The beneficiary must instruct the issuing/nominated bank to pay the reserve part of the credit proce

Prior to transfer of the credit, the first beneficiary must instruct the transferring bank that

(1)( ) he will transmit all the amendments hereafter to the second beneficiary.

(2)( ) whether or not he retains the right to refuse to allow the transferring bank to advise amendment to the second beneficiary (ies).

The issuer of commercial invoice must be the beneficiary of the relevant credit.（)

此题为判断题(对，错)。

A、The applicant must be the beneficiary of L/C; the amount for packing credit can only be 60-80% of the total. This amount could only be used for said goods

B、The applicant does not have to be the beneficiary of the L/C, the amount for packing credit can only be 60-80% of the total. This amount could only be used for said goods

C、The applicant does not have to be the beneficiary of the L/C, the amount for packing credit can be 100% of the total. This amount could only be used for said goods

D、The applicant must be the beneficiary of the L/C; the amount of the packing credit is the full amount of the L/C; this amount can be expanded for reproduction

"Independent and abstraction principle" may be explained as follows:

(1)Issuing Bank must independently undertake its primary responsibility to ______ beneficiary's complying presentation without interference coming from the other party.

(2)A credit is an independent instrument, it is a separate transaction from the______.

(3)A credit is the ______ business.

A.A. the beneficiary must pay the proceeds in order to get documents from the bank

B.B. the applicant must pay the proceeds in order to get documents from the bank

C.C. the bendiciary must tender the document to the bank in order to get the goods

D.D. the applicant must tender the document to the bank in order to get the goods

the advising bank. What is the option available to the issuing bank？

(1)( ) The issuing bank may cancel the L/C anytime.

(2)( ) The issuing bank should seek permission from the advising bank.

(3)( ) The issuing bank must recall the L/C from the advising bank.

(4)( ) The issuing bank must obtain the consent of the beneficiary.

The requirements of presentations are as follows:

(1)Electronic records presented, the records must state a ______ for presentation of the electronic records.

(2)Both electronic records and paper documents presented, the documents must also state a ______ for presentation of the paper documents.

(3)If an eUCP Credit allows for presentation of one or more electronic records. the beneficiary is responsible for providing a ______ to the Bank to which presentation is made signifying when the presentation is ______.

(4)Each presentation under an eUCP Credit must ______ the eUCP Credit under which it is presented.

(5) An electronic record must be ______.

Which of the following statements is correct when an assignment (款项让渡) of proceeds has been effected under a documentary credit issued in accordance with UCP 600？

(1)( )The assignee must present complying documents to receive payment.

(2)( )The assignee will receive payment of the proceeds directly from the applicant.

(3)( )The value of the documentary credit is reduced by the amount of the assignment.

(4)( )The beneficiary has assigned its rights to the stated amount of proceeds to the assignee.

oday. The following questions relate to a documentary credit issued on the MT700.

INCOMING SWIFT MSG 700

FROM ISSUINC BANK

TO ADVISING BANK

MESSAGE USER REFERENCE 57665602

27: SEQUENCE OF TOTAL 1/1

40A: FORM OF DOCUMENTARY CREDIT IRREVOCABLE

20: DOCUMENTARY CREDIT NUMBER 9876543210

31C: DATE OF ISSUE 06 MARCH ××××

40E: APPLICABLE RULES UCP LATEST VERSION

31D: DATE AND PLACE OF EXPIRY 06 NOVEMBER ×××× USA

50: APPLICANT XYZ CO

59: BENEFICIARY ABC CO

32B: CURRENCY AND AMOUNT USD 1,000,000.00

41D: AVAIL WITH/BY ISSUING BANK BY ACCEPIANCE

42C: DRAFTS AT 120 DAYS SIGHT

42D: DRAWEE ISSUING BANK

43P: PARTIAL SHIPMENTS PROHIBITED

43T: TRANSHIPMENTS PROHIBITED

44C: LATEST DATE FOR SHIPMENT 06 OCTOBER ××××

44E: PORT OF LOADING/AIRPORT OF

DEPATURE MUMBAI, INDIA

44F: PORT OF DISCHARGE/AIRPORT

OF DESTINATION SAO PAULO

45A: DESCRIPTION OF GOODS ABOUT 1,000,000 PIECES OF

FROZEN CHICKEN LEGS AT

ONE DOLLAR PER PIECE CIF

46A: DOCUMENTS REQUIRED

+ SIGNED COMMERCIAL IN-

VOICE IN THREE FOLD

+ PACKINC LIST IN THREE

FOLD

+ CERTIFICATE OF ORIGIN

N 1 COPY

+ BENEFICIARIES CERTIFI-

CATE STATING THAT FROM

THE DOCUMENTS REQUIRED

UNDER THIS CREDIT THE FOL-

LOWING HAVE BEEN FOR-

WARDED TO THE XYZ COMPA-

NY WITHIN FIVE DAYS AFTER

THE SHIPMENT

DATE: COMMERCIAL INVOICE

ONE COPY CERTFICATE OF

ORIGIN ONE COPY INSURANCE

CERTIFICATE ONE ORIGINAL

BILL OF LADING

+ INSURANCE POLICY COV-

ERING ALL RISKS ISSUED IN

TWO ORIGINALS

+ FULL SET OF BILLS OF

LADING CONSICNED TO OR-

DER OF APPLICANT MARKED

FREIGHT PAID.

47A: ADDITIONAL CONDITIONS 1. BENEFICIARY MUST PRO-

VIDE APPLICANT WITH DE-

TAILS OF SHIPMENT

2. SHIPMENT MUST BE MADE

ON VESSEL BUTTERF LY

3. GOODS MUST BE INSPECT-

ED BY APPLICANT PRIOR TO

SHIPMENT

4. GOODS MUST BE OF INDI-

AN OR CHINESE ORIGIN

48: PERIOD FOR PRESENTATION WITHIN 20 DAYS AFTFR THE

DATE OF SHIPMENT BUT

WITHIN CREDIT VALIDITY

49: CONF INSTRUCTIONS CONFIRM

78: INSTRUCTIONS ON RECEIPT OF DOCUMENTS

BY US IN COMPLIANCE WITH

THE CREDIT WE WILL REIM-

BURSE YOU IN ACCORDANCE

WITH YOUR INSTRUCTIONS

AT MATURITY

1.Irrevocable Transferable Credit-Original

Name of Issuing Bank Place and date of issue

Overseas Union Bank Ltd., Singapore, 10 Sep., 200×

Name of Beneficiary Advised through

To: Alison Company Ltd., China State Bank Ltd.,

120 Winston Street, Hong Kong

Hong Kong

Dear Sirs,

At the request and on the instructions of Lance Company, Singapore, we hereby issue an Irrevocable Transferable Credit No. 36589 for HKD 84,000.00 (say Hong Kong dollars eighty four thousand only) to expire on or before 30 Oct., 200× at Hong Kong available with China State Bank Ltd., Hong Kong being Transferring Bank by negotiation against beneficiary's draft (s) drawn at sight on the Issuing Bank accompanied by the following documents:

(1)Signed Commercial Invoice in quadruplicate.

(2)Full set of clean on board ocean bills of lading made out to order blank endorsed marked "Freight Prepaid".

(3)Insurance policy endorsed in blank for invoice value plus 10% covering all risks and war risks.

(4)Packing List in quadruplicate.

All documents excluding invoice must be made in neutral name.

Evidencing shipment of 100 pieces of Lady Overcoats as per design No. A-3508 at HKD840.00 CIF Singapore per each piece.

Shipment from your port for transportation to Singapore not later than 15 Oct., 200×.

Partial shipments not allowed.

Transhipment allowed.

Documents to be presented within 15 days after the date of shipment, but within the validity of the credit.

We hereby agree with the drawers and bona fide holders of drafts drawn under and in compliance with the terms and conditions of the credit that such drafts will be duly honoured on due presentation if negotiated or presented at this office on or before the expiry date.

This Credit is subject to UCP 600.

Yours faithfully

Overseas Union Bank Ltd., Singapore

signature (s)

2.A "Request to Transfer" shows as follows:

To: Transferring Bank

(1) China State Bank Ltd., Hong Kong

Dear Sirs,

We request you to transfer an Irrevocable Transferable Credit No. 36589 issued by Overseas Union Bank Ltd., Singapore to the second beneficiary-

(2) South China Company, 15 Zhujiang Road, Shenzhen. Please insert the following changeable new terms instead of the old terms:

(3) Applicant: Alison Company Ltd., 120 Winston Street, Hong Kong- original first beneficiary.

(4) Credit amount: HKD67,200.00.

(5) Expiry date: 20 Oct. 200×.

(6) Insurance amount for invoice value plus 37.5% (92,400/67,200=1.375).

(7) Evidencing shipment of 100 pieces of Lady Overcoats as per design No. A-3508 at HKD672.00 CIF Singapore per each piece.

(8) Shipment date: 10 Oct., 200×.

(9) Documents to be presented within 10 days after date of shipment.

In respect of the amendments arisen hereafter to the credit, we wish to inform you that the first beneficiary retains the right to refuse to allow the transferring bank to advise amendments made under the original credit to the transferee (second beneficiary). Therefore the transferring bank must obtain approval of the first beneficiary before advising amendments to the transferee.

Yours faithfully

Alison Company Ltd., Hong Kong

signature

The Transferring Bank, China State Bank Ltd., Hong Kong adds some supplementary conditions as follows:

(10) Issuing date: 20 Sep., 200×.

(11) Advising bank: China Merchants Bank, Shenzhen.

(12) Special instructions:

All documents must be made first presentation to us (Transferring Bank) for negotiation. Payment/honour of drafts with be effected by us when documents are received in full compliance with the credit terms and cover has been received under the original Transferable Credit, we shall then credit proceeds to your account as per your covering schedule.

3.Please fill the blanks to issue a Transferred Credit.

Irrevocable Transferable Credit - Transferred Credit

Name of Transferring Bank Place and date of transfer

(1)(10)

Name of Beneficiary Advised through

To:(2)(11)

Dear Sirs,

We hereby inform you that an Irrevocable Transferable Credit No. 36589 issued by Overseas Union Bank Ltd., Singapore has been transferred to you as follows:

At the request and on the instructions of (3) ________________________ we hereby transfer the above-mentioned credit to you for (4) ____________ ______(say )to expire on or before

(5) ______ at Hong Kong available with China State Bank Ltd., Hong Kong being transferring bank by negotiation against beneficiary's draft (s) drawn at sight on the issuing bank accompanied by the following documents:

(1) Signed Commercial Invoice in quadruplicate.

(2) Full set of clean on board ocean bills of lading made out to order blank endorsed marked "Freight Prepaid".

(3) Insurance policy endorsed in blank for invoice value plus (6) ______.

(4) Packing List in quadruplicate.

All documents excluding invoice must be made in neutral name. Evidencing shipment of (7) ________________________________________________.

Shipment from your port for transportation to Singapore not later than (8) __________________

Partial shipments not allowed.

Transhipment allowed.

Documents to be presented (9) ______ after the date of shipment, but within the validity of the credit.

We hereby agree with the drawers and bona fide holder of drafts drawn under and in compliance with the terms and conditions of the credit that such drafts will be duly honoured on due presentation if negotiated or presented at this office on or before the expiry date.

Special Instructions (12)

__________________________________________________________________

__________________________________________________________________

This Credit is subject to UCP 600.

Yours faithfully

China State Bank Ltd.,

Hong Kong

signature (s)