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• • • • • !" • #$%&' • #( !) • *%&#+,-, • ', • /%&0-, • 1,234,,-,155+67,5144523,3,8+35,96+6,&9511,14452,4:7,51+69,41-54+-1:4+9215 &9516,91+69;99,&+1-,&1,9&+151<1,1-27,-1= • 1,2395115-4+6&-521,-5&-5,152,4,4+6++26,1345441-,4,&1+4>,2,-57-++6+6,35-?4&-521@,91 ,2-57,51,39154= • 53,844151,23<9975-6+-3-5625-<-121541+54-515&-521@,91+6157,-1455815 95115-+6&-521>15452+1;&,1+1+153,8+6157,-1-5@5411595115-+6&-521A17&,99,45995-+-&-521+-B= • 5&+411++31,,41,2395115-+6&-521417&,99CDEF+6156,&5,+1,,99>311595115-&,35&,&5952,4 4++,41515-4+615&+1-,&1,G5355513157-&,45-+-3+ +<5-= !"# !"# $ %"#"# $ %"#"# & !'"## & !'"## ( )###*#" ( )###*#" %'+"# %'+"# *" *" ," ," -##./ -##./ ,'./ ,'./ #./ #./ !"# !"# *" *" - 44,991545995-+-5H7+-15- - 15 &41+5- +6 15 3,8 <+ ,77954 1+ 153,8 6+- 15 41,23 95115-+6&-521= - 417-+G25&+99,15-,96+-153,8+-,G546;&51&-5211+2&5 153,81+4451541-51= - 7,153,8,6556+-441541-51= - 44,991545995-+-5H7+-15- - 15 &41+5- +6 15 3,8 <+ ,77954 1+ 153,8 6+- 15 41,23 95115-+6&-521= - 417-+G25&+99,15-,96+-153,8+-,G546;&51&-5211+2&5 153,81+4451541-51= - 7,153,8,6556+-441541-51= ," ," - 4 4 157,-1 <+456,G+- 1541-51 44452= 5 4 4,991535-+-7+-15-= - 4 4 157,-1 <+456,G+- 1541-51 44452= 5 4 4,991535-+-7+-15-= -##./ -##./ - 4 4 15 ,779&,1I4 3,8 1,1 4454 1541,23 95115- +6 &-521= - 4 4 15 ,779&,1I4 3,8 1,1 4454 1541,23 95115- +6 &-521= ,'./ ,'./ - 44153,8A4,999+&,1525,-15355;&,-B1,1,-554 A&+;-4B1+7,15355;&,--,15-1,15443,8= - 5 355;&,- 7,4 15 &+;- 3,8 , 655 6+- 14 &+G55&5= - 5 &+;- 3,8 15&+995&14 6-+ 15 J44 ,8 15 ,+17,21+15355;&,-= - 44153,8A4,999+&,1525,-15355;&,-B1,1,-554 A&+;-4B1+7,15355;&,--,15-1,15443,8= - 5 355;&,- 7,4 15 &+;- 3,8 , 655 6+- 14 &+G55&5= - 5 &+;- 3,8 15&+995&14 6-+ 15 J44 ,8 15 ,+17,21+15355;&,-= Advising bank Advising bank - This is the bank that represents the beneficiary. - Itmay accept the letter of credit and collect it on behalf of the beneficiary. Sometimes, it is also confirming bank, but not always. - This is the bank that represents the beneficiary. - Itmay accept the letter of credit and collect it on behalf of the beneficiary. Sometimes, it is also confirming bank, but not always. %"#"# %"#"# %"#"# %"#"# -"* -"* - - "' "' . . [...]... LC and transfer money to Advising bank 11 Issuing bank sends document, standby LC to applicant and asks applicant to the amount which Issuing Bank paid Applicant agrees to pay 12 Issuing bank debits applicant’s account Uses of standby letters of credit What are benefits of using Standby Letters of credit? Guarantee payment in case of default or nonperformance consolidating bank relationships Benefits...Irrevocable Standby L/C is an irrevocable commitment, therefore, the applicant cannot amend or cancel his obligations, except the regulations in Standby L/C or the acceptance of those who concern to the above amendment or cancellation Independent Standby L/C is an independent commitment, applicant’s performance of the obligations stipulated in Standby L/C does not depend on: rights or abilities of issuer... or believes in Standby L/C or amendment or not Standby This kind of L/C is issued on the basic of planning, prevention for the failing contractual performance It means that if the applicant( exporter) has completed his responsibilities the standby L/C will become invalid Payment process 1 2 3 4 5 6 Applicant and Beneficiary signs commercial contract Exporter asks Issuing bank to open standby LC Issuing... rights or abilities of issuer refunded by applicant, rights of beneficiary honoured by applicant Documentary Standby L/C is documentary, therefore, issuer’s obligations depend on the presentation of documents and checking the surface of documents when it was released, Standby L/C is a binding commitment about the Binding responsibilities of concerning parties, so it is binding on the issuer whether... performance and bid bonds -Providing substantial savings in transaction fees if businesses make purchases of similar amounts at regular intervals from the same supplier Advance payment guarantees Common uses of standby Payment guarantees L/Cs Performance guarantees Credit line back-up Other uses of standby L/Cs Bid bonds Performance bonds ... bank transfer standby LC to importer Importer pays 30% value of contract in advance to exporter - If exporter agrees to perform the contract, he will deliver goods to importer - If exporter cannot product for importer, importer will use standby LC 7 If exporter defaults the contract, importer will asks advising bank to pay 8 Advising bank pays 35% value of contract to importer (with 5% value of compensation) . bank - This is the bank that represents the beneficiary. - Itmay accept the letter of credit and collect it on behalf of the beneficiary. Sometimes, it is also confirming bank, but not always. - This. always. - This is the bank that represents the beneficiary. - Itmay accept the letter of credit and collect it on behalf of the beneficiary. Sometimes, it is also confirming bank, but not always. %"#"# %"#"# %"#"# %"#"# -"* -"* - - "' "' . . -"* -"* 1,234,
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