国际结算专用词汇

国际结算专用词汇

A

Acceptance

Theactofgivingawrittenundertakingonthefaceofausancebillofexchangetopayastatedsumonthematuritydateindicatedbythedraweeofthebill,(usuallyinexchangefordocumentsoftitletogoodsshippedonD/Aterms)-seeCollectionsIntroduction.

AcceptanceCredit

Adocumentarycreditwhichrequiresthebeneficiarytodrawausancebillforsubsequentacceptancebytheissuingbankortheadvisingbankoranyotherbankasthecreditstipulates-seeDocumentaryCredits.

AccommodationBill

Inthecontextoffraud,abilldrawnwithoutagenuineunderlyingcommercialtransaction.

Accountee

Anothernamefortheapplicant/openerofadocumentarycrediti.e.theimporter=thepersonforwhoseaccountthetransactionismade.

AdviceofFate

TheCollectingBankinformstheRemittingBankofnon-payment/non-acceptanceor(forD/Abills)ofacceptanceandthebillmaturitydate-seeHandlingImportCollections.

Advising

ActofconveyingthetermsandconditionsofaDCtothebeneficiary.Theadvisingbankistheissuingbankagent,usuallylocatedinthebeneficiarycountry-seeExport-DCAdvising.

Advisingalsoinvolvesauthenticationi.e.advisingbankshouldtakereasonablecaretochecktheapparentauthenticityofthecredit(ICCUCC500Art7).

Amendment

AlterationtothetermsofaDC;amendmentsmuststemfromtheapplicant,beissuedandadvisedtothebeneficiary;thebeneficiaryhastherighttorefuseanamendmentifthecreditisirrevocable-seeAmendmentstoDCs.

Applicant

Onewhoappliestohisbanktoissueadocumentarycredit;inthemajorityofcreditsissuedtheapplicantisanimporterofgoods

Avalise

Theactbyabankinguaranteeingpaymentofabillofexchangeorpromissorynotebyendorsingthereversewiththewordsgoodperavalandsignedbythebank,orbytheissuanceofaseparateguarantee.

B

Back-to-BackCredit

Acreditissuedagainstthesecuritybackofanothercredit(mastercredit)ontheunderstandingthatreimbursementwillstemfromdocumentseventuallypresentedunderthefirstcredit(mastercredit)issued-seeSpecialDCs.ItfollowsthereforethateachsideofaB/Btransactioncoverstheshipmentofthesamegoods.

Beneficiary

Apayeeorrecipient,usuallyofmoney.

Apartyinwhosefavouradocumentarycreditisestablished,usuallytheexporter.

BillforCollection(BC)

Document(s)orchequesubmittedthroughabankforcollectionofpaymentfromthedrawee.

BillofExchange(B/E)

Anunconditionalorderinwriting,addressedbyonepersontoanother,signedbythepersongivingit,requiringthepersontowhomitisaddressedtopayondemandoratfixedordeterminablefuturetimeasumcertaininmoneytoortotheorderofaspecifiedperson,ortobearer.

BillofLading(B/L)

Areceiptforgoodsforshipmentbysea.ItisaDocumentofTitle:seeDocuments.

BillReceivable(BR)

Billswhicharefinancedbythereceivingbranch,whetherdrawnunderaDCornot,aretreatedasBRsbyboththeremittingbranchandthereceivingbranches-seeBillsReceivable.

BlankEndorsed

Whenabillofladingismadeouttoorderorshipperorderandtheshipperhassignedonthebackofit,itissaidtobeblankendorsed.Thebillofladingthenbecomesabearerinstrumentandtheholdercanpresentittotheshippingcompanytotakedeliveryofthegoods.

C

Carrier

Personorcompanyundertakingforhiretheconveyanceofgoodse.g.shippingcompany

CaseofNeed

Agentnominatedbyaprincipal,towhomthecollectingbankmayreferinspecifiedcircumstancesconcerningcollections-seethesectionsonCollections.

Chaser

Remindersentbythecollecting(orDCissuing)banktotheimporter,repeatingarequestforpayment-seeHandlingImportCollections.

Clean

Usedtodescribeadraft/chequewithnoshippingdocuments-seeCollectionsIntroduction.

Usedtodescribeabillofladingwithoutclausesthatexpresslydeclareadefectiveconditionofthegoodsorthepacking.

CleanBillPurchased

AcollectionbillpurchasedwithnoshippingPurchasedocuments-seeFinancingExportCollections.

CleanBillReceivable(CBR)

BR(BillReceivable)withnoshippingdocuments.Thetermismoreoftenusedfornon-tradebillssuchastravellerscheques.

CleanCollection

AdraftwithnodocumentsCollectionattached-seeCollections?Introduction?

CleanImportLoan(CIL)

Aloangrantedtoanimporterforpaymentofimportbills,withouttheBankhavinganyclaimtothegoods.

CollectionBank

Bankinthedraweecountrythatisinstructedtocollectpaymentfromthedrawee-seeCollectionsIntroduction.

CollectionOrder

Formsubmitted,withdocuments,totheRemitting/NegotiatingBankbyanexporterwithhisinstructions-seeCollections?Introduction.

Confirming

Actofabankotherthantheissuingbankassumingtheliabilityforpayment,acceptanceornegotiationofcorrectlypresenteddocumentsunderaDC-seeConfirmationofDCs.

Consigment

Shipmentofgoods.

Consignee

Theperson/company/banktowhomthegoodsaredelivered-usuallytheimporterortheCollectingBank-seeHandlingImportCollections.

Consignor

Alsocalledshipper,istheperson/companywhosendsgoodsbyship,bylandorair.

ContingentLiability

Aliabilitythatarisesonlyunderspecifiedconditions,e.g.whenabankopensaDCitincursanobligationtomakeafuturepaymentonconditionthatthetermsarefullymet.

D

DCBills

Billsdrawnunderdocumentarycredits.

DeferredPaymentCredit(DPC)

ADCwhichallowsthenominationofabank,ortheissuingbanktoeffectpaymentagainststipulateddocumentsatamaturitydateasspecifiedordeterminablefromthewordingofthecredit.

Demurrage

Achargemadebyashippingcompanyoraportauthorityforfailuretoloadorremovegoodswithinthetimeallowed.

Discounting

Actofpurchasinganacceptedusancebillofexchangeatanamountlessthanthefacevalue.
Discrepancy

AnydeviationfromthetermsandconditionsofaDC,orthedocumentspresentedthereunder,oranyinconsistencybetweenthedocumentsthemselves-seeNegotiationunderDCs.

Dishonour

Non-paymentornon-acceptance.

DocumentaryCredit(DC)

Aconditionalundertakingbyabanktomakepayment,oftenabbreviatedtocredit.Moreprecisely,itisawrittenundertakingbyabank(issuingbank)giventotheseller(beneficiary)attherequestofthebuyer(applicant)topayasumofmoneyagainstpresentationofdocumentscomplyingwiththetermsofthecreditwithinasettimelimit.

Documents

ThecharacteristicsandimportanceofthevariousdocumentsassociatedwithImport/ExportoperationsareexplainedandillustratedinDecidingonDocuments.

DocumentsAgainstAcceptance(D/A)

InstructionforcommercialdocumentstobereleasedtothedraweeonacceptanceoftheBillofExchange-seeCollections?Introduction.

DocumentsAgainstPayment(D/P)

Instructionfordocumentstobereleasedtothedraweeonlyonpayment-seeCollections?Introduction.

DocumentsofTitle

Documentsthatgivetheirownertherighttothegoods,i.e.BillofLading.

Draft

Billofexchangeissuedbyanexporterandsubmittedtohisbankforcollection,orunderaDC-usuallysubmittedwithattachedshippingdocuments-nottobeconfusedwithabankersdraftwhichissometimesusedasavehicleforreimbursement.

Drawee

Partyonwhomabillisdrawnandtheonetowhompresentationistobemadeaccordingtothecollectionorder-theimporter(NB:forDCbills,thedraweeisusuallytheDCissuingbank).

Drawer

Theexporter,whodrawstheBillofExchange/draftwhichinitselfisaclaimforpayment.

DueDate

Maturitydateforpayment

E

ExpiryDate

Latestdate,usuallyinthecountryofthebeneficiary,onwhichnegotiation/paymentofaDCcantakeplace.

F

FinancedBills

Billssentoncollectioninwhichtheremittingbranchhasafinancialinterest.

ForeignBillPurchased(FBP)

Abillremittedtoacorrespondentbankinwhichtheremittingbranchisfinancingtheexporter-seeFinancingExportCollections.

ForwardExchangeContract

ContractbetweentheBankanditscustomertobuy/sellafixedamountofforeigncurrencyatafuturedateataspecifiedrate.ThiscouldbeforacustomertomakepaymentunderaDCortoselltheproceedsreceivedfromanexportnegotiation.

Freight

GoodsORthecostoftransportinggoods.

G

GeneralAverage

Losswhichistheresultofasacrificevoluntarilymadeoranexpenseincurred;forthesolepurposeofsavingashipanditscargoinfaceofacommondanger(e.g.jettisonofcargotolightenashipindistress).Thelossisborneproportionatelybyshipandcargoownersaccordingtotheirrespectiveinterestsinthevoyage.

GrossWeight

Theweightofthemerchandiseinitsshippingform,i.e.includingallitspackaging.

I

ICC322

UniformRulesforCollections

ICC323

StandardFormsforIssuingDocumentaryCredits

ICC420

GuidetothePreventionofInternationalTradeFraud.

ICC460

Incoterms1990.Explainsthe13standardIncoterms.

ICC500

UniformCustomsandPracticeforDocumentaryCredits(1993revision)replacedthepreviousICC400asfrom1January1994.

ICC522

UniformCustomsandPracticeforDocumentaryCredits(1995revision)replacedthepreviousICC322asfrom1January1996.

ImportLicense

Apermitissuedbytheimportingcountry’Sauthoritiesinrespectofgoodssubjecttoimportlicensingrestrictions.

Incoterms

ShippingTerms-seeIntroductiontoInternationalTrade.

Indemnity

AlsoknownasLetterofGuarantee(L/G),itisanundertakinggiveninrespectofdiscrepanciesindocumentspresentedunderacredit.Thebeneficiarywhoissuestheindemnityisprimarilyliabletorepayfundsreceivedfromthenegotiatingbankinsettlementunderthecredit,ifthenegotiatingbankcannotobtainreimbursementfromtheissuingbankasaresultofdocumentsbeingrejectedbytheapplicant.

InherentVice

Thepropensityofacommoditytoself-destructionwhichgivesrisetoahighinsurancerisk,thereforecoverisgivenonlyafterpaymentofanadditionalpremium(e.g.fruitrots,coal-dustspontaneouslyignites).

InternationalChamberofCommerce(ICC)

Theinternationalbodywhichpromotesandfacilitatesworldtrade,andwhichcodifiesworldtradepracticesinvariouspublications-seeICCRules?underIntroductiontoInternationalTrade.

IrrevocableCredit

Constitutesadefiniteundertakingoftheissuingbankandtheconfirmingbank,ifany,tohonourthecreditprovidedthetermsofthecreditareobserved.Itmaybeadvisedtothebeneficiarywithoutengagementbytheadvisingbank,andcannotbeamendedorcancelledunlesstheissuingbank,theconfirmingbankandthebeneficiaryagree.

IssuingBank

Thebankthatopensadocumentarycreditattherequestofitscustomer,theapplicant.

LetterofCredit(L/C)

Americantermfordocumentarycredit.IntheUnitedStates,thetermsD/Ccanoftenbeconfusedfordocumentarycollection.

LetterofHypothecation

Apromisetoholdgoodsassecuritytakenfromcustomerswhoaregrantedloansagainstgoodsimportedonacollectionbasis.

LoanAgainstImports(LAI)

Loansgrantedtoimportcustomersforpaymentofbills.

M

MasterCredit

Inback-to-backoperations,theoriginalexportcreditagainstwhichthesecondcreditisopened

Maturity

Duedateofpaymentofausancebillorpromissorynote.

N

Negotiable/Non-Negotiable

UsuallyusedwithregardtoBillsofLading:anegotiableB/Lisavaliddocumentoftitle,whileanon-negotiableB/Lisnot-thebeneficiaryofaDC(theexporter)maysendtheimporteranon-negotiableB/Lforinformation.

Negotiation

Purchaseofdraftsunderadocumentarycreditwhichtheissuingbankhasundertakentopay.

NetWeight

Theweightofthemerchandisebeforeanypackaging.

Non-DCBills

BillsnotdrawnunderDCi.e.sentonacollectionbasis(D/PorD/A).IncommonusagewedistinguishbetweenNonDCbillswhicharefinancedcollectionsandDCswhicharenon-financed.

Non-FinancedBills

Billssentoncollectioninwhichtheremittingbranchhasnofinancialinterest.

Noting

Thefirststageinprotestofadishonouredbill:ifinstructedtoprotestfornon-payment/non-acceptance,thecollectingbankmustsendthebilltoanotarypublicwhowillrepresentittothedraweeonthesamedayitwasrefused,orthenextbusinessday.Ifthedraweestillrefusesthebillthenotarypublicnotesonthebill:theamountofhischarges,thedateandhisinitials.Thereasonforrefusalisshownonanoteattachedtothebill.Thebillisthenprotested-seeProtest.

O

Opener

SeeApplicant.

OpeningBank

SeeIssuingBank.

Order(To)

ThephraseToOrderissometimesshownonBillsofLadingagainstconsignee:thismeansthattheBillofLadingmustbeendorsedinblankbytheshipper(i.e.nottoanyparticularnamedpartywhichmakesitbearerdocumentanditbecomestransferablebydelivery.)

P

PackingCredit

Aloangiventothebeneficiarybythebanktoenablehimtopurchaserawmaterials.ThebeneficiaryisusuallyrequestedtodeposittheDCwiththebankassecurity.

PastDue

Billorloanthathasnotbeenpaidonthematuritydate/duedate.

PayingBank

ThebankthatmakespaymenttothebeneficiaryofapaymentDCafterpresentationtoitofdocumentsstipulatedintheDC.

PerilsoftheSeas

Theyareaccidentsorcasualtiesofthesea.Theordinaryactionsofthewindsandwavesarenotincluded.Heavyortempestuousweatheronavoyageisofsufficientviolencetoconstituteaperilofthesea.

PowerofAttorney

Authoritygiventoonepartytoactforanother.

Presentation

Actofrequestingtheimporter抯payment/acceptanceofanimportbill.-SeeHandlingImportCollections.

PresentingBank

Thebankthatrequestspaymentofacollectionbill-maybetheCollectingBankoritsnominatedbranchorlocalcorrespondent,whichisbetterplacedtocontacttheimporter.

Principal

Theexporterincollectiontransactions,beingtheinitiatorofthetransaction,whoseinstructionsarefollowedatallstages(maybeusedtorefertoanycustomerwhoinitiatesatransactione.g.theopenerofaDC).

PromissoryNote

Asignedstatementcontainingawrittenpromisetopayastatedsumtospecifiedpersonataspecifieddateorondemand.

Protest

Theformalrepresentationofadishonouredbillofexchange:thebillispresentedbyanotarypublictothedrawee-ifrefusedagain,itisnoted?-seenoting.Thenotarypublicthenissuesaformalprotest,anofficialcertificatethatthebillhasbeenrefused:thedrawercanusethiscertificatetosuethedraweeincourt.

R

Recourse

Therighttoclaimarefundfromanotherpartywhichhashandledabillatanearlierstage.

RedClauseCredit

Acreditwithaclausewhichauthorisestheadvisingbanktomakeanadvancepaymenttothebeneficiary-seespecialDCs.

ReimbursingBank

ThebanknominatedbytheDCissuingbankthatwillpaythevalueoftheDCtothenegotiating/payingbank.

RemittingBank

Theexporter’sbankincollectiontransactions,whichremitsthebilltothecollectingbank.

Theexporter’sbankinDCtransactions,whichdispatchesthedocumentstotheissuingbank.

Retirement

Theactofpayingorsettlinganoutstandingbillorimportloan;i.e.paymentbytheimportertotheBank.

RevocableCredit

Onethatmaybeamendedorcancelledwithoutnoticetothebeneficiary.

RevolvingCredit

AcreditautomaticallyreinstatedaftereachdrawingoruponreceiptofauthorisationfromDCissuingbank,withlimitsastothedurationofthefacilityandastothe(cumulativeornon-cumulative)amountinvolvedforeachdrawing-seeSpecialDCs.

S

Schedule

TheRemitting/NegotiatingBank’slettercoveringabillsenttotheCollecting/IssuingBank,whichliststhedocumentsattachedandgivescollectionand/orpaymentinstructions.

Self-Liquidating

Atransactionissaidtobeself-liquidatingwhenthereisaknownsourceoffundsavailableforitssettlementonduedate.

ShipmentDate

Thedateinsertedonthebillsofladingevidencinggoodsreceivedonboardisregardedfordocumentarycreditpurposesasbeingthedateofshipment.

Shipper

Seeconsignor

ShippingGuarantee(SG)

Guaranteesofthisnaturearerequiredtoenablecustomerstoobtaingoodsbeforethearrivalofthedocumentsoftitle,andareissuedtotheshippingcompaniesbytheBankagainstanundertakingtoforwardthebillsofladingwhentheyarereceived.TheBanknormallytake100%cashmarginagainstthevalueofthegoodsifthecustomerdoesnothaveT/Rfacility.
ShippingTerms

SeeIncoterms

Sight

Abillpayableatsightispayableonpresentationtothedraweei.e.ondemand.

Snags

Irregularbills;importandexport.

StandbyCredit

Thismaybeestablishedassecurityforfacilitiesgrantedatanotherbranchorbank,usuallytoasubsidiaryoftheDCapplicant.-seeSpecialDCs.

StatusReport

Producedbyabank’sTCIdepartmentoracreditinformationbureau,givingdetailsofthecreditworthinessandbusinessbackgroundoftradersandmanufacturers.

Substitution

Theactwherebytheprimebeneficiarysubstituteshisowndocumentsi.e.invoicesanddrafts,inback-to-backandtransferablecreditoperationspriortonegotiationofthemastercredits.

T

Tenor

TermorPeriodofcreditgrantedbythedrawer.SeeUsanceBill.

Tracer

SeeChaser.

TradeandCreditInformation(TCI)

Abankdepartmentthatpreparesanddistributesstatusreportsonitsowncustomers,andmaintainsrecordsoftradersandmanufacturerswithwhomitscustomersdeal.

TransferableCredit

Permitsthebeneficiarytotransferallorsomeoftherightsandobligationsunderthecredittoasecondbeneficiaryorbeneficiaries-seeSpecialDCs.

Transferee

Aparty(2ndbeneficiary)towhomatransferablecreditistransferredinwholeorinpart.

Transferor

Aparty(1stbeneficiary)atwhoserequestatransferablecreditistransferredtoasecondbeneficiaryinwholeorinpart.

U

UniformCustomsandPracticeforDCs

SeeICC500

UniformRulesforCollections

SeeICC522

UsanceBill

ABillofExchangewhichallowsthedraweeatermorperiodofcredit(thisperiodisalsocalledusance).

Thetermisusuallystatedindays(e.g.30days)ormonthsandstartseitherfromthedateofthebill(e.g.30daysdate)orfromthedateofbilloflading,orfromsightbythedrawee(e.g.30dayssight)whichinpracticemeansfromthedateofacceptance.

AnessentialfeatureofacceptancecreditsandD/Acollections.

W

Waive

Torelinquisharight:usedincollectionswithBCchargesand/orinteresttobecollectedfromthedrawee:thesecanbewaivedincertaincircumstancesassetoutinICC522.