[国际贸易]实务-练习题与答案Chaper 18

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1、Chapter18一 Chapter Summary1. Implementing a CIF and L/C contract,matters that the seller should handle mainly involve: preparing the goods,urging the opening of L/C,checking L/C,asking the amendment to L/C,arranging shipment,effecting insurance,clearing export customs,making out documents and collec

2、ting export proceeds in foreign exchange.2. The seller must deliver the goods to the buyer the exact quantity of goods stipulated in the contract for sale.In determining the quality and description of the goods,the requirements in the contract will prevail.The way in which the goods are packaged has

3、 to be sufficient to protect and preserve the goods until the goods are handed over to the buyer at their destination.3. Goods should also fit for the purpose for which goods of the same description would “ordinarily” be used and for a particular purpose.4. Delivery after the date or period for deli

4、very is a breach of contract, even a fundamental breach of contract. The time of delivery is governed first by the provisions of the contract.5. The seller should also ensure that the goods it delivers are not subject to rights or claims by a third party and do not infringe on the industrial propert

5、y rights or other intellectual property rights of the third party.6. The seller may urge the buyer to open the L/C in cases of:1)The buyer fails to issue an L/C within the time stipulated in the contract;2)The goods are ready for shipment, and the seller wants to advance shipment.7. The seller shoul

6、d check the details of letter of credit. If the seller finds that the terms stipulated in the credit are not in line with those specified in the contract or not acceptable, it must immediately notify the buyer (applicant) in the shortest possible time. Meanwhile it should keep in mind that shipment

7、could not be effected until the L/C amendment arrives. Partial acceptance of an amendment is not allowed.8. The seller shall fill in the shipping note to book the shipping space. After receiving the shipping order from the carrier, the goods can be loaded on board the vessel. After receiving the mat

8、es receipt, the seller shall exchange it for the bills of lading from the Shipping Agency after making payment of the freight. The seller should take out at his own expense cargo insurance as agreed in the contract.9. The seller should declare the export goods to the customs by filling in certain cu

9、stoms forms and submitting appropriate documents for customs clearance.10. The quality of documents should meet the following general requirements: accuracy, completeness, promptness, conciseness and cleanness. The documents should be presented at the right time.11. Documents required by the credit

10、include draft, commercial invoice, pro-forma invoice, customs invoice, consular invoice, shipping documents, insurance policy (or certificate), packing documents, certificate of origin, inspection certificate, etc.12. In China, three are three ways of settlement of export proceeds in foreign exchang

11、e, namely, “settlement after payment has been made”, “settlement on a fixed date” and “settlement by negotiation”.13.In the majority of cases the discrepancies are not of a significant nature, and payment can be made against indemnity. If the discrepancies are complicated, the exporter may request t

12、he negotiating bank to send the documents to the issuing bank on an approval basis. If the discrepancies are of material nature, the bank will only be prepared to handle the documents on a collection basis. Chinas exporters, after effecting shipment and making out documents, should take out verifica

13、tion and writing-off of export proceeds in foreign exchange and export tax rebate.二 Review QuestionsA. Briefly define the concepts1. pro-forma invoice2. customs invoice3. consular invoice4. GSP certificate of origin 5. settlement of export proceeds in foreign exchange6. negotiation against indemnity

14、 (or negotiation under reserve)7. documents sent on approval basisB. Questions and problems1. Outline the procedures for carrying out CIF and L/C transactions from the perspective of the seller.2. What are the general requirements for the sellers delivery of goods?3. What are the general quality req

15、uirements for documents?4. How does the system of verification and writing-off of export proceeds in foreign exchange in China operate?5. If there is not enough time to make corrections to the discrepancies of documents under payment by L/C, how should the exporter handle the discrepancies? C. Multi

16、ple-choice questions1. In arranging shipment, the seller shall fill in a _ to book the shipping space in a liner.a. shipping note b. shipping order c. mates receipt d. bill of lading2. Implementing the CIF contract, the seller should take out at his own expense cargo insurance as agreed in the contr

17、act_a. once the contract is concluded. b. once the shipping date and shipping vessel are determined.c. after the shipment has been effected.d. at any time.3. In China, declaration of export goods shall be made by the consignor _ prior to loading unless otherwise specially approved by the Customs.a.

18、12 hours b. 24 hoursc. 36 hours d. 48 hours4. According to the UCP 600, if the letter of credit does not specify the period of time for presentation of documents, the presentation must be made not later than _ after the date of shipment, but in any event not later than the expiry date of the credit.

19、a .14 calendar days b. 21 calendar daysc. 28 calendar days d. 30 calendar days5. A documentary credit specified the amount and quantity of the commodity as “Amount: About US$120,000.Quantity: About 1,000 M/T”. Then the amount and quantity of the commercial invoice may be an amount equal to _ of the

20、stipulated amount of the credit.a. +_2% b. +_3%c. +_5% d. +_10%6. The issuance of the _ indicates the shipping companys confirmation of booking space.a. shipping note b. shipping orderc. mates receipt d. bill of lading7. According to the UCP 600, the description of goods in the _ must correspond pre

21、cisely to the description of goods in the credit.a. bill of lading b. packing listc. post receipt d. commercial invoice8. The invoice that is often required by the buyer so that an import licence and/or foreign exchange permit will be approved by the authorities concerned is _a. commercial invoice b

22、. customs invoicec. pro-forma invoice d. consular inoice9. Which of the following is NOT a way of settlement of export proceeds in foreign exchange in China?a. Settlement after payment has been made. b. Settlement on a fixed date.c. Settlement by negotiation.d. Settlement with no definite date.D. Tr

23、ue or false questions1. Commercial invoice is a key accounting document describing the commercial transaction between the buyer and the seller. 2. The date of the insurance document may be before of later than the date of shipment.3. Partial acceptance of an amendment is not allowed and will be deem

24、ed to be notification of rejection of the amendment.4. Customs invoices are required by the customs authority of the exporting country.5. The shipper usually obtains bill of lading from the shipping company by submitting shipping order to it.E. Case study1. An irrevocable credit was issued covering

25、“Delivery instruction: 20,000 1bs to be delivered latest August 22,1994;17,000 1bs to be delivered latest August 27,1994” and stipulating that “L/C amount & quantity 5% or more or less acceptable.The delivery was effected as follows: 1) First partial delivery: 20,000 1bs on August 19,1994(first draw

26、ing: HK$ 479,600.00); 2) Second partial delivery: 18,000 1bs on August 24,1994(second drawing: HK$ 431,640.00).The issuing bank rejected the documents quoting as sole discrepancy “over shipped ”.Was the issuing banks rejection justified ? Why?2. Chinese Company A exported good X on CIF and L/C. Afte

27、r the goods were loaded on board the ship, A made payment of all the freight and got a full set of clean on board B/L issued by the shipping company. But the words “Freight Prepaid were left out on the B/L. At that time the market was declining. After consulting with the applicant, the opening bank

28、refused to make payment on the grounds that the documents were not in compliance with the L/C. Was the opening banks rejection justified ? Why?F. Check letter of creditYou are asked to check the following letter of credit and make necessary amendments according to the contract terms.1.Letter of cred

29、it Copenhagen BankDate: January 4,2000To: Bank of China, BeijingWe hereby open our Irrevocable Letter of Credit NO.112235 in favor of China Trading Corporation for account of Copenhagen Import Company up to an amount of GBP1,455.00(Say Pounds Sterling One Thousand Four Hundred And Fifty-five Only) f

30、or 100% of the invoice value relative to the shipment of: 150 metric tons of Writing Paper Type 501 at GBP97 per m/t CIF Copenhagen as per your S/C No.PO5476 from Copenhagen to China port. Drafts to be drawn at sight on our bank and accompanied by the following documents marked X: (X)Commercial Invo

31、ice in triplicate(X)Bill of Lading in triplicate made out to our order quoting L/C No.112235,marked FREIGHT COLLECT.(X)One original Marine Insurance Policy or Certificate for All Risks and War Risk, covering 110% of the invoice value, with claims payable in Copenhagen in the currency of draft(s).Par

32、tial shipments and transshipment are allowed.Shipment must be effected not later than March 31,2000.This L/C is valid at our counter until April 15,2000.附：PO5476 号合同主要条款：卖方：中国贸易公司买方：哥本哈根进口公司商品名称：写字纸规格：501型数量：150公吨单价：CIF哥本哈根每公吨97英镑装运期：2000年3月31日前自中国港口至哥本哈根保险：由卖方按发票金额的110%投保平安险和战争险支付：不可撤销的即期信用证，于装运前1个

33、月开到卖方，并于上述装运期后15天内在中国议付有效2.Letter of credit: HUA CHIAO COMMERCIAL BANK LTD.88-89 Des Voeux Road,Central, Hong KongDate and place of issue:95/09/28 Hong KongDate and place of expiry:95/11/30 Hong KongApplicant: J. Brown & Co.,175 Queens Way, Hong KongBeneficiary: Liaoning Textiles I/E Corp., Dalian,

34、ChinaAdvising Bank: Bank of China, Liaoning Branch, DalianAmount: US$26,700-(SAY UNITED STATES DOLLARS TWENTY-SIX THOUSAND SEVEN HUNDRED ONLY)Partial shipments and transshipment are prohibited.Shipment from Dalian, China to Hong Kong, latest 95/11/30. Credit available against presentation of the doc

35、uments detailed herein and of your draft at 90 days sight for full invoice value._ Signed commercial invoice in quadruplicate._ Full set of clean on board ocean Bills of Lading made out to order of HUA CHIAO COMMERCIAL BANK LTD. marked freight prepaid._Insurance certificate or policy endorsed in ban

36、k for full invoice value plus 10%,covering All Risks and War Risk.Covering 50 doz. woolen sweaters, S105,US$120 per doz. CFR Hong Kong60 doz. woolen sweaters, M107,US$150 per doz. CFR Hong Kong70 doz. woolen sweaters, L109,US$180 per doz. CFR Hong Kong销售合同主要条款如下：合同号码：28KG603卖方：辽宁纺织品进出口公司买方：J. Brown

37、& Co., 175 Queens Way, Hong Kong商品名称及数量：羊毛衫 S105 50打M107 60打L109 70 打单价：S105 每打成本加运费香港 120美元M107每打成本加运费香港 150美元L109每打成本加运费香港 180美元金额：27,600美元交货期：1995年11月，不允许分批装运，可转运付款条件：不可撤销的见单后90天付款的信用证，效期为装运后15天在中国到期三Answers to Review QuestionsA. Brief define the concepts1.pro-forma invoice: An abridged or estima

38、ted invoice sent by the seller to a potential buyer, which is commonly used as a preliminary invoice with a quotation. 2. customs invoice: An extended form of commercial invoice (often in a specific format) required by the customs authority of the importing country.3. consular invoice: A specially p

39、rinted invoice to be issued by the importing countrys consulate in the exporting country, serving as a certificate of origin.4.GSP certificate of origin: A certificate used to obtain the treatment of preference customs duty imposed by the developed country on the imports from the developing countrie

40、s. 5.settlement of export proceeds in foreign exchange: The exporter sells its export proceeds in foreign exchange to the bank thet pays it an equivalent amount in RMB according to the foreign exchange rate.6.negotiation against indemnity (or negotiation under reserve): A provisional negotiation mad

41、e to the beneficiary of a letter of credit where the documents submitted under the L/C requirements have discrepancies.7.documents sent on approval basis: In the event that the discrepancies between the documents and the L/C are rather complex, the exporter should request that the negotiating bank s

42、end 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. B. Questions and problems1.The procedures for carrying out CIF and L/C transactions from the perspective of the seller mainly involves the follo

43、wing stages: preparing the goods, urging the opening of L/C, checking L/C,asking amendment to L/C, arranging shipment, effecting insurance, clearing export customs, making out documents and collecting export proceeds in foreign exchange.2.The general requirements for the sellers delivery of goods ar

44、e as follows:1)The goods should meet the contractual quality, quantity and packing conformity;2)The goods should be fit for ordinary purposes;3)The goods should also be fit for a particular purpose;4)The goods should be delivered in time;5)The goods should not be subject to rights or claims by a thi

45、rd party.3. The quality of documents should meet the following general requirements:1)Accuracy: In handing the documents the doctrine of strict compliance must be observed;2)Completeness: All detailed requirements for documents such as types of documents, numbers of originals and copies, items for e

46、ach document in the credit should be met;3)Promptness: Make sure the documents are ready when they are needed to avoid any delay or confusion;4)Conciseness: No redundant words or expressions should be used;5)Cleanness: No correction should be made on the documents.4.The system of verification and wr

47、iting-off of export proceeds in foreign exchange in China operates as follows:1)The exporter is required to take out and fill in the verification and writing-off forms (with serial number) accurately and completely.2)The customs office will check if the contents of the verification forms are in cons

48、istent with the relevant contents stated on the customs declaration forms and whether the serial numbers of the verification forms are in consistent with the serial numbers stated on the customs declaration forms.3)After checking the goods and ensuring there are no mistakes, the customs office shall

49、 then affix the “test-over seal” on both the verification forms and export customs declaration forms.4)When the nominated bank receives the export proceeds, it shall issue a bank slip which is especially for verification of export proceeds bearing the serial number of verification form.5)With the ve

50、rification form, the above-mentioned bank slip and other relevant documents, the exporter will then go to the foreign exchange administration of the place where it is located to handle verification procedures. The latter shall affix “verified” on the verification form and give back the special page

51、of the verification form for export tax rebate to the exporter.5.If there is not enough time to make corrections to the documents, the exporter may handle the discrepancies in the following ways:1)Negotiation against indemnity: By doing so, the discrepancies in the documents are listed in banks stan

52、dard indemnity form and executed by the seller. In the event the issuing bank refuses to take up the documents and pay the negotiating bank, the seller is liable to refund the negotiating bank.2)Documents sent on approval basis: In the event that the discrepancies are rather complex, the exporter sh

53、ould 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.3)Payment under collection: In such cases where the discrepancies are of a material nature, the seller ma

54、y ask the bank to handle the documents on a collection basis. C. Multiple-choice questionsD. True or false questions1.T 2. F 3.T 4.F 5.F E. Case study1. The banks rejection of the documents was justified because the credit stated that the delivery of the goods was to be effected in two lots, 20,000

55、1bs and 17,000 1bs for the first and second lot respectively and allowing 5% more or less. This provision means that 5% more or less is applicable to each lot. In this case, the quantity of the second lot the seller delivered was 18,000 1bs, greater than the maximum quantity 17000*(1+5%) =17850 1bsa

56、llowed. The second amount was accordingly overdrawn. In other words, the quantity in the documents did not conform to the credit requirements. In such case, the opening banks rejection of documents was justified.2. In carrying out CIF and L/C transactions, the quality of documents is vital for the s

57、eller to get the payment from the opening bank. One of the requirements the documents should meet is completeness which means all detailed requirements for documents such as types of documents, numbers of originals and copies, items for each document, etc. In this case, the words “Freight Prepaid” w

58、ere left out causing discrepancy between the B/L and the L/C. As such, the opening banks rejection of making payment was justified.F.Check letter of credit1. 1) The amount both in figures and in words should respectively read “GBP14,550.00(Say Pounds Sterling Fourteen Thousand Five Hundred and Fifty

59、 Only)”. 2) “From Copenhagen to China port” should read “from China port to Copenhagen”. 3) The Bill of Lading should be marked “Freight Prepaid” instead of “Freight Collect”. 4) Insurance cover should be “FPA and War risks” instead of “All Risks and War Risks” 5)“This L/C is valid at our counter” s

60、hould be amended to read “This L/C is valid at your counter”.2.1) The date and place of expiry should read:“December 15,1995 in Dalian, China”.2) The amount both in figures and in words should respectively be“US$27,600 and Say US Dollars Twenty-Seven Thousand Six Hundred Only”.3) Transshipment should be allowed.4) Insurance clause is to be deleted.5) The Contract No. should be 28KG603.