ING Trade Finance Services. The documentary credit. Wholesale Banking

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1 ING Trade Finance Services The documentary credit Wholesale Banking

2 Contents Introduction... 2 Documentary Credits... 3 General Provisions... 5 Security offered by documentary credits... 7 Advised documentary credits... 7 Confirmed documentary credits ( Open confirmation )... 7 Silent confirmation... 7 Types of Documentary Credit... 8 Honouring and Negotiation of a credit... 8 Honour... 8 Negotiation... 8 Special types of documentary credit... 9 Stand-by letter of credits... 9 Transferable documentary credits... 9 Back-to-back documentary credits... 9 Revolving documentary credits Documentary Credits Terms and Documents Receiving a documentary credit Shipment and payment Bill of exchange ( Draft ) Commercial invoice Transport documents Air transport document Road, Rail or Inland Waterway transport documents Courier receipt, post receipt or certificate of posting The insurance document Other documents Document Handling Issuing a Documentary Credit Terms of Delivery Rules for any mode or modes de transport Rules for sea and inland waterway transport History of the Incoterms: The documentary credit Sample of documents Page 1/35

3 Introduction Businesses trading internationally often need tools to limit trade risk. Documentary credits are one such tool. Documentary credits increase the certainty importers receive the goods they order, and greatly reduce the financial risks exporters run. A documentary credit (also known as a Letter of Credit or simply L/C) is an agreement between a bank and her customer, whereby the bank undertakes to make payment to a third party after certain conditions have been met. This brochure explains how documentary credits work, what types of documentary credits exist, what the conditions of such documentary credits are and which documents play a role in international trade. If having read this brochure, you would like further information, please contact your usual Trade contact person at ING Page 2/35

4 Documentary Credits A documentary credit can be considered as an engagement to pay from the issuing bank based on settlement of documents. The opening of the documentary credit is requested by a buyer in favour of a seller who exports. The following example indicates when to use a documentary credit. Worldwide Souvenirs Ltd in Singapore has come into contact with the Belgian importer Belgium Souvenirs SA in Brussels. This might have happened through an introduction by a representative or agent, a trade fair or an advertisement in a trade journal. The two parties hardly know each other. The Asian exporter wants to obtain information regarding the financial capacity and integrity of its European counterparty. The importer is interested in the Asian exporter s products and asks the latter for details of prices, payment and delivery terms and other conditions. Following negotiation between the parties, the importer decides to purchase the goods and places an order. The exporter sends the importer an order confirmation and/or a pro forma invoice (provisional invoice), which specifies that Payment is to be made against a documentary credit and remind the conditions. A documentary credit is an independent commitment from a bank at the request of a buyer to effect a payment in favour of a third party, provided the terms and conditions are duly fulfilled and the documents found conform. The reason the exporter wants a documentary credit is because its documentary credit risk shifts from the importer to the bank issuing the documentary credit. After all, the issuing bank is guaranteeing to pay if the terms & conditions of the documentary credit are met. In most cases, a bank will have a better documentary credit rating than an importer. Page 3/35

5 The diagram below shows the steps involved in a documentary credit. Reception of the goods Step 4 Step 7 Step 4 Step 1 Step 4 Step 7 Step 3 Step 6 Step 2 Step 5 Step 6 Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 The importer ( applicant ) requests his bank to issue a documentary credit in favour of the exporter ( beneficiary ). As soon as the risk has been assessed the Buyer s bank ( issuing bank ) issues a documentary credit and sends it to the Seller s bank abroad. The Seller s bank receives the documentary credit and advises the exporter it has been issued (advising). After being advised of the documentary credit and having checked the content, the exporter ships the goods, collects the documents required and presents them to its bank within the time limit set down in the documentary credit. The Seller s bank checks the documents sends them to the Buyer s bank. The Buyer s bank checks whether the documents comply with the terms and conditions of the documentary credit. If they do comply, the bank honours its obligations and pays the amount to the exporter s bank. The Seller s bank in turn pays the amount to her customer. The importer receives the documents from its bank, which gives the importer title to the goods shipped. Page 4/35

6 General Provisions Documentary credits are governed by rules that are laid down by the International Chamber of Commerce, namely the ICC Uniform Customs and Practice for Documentary credits (the UCP ). Banks are required to apply the Uniform Customs to documentary credits they issue. ICC Publication No. 600, the 2007 revision of these rules are now in effect. The International Standard Banking Practice (Publication n 745 is a practical complement to the UCP. These brochures are published by the International Chamber of Commerce. You can order them from ING or on the ICC website BusinessBookstore According to the Uniform Customs, a documentary credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour or negotiate a complying presentation. A presentation means the delivery of documents under a documentary credit to the issuing bank or nominated bank. The nominated bank is the bank with which the documentary credit is available (the documentary credit itself indicates this as either any bank or a specific bank). A complying presentation means a presentation that is in accordance with the terms and conditions of the documentary credit, the applicable provisions of the UCP rules and International Standard Banking Practice. Although documentary credits may relate to contracts of sale or other contracts, a documentary credit is a separate obligation, even if it refers to such contracts. Article 4a states: A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with our bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, there is no direct payment relationship between the importer and the exporter. Instead, for payment the exporter must apply to the bank where the documentary credit has been made available. In order to obtain payment under a documentary credit, stipulated documents have to satisfy certain conditions and be drawn up accordingly. Page 5/35

7 This is very important and is explained in detail in section Terms of documentary credits and documents. According to the provisions of the UCP there is no direct contact between the seller and the buyer regarding the payment. To get the payment, the seller (beneficiary) must always go to the bank where the credit is available, possibly through its own Bank (advising bank or designated, art. 12). Page 6/35

8 Security offered by documentary credits Advised documentary credits This is where the issuing bank requests another bank (the advising bank) to advise the exporter concerned that a documentary credit has been issued. The advising bank is required to exercise due care in checking the apparent authenticity of the documentary credit it advises. All documentary credits have to designate the nominated bank (the bank with which the documentary credit is available or any bank in the case of a documentary credit available with any bank ). A nominated bank advises the exporter of the documentary credit without engagement on its part to pay, accept or negotiate the bills of exchange. Since such a bank has no independent obligation to settle the documentary credit, the creditworthiness of the issuing bank and the country in which the issuing bank has its registered office must be taken into consideration by the exporter. An exporter who does not wish to be exposed to these risks should ask for an L/C confirmed by the advising bank (often in its country). Confirmed documentary credits ( Open confirmation ) If, on the instructions of the importer, the issuing bank requests the advising bank to confirm a documentary credit, and the advising bank is prepared to do so, the advising bank is then referred to as the confirming bank. Confirmation constitutes a firm commitment on the part of the confirming bank to pay the exporter if he makes a complying presentation. In other words, the advising bank, which is now also the confirming bank, is obliged to take up the documents for honoration or negotiation, provided the conditions of the documentary credit have been satisfied. This independent obligation on the part of the confirming bank provides the exporter with greater payment security because he is now running a risk on the advising bank instead of an unknown bank abroad. Silent confirmation It sometimes happens that the issuing bank doesn t authorize the confirmation by the bank of the exporter. This for various reasons, for example commercial or ideological. This is the case of many countries in Asia. It may also be the case that the buyer simply forgot to require it from the bank. The credit is then issued without instruction to confirm ( without ). The beneficiary that still wants to be covered against the risks of bank, country and political, can ask for a commitment from its bank. The issuing bank and the buyer are not informed about this commitment. This commitment, known under the name silent confirmation, is more expensive than an open confirmation. Indeed the bank of the seller bears more risks. The commitment is unilaterally given, without the issuing bank is informed. In function of the type of documentary credit, other risks can be incorporated in this silent confirmation. Such as the risk of loss of documents when the credit is valid at the counters of the issuing bank Page 7/35

9 Types of Documentary Credit All documentary credits constitute a binding undertaking by the issuing bank, subject to a complying presentation to the nominated or issuing bank. Commitments under a documentary credit may not be cancelled and may also not be amended without the consent of all the parties involved, namely: the applicant (importer); the issuing bank; the beneficiary (exporter), and the advising bank. Partial acceptance of amendments, contained in the same notice of amendment, is not permitted. Honouring and Negotiation of a credit The bank will honour the credit or negotiate the documents upon presentation of credit complying documents. A complying presentation is a presentation of documents that is in accordance with the terms and conditions of the credit, the applicable conditions of the UCP600 and International Standard Banking Practices. Honour To honour means a. to pay at sight if the documentary credit is available by sight payment, b. to incur a deferred payment undertaking and pay at maturity if the documentary credit is available by deferred payment. c. to accept a bill of exchange ( draft ) drawn by the beneficiary and pay at maturity if the documentary credit is available by acceptance. Negotiation Negotiation means: The purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) an/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank All documentary credit must state which bank has been instructed to honour (payment, acceptance of bills of exchange or deferred payment commitment) or to negotiate. Or the credit can stipulate that any bank is nominated to honour or to negotiate. Page 8/35

10 Special types of documentary credit There are also a number of special types of documentary credit. These are: Stand-by letter of credits Stand-by letters of credit are similar in many ways to bank guarantees. However, they are more flexible, and are governed by the International Chamber of Commerce (ICC) instead of local law. This is a great advantage in the event of litigation. Stand-by letters of credits are governed either by the International Standby Practices ISP98 or by UCP 600. This technique is more in favour of the exporter because only a limited number of documents must be presented. This form of payment is less attractive for the importer: it doesn t guarantee the timeliness or the quality of the imported goods. A Standby LC can function as bid bond, performance bond, finance guarantee, etc. An expiry date is always mentioned and extension are always possible. Transferable documentary credits Transferable documentary credits enable the beneficiary (an intermediary in this case) to request a nominated bank to transfer the documentary credit in full or in part to one or more other beneficiaries. The first beneficiary then waives his rights under the documentary credit in respect of the amount of the transfer. We however would point out that according to Article 38 of the UCP, only the amount of credit, the expiration date, the deadline for submission of documents and the percentage of the insurance coverage can be adapted in case of transfer. Requests are analysed by our specialists on case by case basis. This solution is not always appropriate in all cases. Back-to-back documentary credits This can be used when the credit is not transferable, or because the transfer cannot be done under the agreed conditions. The "back-to-back" credit is a special credit issued at the request of the beneficiary of another credit, called the basic credit. This form fundamentally differs from a transferable credit because from a legal point of view, this credit is totally separate from the basic credit. The basic credit and the "back-to-back" credit are two separate transactions, that both relate to the same business transaction. The payment of the basic credit actually serves to compensate the bank for the payment made under the "back-toback credit. The bank that issues a "back-to-back" credit contracts a new commitment and should first assess the creditworthiness of the applicant (the beneficiary of the basic credit). Page 9/35

11 Revolving documentary credits In the case of a revolving documentary credit, the documentary credit may be drawn repeatedly up to a certain amount during a given period stated in the documentary credit. After the documentary credit has been drawn in full/in part, the amount of the documentary credit becomes available again, without the documentary credit needing to be reopened. Page 10/35

12 Documentary Credits Terms and Documents Receiving a documentary credit It is very important for an exporter to read the terms of a documentary credit very carefully as soon as he receives it. He needs to make sure that he can meet the terms of the documentary credit and that they are consistent with the terms of the contract. If a documentary credit contains terms that are impossible to meet or that are inconsistent with the purchase contract, the importer should be contacted immediately and requested to change them. This will help avoid difficulties arising when the documents concerned are presented under the documentary credit. Shipment and payment If the terms of the documentary credit are acceptable, the exporter can dispatch the goods and present the stipulated documents to the bank where the documentary credit is available. This must take place within the period of validity of the documentary credit and within the stipulated presentation period. In addition to an expiry date for the presentation of documents, each documentary credit that requires the presentation of transport documents must specify a certain period following the date of shipment, within which the documents must be presented. If this period is not specified, the banks concerned will refuse documents that are presented to them later than 21 days following the date of shipment of the goods (Art. 14c). It is vital that the exporter satisfies all terms of the documentary credit relating to period of validity, presentation period and documents. When a term or a condition of a documentary credit is not or cannot be satisfied, the bank concerned may refuse to pay. Remark Documentary credits must state clearly who has to issue the documents, how they must be worded and what information they must contain. This does not apply to transport documents, insurance documents and commercial invoices, as they have specifics article in the UCP. If a documentary credit does not contain the required information, banks will accept the documents as presented, provided their contents are not inconsistent with any other stipulated document presented. Expressions such as first class, well known, independent, competent and qualified, etc. must not be used. If such expressions are used in a documentary credit, banks will accept the documents concerned as presented, provided they appear to be in accordance with the other terms and conditions of the documentary credit and do not appear to have been issued by the exporter himself. Page 11/35

13 We explain the most common documents below. Specimens of a number of these documents are included at the end of this brochure. Many of these documents are discussed in the UCP 600. Page 12/35

14 Bill of exchange ( Draft ) A Bill of exchange is a signed unconditional order in writing to pay a fixed sum of money on a particular date to a particular person or to that person s order. Bills of exchange are governed by international law. Bills of exchange are stipulated under various types of documentary credit, such as negotiation and documentary credits available by acceptance of a Bill of exchange. Although specifics may vary from country to country, in general bills of exchange contain: the words bill of exchange ; the signature of the drawer (the exporter); the date and the place of drawing; the name of the drawee (the person who is to pay); the due date; the name of the payee (the person to whom payment must be made); the place of payment, and an unconditional order to pay a fixed sum of money. If a bill is issued in two copies, the first copy is referred to as the first of exchange (the second being unpaid) and the second copy is referred to as the second of exchange (the first being unpaid). This is called the cancelling clause. The amount of the bill must be stated in figures and words. Under a documentary credit, a bill of exchange must be made out to the order of the drawer and endorsed in blank, unless otherwise stipulated. Commercial invoice (Art. 18) A commercial invoice is regarded as the base document that states the principal information. The invoice must be in writing and, if necessary, signed by the beneficiary of the documentary credit (the exporter). As a rule, it must be addressed to the documentary credit applicant (the importer). The commercial invoice must also include the information stated below or meet the following requirements: the date of the invoice; a description of the goods in the same language and in exactly the same words as used in the documentary credit. Any additions and specifications have to be consistent with the description referred to above; the amount of the invoice. the terms of delivery. In certain countries, customs and consular invoices are required in addition to the commercial invoice. Page 13/35

15 There are a number of provisions relating to tolerances in respect of the amount of the documentary credit, the quantity of goods and the unit price (Art. 30): The words about or approximately used in connection with the amount of the credit or the quantity or the unit price stated in the credit are to be construed as allowing a tolerance not to exceed 10% more or 10% less the amount, the quantity or the unit price to which they refer. A tolerance not to exceed 5% more or five per cent less than the quantity of the goods is allowed, provided the credit does not state the quantity in terms of a stipulated number of packing units or individual items and the total amount of the drawings does not exceed the amount of the credit. Even when partial shipments are not allowed, a tolerance not to exceed 5% less than the amount of the credit is allowed provided that the quantity of the goods, if stated in the credit, is hipped in full and a unit price, if stated in the credit, is not reduced or that sub-article 30(b) is not applicable. This tolerance does not apply when the credit stipulates a specific tolerance or uses the expressions referred to in sub-article 30(a). Page 14/35

16 Transport documents (see article 19 to 27 in UCP600) The method of shipment of the goods determines the document that is issued. The documents most commonly used for transport by sea, air, road, railway and for multimodal (combined) transport are explained below. Marine transport document: Sea transport: the bill of lading The correct document for the shipment of goods by sea is the bill of lading (B/L). A bill of lading may be issued by a carrier (the shipping company) or by an agent. In general, the only bill of lading that is acceptable under a documentary credit is one issued by a carrier. A bill of lading is a dated document, containing a declaration by the carrier to the effect that he has received particular goods for the purpose of transporting them to a named destination and delivering them to a named person at this place and stating the terms on which delivery will take place. The principal information required by a bill of lading is stated on the front. This includes: the date of issue; a brief description of the goods as stated by the shipper, packing unit, number of packages, gross weight, shipping marks; the name of the shipping agent; the name of the consignee or to the order of the shipper; the name of the vessel; the ports of loading and discharge; the notify address (the address that must be notified upon arrival of the goods); any declaration that the goods have been loaded on board or have been shipped by the named vessel; the words freight paid or freight payable at destination ; a number of original copies. The general conditions are set out on the reverse of the bill of lading. A bill of lading must be signed or otherwise authenticated by: the carrier, or a named agent for or on behalf of the carrier, or the master of the vessel or a named agent for or on behalf of the master. Page 15/35

17 The bill of lading must state the number of original copies of that bill of lading. A number of original copies are often issued, with the addition of a cancelling 1 clause. As a rule, a full set of bills of lading will be required under a documentary credit. A cancelling clause is very important in the case of a bill of lading because the bill of lading gives title to the goods shipped and also allows the lawful holder of one of the original copies to take possession of the goods. After the goods have been delivered, the other copies will have no further value. A bill of lading declares that the goods have been loaded on board or have been shipped by a named vessel (shipped on board). Multimodal transport document (Art. 19) This document is issued for the transportation of goods from the place of receipt to the place of final destination when various modes of transport are used (multimodal transport). If this document is issued in the form of a multimodal transport bill of lading, then this negotiable document gives title to the goods. Marine/ocean bill of lading (Art. 20) This bill of lading covers the transportation of goods by ship from the port of loading to the port of discharge. It therefore only covers transportation by sea and not the whole carriage. It is often used for goods that are loaded as general cargo, which is why a document of this type is used for traditional transportation, in contrast to modern forms of transportation, when the whole of the carriage is covered by a single document, such as a multimodal transport document. Non-negotiable sea waybill (Art. 21) Like the marine/ocean bill of lading, this document covers transportation by sea from port to port. The essential difference between this document and the ocean bill of lading is that the sea waybill is not a negotiable document and that it does not therefore need to be presented at the port of discharge in order to gain possession of the goods. Charter party bill of lading (Art 22) A charter party bill of lading is issued under and subject to a charter party. This bill of lading is not acceptable under a documentary credit, unless the documentary credit permits such a bill of lading. 1 One original suffices to receive the goods Page 16/35

18 Air transport document (Art. 23) An air waybill is issued by the carrier (the airline) or its agent for the transportation of goods by air. This document confirms the contract of carriage, receipt of the goods and the conditions of carriage. This document must therefore be signed by the shipper of the goods and by the carrier or a named agent for or on behalf of the carrier. An air waybill is drawn up in three original copies and a number of copies to be used for administrative purposes. Of these three original copies, the exporter may only have original copy number three, intended for the shipper. This copy must be presented under the documentary credit. Road, Rail or Inland Waterway transport documents (Art. 24) A road, rail or Inland Waterway Transport document, however named must be signed by both the consignor of the goods and the carrier or a named agent for or on behalf of the carrier. The waybill for international transport, the CMR (Convention relative au contrat de transport international de Marchandises par Route), is an agreement covering the transportation of goods by road by vehicle, stating the place of receipt and delivery of the goods. It forms proof of the conclusion of the contract of carriage, the conditions of carriage and the receipt of the goods by the carrier. A waybill consists of three original copies, which must all be signed by both the consignor and the carrier: the first copy is intended for the consignor; the second copy is intended for the consignee and accompanies the goods; the third copy is intended for the carrier. When a documentary credit stipulates a CMR, the exporter must submit the first copy. In addition, a domestic delivery note may be required. A railway consignment note is issued for the transportation of goods by rail pursuant to the CIM (Convention Internationale concernant le transport de Marchandise par chemins de fer). This international railway consignment note consists of five numbered copies. Since the fourth copy is intended for the consignor, it is this document that must be presented under the documentary credit. Page 17/35

19 The railway company is required to confirm the receipt of the goods and the date of loading. The duplicate consignment note is stamped by the railway before being handed over to the consignor. Courier receipt, post receipt or certificate of posting (art. 25) The services of a courier or the postal services may be used to dispatch small quantities of goods (for example spare parts or diamants). The sender will be given a receipt as proof of dispatch, signed by the courier service or stamped by the post office to which the goods are delivered for dispatch. This receipt has to be presented under a documentary credit. The date mentioned on the receipt will be considered the shipping the dated. The insurance document (Art. 28) It is important for the transport risks of the goods to be covered. The terms of delivery will specify the person on whose instructions and for whose account insurance is taken out. If the beneficiary of a documentary credit (the exporter) takes out insurance, an insurance document will be stipulated under the documentary credit. Like the transport document, the insurance document is very important, in the event of damage to or loss of the goods for example. The transport risk therefore has to be properly covered. Since the ownership of the goods will change, the insurance document must be drawn up in a transferable form. This may be in the name of the insured person; it will then become a bearer document by means of an endorsement in blank. Alternatively, the document may be drawn up as a bearer document. An insurance document, which, depending upon the terms of the documentary credit, will be a policy or a certificate, must be issued and/or signed by an insurance company, another underwriter, or its agent. Under the provisions of the UCP 600, cover notes issued by brokers are not acceptable, unless otherwise expressly stated. Insurance documents that have been issued later than the date of shipment, are not acceptable unless it appears from the insurance document that the cover is effective from a date no later than the date of shipment. The insurance document must satisfy the following conditions: the full number of all the originals in which the document has been drawn up must be presented to the bank, unless otherwise stipulated in the documentary credit; the insured sum must be stated in the same currency as the amount of the documentary credit; if in the credit insurance coverage is required to be for a certain amount of the value of the goods, the invoice value or similar is deemed to be the minimum amount of coverage required. If there is no indication in the credit of the required coverage, the amount of insurance coverage must be at least 110 per cent of the CIF/CIP value of the goods. When CIF/CIP value cannot be determined from the Page 18/35

20 documents the amount of insurance coverage must be calculated on the basis of the amount for which honour or negotiation is requested or the gross value of the goods as shown on the invoice, whichever is greater; the mode of transport must be stated (ship, aircraft, railway or lorry) as well as the name of the vessel or registration number of the mode of transport; the transport route must be stated (the places where the risk will start and end); the risks against which the goods are insured must be stated. Page 19/35

21 Other documents There are numerous other documents that may be stipulated under documentary credits. They are used for administrative convenience, to give the importer more security, or are required pursuant to government provisions. It is virtually impossible to cover all of the documents that may be required and only the most important and most common are listed below. Packing list A packing list states the method of packaging goods, with a breakdown of the contents of the packing unit. The outer packaging must be specified in the packing list, for example, 100 cartons each containing 50 tins of milk powder or 100 pallets each containing 50 bales of coffee. Weight note/certificate A weight note gives the net weight of the goods and, if the goods are packaged, the gross weight as well. The weight certificate has the same purpose, but must be signed. Certificate of origin A certificate of origin is a written declaration evidencing the country of origin of the goods. Depending upon the requirements laid down in a documentary credit, these certificates may be drawn up by the exporter or a Chamber of Commerce for example. Customs documents Customs documents are often stipulated for international trade. The original copies, which must be stamped by the customs authorities in the country of export, often accompany the goods in order to avoid delays in customs clearance. In this case, the documentary credit will stipulate a copy of the relevant document. Certificate of analysis The certificate of analysis is a signed declaration regarding the composition of the product concerned. Inspection certificate An inspection certificate is a certificate evidencing that the goods concerned have been inspected and stating whether requirements have been met. The importer generally appoints an independent inspection bureau. Société Générale de Surveillance S.A. or Bureau Veritas, which has subsidiaries in many countries, is a well-known independent inspection bureau. Page 20/35

22 Health certificate This certificate is often required for exports of livestock and fish and products made from them that are intended for consumption. It is issued by official bodies, such as veterinary services or the various commodity boards. The government of the importing country may also make this certificate a compulsory requirement. Phytosanitary certificate A phytosanitary certificate, often issued by a phytopathological service declares that the plants or bulbs concerned (or for example the packaging of a wooden pallet) are not infected by particular diseases and are not sourced from an area in which these diseases occur. Page 21/35

23 Document Handling After the goods have been dispatched in accordance with the terms of the documentary credit, the beneficiary must present the required documents within the stipulated period to the bank where the documentary credit is available. We have explained the advantages of documentary credits above. These benefits are largely lost, however, when the documents presented do not comply with the terms of the documentary credit. In this case, it will not be possible to accept the documents, or only on a conditional basis. The bank is required to check the documents with reasonable care to ensure that they comply with the provisions of the documentary credit. It is therefore very important that the beneficiary satisfies himself that the documents presented for settlement comply with these provisions. The issuing bank, any confirming bank or a bank appointed and acting on its behalf will each have a reasonable period of time, not exceeding five banking days, following the date of receipt of the documents, to examine the documents and to decide whether it will take up or refuse the documents and to inform the person or persons from whom it received the documents accordingly. If the documents are found to be in accordance with the terms of the documentary credit by the bank, then the nominated or the issuing bank if there is no nominated bank, will make financial settlement: The bank pays the credit when it relates to a credit payable at sight; Or the bank issue a commitment to pay when it relates to a tenor credit; Or the bank accepts the bill of exchange; Or the bank negotiates (the bill of exchange together with) the documents under usual reserve in case of credit by negotiation (unconfirmed). If the bank finds discrepancies in the documents, the beneficiary may, to the extent possible, correct these discrepancies or have them corrected. This must take place within the period of validity of the documentary credit and also within the stipulated presentation period. The bank will decide whether financial settlement will nevertheless be made if it is no longer possible to correct the discrepancies. If, in the bank s opinion, the discrepancies are not too serious, it may take them up under reserve. This conditional taking up of documents means that the bank considers the beneficiary to be good for repayment and the bank will have the right to demand repayment of the amount paid if the issuing bank refuses to accept the documents on the grounds of the discrepancies. Page 22/35

24 If the issuing bank is informed of the discrepancy (or discrepancies) found, this is called an external reserve. If the discrepancy is not disclosed, this is called an internal reserve. In cases in which the documents are not in accordance with the terms and conditions of the documentary credit and the bank is not prepared to take up the documents under reserve, the documents will be submitted to the issuing bank for approval. Financial settlement will only be made after receipt of the approval of, or receipt of funds from, the issuing bank. As discussed earlier, under documentary credits, all the parties concerned deal with documents and not with goods. Below, we have listed a large number of frequently occurring inaccuracies in relation to documents that need to be avoided: the documents are presented after the expiry date of the documentary credit; the documents are presented after the stipulated presentation period of a certain number of days after the date of shipment (if this period is not stated in the documentary credit, the period will be 21 days, but it must be within the period of validity of the documentary credit); the goods were shipped after the latest shipment date; one of the documents stipulated is not presented; negotiable documents, such as a bill of exchange, bill of lading or the insurance policy/certificate, do not have the necessary endorsement; the amount of the documentary credit has been exceeded; there has been a partial shipment of the goods, while this is not permitted under the documentary credit; a transhipment has taken place, which is not permitted; the description of the goods on the invoice is incomplete or is not in the same words as used in the documentary credit; insurance for the goods enters in force after the shipment date; the insurance document does not cover all the risks stipulated; the insured sum is too low; the packing list does not specify the form of packaging; there is inconsistency between the documents. If in doubt, we recommend that you contact the product specialists of the Documentary Trade Department of ING, because once a document has been drawn up incorrectly, it is not always possible to rectify the error or replace the document, particularly if the document or documents have been drawn up by a third party. Page 23/35

25 Issuing a Documentary Credit A documentary credit not only gives an exporter security that he will receive payment, but also gives an importer the security that payment will only be made after the terms laid down in the documentary credit have been satisfied. When an importer and exporter have agreed that payment will be governed by a documentary credit, the importer s next step is to instruct his bank to issue the documentary credit. The importer does this by means of a special form, available on line through ING s internet application or in paper form. Following approval by ING, processing of the documentary credit will be completed by the bank. Opening of a documentary credit The importer will need to provide all the information that the bank considers necessary to open a documentary credit. The Uniform Customs require that all instructions must be complete, accurate and unambiguous. It is important to avoid excessive detail, as this often leads to confusion and misunderstandings. It is also important to use the correct terms on the application form. The banks will accept no liability for any errors in the translation or interpretation of technical terms. The documents comprising a complying presentation under a documentary credit depend entirely on the nature of the transaction. In general, the following documents are acceptable in case of delivery of goods: a commercial invoice; a transport document; depending on the terms of delivery, an insurance document; a certificate of origin (sometimes a GSP Generalized System of Preferences), a packing list and/or a weight note may also be needed. A documentary credit greatly enhances the possibility a transaction will proceed as planned, but it does not offer full certainty. It may therefore be a good idea to stipulate that inspection documents be included in a documentary credit. Inspection documents indicate that the goods purchased were inspected prior to shipment and found to be in order. A named, independent body should carry out this inspection. This will enable the exporter to provide his goods or services independently and will give the importer the security that his interests will be protected. Examples of such inspection documents include a certificate issued by an internationally recognized inspection bureau, a certificate of analysis issued by a laboratory, or a weight certificate issued by a named and certified weigher. Page 24/35

26 Concerning certificates we draw your attention on the importance of the content. For example Q8 of the International Standard Banking Practices: «When a credit is silent as to the specific content to appear on a certificate, including, but not limited to, any required standard for determining the results of the analysis, inspection or quality assessment, the certificate may include statements such as not fit for human consumption, chemical composition may not meet required needs or words of similar effect, provided such statements do not conflict with the credit, any other stipulated document or UCP600. The issuing bank will charge an administration fee for opening a documentary credit and a commitment fee for the term of the documentary credit. Although internationally accepted rules and practices govern documentary credits, they often need to be tailor-made to suit the underlying transaction. It is therefore recommended that an importer contacts his bank at the earliest possible stage. Page 25/35

27 Terms of Delivery Publication n For a more detailed description of the obligations of the buyer and seller, we refer to the Incoterms 2010 edition, published by the International Chamber of Commerce and available on the ICC BusinessBookstore Incoterms-2010 Rules for any mode or modes de transport EXW - Ex Works Ex Works means that the seller delivers when it places the goods at the disposal of the buyer at the seller s premises or at another named place (i.e.,works, factory, warehouse, etc.). The seller does not need to load the goods on any collecting vehicle, nor does it need to clear the goods for export, where such clearance is applicable. FCA - Free Carrier Free Carrier means that the seller delivers the goods to the carrier or another person nominated by the buyer at the seller s premises or another named place. The parties are well advised to specify as clearly as possible the point within the named place of delivery, as the risk passes to the buyer at that point. CPT - Carriage Paid To Carriage Paid To means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. CIP - Carriage And Insurance Paid To Carriage and Insurance Paid to means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. 2 Incoterms is a trademark of the International Chamber of Commerce Page 26/35

28 The seller also contracts for insurance cover against the buyer s risk of loss of or damage to the goods during the carriage. The buyer should note that under CIP the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements. DAT - Delivered At Terminal Delivered at Terminal means that the seller delivers when the goods, once unloaded from the arriving means of transport, are placed at the disposal of the buyer at a named terminal at the named port or place of destination. Terminal includes a place, whether covered or not, such as a quay, warehouse, container yard or road, rail or air cargo terminal. The seller bears all risks involved in bringing the goods to and unloading them at the terminal at the named port or place of destination. DAP - Delivered At Place Delivered at Place means that the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination. The seller bears all risks involved in bringing the goods to the named place. DDP - Delivered Duty Paid Delivered Duty Paid means that the seller delivers the goods when the goods are placed at the disposal of the buyer, cleared for import on the arriving means of transport ready for unloading at the named place of destination. The seller bears all the costs and risks involved in bringing the goods to the place of destination and has an obligation to clear the goods not only for export but also for import, to pay any duty for both export and import and to carry out all customs formalities. Rules for sea and inland waterway transport FAS - Free Alongside Ship Free Alongside Ship means that the seller delivers when the goods are placed alongside the vessel (e.g., on a quay or a barge) nominated by the buyer at the named port of shipment. The risk of loss of or damage to the goods passes when the goods are alongside the ship, and the buyer bears all costs from that moment onwards. Page 27/35

29 FOB - Free On Board Free On Board means that the seller delivers the goods on board the vessel nominated by the buyer at the named port of shipment or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel, and the buyer bears all costs from that moment onwards. CFR - Cost and Freight Cost and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. the seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. CIF - Cost, Insurance and Freight Cost, Insurance and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. The seller also contracts for insurance cover against the buyer s risk of loss of or damage to the goods during the carriage. Page 28/35

30 History of the Incoterms: Page 29/35

31 The documentary credit Sample MSG TYPE: MT 700 Issue of a Documentary Credit via SWIFT SENDER: BBRUBEBBXXX ING BELGIUM SA/NV BRUSSELS BELGIUM RECEIVER: INGBSGSGXXX ING BANK NV SINGAPORE 27 Sequence of Total 1/1 40A Form of Documentary Credit IRREVOCABLE 20 Documentary Credit Number C 40E 31D Date of Issue 01/09/2016 Applicable Rules UCP LATEST VERSION Date and Place of Expiry 30/11/ Applicant BELGIUM SOUVENIRS SA BRUSSELS BELGIUM 59 Beneficiary WORLDWIDE SOUVENIRS LTD SINGAPORE 32B 39A Currency Code, Amount EUR Percentage Credit Amount Tolerance 10/10 41A Available With... By... ANY BANK BY NEGOTIATION 42C Drafts at... SIGHT 42A 43P 43T Drawee BBRUBEBBXXX Partial Shipments ALLOWED Transshipment ALLOWED Page 30/35

32 44A 44E 44F 44B 44C 45A 46A 47A 71B Place of Taking in Charge/Dispatch from.../place of Receipt QUEENSTOWN Port of Loading/Airport of Departure PORT OF SINGAPORE Port of Discharge/Airport of Destination PORT OF ANTWERP Place of Final Destination/For Transportation to.../place of Delivery BRUSSELS Latest Date of Shipment 09/11/2016 Description of Goods and/or Services PCS SCALE MODEL REF 123 AS PER ORDER NO 321 DATED 15 AUGUST 2016 CIF ANTWERP AS PER INCOTERMS 2010 OF ICC Documents Required - BENEFICIARY S SIGNED COMMERCIAL INVOICE IN TRIPLICATE - FULL SET OF ORIGINALS MARINE BILL OF LADING MADE CLEAN ON BOARD MADE OUT TO ORDER AND ENDORSED IN BLANK NOTIFY APPLICANT FULL NAME AND ADDRESS MARKET FREIGHT PREPAID - INSURANCE POLICY OR CERTIFICATE FOR 110% OF CIF INVOICE VALUE, ISSUED IN DUPLICATE IN NEGOTIABLE FORM, COVERING: INSTITUTE CARGO CLAUSES A RISKS, WAR RISKS, RISKS OF JETTISON AND WASHING OVERBOARD, STRIKES, RIOTS AND CIVIL COMMOTIONS, FROM WAREHOUSE TO WAREHOUSE - PACKING LIST IN TRIPLICATE Additional Conditions DRAFT TO BE MARKED DRAWN UNDER L/C NUMBER (AS INDICATED ABOVE) OF ING BELGIUM Charges ALL CHARGES OUTSIDE ISSUING BANK ARE FOR THE ACCOUNT OF THE BENEFICIARY 48 Period for Presentation DOCUMENTS MUST BE PRESENTED WITHIN 21 DAYS FROM SHIPPING DOCUMENTS DATE AND WITHIN THE VALIDITY OF THE L/C 49 Confirmation Instructions WITHOUT 78 Instructions to the Paying/Accepting/Negotiating Bank WE SHALL HONOUR YOUR CLAIM 3 WORKING DAYS FROM DATE OF RECEIPT OF YOUR SWIFT MESSAGE INDICATING AMOUNT OF DOCUMENTS AND CONFIRMING THAT ALL TERMS AND CONDITIONS OF THE L/C ARE COMPLIED WITH 72 Sender to Receiver Information PLEASE ACKNOWLEDGE RECEIPT BY SWIFT MT 730 Page 31/35

33 Sample of documents Bill of lading Page 32/35

34 Air Waybill Page 33/35

35 CMR Page 34/35

36 Certificate of origin Page 35/35

37 We would like to thank the various organizations that have allowed us to include their published documentation in this brochure. Although this brochure has been written with the greatest care, ING accepts no liability for its contents. ING Belgium SA/NV Bank Marnixlaan 24, B-1000 Brussels Brussels RPM/RPR - VAT BE BIC: BBRUBEBB IBAN: BE Publisher: Inge Ampe Sint-Michielswarande 60, 1040 Brussels Editing Team & Graphic Studio Marketing ING Belgium TFS009E 01/17 Page 36/35

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