国际结算期末总结.doc

Features of a credit: The issuing bank undertakes to effect payment, quite independent of whether the applicant is bankrupt or in fault or not, provided the documents presented are in compliance with the terms and conditions of the credit. A credit stands independent of the sales contract. In credit business, banks deal with documents and not with goods, services or other performances to which the documents may relate. Procedure of a credit the applicant must fill an application form and sign a security agreement the issuing bank will examine contents of the application and issue a credit, the send the credit to the advising bank by specific communication, such as by SWIFT/telex/express. On receipt of a credit, the advising bank must examine the apparent authenticity of the credit, then advise accurately to reflect the terms and conditions of the authenticity of the credit. The beneficiary must examine the terms and conditions of the credit as per the relative contract stipulated, then ship the goods as scheduled. The beneficiary prepares all relative documents stipulated, and delivers the presentation to the nominated bank for negotiation within presenting period but before maturity of the credit. The nominated bank examines the presentation. After the nominated bank honors or negotiates, it must forward the documents to the confirming bank or the issuing bank. The issuing bank examines the presentation. When the issuing bank determines that a presentation is complying , it must honor and present the presentation to the applicant for reimbursement. The applicant examines the presentation and honors when the presentation is complying. Difference between a promissory note and a bill of exchange, a cheque and a bill of exchange: Difference between a promissory note and a bill of exchange are as follows: a promissory note is a promise to pay, whereas a bill of exchange is an order to pay there are only two parties to a promissory note, namely the maker and the pay