国际贸易实务英文版课件帅建林 ISBN9787810789561 PPT帅ch10.ppt

In practice, the first beneficiary need first apply to the advising bank for the transfer. The application will list the name of the second beneficiary or transferee and the instructions for transfer. Then the advising bank will take back the original L/C and produce the second-hand L/C according to the instructions of the first beneficiary. Usually in this letter of credit, the name of the first beneficiary will be used to replace the original applicant, so that the supplier will not know who the importer is. The second-hand L/C will be delivered to the second beneficiary by the advising bank, who, having made delivery of the goods, will come to the advising bank for negotiation. Then the advising bank, which also serves as the negotiating bank under transferable L/C, will ask the first beneficiary to take the balance of the two credits. He will also be asked to use his own invoice, or draft (provided that the L/C requires the drawee to be the applicant) to replace the invoice (and draft) of the second beneficiary. (7) Back to back L/C对背信用证 Back to back L/C is also called subsidiary credit or ancillary credit. This is used when the deal is concluded through a middle man. Under such case, the middle man will first receive a L/C from the buyer, then he will ask the bank ( usually the advising bank of the first credit ) to open another credit upon the seller in line with and on hypothecation of the original credit (or master credit, prime credit, or overriding credit). In the second credit, changes can be made about the applicant, the beneficiary, price of the goods, insurance amount, time of shipment, and validity of the credit. The other clauses should be the same as listed in the first credit. Back to back credit is rather similar to transferable credit, but they are different. Under transferable credit, the transfer of the credit is authorized by the opening bank and the opening bank of the original credit holds itself responsible for the paym