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محرر الموقع 08-12-2010 12:20 PM

شرح الإعتمادات المستندية Letters of Credit
 





Understanding and Using Letters of Credit, Part I


Letters of credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism.

Commercial Letter of Credit
Commercial letters of credit have been used for centuries to facilitate payment in international trade. Their use will continue to increase as the global economy evolves.

Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits. The general provisions and definitions of the International Chamber of Commerce are binding on all parties. Domestic collections in the United States are governed by the Uniform Commercial Code.

A commercial letter of credit is a contractual agreement between a bank, known as the issuing bank, on behalf of one of its customers, authorizing another bank, known as the advising or confirming bank, to make payment to the beneficiary. The issuing bank, on the request of its customer, opens the letter of credit. The issuing bank makes a commitment to honor drawings made under the credit. The beneficiary is normally the provider of goods and/or services. Essentially, the issuing bank replaces the bank's customer as the payee.

Elements of a Letter of Credit

A payment undertaking given by a bank (issuing bank)

On behalf of a buyer (applicant)


To pay a seller (beneficiary) for a given amount of money


On presentation of specified documents representing the supply of goods


Within specified time limits


Documents must conform to terms and conditions set out in the letter of credit


Documents to be presented at a specified place

Beneficiary



The beneficiary is entitled to payment as long as he can provide the documentary evidence required by the letter of credit. The letter of credit is a distinct and separate transaction from the contract on which it is based. All parties deal in documents and not in goods. The issuing bank is not liable for performance of the underlying contract between the customer and beneficiary. The issuing bank's obligation to the buyer, is to examine all documents to insure that they meet all the terms and conditions of the credit. Upon requesting demand for payment the beneficiary warrants that all conditions of the agreement have been complied with. If the beneficiary (seller) conforms to the letter of credit, the seller must be paid by the bank.

Issuing Bank
The issuing bank's liability to pay and to be reimbursed from its customer becomes absolute upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is given a reasonable amount of time after receipt of the documents to honor the draft.

The issuing banks' role is to provide a guarantee to the seller that if compliant documents are presented, the bank will pay the seller the amount due and to examine the documents, and only pay if these documents comply with the terms and conditions set out in the letter of credit.

Typically the documents requested will include a commercial invoice, a transport document such as a bill of lading or airway bill and an insurance document; but there are many others. Letters of credit deal in documents, not goods.

Advising Bank
An advising bank, usually a foreign correspondent bank of the issuing bank will advise the beneficiary. Generally, the beneficiary would want to use a local bank to insure that the letter of credit is valid. In addition, the advising bank would be responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. If the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay.

Confirming Bank
The correspondent bank may confirm the letter of credit for the beneficiary. At the request of the issuing bank, the correspondent obligates itself to insure payment under the letter of credit. The confirming bank would not confirm the credit until it evaluated the country and bank where the letter of credit originates. The confirming bank is usually the advising bank.

Letter of Credit Characteristics

Negotiability
Letters of credit are usually negotiable. The issuing bank is obligated to pay not only the beneficiary, but also any bank nominated by the beneficiary. Negotiable instruments are passed freely from one party to another almost in the same way as money. To be negotiable, the letter of credit must include an unconditional promise to pay, on demand or at a definite time. The nominated bank becomes a holder in due course. As a holder in due course, the holder takes the letter of credit for value, in good faith, without notice of any claims against it. A holder in due course is treated favorably under the UCC.

The transaction is considered a straight negotiation if the issuing bank's payment obligation extends only to the beneficiary of the credit. If a letter of credit is a straight negotiation it is referenced on its face by "we engage with you" or "available with ourselves". Under these conditions the promise does not pass to a purchaser of the draft as a holder in due course.

Revocability
Letters of credit may be either revocable or irrevocable. A revocable letter of credit may be revoked or modified for any reason, at any time by the issuing bank without notification. A revocable letter of credit cannot be confirmed. If a correspondent bank is engaged in a transaction that involves a revocable letter of credit, it serves as the advising bank.

Once the documents have been presented and meet the terms and conditions in the letter of credit, and the draft is honored, the letter of credit cannot be revoked. The revocable letter of credit is not a commonly used instrument. It is generally used to provide guidelines for shipment. If a letter of credit is revocable it would be referenced on its face.

The irrevocable letter of credit may not be revoked or amended without the agreement of the issuing bank, the confirming bank, and the beneficiary. An irrevocable letter of credit from the issuing bank insures the beneficiary that if the required documents are presented and the terms and conditions are complied with, payment will be made. If a letter of credit is irrevocable it is referenced on its face.

Transfer and Assignment
The beneficiary has the right to transfer or assign the right to draw, under a credit only when the credit states that it is transferable or assignable. Credits governed by the Uniform Commercial Code (Domestic) maybe transferred an unlimited number of times. Under the Uniform Customs Practice for Documentary Credits (International) the credit may be transferred only once. However, even if the credit specifies that it is nontransferable or nonassignable, the beneficiary may transfer their rights prior to performance of conditions of the credit.

Sight and Time Drafts
All letters of credit require the beneficiary to present a draft and specified documents in order to receive payment. A draft is a written order by which the party creating it, orders another party to pay money to a third party. A draft is also called a bill of exchange.

There are two types of drafts: sight and time. A sight draft is payable as soon as it is presented for payment. The bank is allowed a reasonable time to review the documents before making payment.

A time draft is not payable until the lapse of a particular time period stated on the draft. The bank is required to accept the draft as soon as the documents comply with credit terms. The issuing bank has a reasonable time to examine those documents. The issuing bank is obligated to accept drafts and pay them at maturity.

Standby Letter of Credit
The standby letter of credit serves a different function than the commercial letter of credit. The commercial letter of credit is the primary payment mechanism for a transaction. The standby letter of credit serves as a secondary payment mechanism. A bank will issue a standby letter of credit on behalf of a customer to provide assurances of his ability to perform under the terms of a contract between the beneficiary. The parties involved with the transaction do not expect that the letter of credit will ever be drawn upon.

The standby letter of credit assures the beneficiary of the performance of the customer's obligation. The beneficiary is able to draw under the credit by presenting a draft, copies of invoices, with evidence that the customer has not performed its obligation. The bank is obligated to make payment if the documents presented comply with the terms of the letter of credit.

Standby letters of credit are issued by banks to stand behind monetary obligations, to insure the refund of advance payment, to support performance and bid obligations, and to insure the completion of a sales contract. The credit has an expiration date.

The standby letter of credit is often used to guarantee performance or to strengthen the credit worthiness of a customer. In the above example, the letter of credit is issued by the bank and held by the supplier. The customer is provided open account terms. If payments are made in accordance with the suppliers' terms, the letter of credit would not be drawn on. The seller pursues the customer for payment directly. If the customer is unable to pay, the seller presents a draft and copies of invoices to the bank for payment.

The domestic standby letter of credit is governed by the Uniform Commercial Code. Under these provisions, the bank is given until the close of the third banking day after receipt of the documents to honor the draft.

Procedures for Using the Tool
The following procedures include a flow of events that follow the decision to use a Commercial Letter of Credit. Procedures required to execute a Standby Letter of Credit are less rigorous. The standby credit is a domestic transaction. It does not require a correspondent bank (advising or confirming). The documentation requirements are also less tedious.

Step-by-step process:



Buyer and seller agree to conduct business. The seller wants a letter of credit to guarantee payment.

Buyer applies to his bank for a letter of credit in favor of the seller.


Buyer's bank approves the credit risk of the buyer, issues and forwards the credit to its correspondent bank (advising or confirming). The correspondent bank is usually located in the same geographical location as the seller (beneficiary).


Advising bank will authenticate the credit and forward the original credit to the seller (beneficiary).


Seller (beneficiary) ships the goods, then verifies and develops the documentary requirements to support the letter of credit. Documentary requirements may vary greatly depending on the perceived risk involved in dealing with a particular company.


Seller presents the required documents to the advising or confirming bank to be processed for payment.


Advising or confirming bank examines the documents for compliance with the terms and conditions of the letter of credit.


If the documents are correct, the advising or confirming bank will claim the funds by:



Debiting the account of the issuing bank.

Waiting until the issuing bank remits, after receiving the documents.


Reimburse on another bank as required in the credit.


Advising or confirming bank will forward the documents to the issuing bank.


Issuing bank will examine the documents for compliance. If they are in order, the issuing bank will debit the buyer's account.


Issuing bank then forwards the documents to the buyer.
Standard Forms of Documentation



When making payment for product on behalf of its customer, the issuing bank must verify that all documents and drafts conform precisely to the terms and conditions of the letter of credit. Although the credit can require an array of documents, the most common documents that must accompany the draft include:

Commercial Invoice
The billing for the goods and services. It includes a description of merchandise, price, FOB origin, and name and address of buyer and seller. The buyer and seller information must correspond exactly to the description in the letter of credit. Unless the letter of credit specifically states otherwise, a generic description of the merchandise is usually acceptable in the other accompanying documents.

Bill of Lading
A document evidencing the receipt of goods for shipment and issued by a freight carrier engaged in the business of forwarding or transporting goods. The documents evidence control of goods. They also serve as a receipt for the merchandise shipped and as evidence of the carrier's obligation to transport the goods to their proper destination.

Warranty of Title
A warranty given by a seller to a buyer of goods that states that the title being conveyed is good and that the transfer is rightful. This is a method of certifying clear title to product transfer. It is generally issued to the purchaser and issuing bank expressing an agreement to indemnify and hold both parties harmless.

Letter of Indemnity
Specifically indemnifies the purchaser against a certain stated circumstance. Indemnification is generally used to guaranty that shipping documents will be provided in good order when available.

Common Defects in Documentation
About half of all drawings presented contain discrepancies. A discrepancy is an irregularity in the documents that causes them to be in non-compliance to the letter of credit. Requirements set forth in the letter of credit cannot be waived or altered by the issuing bank without the express consent of the customer. The beneficiary should prepare and examine all documents carefully before presentation to the paying bank to avoid any delay in receipt of payment. Commonly found discrepancies between the letter of credit and supporting documents include:



Letter of Credit has expired prior to presentation of draft.

Bill of Lading evidences delivery prior to or after the date range stated in the credit.


Stale dated documents.


Changes included in the invoice not authorized in the credit.


Inconsistent description of goods.


Insurance document errors.


Invoice amount not equal to draft amount.


Ports of loading and destination not as specified in the credit.


Description of merchandise is not as stated in credit.


A document required by the credit is not presented.


Documents are inconsistent as to general information such as volume, quality, etc.


Names of documents not exact as described in the credit. Beneficiary information must be exact.


Invoice or statement is not signed as stipulated in the letter of credit.
When a discrepancy is detected by the negotiating bank, a correction to the document may be allowed if it can be done quickly while remaining in the control of the bank. If time is not a factor, the exporter should request that the negotiating bank return the documents for corrections.




If there is not enough time to make corrections, the exporter should request that the negotiating bank send the documents to the issuing bank on an approval basis or notify the issuing bank by wire, outline the discrepancies, and request authority to pay. Payment cannot be made until all parties have agreed to jointly waive the discrepancy.

Tips for Exporters



Communicate with your customers in detail before they apply for letters of credit.

Consider whether a confirmed letter of credit is needed.


Ask for a copy of the application to be fax to you, so you can check for terms or conditions that may cause you problems in compliance.


Upon first advice of the letter of credit, check that all its terms and conditions can be complied with within the prescribed time limits.


Many presentations of documents run into problems with time-limits. You must be aware of at least three time constraints - the expiration date of the credit, the latest shipping date and the maximum time allowed between dispatch and presentation.


If the letter of credit calls for documents supplied by third parties, make reasonable allowance for the time this may take to complete.


After dispatch of the goods, check all the documents both against the terms of the credit and against each other for internal consistency.
Summary



The use of the letters of credit as a tool to reduce risk has grown substantially over the past decade. Letters of credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade.

The credit professional should be familiar with two types of letters of credit: commercial and standby. Commercial letters of credit are used primarily to facilitate foreign trade. The commercial letter of credit is the primary payment mechanism for a transaction.

The standby letter of credit serves a different function. The standby letter of credit serves as a secondary payment mechanism. The bank will issue the credit on behalf of a customer to provide assurances of his ability to perform under the terms of a contract.
Upon receipt of the letter of credit, the credit professional should review all items carefully to insure that what is expected of the seller is fully understood and that he can comply with all the terms and conditions. When compliance is in question, the buyer should be requested to amend the credit.




محرر الموقع 08-12-2010 12:21 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 



Understanding and Using Letters of Credit, Part II


CRF thanks Ron Borcky for his development of this section

Purpose
The purpose of this document is to provide a general understanding of letters of credit, their use and application. The topics covered are the following:

General background information;


Types of letters of credit;


Common problems with letters of credit;


Procedures for establishing letters of credit;


Amendments; and


General tips to both buyers and sellers.


In addition, attachments to this document detail a step-by-step letter of credit procedures.



Definition
Letters of credit are commonly used to reduce credit risk to sellers in both domestic and international sales arrangements. By having a bank issue a letter of credit, in essence, one is substituting the bank's credit worthiness for that of the customer.

Types
There are two basic forms of letters of credit: Standby and Documentary. Documentary letters of credit can be either Revocable or Irrevocable, although the first is extremely rare. Irrevocable letters of credit can be Confirmed or Not Confirmed. Each type of credit has advantages and disadvantages for the buyer and for the seller, which this information will review below. Charges for each type will also vary. However, the more the banks assume risk by guaranteeing payment, the more they will charge for providing the service.

Documentary Revocable Letter of Credit
Revocable credits may be modified or even canceled by the buyer without notice to the seller. Therefore, they are generally unacceptable to the seller.

Documentary Irrevocable Letter of Credit
This is the most common form of credit used in international trade. Irrevocable credits may not be modified or canceled by the buyer. The buyer's issuing bank must follow through with payment to the seller so long as the seller complies with the conditions listed in the letter of credit. Changes in the credit must be approved by both the buyer and the seller. If the documentary letter of credit does not mention whether it is revocable or irrevocable, it automatically defaults to irrevocable. See Credit Administration, Sample Procedure for Administration of a Documentary Irrevocable Letters of Credit for a systematic procedure for establishing an irrevocable letter of credit.

There are two forms of irrevocable credits:
Unconfirmed credit (the irrevocable credit not confirmed by the advising bank)
In an unconfirmed credit, the buyer's bank issuing the credit is the only party responsible for payment to the seller. The seller's advising bank pays only after receiving payment from the issuing bank. The seller's advising bank merely acts on behalf of the issuing bank and, therefore, incurs no risk.

Confirmed credit (the irrevocable confirmed credit)
In a confirmed credit, the advising bank adds its guarantee to pay the seller to that of the buyer's issuing bank. Once the advising bank reviews and confirms that all documentary requirements are met, it will pay the seller. The advising bank will then look to the issuing bank for payment. Confirmed Irrevocable letters of credit are used when trading in a high-risk area where war or social, political, or financial instability are real threats. Also common when the seller is unfamiliar with the bank issuing the letter of credit or when the seller needs to use the confirmed letter of credit to obtain financing its bank to fill the order. A confirmed credit is more expensive because the bank has added liability.

Standby Letter of Credit
This credit is a payment or performance guarantee used primarily in the United States. They are often called non-performing letters of credit because they are only used as a backup should the buyer fail to pay as agreed. Thus, a stand-by letter of credit allows the customer to establish a rapport with the seller by showing that it can fulfill its payment commitments. Standby letters of credit are used, for example, to guarantee repayment of loans, to ensure fulfillment of a contract, and to secure payment for goods delivered by third parties. The beneficiary to a standby letter of credit can cash it on demand. Stand-by letters of credit are generally less complicated and involve far less documentation requirements than irrevocable letters of credit. See Credit Administration, Sample Procedure for Administration of a Standby Letter of Credit for a systematic procedure for establishing a standby letter of credit.

Special Letters of Credit
The following is a brief description of some special letters of credit.

Back-to-Back Letter of Credit
This is a new letter of credit opened based on an already existing, nontransferable credit used as collateral. Traders often use back-to-back arrangements to pay the ultimate supplier. A trader receives a letter of credit from the buyer and then opens another letter of credit in favor of the supplier. The first letter of credit serves as collateral for the second credit.

Deferred Payment (Usance) Letter of Credit
In Deferred Payment Letters of Credit, the buyer accepts the documents related to the letter of credit and agrees to pay the issuing bank after a fixed period. This credit gives the buyer a grace period for payment.

Red Clause Letter of Credit
Red Clause Letters of Credit provide the seller with cash prior to shipment to finance production of the goods. The buyer's issuing bank may advance some or all of the funds. The buyer, in essence, extends financing to the seller and incurs the risk for all advanced credits.

Revolving Letter of Credit
With a Revolving Letter of Credit, the issuing bank restores the credit to its original amount once it has been used or drawn down. Usually, these arrangements limit the number of times the buyer may draw down its line over a predetermined period.

Transferable Letter of Credit
This type of credit allows the seller to transfer all or part of the proceeds of the original letter of credit to a second beneficiary, usually the ultimate supplier of the goods. The letter of credit must clearly state that it is transferable for its to be considered as such. This is a common financing tactic for middlemen and is common in East Asia.

Assignment of Proceeds
The beneficiary of a letter of credit may assign all or part of the proceeds under a credit to a third party (the assignee). However, unlike a transferred credit, the beneficiary maintains sole rights to the credit and is solely responsible for complying with its terms and conditions. For the assignee, an assignment only means that the paying bank, once it receives notice of the assignment, undertakes to follow the assignment instructions, if and when payment is made. The assignee is dependent upon the beneficiary for compliance, and thus this arrangement is riskier than a transferred credit. Before agreeing to an assignment of proceeds arrangement, the assignee should carefully review the original letter of credit.

Common Problems with Letters of Credit
Most problems result from the seller's inability to fulfill obligations stated in the letter of credit. The seller may find these terms difficult or impossible to fulfill and, either tries to fulfill them and fails, or asks the buyer to amend to the letter of credit. As most letters of credit are irrevocable, amendments may at times be difficult since both the buyer and the seller must agree.

Sellers may have one or more of the following problems:

The shipment schedule cannot be met;


The stipulations concerning freight costs are unacceptable;


The price becomes too low due to exchange rates fluctuations;


The quantity of product ordered is not the expected amount;


The description of product is either insufficient or too detailed; and,


The stipulated documents are difficult or impossible to obtain.


Even when sellers accept the terms of a letter of credit, problems often arise late in the process. When this occurs, the buyer's and seller's banks will try to negotiate any differences. In some cases, the seller can correct the documents and present them within the time specified in the letter of credit. If the documents cannot be corrected, the advising bank will ask the issuing bank to accept the documents despite the discrepancies found. It is important to note that, if the documents are not in accord with the specifications of the letter of credit, the buyer's issuing bank is no longer obligated to pay.



Basic Procedures for Establishing a Letter of Credit
The letter of credit process has been standardized by a set of rules published by the International Chamber of Commerce (ICC). These rules are called the Uniform Customs and Practice for Documentary Credits (UCP) and are contained in ICC Publication No. 500. The following is the basic set of steps used in a letter of credit transaction. Specific letter of credit transactions follow somewhat different procedures.

1. After the buyer and seller agree on the terms of a sale, the buyer arranges for his bank to open a letter of credit in favor of the seller. Note: The buyer will need to have a line of credit established at the bank or provide cash collateral for the amount of the letter of credit.

2. The buyer's issuing bank prepares the letter of credit, including all of the buyer's instructions to the seller concerning shipment and required documentation.

3. The buyer's bank sends the letter of credit to the seller's advising bank.

4. The seller's advising bank forwards the letter of credit to the seller.

5. The seller carefully reviews all conditions stipulated in the letter of credit. If the seller cannot comply with any of the provisions, it will ask the buyer to amend the letter of credit.

6. After final terms are agreed upon, the seller ships the goods to the appropriate port or location.

7. After shipping the goods, the seller obtains the required documents. Please note that the seller may have to obtain some documents prior to shipment.

8. The seller presents the documents to its advising bank along with a draft for payment.

9. The seller's advising bank reviews the documents. If they are in order, it will forward them to the buyer's issuing bank. If a confirmed letter of credit, the advising bank will pay the seller (cash or a bankers' acceptance).

10. Once the buyer's issuing bank receives and reviews the documents, it either (1) pays if there are no discrepancies; or (2) forwards the documents to the buyer if there are discrepancies for its review and approval.

Opening a Letter of Credit
Level of Detail
The wording in a letter of credit should be simple, but specific. The more detailed an L/C is, the more likely the seller will reject it as too difficult to fulfill. At the same time, the buyer will wish to define in detail what its is paying for.

Type of Credit
Letters of credit used in trade are usually either irrevocable unconfirmed credits or irrevocable confirmed credits. In choosing which type to open both the seller and the buyer should consider the generally accepted payment processes in each country, the value and demand for the goods, and the reputation of the buyer and seller.

Documents
In specifying required documents, it is very important to include those required for customs and those reflecting the agreement reached between the buyer and the seller. Required documents usually include the bill of lading, a commercial and/or consular invoice, the bill of exchange, the certificate of origin, and the insurance document. Other documents required may be an inspection certificate, copies of a cable sent to the buyer with shipping information, a confirmation from the shipping company of the state of its ship, and a confirmation from the forwarder that the goods are accompanied by a certificate of origin. Prices should be stated in the currency of the letter of credit and documents should in the same language as the letter of credit.

The Letter of Credit Application
The following information should be addressed when establishing a letter of credit.

1. Beneficiary
The seller should provide to the buyer its full corporate name and correct address. A simple mistake here may translate to inconsistent or improper documentation at the other end.

2. Amount
The seller should state the actual amount of the letter of credit. One can request a maximum amount when there is doubt as to the actual count or quantity of the goods. Another option is to use words like "approximate", "circa", or "about" to indicate an acceptable 10 % plus or minus from the stated amount. For consistency, if you use this wording you will need to use it also in connection with the quantity.

3. Validity
The seller will need time to ship and to prepare all the necessary documents. Therefore, the seller should ensure that the validity and period for document presentation after the shipment of the goods is long enough.

4. Seller's Bank
The seller should list its advising bank as well as a reimbursing bank if applicable. The reimbursing bank is the local bank appointed by the issuing bank as the disbursing bank.

5. Type of Payment Availability
The buyer and seller may agree to use sight drafts, time drafts, or some sort of deferred payment mechanism.

6. Desired Documents
The buyer specifies the necessary documents. Buyers can list, for example, a bill of lading, a commercial invoice, a certificate of origin, certificates of analysis, etc. The seller must agree to all documentary requirements or suggest an amendment to the letter of credit.

7. Notify Address
This is the address to notify upon the imminent arrival of goods at the port or airport of destination. A notification listing damaged goods is also sent to this address, if applicable.

8. Description of Goods
The seller should provide a short and precise description of the goods as well as the quantity involved. Note the comments in step #2 above concerning approximate amounts.

9. Confirmation Order
With international arrangements, the seller may wish to confirm the letter of credit with a bank in its country.

Amendment of a Letter of Credit
For the seller to change the terms noted on an irrevocable letter of credit, it must request an amendment from the buyer. The amendment process is as follows:

The seller requests a modification or amendment of questionable terms in the letter of credit;


If the buyer and issuing bank agree to the changes, the issuing bank will change the letter of credit;


The buyer's issuing bank notifies the seller's advising bank of the amendment; and


The seller's advising bank notifies the seller of the amendment. Tips for Buyers and Sellers


Seller

1. Before signing a sales contract, the seller should make inquiries about the buyer's creditworthiness and business practices. The seller's bank will generally assist in this investigation.

2. In many cases, the issuing bank will specify the advising and/or confirming bank. These designations are usually based on the issuing bank's established correspondent relationships. The seller should ensure that the advising/confirming bank is a financially sound institution.

3. The seller should confirm the good standing of the buyer's issuing bank if the letter of credit is unconfirmed.

4. For confirmed letters of credit, the seller's advising bank should be willing to confirm the letter of credit issued by the buyer's bank. If the advising bank refuses to do so, the seller should request another issuing bank as the current bank may be or is in the process of becoming insolvent.

5. The seller should carefully review the letter of credit to ensure its conditions can be met. All documents must conform to the terms of the letter of credit. The seller must comply with every detail of the letter of credit specifications; otherwise the security given by the credit is lost.

6. The seller should ensure that the letter of credit is irrevocable.

7. If amendments are necessary, the seller should contact the buyer immediately so that the buyer can instruct the issuing bank to make the necessary changes quickly. The seller should keep the letter of credit's expiration date in mind throughout the amendment process.

8. The seller should confirm with the insurance company that it can provide the coverage specified in the letter of credit and that insurance charges listed in the letter of credit are correct. Typical insurance coverage is for CIF (cost, insurance and freight) often the value of the goods plus about 10 percent.

9. The seller must ensure that the goods match the description in the letter of credit and the invoice description.

10. The seller should be familiar with foreign exchange limitations in the buyer's country that could hinder payment procedures.

Buyer
1. When choosing the type of letter of credit, the buyer should consider the standard payment methods in the seller's country.

2. The buyer should keep the details of the purchase short and concise.

3. The buyer should be prepared to amend or re-negotiate terms of the letter of credit with the seller. This is a common procedure in international trade. With irrevocable letters of credit, the most common type, all parties must agree to amend the document.

4. The buyer can reduce the foreign exchange risk by buying forward currency contracts.

5. The buyer should use a bank experienced in foreign trade as its issuing bank.

6. The validation time stated on the letter of credit should give the seller ample time to produce the goods or to pull them out of stock.

7. A letter of credit is not fail-safe. Banks are only responsible for the documents exchanged and not the goods shipped. Documents in conformity with the letter of credit specifications cannot be rejected on grounds that the goods were not delivered as specified in the contract. The goods shipped may not in fact be the goods ordered and paid for.

8. Purchase contracts and other agreements pertaining to the sale between the buyer and seller are not the concern of the issuing bank. Only the letter of credit terms are binding on the bank.
9. Documents specified in the letter of credit should include those the buyer requires for customs clearance.



محرر الموقع 08-12-2010 12:27 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
Letter of credit

From Wikipedia, the free encyclopedia

[فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل][فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل]
After a contract is concluded between buyer and seller, buyer's bank supplies a letter of credit to seller.


[فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل][فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل]
Seller consigns the goods to a carrier in exchange for a bill of lading.


[فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل][فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل]
Seller p bill of lading for payment from buyer's bank. Buyer's bank exchanges bill of lading for payment from the buyer.


[فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل][فقط الأعضاء المسجلين والمفعلين يمكنهم رؤية الوصلات . إضغط هنا للتسجيل]
Buyer provides bill of lading to carrier and takes delivery of goods.


A standard, commercial letter of credit (LC[1]) is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking.
The letter of credit can also be source of payment for a transaction, meaning that redeeming the letter of credit will pay an exporter. Letters of credit are used primarily in international trade transactions of significant value, for deals between a supplier in one country and a customer in another. In such cases the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits applies.[2] They are also used in the land development process to ensure that approved public facilities (streets, sidewalks, storm water ponds, etc.) will be built. The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any. In executing a transaction, letters of credit incorporate functions common to giros and Traveler's cheques. Typically, the documents a beneficiary has to present in order to receive payment include a commercial invoice, bill of lading, and documents proving the shipment was insured against loss or damage in transit. However, the list and form of documents is open to imagination and negotiation and might contain requirements to present documents issued by a neutral third party evidencing the quality of the goods shipped, or their place of origin or place.
Contents


1


The English name “letter of credit” derives from the French word “accreditation”, a power to do something, which in turn is derivative of the Latin word “accreditivus”, meaning trust. This applies to any defense relating to the underlying contract of sale. This is as long as the seller performs their duties to an extent that meets the requirements contained in the letter of credit.


A business called the InCosmetika from time to time imports goods from a business called ACME, which banks with the ABC Bank. InCosmetika holds an account at the Commonwealth Bank. InCosmetika wants to buy $500,000 worth of merchandise from ACME, who agrees to sell the goods and give InCosmetika 60 days to pay for them, on the condition that they are provided with a 90-day letter of credit for the full amount. The steps to get the letter of credit would be as follows:
InCosmetika goes to The Commonwealth Bank and requests a $500,000 letter of credit, with ACME as the beneficiary.
The Commonwealth Bank can issue a letter of credit either on approval of a standard loanunderwriting process or by InCosmetika funding it directly with a deposit of $500,000 plus fees which are typically between 1% and 8% of the face value of the letter of credit.
The Commonwealth Bank sends a copy of the letter of credit to the ABC Bank, which notifies ACME that payment is available and they can ship the merchandise InCosmetika has ordered with the full assurance of payment to them.
On presentation of the stipulated documents in the letter of credit and compliance with the terms and conditions of the letter of credit, the Commonwealth Bank transfers the $500,000 to the ABC Bank, which then credits the account of ACME for that amount.
Note that banks deal only with documents required in the letter of credit and not the underlying transaction.
Many exporters have mistakenly assumed that the payment is guaranteed after receiving the letter of credit. The issuing bank is obliged to pay under the letter of credit only when the stipulated documents are presented and the terms and conditions of the letter of credit have been met.




A letter of credit being an irrevocable undertaking of the issuing bank makes available the Proceeds, to the Beneficiary of the Credit provided, stipulated documents strictly complying with the provisions of the letter of credit, UCP 600 and other international standard banking practices, are presented to the issuing bank, then:
i.if the Credit provides for sight payment – by payment at sight against compliant presentation
ii.if the Credit provides for deferred payment – by payment on the maturity date(s) determinable in accordance with the stipulations of the Credit; and of course undertaking to pay on due date and confirming maturity date at the time of compliant presentation
iii.a.if the Credit provides for acceptance by the Issuing Bank – by acceptance of Draft(s) drawn by the Beneficiary on the Issuing Bank and payment at maturity of such tenor draft, or
iii.b. if the Credit provides for acceptance by another drawee bank – by acceptance and payment at maturity Draft(s)drawn by the Beneficiary on the Issuing Bank in the event the drawee bank stipulated in the Credit does not accept Draft(s) drawn on it,
or by payment of Draft(s) accepted but not paid by such drawee bank at maturity;
iv. if the Credit provides for negotiation by another bank – by payment without recourse to drawers and/or bona fide holders, Draft(s) drawn by the Beneficiary and/or document(s) presented under the Credit, (and so negotiated by the nominated bank )
Typically the documents requested in a Letter of Credit are the following:



* Commercial invoice * Transport document such as a Bill of lading or Airway bill, * Insurance document; * Inspection Certificate * Certificate of Origin But there could be others too.




Letters of credit (LC) deal in documents, not goods. The LC could be 'irrevocable' or 'revocable'. An irrevocable LC cannot be changed unless both the buyer and seller agree. Whereas in a revocable LC changes to the LC can be made without the consent of the beneficiary. A 'sight' LC means that payment is made immediately to the beneficiary/seller/exporter upon presentation of the correct documents in the required time frame. A 'time' or 'date' LC will specify when payment will be made at a future date and upon presentation of the required documents.
Negotiation means the giving of value for Draft(s) and/or document(s) by the bank authorized to negotiate, viz the nominated bank. Mere examination of the documents and forwarding the same to the letter of credit issuing bank for reimbursement, without giving of value / agreed to give, does not constitute a negotiation.
[edit] Some of the Documents Called for under a Letter of Credit




Financial Documents
Bill of Exchange, Co-accepted Draft
Commercial Documents
Invoice, Packing list
Shipping Documents
Transport Document, Insurance Certificate, Commercial, Official or Legal Documents
Official Documents
License, Embassy legalization, Origin Certificate, Inspection Certificate, Phytosanitary certificate
Transport Documents
Bill of Lading (ocean or multi-modal or Charter party), Airway bill, Lorry/truck receipt, railway receipt, CMC Other than Mate Receipt, Forwarder Cargo Receipt, Deliver Challan...etc
Insurance documents
Insurance policy, or Certificate but not a cover note.[edit] Legal principles governing documentary credits




One of the primary peculiarities of the documentary credit is that the payment obligation is abstract and independent from the underlying contract of sale or any other contract in the transaction. Thus the bank’s obligation is defined by the terms of the credit alone, and the sale contract is irrelevant. The defences of the buyer arising out of the sale contract do not concern the bank and in no way affect its liability.[3] Article 4(a) UCP states this principle clearly. Article 5 the UCP further states that banks deal with documents only, they are not concerned with the goods (facts). Accordingly, if the documents tendered by the beneficiary, or his or her agent, appear to be in order, then in general the bank is obliged to pay without further qualifications.

The policies behind adopting the abstraction principle are purely commercial and reflect a party’s expectations: firstly, if the responsibility for the validity of documents was thrown onto banks, they would be burdened with investigating the underlying facts of each transaction and would thus be less inclined to issue documentary credits as the transaction would involve great risk and inconvenience. Secondly, documents required under the credit could in certain circumstances be different from those required under the sale transaction; banks would then be placed in a dilemma in deciding which terms to follow if required to look behind the credit agreement. Thirdly, the fact that the basic function of the credit is to provide the seller with the certainty of receiving payment, as long as he performs his documentary duties, suggests that banks should honour their obligation notwithstanding allegations of misfeasance by the buyer.[4] Finally, courts have emphasised that buyers always have a remedy for an action upon the contract of sale, and that it would be a calamity for the business world if, for every breach of contract between the seller and buyer, a bank were required to investigate said breach.
The “principle of strict compliance” also aims to make the bank’s duty of effecting payment against documents easy, efficient and quick. Hence, if the documents tendered under the credit deviate from the language of the credit the bank is entitled to withhold payment even if the deviation is purely terminological.[5] The general legal maxim de minimis non curat lex has no place in the field of documentary credits.
[edit] The price of letters of credit





All the charges for issuance of Letter of Credit, negotiation of documents, reimbursements and other charges like courier are to the account of applicant or as per the terms and conditions of the Letter of credit. If the letter of credit is silent on charges, then they are to the account of the Applicant. The description of charges and who would be bearing them would be indicated in the field 71B in the Letter of Credit.

[edit] Legal Basis for Letters of Credit




Although documentary credits are enforceable once communicated to the beneficiary, it is difficult to show any consideration given by the beneficiary to the banker prior to the tender of documents. In such transactions the undertaking by the beneficiary to deliver the goods to the applicant is not sufficient consideration for the bank’s promise because the contract of sale is made before the issuance of the credit, thus consideration in these circumstances is past. In addition, the performance of an existing duty under a contract cannot be a valid consideration for a new promise made by the bank: the delivery of the goods is consideration for enforcing the underlying contract of sale and cannot be used, as it were, a second time to establish the enforceability of the bank-beneficiary relation.

Legal writers have failed to satisfactorily reconcile the bank’s undertaking with any contractual analysis. The theories include: the implied promise, assignment theory, the novation theory, reliance theory, agency theories, estoppels and trust theories, anticipatory theory, and the guarantee theory.[6] Davis, Treitel, Goode, Finkelstein and Ellinger have all accepted the view that documentary credits should be analyzed outside the legal framework of contractual principles, which require the presence of consideration. Accordingly, whether the documentary credit is referred to as a promise, an undertaking, a chose in action, an engagement or a contract, it is acceptable in English jurisprudence to treat it as contractual in nature, despite the fact that it possesses distinctive features, which make it sui generis.
A few countries including the US (see Article 5 of the Uniform Commercial Code) have created statutes in relation to the operation of letters of credit. These statutes are designed to work with the rules of practice including the UCP and the ISP98. These rules of practice are incorporated into the transaction by agreement of the parties. The latest version of the UCP is the UCP600 effective July 1, 2007.[7] The previous revision was the UCP500 and became effective on 1 January 1994. Since the UCP are not laws, parties have to include them into their arrangements as normal contractual provisions.
[edit] International Trade Payment methods




Advance payment (most secure for seller)
Where the buyer parts with money first and waits for the seller to forward the goods
Documentary Credit (more secure for seller as well as buyer)
Subject to ICC's UCP 600, where the bank gives an undertaking (on behalf of buyer and at the request of applicant ) to pay the shipper ( beneficiary ) the value of the goods shipped if certain documents are submitted and if the stipulated terms and conditions are strictly complied.



Here the buyer can be confident that the goods he is expecting only will be received since it will be evidenced in the form of certain documents called for meeting the specified terms and conditions while the supplier can be confident that if he meets the stipulations his payment for the shipment is guaranteed by bank, who is independent of the parties to the contract.
Documentary collection (more secure for buyer and to a certain extent to seller)
Also called "Cash Against Documents". Subject to ICC's URC 525, sight and usance, for delivery of shipping documents against payment or acceptances of draft, where shipment happens first, then the title documents are sent to the [collecting bank] buyer's bank by seller's bank [remitting bank], for delivering documents against collection of payment/acceptance
Direct payment (most secure for buyer)
Where the supplier ships the goods and waits for the buyer to remit the bill proceeds, on open account terms.



[Risk situations in letter-of-credit transactions



Fraud Risks
The payment will be obtained for nonexistent or worthless merchandise against presentation by the beneficiary of forged or falsified documents.
Credit itself may be forged.
Sovereign and Regulatory Risks
Performance of the Documentary Credit may be prevented by government action outside the control of the parties.
Legal Risks
Possibility that performance of a Documentary Credit may be disturbed by legal action relating directly to the parties and their rights and obligations under the Documentary Credit
Force Majeure and Frustration of Contract
Performance of a contract – including an obligation under a Documentary Credit relationship – is prevented by external factors such as natural disasters or armed conflicts
Risks to the Applicant
Non-delivery of Goods
Short Shipment
Inferior Quality
Early /Late Shipment
Damaged in transit
Foreign exchange
Failure of Bank viz Issuing bank / Collecting Bank
Risks to the Issuing Bank
Insolvency of the Applicant
Fraud Risk, Sovereign and Regulatory Risk and Legal Risks
Risks to the Reimbursing Bank
no obligation to reimburse the Claiming Bank unless it has issued a reimbursement undertaking.
Risks to the Beneficiary
Failure to Comply with Credit Conditions
Failure of, or Delays in Payment from, the Issuing Bank
Credit Issued by Party other than Bank
Risks to the Advising Bank
The Advising Bank’s only obligation – if it accepts the Issuing Bank’s instructions – is to check the apparent authenticity of the Credit and advising it to the Beneficiary
Risks to the Nominated Bank
Nominated Bank has made a payment to the Beneficiary against documents that comply with the terms and conditions of the Credit and is unable to obtain reimbursement from the Issuing Bank
Risks to the Confirming Bank
If Confirming Bank’s main risk is that, once having paid the Beneficiary, it may not be able to obtain reimbursement from the Issuing Bank because of insolvency of the Issuing Bank or refusal of the Issuing Bank to reimburse because of a dispute as to whether or not payment should have been made under the Credit
Other Risks in International Trade
A Credit risk risk from change in the credit of an opposing business.
An Exchange risk is a risk from a change in the foreign exchange rate.
A Force majeure risk is 1. a risk in trade incapability caused by a change in a country's policy, and 2. a risk caused by a natural disaster.
Other risks are mainly risks caused by a difference in law, language or culture. In these cases, the cargo might be found late because of a dispute in import and export dealings
.
added for learning

محرر الموقع 08-12-2010 01:15 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
أولا: تعريف الاعتماد المستندي
الاعتماد المستندى هو تعهد مكتوب صادر من بنك ( يسمى المصدر ) بناء على طلب المشتري ( مقدم الطلب أو الآمر ) لصالح البائع ( المستفيد ). ويلتزم البنك بموجبه بالوفاء في حدود مبلغ محدد خلال فترة معينة متى قدم البائع مستدات السلعة مطابقة لتعليمات شروط الاعتماد. وقد يكون التزام البنك بالوفاء نقدا أو بقبول كمبيالة.
ثانيا: أهمية الاعتماد المستندي
ويستعمل الاعتماد المستندي في تمويل التجارة الخارجية، وهو يمثل في عصرنا الحاضر الاطار الذي يحظى بالقبول من جانب سائر الأطراف الداخلين في ميدان التجارة الدولية بما يحفظ مصلحة هؤلاء الاطراف جميعا من مصدرين ومستوردين.
• بالنسبة للمصدر، يكون لديه الضمان - بواسطة الاعتماد المستندى - بأنه سوف يقبض قيمة البضائع التى يكون قد تعاقد على تصديرها وذلك فور تقديم وثائق شحن البضاعة إلى البنك الذي يكون قد أشعره بورود الاعتماد.
• وبالنسبة للمستورد، فإنه يضمن كذلك أن البنك الفاتح للاعتماد لن يدفع قيمة البضاعة المتعاقد على استيرادها الا بتقديم وثائق شحن البضاعة بشكل مستكمل للشروط الواردة في الاعتماد المستندى المفتوح لديه.
ثالثا: أطراف الاعتماد المستندي
يشترك في الاعتماد المستندي أربعة أطراف هي:
1. المشتري: هو الذى يطلب فتح الاعتماد، ويكون الاعتماد في شكل عقد بينه وبين البنك فاتح الاعتماد. ويشمل جميع النقاط التى يطلبها المستورد من المصدّر.
2. البنك فاتح الاعتماد: هو البنك الذى يقدم إليه المشتري طلب فتح الاعتماد، حيث يقوم بدراسة الطلب. وفي حالة الموافقة عليه وموافقة المشتري على شروط البنك، يقوم بفتح الاعتماد ويرسله إما إلى المستفيد مباشرة في حالة الاعتماد البسيط، أو إلى أحد مراسليه في بلد البائع في حالة مشاركة بنك ثاني في عملية الاعتماد المستندي.
3. المستفيد: هو المصدّر الذى يقوم بتنفيذ شروط الاعتماد في مدة صلاحيته. وفي حالة ما إذا كان تبليغه بالاعتماد معززا من البنك المراسل في بلده، فإن كتاب التبليغ يكون بمثابة عقد جديد بينه وبين البنك المراسل، وبموجب هذا العقد يتسلم المستفيد ثمن البضاعة إذا قدم المستندات وفقا لشروط الاعتماد.
4. البنك المراسل: هو البنك الذي يقوم بإبلاغ المستفيد بنص خطاب الاعتماد الوارد إليه من البنك المصدر للاعتماد في الحالات التي يتدخل فيها أكثر من بنك في تنفيذ عملية الاعتماد المستندي كما هو الغالب. وقد يضيف هذا البنك المراسل تعزيزه إلى الاعتماد، فيصبح ملتزما بالالتزام الذي التزم به البنك المصدر، وهنا يسمى بالبنك المعزز.
رابعا: خطوات تنفيذ الاعتماد المستندي من بنك واحد
1. مرحلة العقد التجاري الأصلي:
إن التزام المشتري بفتح الاعتماد المستندي ينشأ نتيجة ابرامه لعقد تجاري معين مع المستفيد، والغالب أن يكون ذلك العقد عقد بيع، وفيه يشترط البائع على المشتري دفع الثمن عن طريق اعتماد مستندي. وقد يكون ذلك العقد عقد إجارة أو وكالة بأجرة أو غيرها من العقود.
والأصل أن يتفق البائع والمشتري في العقد التجاري المبرم بينهما على كيفية تسوية الثمن، حيث يتفقان على الكيفية التي يقدم بها البنك التزامه للمستفيد من الاعتماد، فقد يكون بالدفع نقدا عند ورود المستندات، وقد تكون بقبول كمبيالة. كما يتفقان على المدة التي يبقى فيها البنك ملتزما أمام المستفيد، والمكان الواجب فيه تقديم المستندات، والذي يتم فيه وفاء البنك بالتزامه، وغيره من التفاصيل التي تهمهم.
2. مرحلة عقد فتح الاعتماد:
بعد إبرام المشتري لعقد البيع وتعهده فيه بفتح الاعتماد، فإنه يتوجه إلى البنك طالبا منه أن يفتح اعتمادا لصالح البائع بالشروط التي اتفق هو عليها مع هذا البائع، والتي يذكرها المشتري في طلبه الموجه إلى البنك كي يقبل البائع تنفيذ التزاماته الناشئة من عقد البيع. ويسمى هذا المشتري: الآمر أو طالب فتح الاعتماد.
وعندما يقبل البنك طلب الآمر ويفتح الاعتماد فإنه ينفذ التزاما عليه هو نشأ أما الآمر من عقد الاعتماد المبرم بينها، ولا علاقة للبنك بعقد البيع الذي لا صلة له به قانونا.
3. مرحلة تبليغ الاعتماد:
يقوم بنك المشتري ( الآمر ) بإصدار الاعتماد، ويرسل خطاب الاعتماد المستندي إلى المستفيد مباشرة متضمنا الإخطار بحقوق والتزامات كل من البنك المصدر للاعتماد والمستفيد من الاعتماد.
4. مرحلة تنفيذ الاعتماد:
يقوم المستفيد بشحن السلعة، وتقديم المستندات المطلوبة في خطاب الاعتماد إلى البنك الذي يتولى فحصها وقبولها إن كانت مطابقة، ويدفع البنك حينئذ المبلغ الوارد في الخطاب أو يقبل الكمبيالة أو يخصمها بحسب المنصوص عليه في الخطاب.
وبعد ذلك ينقل البنك هذه المستندات إلى المشتري الذي يرد إليه ما دفعه بالإضافة إلى المصاريف إذا لم يكن قد عجل له هذه المبالغ. ويستطيع المشتري عن طريق هذه المستندات تسلم السلعة.
خامسا: خطوات تنفيذ الاعتماد المستندي من بنكين
لا يقوم بنك الآمر في الغالب بتبليغ الاعتماد مباشرة بنفسه للمستفيد، ولكنه يستعين ببنك آخر أو فرع تابع له في بلد البائع لإبلاغ المستفيد به، ويسمى هذا البنك الثاني البنك المراسل أو مبلغ الاعتماد. ففي هذه الحالة تتم عملية الاعتماد المستندي من خلال تداخل بنكين اثنين وليس بنكا واحدا.
ويقوم هذا البنك المراسل بتبليغ الاعتماد على النحو التالي:
• إما أن يقوم بدور الوسيط بين البنك فاتح الاعتماد والبائع دون أي التزام عليه. وقد يقوم بدفع قيمة المستندات إلى البائع عند تقديمها له ضمن شروط الاعتماد.
• أو يقوم بتبليغ الاعتماد إلى المستفيد ويضيف عليه تعزيزه. وحينئذ يكفل دفع القيمة للبائع بشرط أن تكون هذه المستندات مطابقة لشروط الاعتماد.
وعلى هذا الأساس تكون الخطوات العملية لاجراء عملية الاعتماد المستندي على النحو التالي:

الخطوات العملية للاعتماد المستندي المنفذ من خلال بنكين
الخطوات العملية للاعتماد المستندي المنفذ من بنكين
رقم الخطوة المهمة
(1) يتعاقد البائع مع المشتري، ويتعهد المشتري دفع الثمن بواسطة اعتماد مستندي.
(2) يطلب المشتري من بنكه أن يفتح اعتمادا مستنديا لصالح البائع مبينا الشروط التي اتفق هو عليها مع هذا البائع.
(3) يدرس البنك طلب العميل، وبعد الموافقة وتحديد شروط التعامل، يقوم بإصدار الاعتماد وارساله للبنك المراسل في بلد البائع.
(4) يقوم البنك المراسل بتبليغ الاعتماد للبائع المستفيد، مضيفا تعزيزه على ذلك عند الاقتضاء.
(5) و (6) يسلم البائع السلعة إلى ربان السفينة، الذي يسلمه وثائق الشحن
(7) و (8) يسلم البائع المستندات ووثائق الشحن إلى البنك المراسل الذي يدفع له ثمن سلعته بعد التحقق من تطابق المستندات مع شروط الاعتماد.
(9) يرسل البنك المراسل المستندات إلى البنك المصدر الذي فتح فيه الاعتماد من طرف المشتري.
(10) و
(11) يسلم البنك المصدر في بلد المشتري المستندات إلى طالب فتح الاعتماد مقابل السداد حسب الاتفاق بينها.
(12) و
(13) يسلم المشتري المستندات إلى وكيل شركة الملاحة في ميناء الوصول الذي يسلمه السلعة.
(14) يقوم كل من البنك المصدر والبنك المراسل بترتيبات التغطية بينهما بحيث يتم تصفية العلاقات بشكل نهائي.

سادسا: أنواع الاعتمادات المستندية
1. تصنيف الاعتمادات من حيث قوة تعهد البنك المصدر
تتخذ الاعتمادات المستندية صورا مختلفة، يمكن تصنيفها من حيث قوة التعهد (أي مدى التزام البنوك بها) إلى نوعين هما الاعتماد القابل للالغاء والاعتماد القطعي (غير القابل للالغاء ).
الاعتماد القابل للالغاء
الاعتماد القابل للالغاء أو النقض هو الذي يجوز تعديله أو إلغاؤه من البنك المصدر له في أي لحظة دون اشعار مسبق للمستفيد. وهذا النوع نادر الاستعمال حيث لم يجد قبولا في التطبيق العملي من قبل المصدّرين لما يسببه لهم من أضرار ومخاطرة، ذلك أن الاعتماد القابل للالغاء يمنح ميزات كبيرة للمستورد فيمكنه من الانسحاب من التزامه، أو تغيير الشروط أو إدخال شروط جديدة في أي وقت شاء دون الحاجة إلى اعلام المستفيد، غير أن التعديل أو النقض لا يصبح نافذا إلا بعد أن يتلقى المراسل الاشعار الذى يوجهه إليه البنك فاتح الاعتماد لهذا الغرض، بمعنى أن البنك فاتح الاعتماد يكون مرتبطا تجاه المستفيد بدفع قيمة المستندات في حال أن هذا الدفع قد تم من قبل البنك المراسل قبل استلام علم التعديل أو الالغاء.
الاعتماد القطعي
الاعتماد القطعي أو غير القابل للالغاء هو الذى لا يمكن الغاؤه أو تعديله إلا إذا تم الاتفاق والتراضي على ذلك من قبل جميع الأطراف ذات العلاقة، ولا سيما موافقة المستفيد، فيبقى البنك فاتح الاعتماد ملتزما بتنفيذ الشروط المنصوص عنها في عقد فتح الاعتماد. وهذا النوع من الاعتمادات المستندية هو الغالب في الاستعمال لأنه يوفر ضمانا أكبر للمصدر لقبض قيمة المستندات عند مطابقتها لشروط وبنود الاعتماد.

محرر الموقع 08-12-2010 01:22 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
واليكم كتاب تعليم الاعتمادات المستندية كاملاً

منقول للفائدة
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هانى محسن 03-01-2011 07:37 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
جزاك اللة خيرا

هانى محسن 03-01-2011 07:38 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
جزاك اللة كل خيرا

هانى محسن 03-01-2011 07:39 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
جزاك اللة كل الخير والعافية

محرر الموقع 03-01-2011 08:45 PM

رد: شرح الإعتمادات المستندية Letters of Credit
 
اقتباس:

المشاركة الأصلية كتبت بواسطة هانى محسن (المشاركة 14385)
جزاك اللة كل الخير والعافية

جزاك الله كل خير اخي الكريم أ / هاني

وسعداء بوجودك معنا

mandory 15-02-2011 03:12 AM

رد: شرح الإعتمادات المستندية Letters of Credit
 
THANKS SIR


الساعة الآن 04:22 PM

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