Chinese and English versions of letters of credit for international maritime cargo transportation

1.The importer and exporter stipulate the use of L/C payment method in the ** contract.

2.The importer submits an application for issuance to the local bank and pays a deposit or other guarantee. The letter of credit should be opened before loading.

3.According to the content of the application, the issuing bank shall issue a letter of credit to the exporter (beneficiary) and send it to the notifying bank.

4.After checking that the seal or secret deposit is correct, the advising bank will send the letter of credit to the exporter.

5.After verifying that the L/C is in line with the contract, the exporter shall ship the goods in accordance with the provisions of the L/C, prepare all the shipping documents required by the L/C, and send them to the negotiating bank for negotiation within the validity period of the L/C.

6.After the negotiating bank examines the documents in accordance with the terms of the L/C, it shall deduct interest from the amount of the bill of exchange and advance the payment to the exporter.

7.The negotiating bank sends the bill of exchange and shipping documents to the issuing bank (or its designated paying bank) for claim.

8.The issuing bank (or its designated paying bank) checks that the document is correct and then pays the negotiating bank.

9.The issuing bank notifies the importer to pay the ransom note.

After the issuer pays and obtains the shipping documents, he picks up the goods from the carrier.

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The following book on Certificates of Edibility in English contains 37 letters of credit and has been translated in full

It's quite complete in this **.

Business process of letter of credit:

1. The importer and exporter enter into a sales contract, which clearly stipulates that the buyer shall pay the price in the letter of credit;

2. The issuer (the importer) applies to the issuing bank for the issuance of the L/C. When applying for issuance, you must submit an application for issuance;

3. The issuing bank shall open the L/C to the designated beneficiary according to the requirements of the application and pass it to the advising bank;

4. After receiving the L/C, the advising bank shall verify that the signature and secret deposit of the issuing bank are correct, and transfer it to the beneficiary (exporter);

5. The beneficiary receives the letter of credit, reviews the terms of the letter of credit and the terms of the sales contract before delivery, makes and obtains all the documents specified in the letter of credit, and submits them to the negotiating bank for negotiation together with the bill of exchange issued. Negotiation refers to the bill of exchange and the accompanying documents issued by the beneficiary of the purchase by the negotiating bank;

6. After the negotiating bank handles the negotiation, it shall request reimbursement from the issuing bank or the paying bank designated by it with the bill of exchange and documents;

7. The issuing bank or its designated paying bank shall make payment to the negotiating bank;

8. After the issuing bank makes the payment, the issuing bank will prompt the documents, and the issuing bank will pay the issuing bank after the issuance of the certificate is correct.