Payment method: (10) negotiation
Negotiating Bank: (11) any bank in China Shipment date: (12) 12 June, 200x Undertaking clause
(13) We hereby engage with drawers and/or bona fide holders that draft(s) drawn and negotiated in conformity with the terms and conditions of the credit will be duly honoured on presentation. Bank - to- Bank instructions:
(14) The negotiating hank is aulhorised to claim reimbursement on the Tokai Bank, New York by telex. All draft (s) and documents must be sent to us by airmail. 21.2 credit form
Freely Negotiable Credit
Name of Issuing Bank Place and date of issue ① ②
To: ③ Advised through ④ Dear Sirs,
At the request and on the instrt,clions of ⑤ we herehy ssuc an Irrevocable Documentary Credit No. ⑥
11 against for ⑦ (say ⑦ ) to expire on or before ⑧ in ⑨ availahlc by ⑩ with ○□hcneficiary's draft (s) al - - - sight drawn on us and □the documenls detailed herein marked with \ □ Commercial invoice in triplicate
□Full set 2/2 original clean on hoard marine hills of ladi blank endorsed marked freight prepaid notifying applicant. □Packing list in triplicate
□Insurance policy or certificate eow~ring all risks and war voice value
Evidencing ship,nent of (description of goods) 12 from Chinese port to Nagoy a not later than ○Partial shipments allowed Transhipment not allowed
Documents to be presented within 15 days after the date of the transport document (s) but within the validity of the credit.
13 ○
Instructions to the advising bank:
Please advise the credit to the beneficiary without adding your confirmation. Bank-to-Bank instructions:
14 ○ Reimbursements under this credit are subject to URR525 This Credit is subject to UCP500
Yours faithfully ① signature
练习13
1. Which banks may become a transferring hank? (l) □Confirming bank (2) □Nominatcd bank
(3) □Specifically authorized bank (4) □Negolialing bank
2. What shouht an Advising Bank do if it receives a documentary credit from the Issuing Bank which includes the term “Transmissible”? (1) □Disregard the term. (2) □Seek clarification.
(3) □ Advise the documentary credit as transferable. (4) □ Refuse to advise the documentary credit. 3. A credit can be transferred
(1) □from the first beneficiary to the second beneficiary. (2) □from the second beneficiary to the third beneficiary. (3) □from the third beneficiary to the fourth beneficiary.
4. Prior to transfer of the credit, the first beneficiary must instruct the transferring bank that (1) □ he will transmit all amendments hereafter to the second beneficiary
(2) □ whether or not he retains the right to refuse to allow the transferring bank to advise amendment to the second beneficiary (ies).
5. A new transferable credit may be opened at the request of the first beneficiary by the transferring bank in accordance with all terms and conditions of the original credit except there are six changeable terms which please point out in the following terms:
(1)□The first beneficiary may be instead of original applicant. (2)□ The credit amount and unit price may be reduced. (3)□ The quantity of goods may be decreased.
(4)□ The shipment and expiry dates and latest date for presentation of do cuments may be shortened. (5) □ The percentage of insurance cover may be increased. (6)□ The credit number ,nay be altered.
(7)□The original transferable credit allows the first beneficiary to substi tulc his invoice and draft (s) for those presented by the second beneficiary.
(8) □The first beneficiary may request that payment or negotiation to be effected Io the second beneficiary (ies) at the place to which tile credit has been transferred within the expiry date of the credit.
6. If a credit is transfered to more than one second beneficiary (ies), refusal of an anlendment by one or more second beneficiary (ies)
(1) □will be invalid the acceptance by the other second beneficiary (ies).
(2) □ does not invalidate the acceptance by the other second beneficiary (ies).
7. Who makes first presentation of documents to the nominated bank under a transferable credit? (1)□The first beneficiary. (2)□The second beneficiary (3)□The middle man.
8. There are three kinds of advising amendment to the transferee: (l) of beneficiary's rights on amendments (2) of beneficiary's rights on amendments (3) of beneficiary's rights on amendments
9. When a bank confirms an Irrevocable Transferable Credit, it assumes the credit risk of which party?
(1) □ the applicant (2) □ the issuing bank (3) □ the first beneficiary (4) □ the second beneficiary
10.1 Irrevocable Transferable Credit- Original
Name of Issuing Bank Place and date of issue
Overseas Union Bank Ltd., Singapore, 10 Sep., 200 × Name of Beneficiary Advised through
To: Alison Company Ltd., China State Bank Ltd., 120 Winston Street, HongKong HongKong [)ear Sirs,
At tile request and ,m the inslruetions of I.ance Company, Singapore, we hereby iss.c an Irrevocable Transferable Credit No. 36589 for HKD 84 ,000.00 (say HongKong dollars eighty fi~ur thousand only) to expire on .r beMre 30 Oct., 200 × at HongKong available with China State Bank I.td., HongKong being Transferring Bank by negotiation against benefieiary's draft (s) drawn at sight on the Issuing Bank accompanied by the following documents:
(1) Signed Commercial Invoice in quadruplicate.
(2) Full set of clean on board ocean bills of lading made out to order blank endorsed marked \(3) Insurance policy endorsed in blank for invoice value plus 10% covering all risks and war risks. (4) Packing l.ist in quadruplicate.
All documents excluding invoice must be made in neutral name.
Evidencing shipment of 100 pieces of Lady Overcoats as per design No.A- 3508 at HKD840.O0 CIF Singapore per each piece.
Shipment from your port h~r transportation to Singapore not later than 15 Oct., 200x. Partial shipments not allowed Transhipment allowed
Documents to be presented within 15 days after the date of shipment, but within the validity of the credit. We hereby agree with the drawers and bona fide holders of drafts drawn under and in compliance with the terms and conditions of the credit that such drafts will be duly honoured on due presentation if negotiated or presented at this office on or before the expiry date. This Credit is subject to UCPS00.
Yours faithfully
Overseas Union Bank Ltd., Singapore
signature (s) 10.2 A \ To: Transferring Bank
(1) China State Bank lad. , HongKong l)ear Sirs,
We request you to transfer an Irrevocable Transferable Credit No.36589 issued by Overseas Union Bank Ltd. , Singapore to the second bencflcia: ry - (2) South China Company, 15 Zhujiang Road, Shenzhen. Please insert the following changeable new terms instead of the old terms:
(3) Applicamt: Alison Company l,td., 120 Winston Street, HongKong-
original first beneficiary. (4) Credit amount: HKD67 ,200.00 (5) Expiry date: 20 Oct., 200~.
(6) Insurance amount for invoice value plus 37.5% (92 ,400/67,200 =1.375).
(7) Evidencing shipment of 100 pieces of Lady Overcoats as per design No. A - 3508 at HK1)672.00 CIF Singapore per each piece.
(8) Shipment date: 10 Oct., 200~
(9) Documents to he presented within 10 days after date of shipment.
In respect of the amendments arisen hereafter to the credit, we wish to inform you that the first heneficiary retains the right to refuse to allow the transferring bank to advise amendments made under the original eredit to the transferee (second beneficiary). Therefore the transferring bank must obtain approval of the first beneficiary before advising amendments to the transferee.
Yours faithfully
Alison Company Ltd., HongKong
signature
The Transferring Bank, China State Bank Ltd., HongKong adds some supplementary conditions as follows: (10) Issuing date: 20 Sep. , 200×
(ll) Advising bank: China Merchants Bank, Shenzhen (12) Special instructions:
All documents must be made first presentation to us (Transferring Bank) for negotiation. Payment/honour of drafts with be effected by us when documents are received in full compliance with the credit terms and cover
has been received under the original Transferable Credit, we shall then credit proceeds to your account as per your covering schedule. 10.3Please fill the b ar ks to issue a Transferred Credit. Irrevocable Transferable Credit - Transfi:rred Credit
Nairm of Transferring Bank Place and date of (1) (10) Namc of Beneficiary Advised through
To: (2) (11)
Dear Sirs,
We hereby inform you that an Irrevocable Transferable Credit No. 36589 issued hy Overseas Union Bank Ltd., Singapore has been trans- ferred to you as follows:
At the request and on the instructions of (3) we hereby transfer the above- mentioned credit to you for (4) (say ) to expire on or before (5) at HongKong available with China State Bank Ltd., HongKong being transferring bank by negotialion against beneficiary' s draft (s) drawn at sight on the issuing bank aecompanied by the following doeuments: (l) Signed Commercial Invoice in quadruplicate.