaymentbetweendomestictradeandforeigntrade?2)Whatarethemaincontradictionsthatexistbetweensellersandbuyersininternationalpayment?3)Whatarebothsellersandbuyersconcernedaboutinnegotiatingpayment?4)Whatarethecommonlyusedmethodsofpaymentininternationaltrade?Canyoutelltheadvantagesanddisadvantagesofeachforbothsellersandbuyers?8.1.3Discussthefollowingquestionsinpairsorsmallgroups.The_______ofpaymentareanimportantpartofthe____________．Fromthe_______pointofview,thebesttermswouldbefullpaymentin_______atthetimeofsale，whilethebuyerswouldprefertohavethegoodsbeforemaking__________．Importersandexportersareseparatedfromeachotherbythousandsofmiles．Thisaddstothedifficultiesofcomingto____________onhow_________shouldbemade．Theexportersandimportersusuallymeeteachother________andagreetopaymentby____________openedbya________bank．Aletterofcreditisa__________guaranteethatpaymentwillbemadeonpresentationofalltherequired___________________.Inthisway，thesellersorexportersreceivea_________notonlyfromthebuyersorimporters,butalsofrom__________thatpaymentwillbemadeon___________ofthegoods．Ontheotherhand,thebuyersorimportersaregiventhe___________thatthebankerwillnotmakepaymentunlessthe_________________arepresented．termssalescontractseller'scashpaymentanagreementpaymenthalfwayletterofcreditreliablebanker'sshippingdocumentsguaranteeabankerdeliveryguaranteeshippingdocumentsIntroductoryRemarksMainModesofPaymentinInternationalTradeI.RemittanceA.MailTransfer(M/T)B.TelegraphicTransfer(T/T)C.DemandDraft(D/D)II.CollectionA.CleanBillforCollectionB.DocumentaryBillforCollection1.DocumentagainstPayment(D/P)(1)D/Patsight(2)D/PaftersightD/PT/R2.DocumentagainstAcceptanceIII.LetterofCredit(L/C)BasicPaymentMethods:RiskSpectrumHighestRisktoExportersHighestRisktoImportersLeastRisktoImportersLeastRisktoExportersOpenAccountDocumentaryCollection—D/A—D/PDocumentaryCredit—TimeL/C/Unconfirmed—SightL/C/ConfirmedPaymentinAdvanceUnderstandingLettersofCreditDoyouknowthat50%ofL/Cdocumentspresentedtobanksarerejected?Thiscostsyoudearly,inextrabankcharges,yourwastedtimeandthecustomerdissatisfaction.KeyContentsWhatisaletterofcredit?LearnthedifferencesbetweendifferenttypesofL/Csandwhentousethem.DiscoverwhicharethemostusualtypesofL/C-Sight,DeferredPayment,Transferable,Standby.Afterthesalescontracthasbeenestablishedbetweentheexporterandimporter,agreeingtosettlethepaymentbyL/C,theapplicant(theimporter)appliestotheirbankforaletterofcreditinfavoroftheexporter(beneficiary)Theissuingbank(openingbank)issuesanL/Candforwardsittotheadvisingbankintheexporter’scountry.Theadvisingbankpassesthedocumentarycredittothebeneficiaryafterverifyingthegenuinenessofthecredit.OnreceivingtheL/C,theexporterchecksthetermsandconditionsofthecreditbasedonthesalescontract.Ifthereisadiscrepancy,thebeneficiarymayhavetheoptiontoacceptitasitstandsortoasktheapplicanttohaveitamendedsoastobeinlinewiththecontract.TheexporterpreparesthedocumentationasperthetermsandconditionsoftheL/C,andhavethegoodsshipped.Theexporterthenpresentsthedocumentstothenegotiatingbankforthenegotiationofthedraft.Afterreceivingthedocuments,thenegotiatingbankwillcheckthedocumentsagainstthetermsandconditionsoftheL/C.Ifallareinorder,theabovebankwilleffectpaymenttothebeneficiary.Thenegotiatingbankforwardsthedocumentstothepayingbankorthebankauthorizedbytheissuingbanktoaskforreimbursement.Thepayingbank,afterreceivingthedocumentsfromthenegotiatingbank,willexaminethemcarefullytoseewhetherthedocumentsareincompliancewiththetermsoftheL/C.IfthedocumentsconformtotheL/C,thepayingbankwillreimbursethenegotiatingbankwhichhaspaidthebeneficiary.Theissuingbankwillnotifytheimporterofthearrivalofthedocumentsandaskhimtopaythebankforthedocuments.TheimporterwillpaymoneytothebankandgetthedocumentswithwhichhecanclaimthemerchandiseDifferentTypesofLettersofCredit1.Accordingtotheattachingofdocuments1)Cleancredit2)Documentarycredit2.Accordingtotherevocabilityofcredit1)Revocablecredit2)Irrevocablecredit3.Accordingtothetransferabilityofcredit1)Transferablecredit2)Non-transferablecredit4.Accordingtotheaddingofconfirmation1)Confirmedcredit2)Unconfirmedcredit5.Accordingtothetimeofpayment1)Sightcredit2)Usanceortimecredit6.Accordingtothemethodofpayment1)Paymentcredit2)Deferredpaymentcredit3)Acceptancecredit4)Negotiationcredit7.Accordingtothecreditamounttobeusedrevolvingly1)Automatic2)Semi-automatic3)Non-automatic8.Othercredits1)Redclausecredit2)Backtobackcredit3)Reciprocalcredit4)StandbycreditIdentifythefollowinglettersofcredit1._____________isacreditavailablebydeferredpayment,underwhichpaymentmustbeeffectedonaspecifiedfuturedate.2._______________isonewithaclauseinsertedintothecreditauthorizingthenegotiatingbanktomakeanadvanceoftheamountunderthecredit,wholeorpart,tothebeneficiary.3._______________ThebeneficiaryisentitledtoaskthebanktotransferL/Crightspartiallyorwhollytoathirdparty.Thisisusedfordirectfinancingofsupplies,wherethesellingpartyisnotthedirectproducerbutisanintermediary.4.____________TheunderlyingL/CamountisrenewedduringthelifeoftheL/Caccordingtopre-definedtermsandconditions.Itisadvantageousforcontractswithrepeatedgoodsdeliveries.RevolvingL/CTransferableL/CCleanL/CSightL/CDeferredL/CIrrevocableL/CRedclauseL/CConfirmedL/CDeferredL/CRedClauseL/CTransferableL/CRevolvingL/C（循环信用证）（可转让信用证）（光票信用证）（即期信用证）（延期信用证）（不可撤销的信用证）（红条款信用证）（保兑信用证）5.________isacreditunderwhichpaymentwillbeeffectedonlyagainstadraftwithoutanyshippingdocumentsattachedtheretoorsometimes,againstadraftwithaninvoicealoneattachedthereto.6.___________isacreditthatconstitutesadefiniteundertakingoftheissuingbankandcanbeamendedorcancelledbytheissuingbankonlyonconditionthatallpartiesconcerned.7.____________isacreditthatisadvisedtothebeneficiarywithanotherbank’sconfirmationaddedthereto.8._________callsforthepresentationofsightdrafts,underwhichthebeneficiary(thedrawer)isentitledtoreceivepaymentatonceonpresentationofhisdrafttothedraweebankortotheissuingbankifdrawnontheissuing,oncetherelevantdocumentshavebeencheckedandfoundtobeinorder.CleanL/CIrrevocableL/CConfirmedL/CSightL/CAdvantages&DisadvantagesofaLetterofCreditAdvantagestotheExporterShiftscreditriskfromtheImportertotheImporter'sBank(IssuingBank).AnundertakingfromtheIssuingBankthatpaymentwillbemadeundertheLetterofCredit,providedthatyoumeetalltermsandconditionsoftheLetterofCredit.IftheLetterofCreditisnotissuedasagreed,youarenotobligatedtoshipagainstit.DisadvantagestotheExporterDocumentsmustbepreparedinstrictcompliancewiththerequirementsstipulatedintheLetterofCredit.Non-complianceleavesyouexposedtoriskofnon-paymentandremovestheprotectionaffordedbytheIssuingBanksincethefinaldecisiononthedocumentsthenrestswiththeImporter.AdvantagesandDisadvantagesofDocumentaryCollectionThemajoradvantageofa"cashagainstdocuments"paymentmethodfortheBuyeristhelowcost,versusopeningaLetterofCredit.TheadvantagefortheSelleristhathecanreceivefullpaymentpriortoreleasingcontrolofthedocuments,althoughthisisoffsetbytheriskthattheBuyerwill,forsomereason,rejectthedocuments(ortheywillnotbeinorder).Sincethecargowouldalreadybeloaded(togeneratethedocuments),theSellerhaslittlerecourseagainsttheBuyerincaseofnon-payment.ApaymentagainstdocumentsarrangementinvolvesahighleveloftrustbetweentheSellerandtheBuyerandshouldbeadoptedonlybypartieswellknowntoeachother.RisksinDocumentaryCollectionsFortheExporterIfitisasightdraft,theexporterwillreducetheriskofnon-paymentbutwillnoteliminateittotallysincetheimportermaynotbeinapositiontopayforthegoodsormaynotbeabletoprocuresufficientforeignexchangetomakethepayment.Inthiscasetheexportermaybeforcedtoeithercallbackthegoodsornegotiatesaletosomeotherinterestedparty,whichmaybeatareducedrate.Inthecaseoftermdraft,therisktotheexporterishighersincetheforeignbuyerwilltakepossessionofthegoodsandmaynotpayatduedate,forcingthereforetheexportertotryandcollectpaymentfromtheforeignbuyerintheforeignbuyer'shomecountry.FortheImporterTheimporterfacestheriskofpayingforgoodsofsub-standardqualityorevenwithshortages.Insuchacircumstance,itwouldtakesometimetogetrefundsfromtheexporter.Itcouldalsohappenthattheexporterrefusestomakerefunds,leadingtheimportertolengthylegalproceedings.WhentouseDocumentaryCollections?SinceDocumentaryCollectionstransactionsentailsomemeasureoftrust,itisadvisabletousethemechanismwhenthefollowingconditionsapply:WhentheexporterandimporterhaveawellestablishedrelationshipWhenthereislittleornothreatofatotallossresultingfromthebuyer'sinabilityorrefusaltopayWhentheforeignpoliticalandeconomicsituationisstableWhenaletterofcreditistooexpensiveornotallowedInthispartyouwilllistentoapassageandtwoconversationsabouttermsofpayment.Trytofinishtheexerciseswhilelistening.Areyouready?8.2ListeningTask8.2.1Listentotheconversationaboutthemodesofinternationalpaymentsandfillinthetreeaccordingtowhatyouhearinthedialogue.ModesofInternationalPaymentremittancecollectionLetterofcreditM/TT/TD/DD/AD/PSightL/CTimeL/CIrrevocableL/CRevolvingL/C8.2.2Listentotheconversationandcompletethefollowingtablewiththeinformationyouhear.CDBBD8.2.3Listentotheconversationaboutthetermsofpaymentandfillinthechartbelowwiththeinformationyougetfromtherecording.D/PorD/AConfirmed&irrevocableL/Chavingtopayamargin,bankchargesandtaxexpensesacceptL/CpaymentMayconsiderD/PaftermorebusinesstogetherThegoodsshouldbedeliveredonemonthbeforeChristmasseasonstartsTheL/Cshouldreachtheselleronemonthbeforeshipment1.WhatdoesMr.ChenHaido?2.WhatdoestheMalaysiancompanyintendtodo?3.WhatpaymenttermsdoestheMalaysiancompanyinsiston?4.WhydoesMr.Chengotothebank?5.CanthebankprovidetheserviceMr.Chenasksfor?6.HowmuchshouldMr.Chenpayfortheservice?7.WhatdoesMr.Chengetfromthebank?8.WhatinformationdoesMr.ChengetabouttheMalaysiancompany?04.12Listentoadialogueandanswerthefollowingquestions.补充听力1.HeisamanageroftheChinaNationalElectronicsImp.&Exp.Corp.SouthChinaBranch.2.ToimportalargeamountofSleepHelperfromChen’scompany.3.TimeL/C.4.TomakeaninvestigationofthefinancialpositionoftheMalaysianTradingCompany.5.Yes.6.RMB￥898intotal.RMB￥200inadvance.7.TheresultoftheinvestigationofthefinancialstandingoftheMalaysiancompany.8.TheMalaysiancompanyisanimporterandwholesalerofelectricalmachineryandequipment,havingabusinessbackgroundofsometwentyyears.Itisdoingwellatthepresent.ItisoneofthefastestgrowingwholesaledealersinBangkokhandlingmanytypesofelectricalproductsforlocalclients.IthascapitalaboutUSD750000atthispoint.Answers:1.Wemayacceptdeferredpaymentifthequantityisover3000.2.Sincewehavesettledthepriceandquantity,shallwediscussthequestionofpaymentterms.3.Paymentbyletterofcreditisourusualpractice.4.Weallowyouapaymenttermsof15days,butwishtodrawyourattentiontoourattractivediscountforimmediatepayment.5.WhenshouldweopentheL/CifwewantthegoodsdeliveredbeforeJune?6.Theirbalancesheetsofrecentyearswillshowyouthattheirimportbusinessinoilproductshasbeenmanagedandoperatedunderasatisfactorycondition.7.OpeninganL/Cmeansanadditionalcosttoourimports;8.TheL/CmustreachusnotlaterthanApril28andremainvalidfifteendaysafterthedateofshipment.9.Thegoodsarereadyforshipment.PleaseopentheL/Cimmediately.10.OurtermsofpaymentarebyirrevocableL/CpayablebysightdraftagainstpresentationofshippingdocumentsDictation:(14.57)补充听力Inthispartyouaregoingtoreadthreedialoguesandthenyouwillbeaskedtoanswersomequestionsaboutwhatyouhaveread.Pleasereadlouder!8.3SpeakingTask8.3.1Conversation1Havingsettledthepriceofthetransaction,Mr.GreenfromAmericaisdiscussingwithMr.Zhaoabouttermsofpayment.1）WhatisMr.Zhao’susualtermsofpaymentwithhiscustomers?Answer:2）WhatpaymenttermsdidMr.Greenpropose?Answer:3）DidMr.ZhaoagreetoacceptMr.Green’spaymentterms?Whatdidhesay?Answer:4）WhatwasMr.Green’sproposednumberofdaysaftersightortermdocumentarycredit?Answer:5）WhatwasMr.Green’sexplanation?Answer:6）WhatpaymenttermsdidMr.Zhaoacceptintheend?Answer:Confirmed,irrevocableletterofcreditagainstpresentationofsightdraft.D/Aagainstpresentationoftimedraftortermdocumentarycredit.No.Hesaidtheircapitalwouldbetiedupforseveralmonthsaftertheyeffectedshipment.90days.Becauseofthesizeofthisorder,theymightnotbeabletomakefullpaymenttilltheendofthefiscalyear.ThecurrenteconomicdownturnsintheU.S.andotherexistingfactorshaddrainedtheircashflowtothelimit.HemadeaconcessionbyacceptingD/Patsightforhalfthetotalpayment,anddeferredpaymentcreditat90daysfortheremainingbalance8.3.2Conversation2Havingsettledtheproblemsofprice,qualityandquantity,Mr.StoneandMr.Zhouarecontinuingtheirtalkaboutthetermsofpayment.1）WhatisthemodeofpaymentusuallyacceptedbyMr.Zhou?Answer:2）WhydoesMr.StonesaythatpayingbyL/Cisreallytroublesomeandcostsalot?Answer:3）WhydoesMr.ZhouinsistonpaymentbyconfirmedirrevocableL/C?Answer:4）HowdoesMr.ZhouusuallypayforimportsfromMr.Stone’scountry?Answer:5）WhatdoesMr.Stonemeanbysaying“Let’smeeteachotherhalfway”?Answer:6）Whatisthemodeofpaymentfinallyagreedbybothparties?Answer:Confirmed,irrevocableletterofcreditpayableagainstshippingdocuments.Whenopeningaletterofcreditwithabank,theyhavetopayalargesumofmoneyasadeposit.Thatwilltieuptheircapital.Becauseaconfirmed,irrevocableletterofcreditallowsexporterstheadditionalprotectionofthebanker’sguarantee.ThesamekindofletterofcreditasherequiresofMr.Stone.50%byL/CandthebalancebyD/PL/Cat60dayssight8.3.3Conversation3Aftertheyhavereachedanagreementonthetermsofpayment,Mr.WhiteandMr.ZhangaretalkingaboutwhenthecoveringL/Cshouldbeopened.1）WhendoesMr.ZhangthinkgenerallytheL/Cshouldbeopenedbythebuyer?Answer:2）WhydoesMr.WhitethinkitaddstohisfinancialdifficultiesiffollowingMr.Zhang’srequirementtoopentheL/C?Answer:3）WhatisMr.White’sproposalastowhentoopentheL/C?Answer:4）WhydoesMr.Zhangrefusetheaboveproposal?Answer:5）HowdotheyagreeonthevalidityoftheL/C?Answer:6）WhatdocumentswillbeprovidedbyMr.Zhang?Answer:Generally,30daysbeforedeliverysothatthesellercanmakethenecessaryarrangements.BecausetoopentheL/C30daysbeforethemonthofshipmentpracticallymeansMr.Whitecannotgetbackmydeposituntilafterthreeorfourmonths.That'lltieuphiscapitalinthebankfortoolongandhesimplycouldn'taffordit..ToopentheL/C15or20daysbeforethemonthofshipmentBecause15or20dayswon'tdo.Gettingthegoodsready,bookingtheshippingspaceandwhatnot,allthesetaketime.TheL/Cexpires15daysafterthe30-daydurationisdue.Acompletesetofbillsoflading,acommercialinvoice,anexportlicense,aninsurancepolicy,acertificateoforiginandcertificateofinspection.Inthispartyouaregoingtoreadapassageandthenyouwillbeaskedtoanswersomequestionsaboutwhatyouhaveread.8.4ReadingTaskPre-readingquestionsforpairwork1)Whichmethodofpaymentwouldyouchooseforinternationaltransactions?Why?2)Whatkindofservicescanabankeroffertoyouininternationaltransactions?Howdotheyhelpyou?3)Whatdoyouthinkarethemainrisksthatareinvolvedininternationaltradepaymentforbothanexporterandabanker?Answerthefollowingquestions1）Whyhasinternationaltradealwaysbeenconsidered“lowrisk”bybanks?Answer:2）Whatkindofrisksdoesabankfaceinfinancinginternationaltransactions?Answer:3）Toavoidfraud,whatshouldalendingbankertotheimporterconsider?Answer:4）WhatisoneofthegreatestservicesabankcandoforitsexporterinadvisingtheDCitreceivesfromanoverseasbank?Answer:5）Howdoesthisarticleenlightenyouasanimporter/exporter?Answer:Comparedwithotherformsofbanklending,financingtradetransactionsispopularbecausethesedealsareshortterm,selfliquidating,secured(bytheunderlyinggoods)andspeedilycompleted.Therearethreemainareasofrisk−microrisks,macrorisks,andproductrisks.BeforeundertakingtoestablishaDCforanimporter,thebankshouldconsiderthefinancialstandingoftheimporter,thegoodsandthestatusoftheexporter(orbeneficiaryoftheDC.CheckcarefullywhethertheDCisworkableandthattheexporterwillbeabletocomplywithitstermsandconditions.（Open）InthispartyouaregoingtolearnhowtocheckletterofcreditandwritelettersforL/Camendment.8.5WritingTaskAmendmenttoaLetterofCreditWhatmaycausethedelayinopeninganL/C?Thebuyerdoesn’thavesufficientdepositinitsissuingbanktoopentheL/C.ThebuyeristoobusytoarrangetheL/Cproceduresasapriority.Themarketsituationhaschanged.TheissuanceoftheL/Cisneglectedinthebuyer’scompanyowingtoproblemsincoordinationamongdifferentdepartmentsconcerned.Anymorereasons?Writealetter,faxoremailtourgetheestablishmentoftheL/C!WhatcanyoudothenifthebuyerfailstoopentherelativeL/Cintime?It’sausualpracticeininternationaltradethattheL/CistobereceivedbytheselleronemonthbeforethedateofshipmentsothatthesellerisabletomakepreparationsforproductionandshippingdocumentswithinthetimelimitstipulatedintheL/C.1.Thesellerrequestsamodificationoramendmentofquestionabletermsintheletterofcredit;2.Ifthebuyerandissuingbankagreetothechanges,theissuingbankwillchangetheletterofcredit;3.Thebuyer'sissuingbanknotifiestheseller'sadvisingbankoftheamendment;and4.Theseller'sadvisingbanknotifiestheselleroftheamendment.Forthesellertochangethetermsnotedonanirrevocableletterofcredit,itmustrequestanamendmentfromthebuyer.Theamendmentprocessisasfollows:CheckingtheL/CWhencheckingtheL/C,thesellerneedstofocusonthefollowingprovisions:Theshipmentdate;ThetimeofvalidityoftheL/C;Thequantityofthegoodsandamountofpayment;Theaddressofthebeneficiary;Thepriceterms,theloadingandunloadingport;Insuranceclause;Thepackingclause;Thedescriptionofthegoods.Thefollowingpointsshouldbementioned:CitetheL/Creferencenumberandorderinformation;Sayexplicitlytheword“amend”or“amendment”toshowyourpurposeofthisletter;Explainthereasonfortheamendment;Providetheothersidewithcorrectcontents;TelltheothersidetheexpecteddateordeadlineforreceivingtheL/Camendment.ThanktheothersideforcooperationandexpectthepromptamendmentoftheL/C.ForaletteraskingforL/Camendment,expressthankstotheothersidefortheopeningoftheL/C.ItisquitenecessarytogiveexplanationsfortherequestfortheL/Camendmentasitmaycosttheimporterasumofmoneyandsometrouble.SampleLetter1DearSirsThankyouverymuchforyourletterofthefirstMay,2011informingusoftheestablishmentofyourL/CNo.H-1022againstourS/CNo.ZF110103.TheL/Cinquestionhasjustcometohand.However,uponchecking,weregrettohavefoundthattherearecertainclauseswhichdonotconformtothoseofthecontract.Herebywelistthefollowingdiscrepanciesforyourattention1.TheamountofthecreditshouldbeUS$152000(SayUSDollarsonehundredandfifty-twothousandonly)insteadofUS$125000.2.TheB/Lshouldbemarked“freightprepaid”insteadof“freighttocollect”.3.ThecreditshouldexpireonJuly15,2011fornegotiationinChinainsteadofJune30,2011.Wehopeyouwillmakethenecessaryamendmentsasearlyaspossiblesoastofacilitateourshippingarrangement.Yourpromptattentiontotheabovewillbehighlyappreciated.Yoursfaithfully,SampleLetter2DearSirsThankyouforyourirrevocableL/CopenedthroughBankofChinafor10casesofbottledmedicine.AccordingtothestipulationsoftheL/C,thetotalquantityshouldbeshippednotlaterthanFebruary10.Althoughwehavebeenmakinggreateffortstobookshippingontime,muchtoourregret,weweretoldbytheshippingcompaniescontractedthattherewouldbenoshippingcontainerbeforeJanuary24.Therefore,weherebyrequestyoutohaveboththedateofshipmentandvalidityoftheL/CextendednotlaterthanFebruary15and30respectively.Sincethisisanurgentmatter,pleaseamendtheL/Cimmediately.Yourcompliancewithourrequestwillbehighlyappreciated.Yourstruly,WritingPracticeWritealetteraskingforamendmentstothefollowingL/Cbycheckingitwiththegivencontractterms.WritealetteraskingforamendmentstothefollowingL/Cbycheckingitwiththegivencontractterms.COMMERCIALBANKOFTHATTOWNDate:May15,2011To:ZhejiangFoodstuffsImport&ExportCorporation,Hangzhou,ChinaAdvisedthroughBankofChina,ZhejiangNo.BOC2011/5/15DOCUMENTARYLETTEROFCREDITIRREVOCABLEDearSirs:YouareauthorizedtodrawonHong