(2) Full set of clean on board ocean biills of lading made out to order blank endorsed marked “Freight Prepmd”.
(3) Insurance policy endorsed in blank for invoice value plus (6) (4) Packing last in quadruplicate.
All documents excluding invoice must be made in neutral name Evidencing shipment of(7)
Shipment from your port for transportation to Singapore not later than (8) Partial shipments not allowed Transhipment allowed
Documents to be presented (9) after the date of ship
ment, but within the validity of the credit.
We hereby agree with the drawers and bona fide holder of drafts drawn t, ndcr and in compliance with tile terms and conditions of the credit that such drafts will be duly honoured on due presentation if negotiated or pre- sented at this office on or before the expiry date. Special Instructions (12)
This Credit is subject to UCP500
Yours faithfully China State Bank Ltd.,
HongKong signature (s)
练习14
1 . The beneficiary of a credit wishes to use it as the means of payment to obtain funds to meet the proceeds required by tile actual supplier's goods. Which of the following documentary credits could the Issuing Bank issue to meet the beneficiary' s needs? (1) □ Transferable (2)□Back-to- Back (3) □ Standby (4) □ Revolving
2. There is a fundamental distinction between a Back-to-Back credit and a Transferable Credit which is as follows:
( 1 ) □The former original credit is in the name of original Irrevocable credit and the latter original credit is in the name of original Transferable Irrevocable Credit.
(2) □ In Back - to- Back credit operation, the original Irrevocable credit and the Back - to - Back credit are two wholly independent credits with wholly independent issuing bank undertakings.
The Transferred credit derives not only its existence from the original Transferable credit, but also its utilization.
3. Under a Back - to- Back credit, the original Irrewx\(1) □security. (2) □collateral.
(3) □ means of payment.
4. A beneficiary, in accordance with the provisions of the applicable law, has the right to assign any proceeds to which he may be entitled under his credit which is not stated to be transferable. It is called (1) □ transfer of funds.
(2) □ assignment of credit proceeds. (3) □ remittance of the proceeds.
5. The beneficiary must instruct the issuing/nominated bank to pay the reserve part of the credit proceeds to his own assignee/supplier. This request is worded in the form of an which should be authenticated by another bank.
6. The bank then adtviscs the assignee/supplier that it has received an irrevocable inslruetions to make the relevant payment to the assignee/supplier out of the credit proceeds. Such advice is in the form of . 7. 1) Issuing Bank: Mellon Bank, New York 2) Beneficiary: l)afeng Trading Co. , Tianjin
3) Supplier/Assignee: Bailee l)evelopment Co., 51 Fu- xing- men Street, Beijing. 4) Credil No. 349671 for USD24,000.00
5) Assignment of credit proceeds: 80% of the credit amount 19,200.00, its maturity date: 30 June, 200x 6) Authenticating Bank: (]hinaConstruction Bank, Tianjin. Please issue: A. Assignment of Proceeds Instruction
B. Acknowledgement of Assignment of Proceeds
7.A Assignment of Proceeds Instruction
To: 1) Dear Sirs,
Re Credit No. 5) issued by 1 ) in favour of 3) Please note that we have irrevocably assigned 6) Its. 6) in respect of above mentioned credit to the assignee, 4) therefore please acknowledge directly to the above assignee that you have taken notice of and agreed with our irrevocable and unconditional assignment and that payment on the maturity date will be effected directly to them.
Yours truly 3) signature
Name of Authenticating Bank 7) signature
7. B. Acknowledgement of Assignment of Proceeds
under L/C No. 5) to Assiunee
To: 4) Dear Sirs,
Re: L/C No. 5) from 6) in favour of 3) We have acknowledged receipt of an Assignment of Proceeds Instruction dated from3) instructing us to pay to you in accordance with the instructions set out therein provided that at the time of payment: 6) . a. Those instructions remain operative.
b. There is no legal impediment to such payments.
We also acknowledge that proceeds under the L/C will arise only following presentation by the beneficiary of conforming documents and proper drawing under the L/C.
We trust that the foregoing will be satisfactory for your purpose.
Yours truly
1) signature
补充：
A middleman wish to make payment of proceeds to the supplier by means of assignment of credit proceeds or transferable credit or back - to – back credit. Please state each of above three means of payment in its issuing credit or operation is:
①simplest ② simpler ③complicate A. assignment of credit proceeds （ ） B. transferable credit （ ） C. back - to- back credit （ ）
练习15
I. Which credit enables a beneficiary to obtain pre - shipment financing with impact on his facility'? (1) □Transferable credit (2) □ Red clause credit
(3) □ Irrevocable credit payable at sight (4)□ Confirmed Irrevocable credit
2. A credit amount under special terms contained therein may be renewed or reinstated without specific amendments to the credit being required, such credit is called : (1) □Transferable credit. (2) □ Back - to- Back credit.
(3) □Unconfirmed Irrevocable credit. (4) □Revolving credit.
3. A credit contains a special condition which authorise the confirming bank or any other nominated bank to make advances to the beneficiary before presentation of the doeuments, such credit is called: (1) □ Red Clause credit. (2) □ Revolving credit. (3) □ Transferable credit.
4. Where a credit includes a shipping schedule and an instalment is not shipped within the stipulated period, which of the following statements concerning the credit is correct? (1) □ It continues to be available for that instalment only.
(2) □ It continues to be available for that and other instalments. (3) □ It ceases to be available for that instalment only.
(4) □ It ceases to be available for that and other instalments.
5. A credit that will become available for presentation of shipping documents to the Issuing Bank only after it has received and approved a performance guarantee is usually described as (1) □ Standby. (2) □ Revocable. (3)□ Inoperative.
(4) □Advance payment.
6. The revolving process is that a monthly revolving for USD20, 000.00 per month and the full credit amount will be automatically renewed on the 1st day of each succeeding calendar month, the total revolving credit amount does not exceed USDI20,000.00 being the aggregate value of six months. The unused balance of each month is non - cumulative to the succeeding month.
(1)□The Revolving credit amount is USD120,000.00. (2)□The Revolving credit amount is USD20,000.00.
7. Having transferred the full shipment/expiry dates and presentation period and made the L/C available in the transferees country, the first beneficiary cannot now substitute documents after the L/C has expired or late presentation occurred.
(1) □ true (2) □ false
8. Please fill the blanks in the following question of instalment shipments to denote the similarities (3), 4), 7), 8)) and differences (1), 2), 5), 6)) between Example 1 and 2. Instalment shipments in Example 1
1st. 10,000 kgs latest on 30 April, 200× 2nd. 10,000 kgs latest on 31 May, 200×
3rd. 10,000 kgs latest on 30 June, 200×
1) The 2nd and 3rd shipments may be effected by the time of the shipment. 2) The 3rd shipment may be effected by the time of the shipment.
3)If the 1st shipment is not effected by 30 April, the credit would cease to be available for the and the and the shipments. 4) If the 1st shipment has been effected in time, and the 2nd shipment is not effected by 31 May, the credit would cease to be available for the shipment. Instalment shipment in Example 2
4th, 10,000 kgs between 1 April, 200 x to 30 April, 200 × 5th, 10,000 kgs between 1 May, 200x to 31 May, 200× 6th, 10,000 kgs between 1 June, 200 x to 30 June, 200 ×
5) The 5th and 6th shipments may be effected by the time of the 4th stdpment. 6) The 6th shipment may be effected by the time of the 5th shipment.
7) If the 4th shipment is not effected by 30 April, the credit would cease to be available tor the and the shipments.
8) If the 4th shipment has been effected in time and the 5th shipment is not effected by 31 May, the credit would cease to be available for the shipment.
9. This clean credit will be automatically extended for a further year, without written amendment, on the first day of January of every future year from the commencement date, so that it is always valid for a minimum period of four years unless, at least thirty days prior to the 31 st day of December of the first year of the current validity period, notice is given in writing, sent by registered mail, that this clean credit will not be extended beyond the current expiry date. Such credits are commonly called: (1) □ Evergreen credits. (2) □ Revolving credits. (3) □Transferable credits.
10. Pleam fill the tbllowing particulars in a credit form to issue a Red Clause credit. (1) issuing date: 6 June, 200× (2) Credit No. 256734
(3) Credit amount: AUD64,000.00 (say Australian dollars?) (4) expiry date: 31 July, 200×
(5) available with the advising bank by negotiation (6) shipment date: 16July, 200× (7) special condition
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amount of the Credit in advance to the beneficiary against the following presentations: i. a receipt for the advance duly signed by the beneficiary;
it. an undertaking from the beneficiary to utilize the funds to purchase and pack the goods;
iii. the undertaking of the beneficiary to present full set of documents as stipulated in the Credit to the Negotiating bank within the expiry of the credit.
After the advance payment ilas been made to the beneficiary, the Negotiating Bank may claim reimbursement to be supported by the receipt and undertaking on the Issuing Bank wi,ich will reimburse tile negotiating bank immediately.
Upon negotiation of documents presented by tile beneficiary, the advance payment for 60% of the credit amount will be deducted from the whole negotiating amount for beneficiary's refundment. The remaining