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1、备用信用证 ISP98,主讲人：陈 虹,备用信用证,Types and Uses of Standby LCDifference between Standby LC and Commercial LCISP98ISP98&UCP500 Compared,Types and Uses ofStandby Letter of Credit,Types Performance Standby Advance Payment Standby Bid Bond/Tender Bond Standby Counter Standby Financial Standby Insurance Standby
2、 Commercial Standby Direct Pay Standby,May or may not be linked to default in performance or payment,Sample wording of SBLC,Performance Standby“customer failed to ship in accordance with the contract”“customer failed to complete construction”Financial Standby“customer failed to pay note on due date”
3、“represents payment of customer debt”“represents funds we were required to pay in satisfaction of customer obligation”,Sample wording of SBLC,Commercial Standby“The amount of this drawing$.under bank L/C No.represents funds due us as attached invoice is 30 days past due.”copy of invoice copy of tran
4、sport document.,Sample wording of SBLC,Direct Pay StandbyStandby intended to cover principal plus interest for extended periodStandby issued for principal amount of obligation plus interest for one periodThis Standby will be the payment vehicle for periodic interest.(direct pay),The essential functi
5、on difference between a Commercial Credit and a Standby Letter of Credit,What articles of UCP500 will most likely not apply to Standby Credits?*Article 23 to 38*Article 41*Article 43,ISP98&UCP500 Compared,Not be equitable in default situations,Thirty calendar days I/O one day is sufficient for third
6、 parties to be aware of resumption of business,Why is the rule in respect of closure on a business day in relation to ISP98 and Standby Credit important?,Can you understand the rule regarding inconsistency in documents in relation to ISP98 and Standby Credit?In what respects is this different from U
7、CP 500?,The distinction is best explained by examining the wording of a standby credit,that includes documents other than claim documents and certificates.,Standby amount:US$1 million Demand:US$1 million Invoice enclosed shows US$2 million Acceptable?Yes(Rule3.08)The documents are consistent with th
8、e terms of the standby but not with each other.Is this acceptable?Yes(Rule4.03),Partial Shipments/Drawings,ISP98-Art.3.08 Partial Drawing and Multiple Presentation;A presentation may be made for less than the full amount available(“partial drawing”)More than one presentation(“multiple presentations”
9、)may be made.The statement“partial drawings prohibited”means that a presentation must be for the full amount available.The statement“multiple drawings prohibited”means that only one presentation may be made and honored but that it may be for less than the full amount available.UCP500 Art40 Partial S
10、hipments/DrawingsPartial drawing s and/or shipments are allowed,unless the Credit stipulates otherwise.,Installment Shipments/Drawings,UCP500 Art.41 Installment Shipments/DrawingsIf drawings and/or shipments by installments within given periods are stipulated in the Credit and any installment is not
11、 drawn and/or shipped within the period allowed for that installment,the Credit ceases to be available for that and any subsequent installments,unless otherwise stipulated in the Credit.ISP98 Art.3.07 Separateness of Each Presentationor failing to make any one of a number of scheduled or permitted p
12、resentations does not waive or otherwise prejudice the right to make another timely presentation or a timely re-presentation whether or not the standby prohibits partial or multiple drawings or presentations.,Obligation of Advising Bank,ISP98 Rule2.05 the advice accurately reflects what has been rec
13、eived.UCP500 None,In ISP 98 and Standby Credits how may a document reproduced from an original be deemed to be an original?A presented document is deemed to be an“original”unless it appears on its face to have been reproduced from an original.A document,which appears to have been reproduced from an
14、original,is deemed to be an original if the signature or authentication appears to be original.“two copies”,“two-fold”,ISP98 Rule4.15 either originals or copies may be presented,UCP500 Art.20 one original and the remaining number in copies.,ISP V.UCP Key Difference for Standbys,ISP98 Rule 2.02 ident
15、ifies an issuers branch or other office as a separate“person”,while UCP500 Art.2 identifies an issuers branch in another country as a separate entity.ISP98 Rule 3.07 effectively eliminates the unwritten principle of“precedence”,by stating that the honour of a non-complying presentation does not waiv
16、e the requirements of the standby for future presentations.,ISP V.UCP Key Difference for Standbys,ISP98 Rule 5.04 states that the issuer is not“preclude”by its failure to notify a presenter that a presentation is being dishonoured due to the presentation being made after the expiry date of a stand-b
17、y.There is no UCP500 article that covers the issue.Under ISP98 Rule 6.02,a standby may be transferred in its entirety,more than once and may not be partially transferred.Under UCP500 a credit may be partially transferred but may not be transferred in its entirety more than once.,ISP V.UCP Key Differ
18、ence for Standbys,ISP Rule 5.07 state that“Failure to give notice of the disposition of documents in the notice of dishonour does not preclude the issuer from asserting and defense otherwise available to it against honour.”UCP500Art.UCP500 Art.14,ISP V.UCP Key Difference for Standbys,ISP98 Rule 2.03
19、 Definitely Irrevocable“Statements that a standby is not available,operative,effective,or the like do not affect its irrevocable and binding nature at the time it leaves the issuers control.UCP500 Probably Article 6&Article 8,ISP V.UCP Key Difference for Standbys,On Sept.1,2003 beneficiary telexes i
20、ssuer“extend one year or pay one million dollars”Is it a request to amend?Is it a demand?Which is it?What to do?UCP500:Unclear ISP98 Rule 3.09,ISP98 Rule 3.09 Extend or Pay,Definition A beneficiary s request to extend the expiration date of the standby or,alternatively,to pay the amount available un
21、der it a.is a presentation demanding payment under the standby,to be examined as such in accordance with these Rules;b.Implies that the beneficiary:i consents to the amendment to extend the expiry date to the date requested;ii requests the issuer to exercise its discretion to seek the approval of th
22、e applicant and to issue that amendment;iii upon issuance of that amendment,retracts its demand for payment;and iv consents to the maximum time available under these rules for examination and notice of dishonour.,What the meaning of“Timely Notice”in relation to ISP98?Notice of dishonour must be give
23、n within a time after presentation of documents which is not unreasonable.i Notice given within three business days is deemed to be not unreasonable and beyond seven business days is deemed to be unreasonable.ii Whether the time within which notice is given is unreasonable does not depend upon an im
24、minent deadline for presentation.iii The time for calculating when notice of dishonour must be given begins on the business day following the business day of presentation.iv Unless a standby otherwise expressly states a shortened time within which notice of dishonour must be given,the issuer has no
25、obligation to accelerate its examination of a presentation.,what is reasonable time?What is not an unreasonable time?What is an unreasonable time?,ISP V.UCP Key Difference for Standbys,Standby required documents:Draft,Beneficiary Statement,Original Standby L/C Original L/C is lostIs beneficiary enti
26、tled to a replacement?UCP500:No Rule ISP98 Rule 3.12,ISP V.UCP Key Difference for Standbys,ISP Rule 7.01 7.02Applicant to Issuer:”Attached hereto,find original L/C.Please cancel it”Is this consent from the beneficiary?Should the issuer release the collateral?Are there nominated persons or transferee
27、s?Should Issuer demand more?,Standby LC Mitigating Risk,SYNDICATIONUsually,one processes as agent for issuance,amendment,and paymentEach creditor disclosedSeveral,not joint,PARTICIPATIONIssuer sale of applicant risk not disclosedIssuer fully obligated to the beneficiaryBeneficiary no rights to participants,返回,
