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(共38张PPT)
CHAPTER 18 IMPLEMENTATION OF INTERNATIONAL SALES CONTRACT
(CIF, L/C)
Cargo Readiness
Examination of and Amendment to L/C
Shipment, Insurance and Customs Clearance
Documentation
Settlement of Export proceeds in Foreign Exchange
Verification and Writing-off of Export Proceeds in
Foreign Exchange and Export Tax Rebate
§1 Cargo Readiness
Contractual quantity, quality and packing conformity requirements
Contractual quantity requirement
“100 M/T 5% more or less”, the buyer would be obliged to take delivery of any delivery between 95 M/T and 105 M/T.
(2) Contractual quality, description and packing requirements
Quality, description: the requirements in the contract will prevail.
Packaging: sufficient to protect the goods.
2. Fitness for ordinary and particular purposes
Fitness for ordinary purposes
Canned fruits must be suitable for human consumption;
Durable goods such as washing machines should remain durable (usable) for an “ordinary period of time”.
A buyer who purchases for resale is entitled to expect goods resalable in the ordinary course of business.
(2) Fitness for a particular purpose
A special purpose: to use such equipment in exceptional climatic conditions.
Precondition: The buyer must have reliance on the seller’s skill and judgment, e.g. the seller is an expert in the manufacture or sale for the particular purpose intended by the buyer.
3. To timely fulfil the obligation to deliver
The time of delivery is governed first by the provisions of the contract.
The credit stipulates specific dates for the performance of
partial shipments. If the beneficiary misses only one
deadline for a partial shipment, he forfeits the right to
claim payment under the credit for any subsequent
deliveries.
4. Ensuring freedom from third party claims
Ensure that the goods it delivers are not subject
to rights or claims by a third party.
To ensure the goods he delivers do not infringe
on the industrial property rights or other
intellectual property rights of the third party.
(The seller is not liable if the buyer "knew or could not have been unaware” the third party’s right )
§2 Examination of and Amendment
to the L/C
1. Urging the opening of L/C?
(1) The buyer fails to issue an L/C within the
time stipulated in the contract.
(2) Goods are ready for shipment, the seller
may also urge the buyer to open the L/C
in order to advance shipment.?
2. Examining L/C
The political background and financial standing
of the issuing bank.
(2) The nature of the credit and the liabilities of the opening bank.
“This credit is not effective until we receive the notification of import licenses”. (not acceptable)
(3) The unit price and total amount.
(4) The quality, quantity, packing clauses.?
UCP600 ARTICLE 30 (a):
” about ” or “approximately”
AMOUNT QUANTITY UNIT PRICE
±10%
(tolerance)
UCP600 ARTICLE 30 (b):
NOT
1. Number of packing units
2. Individual items
if quantity
± 5%
3. Total amount of the
drawings ≤the amount of
the credit
(5) The latest date for shipment, date and place of
credit expiry.?
The expiry place is usually in the beneficiary
place.
(6) Partial shipments and/or drawings are permitted
or allowed.
(7) Transshipment is permitted or allowed.
(8) The documents required are obtainable.
(9) Other special clauses.?
3. Amendment to L/C?
If the seller finds that the terms stipulated in the credit are not in line with those specified in the contract or not acceptable, he must immediately notify the buyer in the shortest possible time. Meanwhile he should also keep in mind that shipment could not be effected until the L/C amendment arrives.
Partial acceptance of an amendment is not allowed and will be deemed to be notification of rejection of the amendment.
§3 Shipment, Insurance and Customs
Clearance
1. Shipment?
① shipping note
Shipper
Carrier
② shipping order
Captain
(Mate)
③ mate’s receipt
④ mate’s receipt
⑤ bill of lading
2. Insurance??
The date of the insurance document shouldn’t be later than the date of shipment.
3. Customs clearance?
Declaration of export goods shall be made 24 hours prior to loading unless otherwise specially approved by the Customs.
Fill in customs declaration forms (报关单)
Submit appropriate documents: commercial
invoice, export license, copy of sales contract,
and inspection certificates, shipping order, etc.
§4 Documentation
1. Quality requirements for documents
(1) Accuracy: Doctrine of strict compliance
(2) Completeness: Types of documents, numbers of originals
and copies, items for each document.
(3) Promptness: Documents are ready when they are needed
to avoid any delay or confusion.?
(4) Conciseness: Not use redundant words or expressions.
(5) Cleanness: No correction on the documents.?
2. Period of time for presentation of documents?
(1) The expiry date of the credit.?
(2) The period of time for presentation
specified in the credit.?
(3) 21 days after the date of shipment.
3. Types of documents required by the credit
Draft:
Draft drawn clause “drawn under XXX Bank L/C No. XXX dated XXX”.
Payee: negotiating bank or beneficiary, etc.
Payer: according to the L/C “drawn on xx.”
L/C “drawn on us” — opening bank.
Drawer: beneficiary (exporter).
凭
Drawn Under .
信用证 第 号
L/C No. .
日期
Dated .
按 息 付款
Payable With Interest@ %Per Annum
号码 汇票金额 中国，广州 年 月 日
No.: Exchange For Guangzhou,CHINA .
见票 日后（本汇票之副本未付）
At Sight Of This First Of Exchange (Second Of Exchange Being Unpaid)
Pay to the Order of BANK OF CHINA,GUANGZHOU BRANCH中行广州分行或其指定人
付金额
The Sum Of .
To .
DEUTSCHE BANK（ASIA）HONGKONG
756/05/1495988
NOV.20,2004
ITBE001121
USD19,745.00
DEC 20, 2004
***
SAY US DOLLARS NINTEEN THOUSAND SEVEN HUNDRED AND FORTY-FIVE ONLY
DEUTSCHE BANK (ASIA) HONGKONG
CHINA NATIONAL ARTS AND CRAFTS IMP.&
EXP.CORP.GUANG DONG BRANCH
李亮
(2) Commercial invoice?
The key accounting document describing the commercial transaction between the buyer and the seller.
Containing the name and address of the seller and the buyer, date, number, S/C number, quantity and description of the goods (corresponds precisely to the description of goods in the credit).?
Unit price, total price, other charges agreed upon, and total invoice amount are stated in the currency of the contract or letter of credit. About: 10%.
(3) Miscellaneous invoices?
① Pro-forma invoice (形式发票):?Required by the buyer so that an import licence and/or foreign exchange permit will be approved by the authorities concerned.
② Customs invoice (海关发票): Required by customs authority of the importing country. It may form the basis of calculating the import duty and serve to prevent dumping of imports at low prices.
③ Consular invoice (领事发票):?Issued by the importing country's consulate in the exporting country. It may form the basis of calculating the import duty and serve to prevent dumping of imports at low prices.
(4) Shipping documents (B/L)
Name of B/L: indicated on its face.?
(ii) Shipper: Beneficiary. Unless otherwise stipulated, the bank will also accept the bill of lading with another party other than the beneficiary as the shipper. This kind of bill of lading is described as the third party B/L. ?
(iii) Consignee: “to order” or “to order of shipper”.
(iv) Notify party: Importer or its agent to be notified by the
shipping company upon arrival of the goods.
(v) Port of loading & port of discharge.?
(vi) Description of the goods, marks and numbers.?
(vii) Freight charges prepaid or to collect.?
(viii) “on board” notation, date of issuance and date of loading.
The date of issuance of the B/L will be deemed to be the
date of shipment unless the B/L contains an on board
notation indicating the date of shipment. (UCP 600)
(ix) Copies of signed (or original) B/L.?
(x) Name of carrier with a signature identified as that of carrier, or ship's master, or agent for or on behalf of either the carrier or ship's master.??
(5) Insurance policy (or certificate)?
Name of the insurance company;
Name of the insurance document;
Number of the insurance document;
Description of the goods insured;
Description of risks covered and sum insured;?
Name of place where claims are payable;
Means of transportation, name of vessel, loading port and destination port;?
Issuing date;
Signature of the insurer.
(6) Packing documents?
Describing packing conditions of the goods.
Supplementary documents to commercial invoices.
Packing list (or packing slip), weight list (or weight
note), measure list, weight memo, etc.?
(7) Certificate of origin?
Evidencing the origin of the goods.
GSP certificate of origin form A.
(8) Inspection certificate:
1. Certificate of Quality
2. Certificate of Weight
3. Phytosanitary Certificate
4. Plant Quarantine Certificate
5. Fumigation Certificate
6. Sanitary Certificate
7. Health Certificate
8. Analysis Certificate
(9) Other documents?
Beneficiary's certificate for dispatch of documents;
Beneficiary's certificate for dispatch of shipment samples;
Post receipt or courier receipt;
Evidence with regard to shipment, such as evidence of nationality of the vessel.
§5 Settlement of Export Proceeds in Foreign Exchange
Three ways of settlement of export proceeds in foreign exchange in China
When the bank at the seller’s side credits the beneficiary’s account in RMB:
“settlement after payment has been made”
“settlement on a fixed date”
(“regular settlement”)
“settlement by negotiation”
2. The ways of handling discrepancies between the
documents and the L/C
Negotiation against indemnity (凭保议付)
A provisional negotiation made to the beneficiary of a letter of credit where the documents submitted under the L/C requirements have discrepancies.
The discrepancies in the documents are listed in bank’s standard indemnity form and executed by the seller.
The seller is obliged to refund the negotiating bank in the event the issuing bank refuses to take up the documents and pay the negotiating bank.
(2) Documents sent on approval basis
In the event that the discrepancies are rather complex,
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 the authority to pay. (In China, this is called “电提”
meaning wire notification).
Payment cannot be made until all parties have agreed to
jointly waive the discrepancies.
(3) Payment under collection
Discrepancies are of a material nature: e.g. the
description of the goods differs; invoice is based on an FOB basis, while the credit stipulates CIF as the term of delivery, etc.
The bank will only be prepared to handle the
documents on a collection basis.
The exporter runs great risks of non-payment.
§6 Verification and Writing-off of Export Proceeds in Foreign Exchange and Export Tax Rebate
Verification and writing-off of export proceeds in foreign exchange
An important measure aiming at strengthening the collection, the management and preventing the loss of export proceeds in foreign exchange.
Verification: Acknowledgement of export proceeds in foreign exchange.
Writing-off: A cancellation of export proceeds in account books.
① The exporter fills in the verification and writing-off forms
② The customs officer will check the verification forms against the export declaration forms.
2. Export tax rebate declaration
Documents required:
Export declaration form
Export commercial invoice
Purchase invoice
The special page of verification form for export tax rebate
Bank slip which is specially for verification of export proceeds and
Other documents as may be required by the tax authority.

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