国际结算chapter 5-Letter of Credit

*ChapterfiveLetterofcredit*Letterofcredit1.DefinitionTheletterofcreditisanundertakingissuedbyabankfortheaccountofthebuyer,topaythebeneficiarythevalueofthedraftand/ordocumentsprovidedthatthetermsandconditionsofthedocumentarycreditarecompliedwith.Insimple,itisaconditionalundertakingofpaymentbyabank.TheabbreviationofLetterofCreditisL/CorCredit(s).*LetterofcreditCreditmeansanyarrangement,howevernamedordescribed,thatisirrevocableandtherebyconstitutesadefiniteundertakingoftheissuingbanktohonoracomplyingpresentation.Honormeans:a.topayatsightifthecreditisavailablebysightpayment.b.toincuradeferredpaymentundertakingandpayatmaturityifthecreditisavailablebydeferredpayment.c.toacceptabillofexchange(“draft”)drawnbythebeneficiaryandpayatmaturityifthecreditisavailablebyacceptance.-------------Article2ofUCP600*Letterofcredit2.CharacteristicsofCredit（1）DefiniteUndertakingoftheIssuingBankQuestion:Ifabeneficiarypresentsallthedocumentscalledforbyaletterofcredittotheissuingbank,butafewdaysbefore,theapplicantwentbankrupt,willthebankpaythebeneficiary?*LetterofcreditTheissuingbankundertakestoeffectpaymentwhenevertheapplicantisbankruptorisindefaultornot,providedthedocumentsareincompliancewiththerequirementsoftheL/C.LetterofcreditCase5－1：我某公司出口一批钢材，以信用证方式结算。货物装运后，我某公司在有效期内向银行交单议付，议付行审单议付后向国外开证行寄单索偿。5天之后，议付行收到开证行的拒付通知，写明“thedocumentsarenotcompliedwiththesalecontract”。请问开证行的拒付理由成立吗？*Letterofcredit（2）L/CisindependentofthesalescontractAlthoughthecreditisissuedonthebasisofthecontract,banksareinnowayconcernedwithorboundbysuchcontract.Theissuingbankfollowsanapplicationnotthesalescontract.Sometimes,aL/Cmaybeaccompaniedbysalescontractandindicatesthatthecontractisanintegralpartofthecredit.Forexample,ifthequalityofthegoodsishardtodescribesimplyinacredit,thecreditcontainssuchclause:qualityasperpurchaseconfirmationNo.1234.*LetterofcreditHowever,accordingtoUCP600,anissuingbankshoulddiscourageanyattemptbytheapplicanttoinclude,asanintegralpartofthecredit,copiesoftheunderlyingcontract,proformainvoiceandthelike.LetterofcreditCase5－2：我国哈尔滨某公司与外商签订一份出口合同，以信用证方式结算。合同签订以后，外商通过开证银行开来信用证。信用证上表明装货港为“yourport”。我某公司按照要求安排货物发运之后备齐所有单据在有效期内向银行交单议付。但是被银行拒付，拒付理由为提单上显示装货港为大连港，与信用证不符。试银行的拒付理由是否成立？*Letterofcredit（3）Banksdealwithdocumentsandnotwithgoods,servicesand/orotherperformancestowhichthedocumentsmayrelate.*LetterofcreditBanksassumenoliabilityfortheform,sufficiency,accuracy,genuineness,falsificationorlegaleffectofanydocumentspresented.SotheirmainresponsibilityistoexamineeachdocumentwhetheritappearsonthefacetobecompliancewithL/C.Anditisunnecessaryforthemtoverifywhetherthegoodssuppliedactuallyconformwiththespecifiedinthecredit.* WhatadvantagesandsecuritiescaneachpartygetinL/C？ Sincethebankcredithastakenplaceofthecommercialcredit,doeseachpartyhasnorisksinL/C？*Letterofcredit3.Partiesinvolvedinadocumentarycredit（1）Applicant:thepartyonwhoserequestthecreditisissued开证申请人Theapplicantisboundbytwocontracts,i.e.salescontractbetweenthebuyerandtheseller,applicationbetweenthebuyerandtheissuer.Underthesalescontract,theapplicantassumestheliabilityfor:requestingthebanktoissueacredittimelypayingthemoneyiftheissuingbankwentbankruptorwasindefaultpayment*LetterofcreditUndertheapplication,theapplicant’sinstructionsmustbeclear,correctandprecisetheapplicantmusteitherhaveadequatefundsinhisaccountwiththeissuingbankorhavebeengrantedacreditlinesufficienttocovertheamounttheapplicantmustmakepaymenttotheissuingbanktimely*Letterofcredit（2）Issuing/openingbank开证行：whichissuesacreditattherequestofanapplicantTheissuingbankmust:issues/amendsthecreditinaccordancewiththeinstructionsoftheapplicantexamsthedocumentswithcautiousnessifapresentationiscomplyingwithinfivebankingdaysfollowingthedayofpresentationassumeprimaryliability*Letterofcredit（3）Advisingbank通知行:Correspondentbankorbranchoftheissuingbanktowhomthecreditisroutedfortransmissiontothebeneficiary.Ithastherighttoacceptorrefusetherequestofadvisingthecredit.Ifitdeterminestoadvisethecredit,itmustcheckthecredit.Ifitcannotsatisfyitselfastotheapparentauthenticityofthecredit,itmustinformthebeneficiarythatithasnotbeenabletosatisfyitselfastotheapparentauthenticityofthecredit.Ifitdeterminesnottoadvisethecredit,itmustsoinform,withoutdelay,thebankfromwhichthecredit*Letterofcredit（4）Beneficiary受益人Whenthebeneficiaryreceivesthecredit,hemustexamthecredittoinsurethattheclausesofthecreditarecomplyingwiththesalescontract,orelse,hehastherighttoaskthebuyertoamendthecredit.presentcorrectandcompletedocumentsintime.*Letterofcredit（5）Confirmingbank保兑行：usuallytheadvisingbank,whichaddsitsundertakingtothoseoftheissuingbankandassumesliabilityunderthecredit.Aconfirmingbankassumesthesameliabilityastheissuingbank.Ofcourse,itmayelectnottoconfirmthecredit,butitmustinformtheissuingbankwithoutdelayandmayadvisethecreditwithoutconfirmation.*Letterofcredit（6）Negotiatingbank议付行:abankthatpurchasesthedocumentsunderthecredit.Usually,ithastherightofrecourseifthereimbursementisrefusedbytheissuing/confirmingbankbecauseofthedocuments.（7）Payingbank付款行:abankwhoisauthorizedbytheissuingbanktopaythebeneficiary,withoutrecourse,accordingtothetermsandconditionsofthecredit.*Letterofcredit(8)Acceptingbank承兑行：thebankacceptingthedraftsunderthecredit.(9)reimbursingbank偿付行：thebankfromwhichthenominatedpayingbankoranynegotiatingbankthathasmadeapaymentunderthecreditmayobtainreimbursement.Usually,theclaimingbanksendsthedocumentstotheissuingbankdirectly,andthereimbursingbankdoesnotexamthedocuments.*ApplicantIssuingbankBeneficiaryConfirmingbankReimbursingbankAccepting/PayingbankNegotiatingbankAdvisingbank*Questions Whichbankhastherightofrecoursetobeneficiarywhentheissuingbankdishonorthedocumentarybill? Whichbankcannotbethedraweebankofthedraftundercredit? Oneday,anegotiatingbankpresentsdocumentstotheconfirmingbankforpayment.Theconfirmingbankstates:onlyaftertheissuingbankrefusetomakepayment,thenithastheliabilitytomakepaymenttothebeneficiary.Howdoyouthinkabouttheconfirmingbank’sstatement?QuestionsⅣ.日本某银行应当地客户的要求开立了一份不可撤销议付信用证，出口地为上海，议付行为上海某银行。信用证单证相符后，议付行可向日本某银行的纽约分行索偿。上海某银行议付了该笔单据，并在信用证有效期内将单据交开证行，同时向其纽约分行索偿。但是，第二天开证行来电提出单据有不符点，拒绝偿付。议付行经落实，确定本行失误，该不符点成立。问：1.开证行拒绝偿付是否有理？2.议付行该如何处理？*LetterofcreditQuestion1.Acompany(theseller)receivedanirrevocablecreditwhichwasadvisedandconfirmedbyBankB.Afterthegoodsshippedintime,AcompanypresentedallthedocumentstoBankBforpayment.BankBmadethepaymentandaskedforthereimbursementfromissuingbank.However,theissuingbankhadgonebankrupt,thenBankBexercisedtherightofrecourseagainstAcompanyandsaiditcanhelpAcompanytoaskforpaymentfromthebuyer.WhatshouldAcompanydo?*LetterofcreditQuestion2.Asanegotiatingbank,BankApurchasedallthedocuments,andobtainedreimbursementfromthereimbursingbank.However,theissuingbankfoundthattherehaddiscrepancieswhenitreceivedthedocuments.TheissuingbankrequestedthereimbursingbanktoaskforthereimbursementfromBankA.Istheissuingbank’srequestcorrect?Whatshoulddotheissuingbank?*Letterofcredit4.ContentsofL/C 1）typeofthecredit 2)creditnumber 3)dateandplaceofissue 4)dateandplaceofexpiry 5)applicant 6)beneficiary 7)advisingbank 8)amount 9)creditavailablewithnominatedbank 10)partialshipmentallowedornotallowed*Letterofcredit 11)transhipmentallowedornotallowed 12)insurancecoveredbybuyers 13)shipment 14)descriptionofgoods 15)documentsrequired 16)latestdateforpresentationofthedocuments 17)confirmationinstruction 18)banktobankinformation 19)pagesofthecredit 20)signatureoftheissuingbank*LetterofcreditExercise*Letterofcredit5.Typesofcredit(1)ConfirmedcreditVSUnconfirmedcreditAconfirmationofanirrevocablecreditbyanotherbank(theconfirmingbank)upontheauthorizationorrequestoftheissuingbank,constitutesadefiniteundertakingoftheconfirmingbank,inadditionoftheissuingbank.Ingeneral,theconfirmingbankistheadvisingbankandthereissuchclauseinthecreditfromtheissuingbanktotheadvisingbank:werequestyoutoadvisethebeneficiary:□withoutaddingyourconfirmation□addingyourconfirmation□addingyourconfirmationifrequestedbythebeneficiary*LetterofcreditTheconfirmingbank’sengagementclause:ThiscreditisconfirmedbyusWeherebyaddourconfirmationtothiscredit.comparingthetwokindsofadvisingbank’snotificationasfollows：Thiscreditbearsourconfirmationandweengagethatdocumentspresentedforpaymentinconformitywiththetermsofthiscreditwillbedulypaidonpresentation.Weherebyadvisethiscreditwithoutanyengagementonourpart.*LetterofcreditQuestion:Asfarasthebeneficiaryisconcerned,isaconfirmedcreditalwaysbetterthananunconfirmedcredit?*Letterofcredit(2)accordingtothemethodofpaymentCreditavailablewith□bysightpayment□bydeferredpaymentat□acceptanceofdraftsat□bynegotiationSightpaymentcredit即期付款信用证Deferredpaymentcredit延期付款信用证Acceptancecredit承兑信用证Negotiationcredit议付信用证*LetterofcreditSightpaymentcreditAbank(theissuingbank/theadvisingbank)isauthorizedtopayuponthepresentationofthedocumentseitherwithorwithoutasightdraft.Thepaymentisafinalpaymentwithoutanyrightofrecourse.*LetterofcreditDeferredpaymentcreditDeferredpaymentL/Cisacreditavailablebydeferredpaymentunderwhichpaymentmustbeeffectedonaspecifiedfuturedate.Nodraftisrequiredforthiscredit.Thebeneficiarycan’tobtainthepaymentprobablyiftheissuingbankgoesbankrupt.*LetterofcreditAcceptancecredit discounta)seller’susancecredit卖方远期信用证：discountchargesareforaccountofthebeneficiaryb)buyer’susancecredit买方远期信用证/Usancecreditpayableatsight假远期信用证:discountchargesandacceptancecommissionareforaccountoftheapplicantandthebeneficiarywillreceivepaymentatsight.*Letterofcreditclause:Availableforacceptanceofyourdraftsat90dayssightdrawnonus.DraweeBank’sdiscountorinterestchargesandacceptancecommissionareforapplicant’saccountandthereforethebeneficiaryistoreceivevaluefortermdraftsasifdrawnatsight.*LetterofcreditQuestion:Comparingbuyer’susancecreditwithsightpaymentcredit,whichonedoesthebeneficiaryprefer?*LetterofcreditCase5－3我某出口公司与新西兰商人成交一批出口货物。原合同规定买方开立不可撤销即期信用证，但对方开来的却是一张60天的远期信用证。不过在证中规定：“discountchargesforpaymentat60daysarebornebybuyersandpayableatmaturityinthescopeofthiscredit.”问此证是否为假远期信用证？我方可否接受？*LetterofcreditNegotiationcreditThenegotiationistobuythedraftfromthebeneficiaryortogivevaluefordocumentsbythebankauthorizedtonegotiate.Thenegotiatingbankbecomesaholderinduecourse,andithastherightofrecourseagainstthebeneficiaryoncedishonoredbytheissuingbank,andthisisthedifferencebetweenthenegotiatingbankandpayingbank.classification*LetterofcreditRestrictivenegotiablecredit限制议付信用证Public/Freenegotiablecredit自由议付信用证clause:ThisnegotiationunderthiscreditisrestrictedtoXXXBank.Weherebyengagewiththedrawers,endorsersandbona-fideholdersofthedraftdrawnunderandincompliancewiththetermsofthecreditthatsuchdraftsshallbedulyhonoredonduepresentationandpaidatmaturity.*Letterofcredit(3)Transferablecredit可转让信用证a)Atransferablecreditisacreditunderwhichthebeneficiary(thefirstbeneficiary)mayrequestthebankauthorizedtopay,incuradeferredpaymentundertaking,acceptornegotiate,orintheeventofafreelynegotiablecredit,thebankspeciallyauthorizedinthecreditasthetransferringbanktomakethecreditavailableinwholeorinparttooneormoreotherbeneficiary(ies)(secondbeneficiary)*LetterofcreditCase5－41996年4月5日，我国某进出口公司A公司与美国J公司签订买卖合同，由A公司从J公司进口小麦。但是，J公司只是中间商，手中无货，与A公司成交后，需再向实际供货人购货。所以，买卖双方在签订合同时就达成协议，A公司向银行申请开立可转让信用证。4月12日，A公司向某银行北京分行申请开立可转让的不可撤销信用证，信用证的有关如下：*Letterofcredit“To:TheABCBankLtd.,NewYorkFrom:BankofXX,BeijingBranchWeherebyissueourirrevocabletransferabledocumentarycreditNo.1123……Availablewithanybank,NewYorkbynegotiationofbeneficiary’sdraftinduplicatedrawnon‘BankofXX,BeijingBranch’at45dayssightfor100PCTinvoicevalueaccompaniedbythefollowingdocuments:AlldocumentsaretobeforwardedtoBankofXX,BeijingBranchinonelotbyexpressairmail.Weherebyundertakethatdraftsdrawnunderincompliancewiththetermsofcreditwillbedulyaccepteduponpresentationandwillbepaidatmaturity.……”*Letterofcredit4月13日，通知行向受益人通知信用证，并在通知书中指出：“Weadviseyouasfollows:weadviseaboveconveysnoengagementorobligationonourpart.”4月14日，受益人要求通知行转让此信用证，第二受益人为真正的供货商。4月15日，通知行向受益人发函拒绝转让该笔信用证。那么，受益人要求通知行转让信用证的做法合理吗？*LetterofcreditTransferringbankmeansanominatedbankthattransfersthecreditor,inacreditavailablewithanybank,abankthatisspecificallyauthorizedbytheissuingbanktotransferandthattransfersthecredit.Anissuingbankmaybeatransferringbank.--------Article38,TheUniformCustomsandPracticeforDocumentaryCredits,2007Revision,ICCPublicationno.600*Letterofcreditb)DetailsAtthetimeofopeningthecreditthebuyermustrequestthatitbemadetransferable.Thecredititself,asissued,mustbeclearlymarkedas“transferable”.Termssuchas“divisible”(可分割),“fractionally”（可分拆）,“assignable”（可过户）,or“transmissible”（可转移）donotmakethecredittransferable.Transferablecreditscanbetransferredonce.Asecondbeneficiarycannottransfertoathirdbeneficiary,butthesecondbeneficiarycantransfertothefirstbeneficiary.*LetterofcreditTransferablecreditscanbetransferredinwholeorinpart.Acreditmaybetransferredinparttomorethanonesecondbeneficiaryprovidedpartialdrawingsorshipmentsareallowed.*Letterofcreditc)Permittedchangestothecredit可以改动的信用证内容Thenameofthefirstbeneficiarymaybesubstitutedforthatoftheapplicantinthecredit.Unitpriceandthetotalamountofthecreditmaybereduced.Theexpirydate,thelatestshipmentdateorgivenperiodforshipment,andtheperiodforpresentationmayallbeshortened.Insurancecoveragemaybeincreasedinordertoprovidethepercentageamountofcoverstipulatedintheoriginalcredit.*Letterofcreditd)TransferwithsubstitutionofinvoiceThefirstbeneficiaryhastherighttosubstituteitsowninvoiceanddraft(ifany)forthoseofasecondbeneficiaryforanamountnotinexcessofthatstipulatedinthecredit,anduponsuchsubstitutionthefirstbeneficiarycandrawunderthecreditforthedifference,ifany,betweenitsinvoiceandtheinvoiceofasecondbeneficiary.Ifthefirstbeneficiaryistopresentitsowninvoiceanddraft(ifany),butfailstodosoonfirstdemand,oriftheinvoicespresentedbythefirst*Letterofcreditbeneficiarycreatediscrepanciesthatdidnotexistinthepresentationmadebythesecondbeneficiaryandthefirstbeneficiaryfailstocorrectthemonfirstdemand,thetransferringbankhastherighttopresentthedocumentsasreceivedfromthesecondbeneficiarytotheissuingbank,withoutfurtherresponsibilitytothefirstbeneficiary.*LetterofcreditCase5－51999年8月5日，某国开证行I银行开来即期可转让信用证一份。应第一受益人B公司要求，信用证全部转让给第二受益人C公司。第一受益人更换发票。除单价及总金额变动外，保险比例相应提高，以满足原证110％保额要求。9月15日，转让行T银行收到第二受益人交来的单据。经审核，单据符合转让信用证条款，转让行遂通知第一受益人换单。然而，第一受益人已经宣告破产。于是，该行将全套单据寄开证行索汇。*Letterofcredit9月25日，开证行电提不符点如下：1.INVOICENOTMADEOUTINTHENAMEOFTHEAPPLICANT.2.INVOICENOTSUPPLIEDBYTHEBENEFICIARYOFTHEL/C.3.PERCENTAGEOFINSURANCECOVERGREATERTHAN110%OFINVOICEVALUE.4.UNITPRICEDIFFERFROML/C.*Letterofcredite)AmendmentstoatransferablecreditAnyrequestfortransfermustindicateifandunderwhatconditionsamendmentsmaybeadvisedtothesecondbeneficiary.Thetransferredcreditmustclearlyindicatethoseconditions.Ifacreditistransferredtomorethanonesecondbeneficiary,rejectionofanamendmentbyoneormoresecondbeneficiarydoesnotinvalidatetheacceptancebyanyothersecondbeneficiary,withrespecttowhichthetransferredcreditwillbeamendedaccordingly.Foranysecondbeneficiarythatrejectedtheamendment,thetransferredcreditwillremainunamended.*Letterofcreditf)Workingflowoftransferablecredit可转让信用证的流程ASFOLLOWS*可转让信用证流程示范图解（1）TransferableDCcycle*可转让信用证流程示范图解（2）TransferableDCcycle*[Casestudy]CcompanyaskeditsbanktoissuealetterofcredittoBcompany.BcompanywantedtotransferittoAcompany.Theoriginalcreditcontainstwoitems:(1)FullsetofcleanB/Lmadeouttoorderwithblankendorsedandnotifyapplicant.(2)Thenameofapplicantmustbeappearedininspectioncertificateofthehealthastheconsignee.Question:Howtomakeamendmentsforthetwoitemsinthetransferredcredit?*Letterofcredit(4)Backtobackcredit（背对背信用证）Aback-to-backdocumentarycreditisanewdocumentarycreditopenedinfavorofanotherbeneficiaryonthebasisofanalreadyexisting,irrevocablecredit.procedureDifferencebetweenback-to-backcreditandtransferablecredit*专：可转让信用证中第二受益人的风险问题可转让信用证，一方面可使买方获得其需要的货物，另一方面也使供货人取得了收款的银行保证，同时第一受益人（一般为中间商）获得了利益。可转让信用证在国际贸易中的下列情况下，可适当使用（1）贸易需要中间商促成；（2）总公司对外成交，分公司履约；（3）政治因素阻碍直接贸易。*[案情简介]2007年1月30日中国银行上海分行(下称“中国银行”)寄出某可转让信用证下14票单据，金额共1223499美元。单寄新加坡某转让行，由新加坡的第一受益人换单后将单据转寄德国的原开证行要求付款。2月14日，中国银行收到新加坡银行转来的德国银行的拒付电。随即，中国银行向新加坡银行发出反拒付电报，新加坡银行在回电中声明已将中国银行电文内容转达德国开证行听候回复，同时声明作为转证行本身对单据的拒付和最终的付款与否不负责任。其后，中国银行通过新加坡银行再次发出反拒付的电文，要求开证行付款，*但从新加坡银行得到的回电却说正在与德国开证行联系，开证行坚持不符点成立，拒绝付款。鉴于通过新加坡银行无法解决问题，中国银行曾几次直接给德国开证行发电，催促付款。但德国开证行在回电中声明，其信用证是开给新加坡的转证行的，中国银行无权直接与开证行联系。最终，此业务通过部分退单，部分无单放货的方式解决。作为出口商的中国外贸公司（第二受益人）也丧失了信用证项下收款的保障。在上述情况下，中方作为第二受益人既无法与德国开证行交涉也无法从新加坡银行处取得货款，最终丧失了信用证下的收款权。这一案例反映出第二受益人在信用证交易中所处的不利境地。*案例评析一、第二受益人的地位首先，第二受益人不必然参与可转让信用证的流转过程，信用证是否转让出于第一受益人的实际需要。进口商(开证申请人)对第一受益人开出可转让信用证仅表明进口商允许第一受益人将信用证的部分或全部金额转让给第二受益人，而非必须。因此，第二受益人的地位是十分被动的，其享有的可转让信用证下的权利也是有限的。这是因为其提示单据、要求付款的权利可能因第一受益人保留的加入权而随时中止。其次，第二受益人和开证行之间缺乏直接的联系。开证行只与第一受益人发生直接的联系。依据UCP600，只有在下列情况下，开证行与第二受益人之间才产生联系：当第二受益人依据被转让的信用证，已向转让行作出交单提示，而第一受益人要提示自己的发票和汇票，但没有在第一次要求后照此办理；或第一受益人提示的发票中存在不符点，但该不符点在第二受益人的*提示中并不存在，且第一受益人没有在第一次要求时修改这些不符点，则转让银行有权向开证行提示其自第二受益人收到的单据，且不再对第一受益人负责。第三，转证行通常在确保收到开证行的付款之后才对第二受益人进行支付。转证行对第二受益人的付款并不是其必须的责任，这是因为转证行对第二受益人的支付不属于其常规的业务项目，只是在他同意第一受益人转让信用证的请求后才开办此项业务，同时也有权拒绝办理此项业务。*二、第二受益人的风险第一，货款得不到支付。这包括：第二受益人仅在有严格限制的条件下向开证行主张权利；转证行未向第二受益人做出付款的承诺；第一受益人对提示单据、要求付款的权利的保留使得第二受益人很难实现单证一致。第二，款货两空的危险。当第一受益人和开证申请人联手欺诈时，第一受益人(中间商)往往极易制造出各种单证不符的情况，与此同时开证申请人提出大幅降价，或提供较高折扣的要求，使得第二受益人蒙受巨大损失。*三、可转让信用证第二受益人可通过以下途径寻求保护1．现有法律保障首先，在特殊情况下，开证行和第二受益人之间的关系可以由合同予以调整。国际商会633号出版物中指出：信用证的转让类似于为第二受益人利益所开立的一份新的信用证；普遍的观点认为信用证的转让构成开证行对第二受益人新的和独立的承诺。这也为从合同的角度出发，解释开证行和第二受益人之间的关系提供了依据。其次，依UCP，对信用证修改必须征得受益人的同意。为了保护第二受益人的利益，国际商会在官方意见R485中指出：若修改信用证，在没有收到第二受益人的同意之前，第一受益人的同意不可执行。*2．防范第二受益人风险的建议在可转让信用证业务中，转证行仅承担在向第二受益人转让信用证时核实该信用证真实性的义务，并通常在信用证中加列“货物收妥后再付款”的条款，这对第二受益人收回货款极为不利。因此，第二受益人要确保出口权益，必须要求转证行在业务的处理过程中增加一定的责任予以平衡第二受益人的风险。可参考的做法有：第一，要求转证行在转让信用证时，向第二受益人出具保函，以保证第一受益人能够及时准确地换取第二受益人提交的单据，进而减少第一受益人不及时换单以及错误换单对第二受益人造成的影响。另外，要求转证行在转让信用证时，可对信用证加具保兑。当获得经转证行保兑的信用证时，由于保兑行的确定付款责任，第二受益人的出口权益可免除来自开证行、第一受益人、开证申请人等诸多因素的影响。*第二，第二受益人（实际供货人）可与中间商（第一受益人）协商开立对背信用证，以及订立合同设立利己的保护性条款等方式。总之，在可转让信用证实际运作中，对第二受益人的保护还是属于理论上的，第二受益人收款权利并不能受到信用证的充分的保护。因此，如何在第二受益人和银行之间的责任和风险中找好平衡点是解决问题的关键。目前，对于第二受益人的利益的最好的维护还是在于加强自身的保护，积极开拓国际市场，努力为自己争取到有利的交易地位。*Letterofcredit(5)Revolvingcredit循环信用证a)Therevolvingcreditcanrenewitselfafteritsamountisdrawn.b)clause:CreditamountUSD10,000,revolvingeverymonthforthefirsttimeinJan,forthelasttimeinMaymaximumamountpayableunderthiscreditUSD60,000(timebasis)AmountofcreditUS$10,000,revolving5timestomaximumUS＄60,000(amountbasis)*Letterofcreditc)TypesCumulativerevolvingcredit累计循环信用证Non-cumulativerevolvingcredit非累积循环信用证Automaticrevolving自动恢复循环e.g.theamountofcredit(US$10,000)shallberenewabletwiceautomaticallyafterthedateofpayment,thusmakinganaggregateamountofUS$30,000.Non-automaticrevolving非自动恢复循环*LetterofcreditSemi-automaticrevolving半自动恢复循环e.g.Shouldtheissuingbanknotadvisestoppingrenewalwithin7daysaftereachnegotiation,theunusedbalanceofthiscreditshallbeincreasedtotheoriginalamountonthe8thdayaftereachnegotiation*Letterofcredit（6）Reciprocalcredit(对开信用证）a)Areciprocalcreditisusuallyconcernedwithbartertransaction.b)Theapplicantoftheoriginalcreditisthebeneficiaryofthereciprocalcredit;thebeneficiaryoftheoriginalcreditistheapplicantofthereciprocalcredit.c)Case5－6【CaseStudy】我国A公司接到一份夹克衫的出口订单，由买方B公司提供原材料，A公司负责加工。B公司开立信用证用以购买夹克衫。A公司为了购买原材料向该市C银行申请开立以B公司为受益人的信用证。C银行要求以A公司的出口信用证为抵押开出了进口信用证，在信用证中规定：ThiscreditisnotavailableunlessanduntilthereciprocalcreditisestablishedbyXXbankinfavorofA,fortheamountof$200000coveringshipmentfrom**to**。5月30日，A公司收到B公司开来的信用证，有效期到7月15日。两证同时生效6月15日，B公司出口原材料，备齐信用证所要的单据，到C银行获取了款项7月10日，仍不见A公司来议付单据。结果发现A公司已经将单据寄给B公司，而后者提货后找了个理由拒付。【CaseStudy】中国内地A公司与澳门B公司签订补偿贸易进口合同，由A公司进口B公司的草莓汁全套生产设备，然后以这套生产设备从事草莓汁生产并将产品返销给B公司。经双方约定，以对开信用证的、方式结算。中国内地A公司请银行开出了远期信用证，金额200万美元，货物是全套草莓汁生产设备。受益人为澳门B公司。澳门B公司请银行开出产品返销的即期信用证，金额为210万美元，但在该证中未对返销产品的名称、单价、装运期等做出规定，必须等候信用证修改书再做确认。随后，澳门B公司要求中国内地A公司的银行承兑了远期信用证下汇票，A公司也取得全套设备。3个月后，A公司开始供货，但此时国际市场草莓汁价格开始下降，B公司拒绝修改信用证。*Letterofcredit（7）Redclause红条款信用证/Anticipatorycredit预支信用证a)Acreditwithaspecialclauseaddedtheretothatauthorizestheadvisingbankoranyothernominatedbankstomakeadvancestothebeneficiarybeforehissubmi