Letter of Credit & Preparation of Shipping Documents <신용장과 선적서류작성> LC is highlighted in int’l settlement (신용장 방식을 중심으로)

What it looks like ? 1. Transportation via Vessel. 2. Shipping in the night (night scenery). 3. Custom Office. ** International Trading.

Chapter 1. Feature of Letter of
Index Chapter 1. Feature of Letter of Credit Section Trade Risks Section Trade Procedures Chapter 2. Export Procedures Section types of procedures Section 2 Settlement of Int’l trade Section 3. Foreign Exchange risk control Chapter 3 Clean Credit Section DP Section DA Section Usance Credit Chapter 4 Letter of Credit Section 1 Definition of LC Section 2 Type of LC & Concerned parties Section 3 Procedure of LC opening Section 4 Feature of LC Chapter 5 INCOTERMS -2010 Chapter 6 UCP - 600

Chapter 1 Features of Trade (무 역 거래의 특징) Section 1
Chapter 1 Features of Trade (무 역 거래의 특징) Section Trade Risks Section Trade Procedures

1. Definition of International Trade Settlement (무역결제의 의의)
International Trade represents that Commodities, Services and other goods produced from one country are traded to other countries or, the processes of provision from the country produced to another countries who wants to buy the goods through the vessel, airplane or other appropriate transportation method cross boarder (격지자(隔地者) 간의 거래, 물품, 용역 또는 전자적 무체물의 국가 간 이동) 2. Why International Trade is being made ? ① Generation of country profits including an individual company. (무역거래 당사자 - 이익을 창출 )-The more export, the more nation-wide profits ② To improve people’s fringe benefits in own country (국가 - 국민의 후생을 증진)- Medicines, Movies, Tropical Fruits, Intelligent properties(지적재산), law market, etc.

are arrived. (무역거래에는 시간적․공간적 Gap에 따른 위험이 존재한다.)
Trade Risk 3. Type of Trade Risks ; Possible Risk of Trade (무역의 위험) Country Risk - Regulation changes- 국가관리 위험-외환,수입규정변경, Shortage of US$ currency - 외화부족, i.e) Korea IMF financial crisis Country emergency (국가비상사태), etc. ① Country of Counter-party has the same country risk- Visa-vis (상대방에 대한 위험이 존재한다.) ② Gap between two country in view of long distance, time gap until the goods are arrived. (무역거래에는 시간적․공간적 Gap에 따른 위험이 존재한다.)

Continued---Trade Risk
2) Credit Risk : Any possible non-payment of money, Default, Delay payment. Regulation changes, Shortage of US$ currency, State of emergency 3) Transportation Risk : sinking(침몰), burning of vessel(화재), Pilferage(좀도둑), Theft(도난), Damages and spoiled and corruption(부패,손상) of the goods during the transportation via vessel. 4) Exchange Risk : An Exchange risk between the rate on contract date and settlement date(환율변동 against US Dollars vs. own currency) 5) Market Risk : Risk from Commodity Price fluctuation at the time of contract(Offer date) and Delivery date of the goods. (i.e, Cancellation of contract (Buyer) or price increase from the seller. 6) Culture/Practice Risk : Language, Different culture, Practices.(Mostly caused by Communication problem) (문화적, 사회적, 관습의 차이에서 오는 위험- 주로 언어소통의 문제로 발생되는 무역위험)

Tips for Trade Terminology (전문용어 해설)
4. Level of Country Credibility(국가신용도) : A credibility of country indicated to see the solvency of country debts. Country credibility level is a base data in determination of borrowing rates from the international financial market and in determination of foreign investment. Key factors for the country credibility are composed of 1) Political stabilization 2)Level of NI(national income) 3) Economic growth ratio and 4) Balance of Payment(외환보유고). A worldwide appraisal institutes(국가신용평가 기관) are : Moody’s, S & P(Standard & Poor’s) and Fitch.

5. Exchange rate Risk (환율위험)
1) What is Foreign Exchange rate ? (refer to page 23~24) An exchange rate (교환비율) for own country currency against foreign money. Example) 1 US$ = KRW1,145, or KRW = US$ 1￡ = KRW 1,520 or KRW = ￡ 2) Type of Foreign Exchange rate ① Base rate(기준환율) = Average rate prevailing in the market(시장평균환율) ② Arbitration rate(재정환율) = mid rate(중간율) announced by the Central Bank (BOK) = (selling rate + buying rate) / 2 ③ FX selling/buying rate(외국환 매매율) = TT Selling, TT Buying rates 3) Impact of Exchange Rate : What happens when the exchange rate is increased and/or decreased ? ① Importers’ view : Increase(much burdensome=Unhappy), Decreased( less burden=Happy ) Need more money, Price increase Need less money, Price decrease ② Exporters’ view : Increase(Happy), Decrease (Unhappy) Profit increased, Profit decreased ③ Remitters’ view : Increase(much burdensome=Unhappy), Decreased( less burden=Happy) (해외로 송금자)

Chapter 2. Export Procedures
International Trade business is a Cross Boarder Transaction. Complicated international Transaction between the Seller & Buyer. Internationally prevailing standards and Rules for Trade (UCP, Foreign exchange regulation, Custom duty law/regulations, etc) General procedures for export ; 1. Overseas market Survey : Look for a potential buyer which is no. 1 step to be taken. 1) Country’s general situations : Stability of Political and Economical. Annual Sales Volumes(in Export) vs. Own country. Liberalization of Foreign Exchange Law & Regulation(i.e, Philippines) 2) Market Size and Characteristics on Product to sell : Market Size and potential. Consumer market ? Or intermediary trade (중개무역)? Competition level of Quality, Price of other countries(경쟁상품) Place of Commodities(4Ps)- Process of distribution(유통과정) 3) Trade System : Import system(regulations ?) Custom Duty, customs clearance/Procedures(통관제도/절차) Culture/ Practices(문화/상관습)

Export Procedures, Continued ---
How to conduct overseas market Survey ? (Page 8, 2) 1) KITA, Korea-ICC, EXIM Bank, Statistics Data, KOTRA,(Korea Trade & Investment Promotion Agency) 2) Magazine, Bulletins, 3) Internet site 4) Overseas Trip, EXPO [Exposition (박람회)] 2. Selection of Buyer (page 9, 7th line from the bottom) Identification of potential buyer ( Same manner as 1)~4) above. Credit Inquiry : 3 Cs <refer to page 11> Characteristic = Market reputation(업계평판), sincerity(성실성), Performance level(이행능력) Capital = Solvency(지불능력), Financial structures(재정상태),Debt ratio, Assets & liabilities) Capacity = Sales volumes(매출액), yield(수익률), Private or Company Ltd(개인기업?주식회사?, Management, List of commodities, trade checking(거래처 확인), Goodwill(영업권) Production capacity(생산능력), etc… 3) How to get such an information : Trough the Bank they are engaged in, Trade/Vendors(거래처), or an expert(평가전문기관) in writing(서면으로).

3. Contract Agreement(매매계약) 1) Offer Sheet : Offer, Selling offer, Buying offer, counter offer, Firm offer. Offer(selling or buying)  Counter offer  Firm offer  Accept 2) Purchase Order(구매주문서) : Once contract is made, PO is continuous order for purchasing based on the previous transactions. General Terms & Conditions in contract ; 1. Quality : Quality before shipping ? Or After unloading(양륙 후 조건), who will inspect the quality ? Etc. 2) Quantity : Unit of quantity(Kg, m2, m3, no. of quantity, length, On or less article(수량 과부족) 3) Price : Currency(US$, KRW, Euro, St. Pound, Yen, etc. 4) Shipment : Shipping due date, Shipping method(Partial ? Or One lot), Transship(allowed /not allowed ?) 5) Packing : Packing materials(wood, Plastic, thickness(0.5mm, 1.0mm ?), One lot packing?, two packs ? 6) Payment : LC basis, Collection, Remittance ? 7) Insurance : FOB, CIF. Who will insure the commodity just in case of damaged ? 8) Claims : Period of claim(by when, how much, how ?), Intermediation Consciliation Arbitration Litigation

4. Arrival of LC (refer to page 13) Type of Settlement 1) Letter of Credit method 2) Remittance 3) Collection Focus on the LC method only in this chapter. When the export LC is arrived, what we have to do ? 1) Check/reconcile to see whether all terms & condition shown in LC are the same as that of the firm offer sheet. 2) If there is any discrepancy, ask the importer to amend or change of the incorrect articles shown in the LC immediately. 3) Check the required shipping documents, i.e, Bills of Lading(how many?), Packing List(?), Commercial invoice(?), Certificate of origin(?), Inspection Certificate, as required by the Letter of Credit.

5. Export License Korea Export & import System : Positive system Negative system(1996). Quarterly announcement system(분기별 공고) : Commodity for prohibition of export/import Korea is under “ Negative system = Announce all export or import items which is not allowed. Except that all item not listed in this announcement are allowed for Import/Export. 6. Secure Export items for shipping 1) Produce and manufacturing from own factory. 2) Purchase it from the local market from other manaufacturer. ( i.e, through Local LC, Purchase Order ). PO will be explained later.

Local LC and Purchase Order(PO) : refer to page 15 1) Local LC : An LC to be issued local manufacture to purchase main & sub raw materials for Exporter to produce an export commodity based on the original LC received from the importer. In this case, the export will become a beneficiary and local bank is an issuing bank of this LC. 2) Purchase Order : In case there is no LC opening line(limit) or when the local is unable to open, PO is another way of supplying the local products to the beneficiary to be issued by the Foreign Exchange Bank. Payment of the local LC, however is not guaranted by the beneficiary(original exporter)

7. Commodity Inspection 1) Inspection for quality & quantity should be made before shipping. 2) Inspection authority Self inspection should be Okay(acceptable) as per the contract. 3) Quality, Size, Component (Ingredient), Packing, Quantity should be the same as the terms & condition shown in the contract agreement. 4) Any defect or poor quality of product could be a bad image of the company or possible dispute or claim.

8. Custom Clearance (수출통관) All export items will be cleared through the custom examiner and to take the following procedures ; Transaction details for export items report to the custom office. Review and examine and issue the export license, Shipping on board should ne made within 30days of export license. 9. Shipping(on board) Prepare shipping request(SR) and ask shipping company to identify the shipping schedule. Shipping document should be made correctly. Contact shipping company to know the schedule of shipping company.

10. Insurance CIF( Cost, Insurance & Freight). 110 % of commercial invoice amount. 11. Negotiation/ Renegotiation Present(제시) shipping documents to the Negotiating bank for negotiation Present it within the due date of presentation as indicated in the LC. Prime bank will negotiate the documents for the 1st Negotiation and it goes to the nominated bank for renegotiation(재매입) 12. Custom tax Refund Custom tax paid at the time of import shall be refunded in case imported raw materials are used for exporting purpose. It should confirmed whether it is really for export purpose that previously imported raw materials are proved as genuine. Simplified tax refund : Mostly for small & medium sized company. Individual drawback(개별환급) : One-by-one against Import(material) vs. Export(Goods)

13. Problem solving for Claims A. Claims may occurs in case any discrepancy in ; 1) Quality 2) Quantity 3) Size & colour 4) Delay shipping 5) Importer’s financial loss caused by any non-compliance required by the terms & Conditions of the LC. B. Solutions 1) Reimbursement of damages or losses in cash. 2) Decrease of unit price 3) Re-shipping

5. Foreign Exchange Rate & TT seling rate
What is Foreign Exchange rate ? ➫ Exchange ratio between the currency of home country and foreign country.(자국화와 외화의 교환비율) TT selling rate (대고객매매율) ① ~ is the rate when bank sells the foreign currency to customers. is applied differently by customer based on the credit and different from bank to bank. 대 고객매매율은 은행마다 약간의 차이가 있고 업체에 따라서 차등 적용한다. Why FX rate is fluctuating ? (환율의 주요 변동요인) ① Demand and Supply of foreign currency. (외환의 대고객 외환 수급 현황) ② In & Out of foreign investment (외국인자금 유출입 동향) ③ Trend of oversea foreign exchange market (해외시장에서의 미달러 가격 동향) ④ Shortage or overage of Local currency. (원화 자금사정) ⑤ Expectation of Foreign Exchange rate. Increase ? Decrease ? (환율기대심리)

6. Controls of Foreign Exchange Risk (환리스크 관리)
What is exchange risk ? ➫ is a risk arising from and between the two currencies caused by demand & supply of volumes of home currency and other currency. 이종 통화 간 교환비율인 환율의 변동이 외화자산 부채의 가치변화를 초래함으로써 기업 또는 경제적 주체가 손해를 입게 되는 가능성. How to control of exchange risk ? 환리스크 관리 ① Internal technique(내부적 기법) : To minimize any possible/expected losses from the changes of FX rate. (기업의 내부에 의한 환리스크를 최소화하려는 모든 기법) ② External technique(외부적 기법 ): To cover any FX losses beyond the internal method. (대내적 관리기법으로 커버되지 못한 환 소실을 최소화하는 조치) Internal Technique ① Short term measurement : Netting, Matching, Leading & Lagging, ALM ② Long terms M\measurement : Operation risk (Marketing technique and others) 영업 환리스크에 초점을 둔 마케팅 관리기법과 인사조직기법 External technique ➫ Forward exchange contract, Currency option, Currency Swap and, Short term money market, Insurance for exchange risk, Int’l Factoring, etc.

6. E-Trade & E- Settlement (전자무역결제)
➫ ~ is settled through electronic system utilizing the internet system. (전자상거래에서 대금결제가 전자적 방식에 의해서 이루어지는 것) Settlement system (전자결제방식) ➫ by Electronic fund transfer, Credit Card, Electronic Check, e-money. 전자자금이체, 신용카드, 전자수표, 전자화폐 Trade Card e-trade payment system developed in 1999 with guaranteed credit. Correspondent through dedicated data lines and settled int’l trades and messages. ③ Full automation for “Trade financing, Trade insurance, logistics and whole processes of export/imports. Bolero Project (Bill Of Lading Electronic Registration Organization) ① ~ is a consortium organized in June 1994 composed of 4 countries who are engaged in marine transportation and telecommunication companies including Hong Kong + 4 others. ② ~ is a paperless electronic based system converting the paper system to electronic system.

Chapter 2 Non- LC Basis (무(無)신용장 방식)

Chapter 2. Settlement of International Trade-page 21---
What is Trade settlement ? ① Settlement is a compliance of contract (계약의 이행) agreed upon between importer & exporter. ② The applicable object is to import and / or export goods from one country to another. Terms of settlement ① When it pays (Date) ② How it pays (Remittance, collection, LC, etc) ③ What currency is being used( JPY, USD, Euro dollar) Page 73~ SWIFT (Society for Worldwide Interbank Financial Telecommunication) 국제은행간 자금결제 및 각종 메시지 교환을 신속, 저렴, 안전하게 처리하기 위한 국제은행간 금융정보 통신망. BIC (Bank Identifier Code)-page 81 ① SWIFT가 국제 표준화기구에서 명시한 코딩 시스템을 바탕으로 가입기관에 부여한 고유코드 번호. ② 구성 : 8자리 or 11자리 (지점코드) ③ XXXX(Bank Code), XX(Country Code), XX(Location Code), XXXX(Branch Code) 예) KOEXKRSEPSN(한국외환은행 부산지점),

Type of Int’l Settlement and its portion
Type of Payment Advance Payment(Remittance method) : CWO, COD, CAD Collection Letter of Credit Export Factoring Forfeiting E- Settlement 2. Percentage of Payment Method 1) Remittance : Advance Payment(48.23%), COD,CWO,CAD = 12.73% [Total 60.94%] 2) LC Basis : Sight LC(12.77%), Usance LC(10.30%), [Total 23.07%] 3) Non- LC Basis: DA, DP, Other 15.99%

Section1. Remittance Basis (refer to page 23~36)
Remittance Basis = Advance Payment (단순송금방식) : Importer pays in advance before the imported goods are received through TT, mail or checks. Feature of Advance payment (송금결제방식의 특징) The cheapest bank commission Highest risk for the importer, the lowest risk for the exporter. Reliability between the importer & exporter(relationship) Type of Advance Payment Demand Draft(송금수표) MT(Mail Transfer)-우편송금환 T/T (Telegraphic Transfer)-전신송금환

2. COD (Cash on Delivery = 상품인도방식)
Exporter delivers the goods or products to his agency or his branch and finish custom clearance. Importer inspect the quality of goods and pays in exchange of(물품과 교환으로) goods. Feature of COD (COD의 특징) Importer can inspect the quality of goods before payment. less financial burden. Possible risk for claims caused by price down and non-acceptance from importer.

3. CAD (Cash against Document = 서류인도방식)
Exporter ships the goods on board and renders the shipping document to the agency of importer who are in the exporting country. In this case, the agency of importer should be located in the exporter’s country. . Importer inspect the quality of goods and pays in exchange of(선적서류와 교환으로 대금결제) documents. Feature of COD Importer can participate in the process of inspection for the quality of goods before payment. less financial burden.(same as COD) Possible risk for claims caused by price down and non-acceptance from importer. (Same of COD)

4. Open Account (= 사후송금방식)
Exporter ships the goods on board as per the contract agreement and gets paid on the date as indicated in the contract agreement. This method is normally being made between the Head office of the company and its subsidiaries. Feature of COD Transactions are being made between Head office and his overseas branches. Has frequent of transactions and mutual accounting at the end of month. Possible violation of Foreign Exchange regulation as the transaction is made between HO & his branches. (Need full compliance with the FX law/ regulations.

Section 2. Collection Basis(추심결제 방식)-page 28~
D/P ; Documents against Payment (지급인도방식) : When exporter renders the shipping document to the importer and importer pays it to the exporter, then the documents are releasing to the importer. * D/P 또는 D/A 표시 없으면 D/P로 간주 추심은행 (collecting bank) 선박회사 수입상 수출상 추심의뢰은행 (remitting bank) ⑧대금지급 (대금결제) ⑨화물도착통지 ⑩화물인도 (B/L제시) ⑤추심의뢰 (선적서류제공) ⑫대금지급 ⑪대금송금 ⑥추심지시 (선적서류송부) ⑦추심실행 (서류제공) ①매매계약 ④B/L발급 ③선적의뢰 ②보험가입 화물수송 ①추심요청

Section 2. Collection Basis
D/A ; Documents against Acceptance (인수인도방식)-refer to page 29~ : Without having documentary credit, payment is made as per the contract agreement made between the importer & exporter using the draft issued by exporter after acceptance of the draft. The period of payment is normally from 30 days to even 90days after acceptance of the draft. collecting bank (추심은행 ) Shipping Company Importer Exporter remitting bank (추심의뢰은행 ) Shipping co., ⑧Settlement (대금결제) ⑨Advice goods arrival (화물도착통지) ⑩Take goods (화물인도) (B/L제시) ⑤Apply for collection w/document (선적서류제공) ⑬Pay ⑫Remit money ⑥Apply for collection (Deliver documents)) ⑦Collection ((Shipping documents) ①Contract ④Issue B/L ③Ask for shipping (선적의뢰) ②Insurancee (보험가입) Transportation of goods (화물수송) ⑪Payment at maturity (만기일에 대금결제) ①Ask for Collection (추심의뢰) Features : 1) The longer period of payment, the higher risk. 2) Has certain amount of transaction limit. 3) Normally between the mother company and its subsidiaries.

Chapter 3. Trade Terms

Ⅲ. Feature of Incoterms-2010 (Refer to page 37~)
Chapter 3. Trade Terms Ⅲ. Feature of Incoterms-2010 (Refer to page 37~) Comparison of Incoterms between 2000 & 2010. By group Incoterms-2000 Incoterms-2010 E Group EXW F Group FCA FAS FOB C Group CFR CIF CPT CIP D Group DAF, DES, DDU DAP DEQ DAT DDP

Ⅲ. Feature of Incoterms-2010
Incoterms Ⓡ 2010 ICC rules for the use of domestic and international trade terms Entry into force : 1 January 2011 (Effective from) GUIDANCE NOTE This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. It is suitable for domestic trade, while FCA is usually more appropriate for international trade. “Ex Works” –refer to page 40~ “Ex Works” means that the seller delivers when it places the goods at the disposal of the buyer at the seller’s premises (factory) or at another named place (i.e., works, factory, warehouse, etc.). The seller does not need to load the goods on any collecting vehicle, nor does it need to clear the goods for export, where such clearance is applicable. Transportation Charges : The parties are well advised to specify as clearly as possible the point within the named place of delivery, as the costs and risks to that point are for the account of the seller. The buyer bears all costs and risks involved in taking the goods from the agreed point, if any, at the named place of delivery.

Ex Works (insert named place of delivery)
작업장인도조건 (…지정장소) 작업장인도조건 또는 공장인도(Ex Works)란 매도인이 자기의 구내 또는 그 밖의 지정된 장소(예컨데 공장, 창고 등)에서 지정기간 내에 수출통관이 필요한 경우에도 그 통관을 하지 않은 계약물품을 어떠한 운송수단에도 적재하지 않은 상태로 매수인이 임의로 처분할 수 있는 상태로 두면 되고, 그 때까지의 위험과 비용을 부담한다. 위험의 분기점 지정된 인도장소에서 매수인의 수취차량에 적재되지 않은 상태로 매수인의 임의처분상태로 둘 때 비용의 분기점 위험의 분기점과 일치 기본서류 상업송장, 계약에서 일치하는 일치 증명서류, 상응한 전자기록 또는 절차 매도인의 제공서류 임의서류(매수인 비용) 포장명세서, 원산지증명서, 품질 및 수량증명서, 중량 및 용적증명서, 영사송장, 보험부보 정보

FCA (운송인 인도조건) Free Carrier FCA (insert named place of delivery) GUIDANCE NOTE This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Free Carrier” means that the seller delivers the goods to the carrier or another person nominated by the buyer at the seller’s premises or another named place. The parties are well advised to specify as clearly as possible the point within the named place of delivery, as the risk passes to the buyer at that point. Transportation Charges : If the parties intend to deliver the goods at the seller’s premises, they should identify the address of those premises as the named place of delivery. If, on the other hand, the parties intend the goods to be delivered at another place, they must identify a different specific place of delivery. FCA requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

FAS ( 선측인도조건) FREE ALONGSIDE SHIP FAS (insert named port of shipment) This rule is to be used only for sea or inland waterway transport. “Free Alongside Ship” means that the seller delivers when the goods are placed alongside the vessel (e.g., on a quay or a barge) nominated by the buyer at the named port of shipment. The risk of loss of or damage to the goods passes when the goods are alongside the ship, and the buyer bears all costs from that moment onwards. The seller is required either to deliver the goods alongside the ship or to procure goods already so delivered for shipment. The reference to “procure” here caters for multiple sales down a chain (‘string sales’), particularly common in the commodity trades. Where the goods are in containers, it is typical for the seller to hand the goods over to the carrier at a terminal and not alongside the vessel. In such situations, the FAS rule would be inappropriate, and the FCA rule should be used. Transportation Charges : FAS requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

FOB(본선인도조건) FREE ON BOARD FOB (insert named port of shipment) This rule is to be used only for sea or inland waterway transport. “Free on Board” means that the seller delivers the goods on board the vessel nominated by the buyer at the named port of shipment or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel, and the buyer bears all costs from that moment onwards. The seller is required either to deliver the goods on board the vessel or to procure goods already so delivered for shipment. The reference to “procure” here caters for multiple sales down a chain (‘string sales’), particularly common in the commodity trades. Transportation Charges : FOB requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

CPT CARRIAGE PAID TO(운송비 지급인도조건) CPT (insert named place of destination) GUIDANCE NOTE This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Carriage Paid To” means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between the parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. When CPT, CIP, CFR or CIF are used, the seller fulfils its obligation to deliver when it hands the goods over to the carrier and not when the goods reach the place of destination. Transportation Charges : CPT requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

CIP ( 운송비.보험료지급 인도조건) CARRIAGE AND INSURANCE PAID TO CIP (insert named place of destination) This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Carriage and Insurance Paid to” means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between the parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. Transportation Charges : CIP requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

CPT CARRIAGE PAID TO(운송비 지급인도조건) CPT (insert named place of destination) GUIDANCE NOTE This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Carriage Paid To” means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between the parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination. When CPT, CIP, CFR or CIF are used, the seller fulfils its obligation to deliver when it hands the goods over to the carrier and not when the goods reach the place of destination. Transportation Charges : CPT requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

CFR(운임포함 인도조건) COST AND FREIGHT CFR (insert named port of destination) GUIDANCE NOTE This rule is to be used only for sea or inland waterway transport. “Cost and Freight” means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. Transportation Charges : The seller is required either to deliver the goods on board the vessel or to procure goods already so delivered for shipment to the destination. In addition, the seller is required either to make a contract of carriage or to procure such a contract. The reference to “procure” here caters for multiple sales down a chain (‘string sales’), particularly common in the commodity trades.

CIF( 운임.보험료인도조건) COST INSURANCE AND FREIGHT CIF (insert named port of destination) This rule is to be used only for sea or inland waterway transport. “Cost, Insurance and Freight” means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage. Transportation Charges : The buyer should note that under CIF the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements. When CPT, CIP, CFR, or CIF are used, the seller fulfils its obligation to deliver when it hands the goods over to the carrier in the manner specified in the chosen rule and not when the goods reach the place of destination.

CIF Continued……. This rule has two critical points, because risk passes and costs are transferred at different places. While the contract will always specify a destination port, it might not specify the port of shipment, which is where risk passes to the buyer. If the shipment port is of particular interest to the buyer, the parties are well advised to identify it as precisely as possible in the contract. The parties are well advised to identify as precisely as possible the point at the agreed port of destination, as the costs to that point are for the account of the seller. The seller is advised to procure contracts of carriage that match this choice precisely. If the seller incurs costs under its contract of carriage related to unloading at the specified point at the port of destination, the seller is not entitled to recover such costs from the buyer unless otherwise agreed between the parties.

DAP(도착장소 인도조건) DELIVERED AT PLACE DAP (insert named place of destination) This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Delivered at Place” means that the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination. The seller bears all risks involved in bringing the goods to the named place. Transportation Charges : DAP requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. If the parties wish the seller to clear the goods for import, pay any import duty and carry out any import customs formalities, the DDP term should be used.

DAT(터미널 인도조건) DELIVERED AT TERMINAL DAT (insert named terminal at port or place of destination) This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Delivered at Terminal” means that the seller delivers when the goods, once unloaded from the arriving means of transport, are placed at the disposal of the buyer at a named terminal at the named port or place of destination. “Terminal” includes any place, whether covered or not, such as a quay, warehouse, container yard or road, rail or air cargo terminal. The seller bears all risks involved in bringing the goods to and unloading them at the terminal at the named port or place of destination. Transportation Charges : DAT requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.

DDP(관세납부 인도조건) DELIVERED DUTY PAID DDP (insert named place of destination) This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. “Delivered Duty Paid” means that the seller delivers the goods when the goods are placed at the disposal of the buyer, cleared for import on the arriving means of transport ready for unloading at the named place of destination. The seller bears all the costs and risks involved in bringing the goods to the place of destination and has an obligation to clear the goods not only for export but also for import, to pay any duty for both export and import and to carry out all customs formalities. DDP represents the maximum obligation for the seller. Transportation Charges : The parties are well advised not to use DDP if the seller is unable directly or indirectly to obtain import clearance. If the parties wish the buyer to bear all risks and costs of import clearance, the DAP rule should be used. Any VAT or other taxes payable upon import are for the seller’s account unless expressly agreed otherwise in the sales contract. Seller has the most burdensome responsibility among 11 of Incoterms

Chapter 4 Letter of Credit

1. What is Letter of Credit
Letter of Credit Basis 1. What is Letter of Credit 1. Definition of L/C : A letter of credit is a letter written by a bank authorizing another bank to pay someone a sum of money. Letters of credit are opened based on the offer sheet agreed upon between the seller & Buyer and is often used by importers and exporters. ① UCP defines LC as ; Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a complying presentation. ② UCP (Uniform Custom & Practices, version 600) ~ Has 39 articles prevailing in global trading. (refer to UCP articles) ③ INCOTERMS : International Commerce Terms (will discuss in the latter part of this class) ~ has 11 articles effective January 1, 2010(Previously 13 article Reduced by 2 articles) ** Note : honor = 결제 ** Complying presentation = 적격제시 ( Or 일치하는 제시)

1. What is Letter of Credit --- continued----
2. Letter of Credit is legal contract ① Letter of Credit is the secondary contract. ✧ The first contract is a contract between the importer & exporter. ✧ The secondary contract is a contract between the exporter and opening bank. ② A Delegated contract [위임계약(委任契約)] The importer delegates his importation to the opening bank to advise his desire on behalf of himself so that opening bank requests the Negotiating bank to deliver/ship the goods to the exporter as required by the LC. LC is being made based on the offer sheet agreed upon between the buyer & seller. ③ Names changes of the each party. ✧ Exporter ➫ Beneficiary (수익자) , Seller, Shipper, Consigner, Drawer ✧ Importer ➫ Applicant (개설의뢰인), Buyer, Consignee, Drawee ④ Sort of letter described in details based on the firm offer.

At sight (Letter of Credit)
Presentation of a commercial document (such as a bill of exchange) for acceptance by its drawee. Bill of exchange payable on the day. it is presented to the named entity (the drawee). Also called sight bill or sight draft. Term included on a bill of exchange to indicate that it becomes payable a specified number of days after presentment to the drawee. What is difference between Buy payment and Buy negotiation in L/C(AT SIGHT L/C)? Buy payment : means when the shipper & the buyer makes a LC with some terms / conditions at an fixed unit price for some quantity & to submit the documents under ( L/C AT SIGHT ) Buy negotiation in L/C(AT SIGHT L/C): WHEN THE CARGO REACHES THE BUYERS NOMINATED PLACE & IF THE SELLER FAILED TO GIVE ANY OF THE SPECIFICATIONS MENTIONED IN L/C THEN THE BUYER MAY GO FOR ” BUY NEGOTIATION ” & IF THE BUYER GETS THE EXACT QUANTITY , QUALITY, ETC AS PER THE L/C THEN HE MAY REQUEST THE SELLER TO GIVE SOME DISCOUNTS, WHICH MEANS ALSO BUY NEGOTIATION.

1. Processes of Letter of Credit

2. Processes of LC (Issuing Bank) 제3장 Letter of Credit
LC Porcedure (Workflow) 수익자 (Beneficiary) 통지은행 (Advising Bank) 개설은행 (Issuing Bank) 개설의뢰인 (Applicant) ⑥대금회수 ② 신 용 장 개 설 의 뢰 ⑥화환어음제시 ⑤선적 ①Contract ④신용장 통지 ⑦ 화환어음송부 ③ 신용장 개설 ⑩상품인도 ⑤ 선적서류 교부 ⑩ 선적서류 제시 ⑨ 선 적 서 류 인 도 ⑨ 수 입 대 금 지 급 지정(매입)은행 (Nominated/ Negotiating Bank) ⑧ 매입대금 보상

2. Processes of Letter of Credit
Workflow Beneficiary Advising Bank Issuing Bank Applicant ⑥Negotiation ② Request for LC opening ⑥Document presentation ⑤Shipping ①Trade contract ④LC advice ⑦ Dispatch B/E ③ LC open ⑩Delivery ⑤ B/L ⑩ Present Shipping doxs. ⑨ Delivery of shipping doxs. ⑨ Settlement Of Import Bill Nominated/ Negotiating Bank ⑧ Payment of Nego amount

(Beneficiary Importer)
Letter of Credit 3. Processes of Local LC Local 신용장 거래절차 수익자 (Beneficiary Importer) 개설은행 (Issuing Bank) 개설의뢰인 (Applicant) ② 신 용 장 개 설 의 뢰 ⑦ 화환어음송부 ③ 신용장 개설 ⑨ 선 적 서 류 인 도 ⑨ 수 입 대 금 지 급 4) 대금결재 국내은행은행 (Local Bank) 1) 국내원자재 공급업자에게 공급요청 2) 로컬신용장 개설 3) 제품공급 (국내 공급업자) 제품.원자재 생산 ⑧ 매입대금 보상

Beneficiary Importer
2. Workflow of Local LC Procedures of Local LC Beneficiary Importer (Issuing Bank) Applican ② Request for LC opening ⑦ Dispatch B/E With shipping documents ③ LC opening ⑨ Settlement of LC 4) settlement ⑨Delivery shipping documents Local Bank Ask local supplier 2) Local LC opening 3) Supply raw- semi product (Local supplier) ⑧ Reimbursement of Negotiated LC amount

2. Benefits of Letter of Credit (신용장의 효용) – page 53~
① Exporter’s point of view ㉠ has no risk on importer’s credit. [신용위험(credit risk)] ㉡ Safe in money back(payment by importer  opening bank) ㉢ Utilize Trade Financing(무역금융을 활용) ㉣ Irrevocable L/C (신용장의 취소가 제한) ② Importer’s point of view ㉠ Favorable position in trade terms as buyer.(수입상은 무역조건 협상 시 유리한 입장에 서게 됨) ㉡ Secure the desired goods (물품의 계약적합성을 어느 정도 확보 가능) ㉢ Easy to get import loans (수입금융의 융자효과를 기대 가능) ㉣ Easy to control the raw materials for production (납기를 통제 가능) ③ Banker’s point of view( Commission based profits : 은행 : 수익이 창출되는 이익이다. ㉠ Opening Bank : Riskless business secured by importer’s collateral(수입상이 제공한 담보를 확보하여 위험 회피) ㉡ Negotiating Bank : has (recourse right) in case of default by importer requesting to the opening bank. (상환청구권) 으로 위험 회피.

Features of Letter of Credit (신용장의 특성)- page 51~
1. Principle of Independence (독립성의 원칙 ) ㉠ LC has no direct relationship with contract for sales (매매계약과 무관(無關)한 거래 ) ㉡ UCP600 §4 (Credit v. Contract) 2. Principle of Abstraction (추상성의 원칙 ) ㉠ All concerned parties deals with documents, not deals with a goods, services and other contracts. (모든 관계당사자는 서류에 의해 거래를 할뿐이지, 서류와 관련된 상품, 용역 또는 기타 계약이행을 취급하지 않음) ㉡ UCP600 §5 (Documents v. Goods, Services or Performance) 3. Principle of Limitation (한계성의 원칙 ) ㉠ LC does not guarantee the quality of goods.(수입상의 입장에서 신용장이 물품의 품질을 보장할 수 없음) ㉡ will be unable to avoid or protect from non-acceptance of importer cased by documents discrepancies even though the high quality of goods were supplied by exporter.(수입상 입장에서는 양질의 물품을 공급하였더라도 서류상의 하자로 인한 대금결제의 지연 또는 지급 거절을 방지할 수 없음) ㉢ has a possible claim risk for reduction of price from importer utilizing the nature of LC even though all terms & conditions are exactly met. (수입상이 서류거래의 특성을 악용하여 수출상이 조건을 성실히 이행했음에도 불구하고 서류의 하자를 이유로 지급거절 또는 가격인하를 요구하는 경우 발생 가능) ㉣ Importer might have a possible risk in getting a different commodities from the exporter if exporter ships on board a different commodities, but prepares the LC as exactly same goods as required by the LC. Banks has no obligation to examine the actual goods against documents shown in LC. (수출상이 서류거래의 특성을 악용하여 계약조건과 다른 상품을 선적하고 서류만 신용장 조건대로 작성하여 제시하면 은행은 대금을 지급하기 때문에 수입상 입장에서 원하는 물품이 아닐 수 있음.

1. Concerned parties of Credit (신용장의 관계당사자)—Refer to page 56 ~p. 60)
① Applicant(개설의뢰인) ➫ is a person(company) who request bank to open the credit and who wants to import goods from the exporter. (매매계약에 따라 신용장 개설의무를 부담하여 자신의 거래은행이 수출상을 수익자로 하는 신용장을 개설하게 신청하는 자) ② Opening Bank(개설은행) ➫ is a bank who opens the Credit in favor of exporter and request negotiating bank to advise the opened LC as per the terms & conditions required by the LC. ( 매매계약에 따라 신용장 개설의무를 부담하여 자신의 거래은행이 수출상을 수익자로 하는 신용장을 개설하게 신청하는 자) ③ Beneficiary(수익자) ➫ is the person who are exporting goods as indicated by the LC and who gets a right & benefits arising from the LC transaction.(신용장에 의하여 권리와 이득을 받는 수혜자) ④ Advising Bank(통지은행 ) ➫ is a bank who advises the arrival of export LC and detailed terms & conditions shown in at the request of opening bank.(개설은행의 요청을 받아 수익자에게 신용장이 발행된 사실과 그 내용을 통지해 주는 은행) ⑤ Confirming Bank(확인은행 ) ➫ is a bank who confirms(guarantee) the opened LC at the request of opening bank. This confirmation is made when the nego. bank’s credit is doubtful in successful settlement. An extra charges for confirmation incurrers as per the credit level of opening bank. (개설은행의 수권 또는 요청에 따라 신용장에 확인을 추가하는 은행 )

1. Concerned parties of Credit  continued---
⑥ Designated / Nominated Bank (지정은행 ) ➫ is a bank who can accept and negotiate the shipping documents in case there is no restriction for negotiation of documents. (신용장이 사용될 수 있는 은행 또는 모든 은행에서 사용될 수 있는 신용장의 경우에는 모든 은행) ⑦ Reimbursement Bank/Paying Bank (상환은행 ) ➫ is a bank who accepts and pays for negotiation of documents from exporter when the documents is being presented to bank and all terms & conditions as required by LC are met. (지급, 인수 및 지급, 매입을 행한 지정은행(상환청구은행)에게 결제를 해주는 은행)

2. LC Procedures Why LC is required ? Trade risks
Letter of Credit; L/C ? A letter of credit is a letter written by a bank authorizing another bank to pay someone a sum of importing or exporting money. Effect of LC Why LC is required ? Trade risks 신용위험(credit risk) 상업위험 (merchandise risk) 환위험(exchange risk) 가격변동위험(market risk) 수출상의 대금회수 불안문제 해결 제3자인 은행이 개입

2. Procedures of LC General procedures of LC (Advising Bank)
(Beneficiary) (Advising Bank) (Issuing Bank) (Applicant) ⑥Money payback ② Apply for LC Opening ⑥Draft ⑤Shipment ①Contract ④LC Advice ⑦ Bill of Exchange w/ ③ LC Open ⑩Delivery ⑤ Issue shipping doxs. ⑩ presentation ⑨Deliver documents ⑨ Settlement (Nominated/ Negotiating Bank) ⑧ Negotiation

6 Components for LC opening
신용장 방식 2. Transaction processes of LC (신용장 거래과정) What are the base of opening LC ? 신용장개설근거 ➫ Offer sheet Contract agreement Terms & Conditions of contract Payment terms. (오퍼 firm offer매매계약 – 결제조건(Terms of payment) ➀ Required documents when opened. : Agreement for Banking Transaction(FX), LC Application, Offer Sheet, Import License, Insurance policy, Import margin(Collateral), LC opening commission. ➁ Opening method : SWIFT, Mail, Cable(Full / Short) 6 Components for LC opening ➀ LC itself( Revocable / irrevocable) ➁ Payment terms and Bill of Exchange(if documentary credit) ➂ Shipping terms. ➃ Commodities. ➄ Required documents : Basically, commercial invoice, Bill of Lading, Insurance policy, Supplementary documents(Certificate of origine, Packing list, Inspection certificate. ➅ Other special documents : Who pays bank commissions, Expiry date of Document presentation, Reimbursement conditions, UCP compliance, etc)

LC advice ➂ Check point when LC arrives 2. Transaction processes of LC
(신용장 거래과정) LC advice ➀ Responsibility of Advising Bank - apparent authenticity (외견상 진정성) - Advice without delay (지체 없이 통지, 상당한 주의의무) - Advice charge : KRW15,000~20,000/per each ➁ Foreign Exchange contract (agreement)-환거래 계약체결 - Registration for Signature verification, (Test key), - Other agreement for banking transactions. ➂ Check point when LC arrives - Creditworthy of the LC opening bank (개설은행의 신용도) - Authentication of LC and UCP compliance (신용장의 외견상 진정성 및 UCP 준수문언) - Consistency against the terms & conditions of contract, any typos.(계약내용의 일치성과 오탈자) - Full compliance required by LC (서류요건 충족 가능성) - Any poisonous or malice, blackhearted clauses (악의의 특별조건(독소조항))

Confirmation of Credit
2. Transaction processes of LC (신용장 거래과정) Confirmation of Credit ➀ What is Confirmation of Credit ? - Add 3rd party’s guarantee having without recourse and confirm payment of the draft amount when the opening bank does not pay the original amount of LC. ➁ Responsibility of Confirming bank - has equal or equivalent of obligation as the opening bank in payment. ➂ Caution(Notes) - All documents must present to the confirming bank. - Any amendment of LC requires the confirmation of confirming bank beforehand.

2. 신용장 거래과정 Amendment of LC 제3장 신용장 방식 2. Transaction processes of LC
제3장 신용장 방식 2. Transaction processes of LC (신용장 거래과정) 2. 신용장 거래과정 ① Amount increase or decrease. ② Expiry date of LC. ③ Port of loading or unloading. ④ Shipping method(partial, Transship) ⑤ Name of commodity, unit price, Incoterms could be made by the request of either party(importer/exporter), however, any critical amendment of LC requires all concerned parties. Major contents of LC amendment Amendment of LC ➀ Any amendment of irrevocable LC requires all concerned parties once participated. ➁ Amendment of any terms and conditions of LC must be made within the expiry date of LC. ➂ Normally, amendment of LC is being made by the beneficiary.

Interpretation of LC Terms & Conditions Examples of malice articles (신용장 악의의 특별조건 - 사례집)
Inspection certificate approved and signed by buyer’s agent required. Negotiation is subject to our further instruction. Shipment is subject to further instruction. Payment shall be effect after shipment approval. Payment will be made only on realization of export proceeds against LC No. XXX. We will pay the proceeds upon receipt of the principal from the final buyer. The name of ship will be indicated by us. The name of the sip will be notified. Bill of Lading showing shipper’s load and count not acceptable. 70% of invoice value available at sight and remainer to be negotiated upon receipt of notice from drawee that satisfied with merchadise. L/C will be operative when the applicant obtain I/L from the authorities. 12. Our acceptance for the documents could be cancelled if there were a claim from the applicant after installation of the system. Commercial invoices must appear on their face to be signed by the applicant or their agent. Shipment must be affected by a vessel which will be advised from buyer by cable before shipment. Beneficiary’s certificate certifying that one sent of shipping documents including 1/3 set of original B/L have been sent to XXX Co., Ltd by courier within three days after shipment. Payment of drafts drawn hereunder will be made only after the realization of the re-export proceeds program. Certificate of origin must be legalized by a Consulate in Korea. CLAIMS FOR REIMBURSEMENT WILL BE MADE ON THE L/C APPLICANT.

Interpretation of SWIFT Form— page 73~
:700 = Message type(MT), Means a Documentary Credit(not a non- LC basis). :27 = Sequence of total, means numbers of page to be transmitted. :40A = Form of Documentary Credit. Means type of credit whether revocable or irrevocable LC. :20 = LC numbers. :31C = Date of issue. If there is no date of issuance, we regard them as receiving date of LC. :31D = Date and place of expiry. If expiry date falls on holiday or Sunday, it extended to the following business day. :50 + Applicant name. :59 = Name of Beneficiary. : 32B = Currency code (whether it is USD, JPY, EURO Dollar) :39A = Percentage Credit amount tolerance(On or Less) 41D = Available with … By… (Payment, negotiation, Acceptance…etc..) 42C = Draft at… (means maturity date of Bill of Exchange, normally shows at sight or Usance..) 42D = Drawee (means a person who are paying the draft amount) 43P = Partial Shipment ( allowed ? Not allowed) 43T = Transshipment (allowed or not allowed) :44A = Loading/Dispatching/Taking charge at/from (indicates port name of loading, dispatching, etc) :44B = For transportation to ~ (means final destination) :45A = Description of goods and/or services + Origin. ( means a detailed specification/ description of commodities) :46A = Documents required (means the list of shipping documents to be prepared by exporter) :47A = Additional conditions. :71B = Charges ( commission, handling charges, who will pay it ?) Normally exporter pays it. (see next page) :48 = Period for presentation ( means shipping document presentation period by exporter to bank) :49 = Confirmation inspection (means an instruction to the receiving bank-it could be either issuing or negotiating bank) :78 = Instruction to the Pay/Accept/Negotiate bank (means all instructions to paying bank, accepting bank and negotiating bank) :57D = Advise through bank (means in order to advise beneficiary, any necessary name of through(via) bank. :72 =Sender to receiver information (means, if necessary, bank correspondent messages, visa-vis)

Note !! The price of letters of credit ; This represents any commission, charges and/or expenses arising from international trading shown in Letter of Credit on who will pay. A mailing charges, courier charges, cable, and fax charges are the case. All the charges for issuance of Letter of Credit, negotiation of documents, reimbursements and other charges like courier are to the account of applicant or as per the terms and conditions of the Letter of credit. If the letter of credit is silent on charges, then they are to the account of the Applicant. The description of charges and who would be bearing them would be indicated in the field 71B in the Letter of Credit.

Foreign Exchange Commissions
L/C Issuing Commission(개설수수료) = LC amount X arbitration rate X spread X nos. of month / 3 Exchange Commission (환가료) = After negotiation, Nego. Bank has obligation of cash payment to exporter. This is a sort of bank interest until Nego bank get back the cash paid to exporter.( Normally, Importer pays it when shipping documents are arrived) [ LC amount X arbitration rate X (LIBOR + 0.5~1.0%) X nos. of mailing date by currency / 360] (ex. JPY, MYR, CNY, SGD, HKD = 9days, Other currency = 10 days, Renego. = 13days, respectively) 3. In Lieu of Exchange commission (대체료) = When the import Bills is settled with the same currency, bank loses FX trading income from selling or buying the foreign currency. <Fomular = LC amount X arbitration rate X 0.1%> 4. Confirmation charge = LC amount X 0.16~0.36% (minimum USD 20) 5. Delay charge = If Nego bank can not recive the paid nego amount from the issuing bank after overdue of the mailing date, Nego bank request exporter to pay back. On the other hand, if importer is unable to settle the import Lc amount within 5 business day, issuing bank pays the same amount to Nego bank on 6th business day. After that, the delay charge imposes to the importer until payment. <Fomular = LC amount X Exchange commision rate X overdue days / 360> 6. Check collection charge = 0.1 % 7. Transfer charge = KRW 20,000~30,000(EDI 10,000~15,000) 8. Cable charge = KRW 20,000~30,000 (EDI10,000~15,000) 9. Mail charge = KRW9,000~22,500(depends on distance), Foreign checque = KRW2,000~2,600. Example : All banking charges except L/C opening charge are for beneficiary’s account, or All banking charges outside Korea are for account of beneficiary.

Type of LC (Refer to textbook page 64 ~ )
With or without transportation of shipping document : Documentary Credit vs. Clean Credit (or Standby Credit) 2. As per availability of LC : Sight payment, Deferred payment, Acceptance, Negotiation. ex) Available by sight payment. Available by deferred payment. 3. As per the Negotiating bank : Negotiation LC, Straight LC, Freely Negotiation LC, Restricted LC. Ex) Negotiation of this credit will be restricted to XXX bank, Seoul branch… 4. As per Payment due date : Sight LC. Usance LC, Installment LC, Advance payment LC(Red clause LC) Ex.) “We hereby engage that payment will be duly undertaken against documents presented in confirmity with the terms of this credit and payment will be duly made/honored at maturity” 5. As per payment method : Reimbursement LC, Remittance LC, Advance payment LC. 6. As per cancellation of LC : Revocable LC or irrevocable LC 7. As per transferability : Transferable LC or Non-transferable LC 8. As per Recourse Right : With recourse LC or without recourse LC 9. Local LC, Revolving LC, Back-To-Back LC, Escrow LC, Thomas LC, etc…

Shipper’s Usance and Banker’s Usance
Definition of Usance Credit and Banker’s Usance ; The term ‘usance’ credit is a rather loose expression that can cover a credit available by (1) acceptance, either with the issuing bank alone or a nominated bank, (2) deferred payment, either with the issuing bank alone or a nominated bank, or (3) negotiation with a nominated bank. 1. Shipper’s Usance 2. Banker’s Usance Period extension of Usance Credit Exporter extends the period of Credit(maturity date) ex) 60 days after acceptance. Description on LC 1. No sight LC clause. Exporter can get money after deduction of transit interest from bank. 2. Usance interest is for account of beneficiary (seller) 3. Discount charges are for beneficiary’s account(seller) Remarks Interest of Banker’s Usance charge is cheaper than that of Shipper’s Usance. Maturity date of draft must be equal to the date of LC. Period extension of Usance Credit Bank extends the period of Usance credit. -by Overseas Bank -by Domestic Bank Description on LC Allows purchase(Negotiate) of LCs. Usnace crdit must be negotiated on at sight basis and acceptance commission and doscount charges are for buyer’s account. Remarks Contract shows as “Banker’s Usnace 60days”, however, exporter wants to Negotiate it at sight without bearing an interest for 60days, exporter must indicate as “ available at sight, and usance interest will be for importer’s account. This will become a “Banker’s Usance.

Revolving Letter of Credit
Type of LC Revolving Letter of Credit What is revolving credit? What is the definition of the term revolving credit ? There are two types of credit - revolving credit and non-revolving credit. Revolving credit is when borrowers have access to a certain amount of money that doesn't require a final date to be paid off. As payments on the outstanding balance are made, more credit becomes available. For instance, a credit card is a type of revolving credit. Let's say that you have a credit card with a $10,000 limit. You charge $5,000 over the course of the month, which leaves you with available credit of $5,000 by the end of the month. If you pay off the full balance at the end of the month, then you are back to having $10,000 in borrowing power on your credit card. This is revolving credit. Non-revolving credit : An example of non-revolving credit is a car loan. With a car loan, you have a set amount of payments that need to be made until the car is yours. Once the car is paid off, there is no more credit available, and your loan is completed.

Type of LC Standby Credit Definition of 'Standby Letter of Credit - SLOC‘ Standby LC is a guarantee of payment issued by a bank on behalf of a client that is used as "payment of last resort" should the client fail to fulfill a contractual commitment with a third party. Standby letters of credit are created as a sign of good faith in business transactions, and are proof of a buyer's credit quality and repayment abilities. The bank issuing the SLOC will perform brief underwriting duties to ensure the credit quality of the party seeking the letter of credit, then send notification to the bank of the party requesting the letter of credit (typically a seller or creditor).

Different Types of Letter of Credit
Import/export Letter of Credit It is said to the credit which buyer assigns it so that he imports a product to his own country and in general this credit is in another country and its value is export value. Revocable Letter of Credit In this type of credit buyer and the bank which has established the LC, are able to manipulate the letter of credits or make any kinds of corrections without informing the seller and getting permissions from him. This type of LC is not used a lot. Irrevocable LC In this type of LC, any kinds of change and manipulations from the buyer part and the establisher bank require the permission and satisfaction of seller part. According to the last rules of international business room, return ability or none return ability, the credit will be none returnable. confirmed LC They are the guaranties that buyer will be given so that, the buyer will give the guaranty from his own bank to any other valid bank that the seller will desire it. Unconfirmed LC This type of letter of credit, does not acquire the other bank's confirmation.

Back-To-Back LC Escrow LC
Definition : Guarantee (standby credit) arranged to secure a contractor's or seller's performance at the same time a guarantee (standby credit) is arranged to secure the owner's or buyer's payment. Also called back to back guarantee or reciprocal credit Definition : An escrow credit is a deposit into your escrow account and may be used by you for any purpose. Most mortgage applicants choose to use the credit as a means of paying some or all of their mortgage non-recurring closing costs. Where It Comes From An escrow credit is placed into your escrow account by the lender per instruction from your mortgage broker. Why It Is Popular With Home-owners Mortgage transactions can be expensive due to the variety of fees associated with your loan. Fees such as those charged for appraisal services, escrow service, loan documents and title insurance can easily run into the thousands. An escrow cash credit relieves the mortgage applicant from some or all of these expenses. Escrow LC

What's the difference between L/C and the escrow LC ? .
General LC Type : A L/C is a bank instrument that guarentees payment to the seller if the l/c terms are adhered to. They are contracts between banks which serve to protect the bank's clients. At sight LC, Usance LC and other documentary letter of credit are such a cases. An escrow LC : is different in that the money is held by a third party and is paid over to the "seller" once the terms of a contract are fulfilled to the expectation of that third party. They sound similar but are really not. All large banks offer L/C services, although a community bank may not. The department in a bank that deals with L/C's is usually called the "Trade Finance" or International Trade" Dept.

Transferrable LC It is said to the credit that the seller can give a part or parts of credit (Completely) to the person or persons he decides. This type of credit is a benefit for seller. Untransferable LC Is it said to the credit that seller cannot give a part or completely right of assigned credit to somebody or to the persons he wants. In international commerce, it is required that the credit will be untransferable. Unsance LC It is kinds of credit that won't be paid and assigned immediately after checking the valid documents but paying and assigning it requires an indicated duration which is accepted by both of the buyer and seller. In reality, buyer will give an opportunity to the seller to pay the required money after taking the related goods and selling them. At Sight LC It is a kind of credit that the announcer bank after observing the carriage documents from the seller and checking all the documents immediately pays the required money.

Red Clause LC In this kind of credit assignment seller before sending the products can take the pre-paid and parts of the money from the bank. The first part of the credit is to attract the attention acceptor bank. The reason why it named so, is that the first time this credit is established by the assigner bank, to take the attention of the offered bank, the terms and conditions were written by red ink, from that time it became famous with that name. Back to Back LC In this types of LC consisted of two separated and different types of LC. First one is established in the benefit of the seller that is not able to provide the corresponding goods for any reasons. Because of that reason according to the credit which is opened for him, other credit will be opened for another seller to provide the desired goods and sends it. Thomas LC ; Similar to the “Back to Back LC” . However, the words of “same amount of LC will be opened” are shown in Back to Back LC, but Thomas LC requires a separate guaranty when LC is opened.

International Trade Payment methods
International Trade Payment method can be done in the following ways. Advance payment (most secure for seller) Where the buyer parts with money first and waits for the seller to forward the goods Documentary Credit (more secure for seller as well as buyer). Subject to ICC's UCP 600, where the bank gives an undertaking (on behalf of buyer and at the request of applicant) to pay the shipper (beneficiary) the value of the goods shipped if certain documents are submitted and if the stipulated terms and conditions are strictly complied with. Here the buyer can be confident that the goods he is expecting only will be received since it will be evidenced in the form of certain documents called for meeting the specified terms and conditions while the supplier can be confident that if he meets the stipulations his payment for the shipment is guaranteed by bank, who is independent of the parties to the contract.

continued-----International Trade Payment methods
Documentary collection (more secure for buyer and to a certain extent to seller) Also called "Cash Against Documents". Subject to ICC's URC 525, sight and usance, for delivery of shipping documents against payment or acceptances of draft, where shipment happens first, then the title documents are sent to the [collecting bank] buyer's bank by seller's bank [remitting bank], for delivering documents against collection of payment/acceptance Direct payment (most secure for buyer) Where the supplier ships the goods and waits for the buyer to remit the bill proceeds, on open account terms.

Risk situations in letter-of-credit transactions
Fraud Risks The payment will be obtained for nonexistent or worthless merchandise against presentation by the beneficiary of forged or falsified documents. Credit itself may be forged. Sovereign and Regulatory Risks Performance of the Documentary Credit may be prevented by government action outside the control of the parties. Legal Risks Possibility that performance of a Documentary Credit may be disturbed by legal action relating directly to the parties and their rights and obligations under the Documentary Credit Force Majeure and Frustration of Contract Performance of a contract – including an obligation under a Documentary Credit relationship – is prevented by external factors such as natural disasters or armed conflicts. Risks to the Applicant ; Non-delivery of Goods Short Shipment Inferior Quality Early /Late Shipment Damaged in transit Foreign exchange Failure of Bank viz Issuing bank / Collecting Bank

Risks to the Issuing Bank ; Insolvency of the Applicant
continued ---- Risk situations in letter-of-credit transactions Risks to the Issuing Bank ; Insolvency of the Applicant Fraud Risk, Sovereign and Regulatory Risk and Legal Risks Risks to the Reimbursing Bank ; no obligation to reimburse the Claiming Bank unless it has issued a reimbursement undertaking. Risks to the Beneficiary ; Failure to Comply with Credit Conditions Failure of, or Delays in Payment from, the Issuing Bank Credit Issued by Party other than Bank Risks to the Advising Bank ; The Advising Bank’s only obligation – if it accepts the Issuing Bank’s instructions – is to check the apparent authenticity of the Credit and advising it to the Beneficiary. Risks to the Nominated Bank ; Nominated Bank has made a payment to the Beneficiary against documents that comply with the terms and conditions of the Credit and is unable to obtain reimbursement from the Issuing Bank.

Risks to the Confirming Bank ;
continued ---- Risk situations in letter-of-credit transactions Risks to the Confirming Bank ; If Confirming Bank’s main risk is that, once having paid the Beneficiary, it may not be able to obtain reimbursement from the Issuing Bank because of insolvency of the Issuing Bank or refusal of the Issuing Bank to reimburse because of a dispute as to whether or not payment should have been made under the Credit Other Risks in International Trade ; A Credit risk is risk from change in the credit of an opposing business. An Exchange risk is a risk from a change in the foreign exchange rate. A Force majeure risk is 1. a risk in trade incapability caused by a change in a country's policy, and 2. a risk caused by a natural disaster. Other risks are mainly risks caused by a difference in law, language or culture. In these cases, the cargo might be found late because of a dispute in import and export dealings.

5. Timing for responsibility
Comparison of documentary credit, Standby credit and Bank guarantee Documentary Credit Standby Credit Bank Guarantee 1. Definition Requires a draft and shipping documents Clean LC required for funding/financing purpose Just guarantee backed by bank 2. Purpose of credit Settlement in trade Various types of purpose : For advance payment of import/export,financing/funding from bank, Bid, P-bond, Retention money Gty, Same as Standby LC(left) 3. Applicable rule UCP 600 UCP 600, ISBP 98 URDG 758 4. Required documents Shipping documents Certificate of default Written request 5. Timing for responsibility When the exporter presents a shipping document to bank. Non-performance or any default occurs. When the written request for payment are presented. 6. SWIFT M/T MT 700 MT 700, MT799 MT 760 Notes : ISBP (International Standard Banking Practice) (국제표준은행관행) URC ( Uniform Riles for Collection ) 추심통일규칙 URDG (Uniform Rules for Demand Guarantee (은행지급보증 규칙)

Priority in interpretation of LC
2. Processes of Letter of Credit Priority in interpretation of LC Regulations of counter country and other compliance. Special terms & Conditions of LC. UCP rule. Cautions : on or about, not later than, within to, until, till, from / before, after Eliminate or discourage end of the ~, middle of the ~ as much as we can. prompt, immediately, as soon as possible (Avoid any vague words) 신용장 악의의 특별조건

various type of LC related commissions
2. Transaction processes of LC (신용장 거래과정) various type of LC related commissions (신용장 이용 시, 외국환 은행에 관련 수수료 납부) ※ 신용장 수수료 *교과서 74p 참조 개설수수료 (issuing commission) 대체료 (commission in lieu of exchange) 송금수수료 (remittance charge) 미입금수수료 (less charge) 전신료 (cable charge) 통지수수료 (advising charge) 확인수수료 (confirming charge) 환가료 (exchange commission) 지연이자 (delay charge) 추심수수료 (collection charge) 양도수수료 (transfer charge) 우편료 (mail charge) 인수수수료 (acceptance commission) 매입수수료 (negotiation charge)

Assignments- Homework
Chapter 5- Summary report In English report with A4 sheet-less than 10 sheet. Submission due : no later than November 2, 2013.

Chapter 6 Rules for International settlement (무역결제 국제규칙)

1. Uniform Rules for Collections, (URC522)
※ Table 6-1. International rules for Collection (무역결제 국제규칙 요약)(Page 138.) ※ Table 6-2. Contents of URC522 by articles. (조항별 규정내용)(Page 141.) (Uniform Rules for Collections, 1995 Revision, ICC Publication No. 522) – 추심에 관한 통일규칙 (1) Established in 1956 by the ICC and revised 3 times up to now. (1st revision = 1967, 2nd = 1978, 3rd revision in 1995. (2) In order to apply this rules, there should be a basic regulation and rules for URC. 2) Applicable items for Collection : D/P, D/A, 3) Concerned parties for Collections ; ① principal (추심의뢰인) ② remitting bank(추심요청은행) ③ collecting bank(추심은행) ④ 제시은행(presenting bank), ⑤ drawer(발행인) ⑥ Drawee (지급인)

3. UCP600 (신용장 통일규칙) 1) The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 600 (화환신용장에 관한 통일규칙 및 관례) (1) Reviewed & Approved by ICC in 2006 and became effective starting from July 1, (2006년 국제상업회의소(ICC)에서 승인되어, UCP600이 2007년 7월 1일부터 시행 되었다.) (2) The highlights of the revised UCP which has newly established article are ; §2(정의), §3(해석), §9(신용장 및 변경통지), §12(지정), §15(일치하는 제시), §17(원본서류 및 사본) the deleted article from the UCP500 are ; §5(신용장의 개설/변경 지시), §6조(취소 가능한…), §8(취소), §12(불완전 또는 불명료한 지시), §38(다른 서류들) These articles were integrated into the new UCP of 600.

4. ISBP (국제은행표준관습) ISBP; International Standard Banking Practice for the Examination of Documents under Documentary Letters . (화환신용장 서류심사를 위한 국제표준은행관습) (1) has published on October 30, by ICC Bank Committee (ICC Publication No 645) and officially applied effective from January 2003. (2) The scope of ISBP is to cover each of the UCP article and practices of Int’l banks prevailing over the world. The contents of ISBP contains the interpretation of current UCP, ICC publications, decision of ICC bank Committee and each of case study happened during the time. It also contains the opinion of the expert in this field and report of well-known thesis. ※ Table 6-5. Structure, Organization of ISBP (Refer to Page 145.)

Chapter 7 Shipping Documents Shipping Documents for Negotiation (매입에 필요한 선적서류들)
What are they ?

2. Bill of Exchange (환어음) 제5장 무역결제서류
제5장 무역결제서류 2. Bill of Exchange (환어음) Definition of B/E : A document, usually negotiable, containing an instruction to a third party to pay a stated sum of money at a designated future date or on demand. (now chiefly in foreign transactions) (1) ~ is a Documentary bill of exchange = 화환어음(貨換어음) 이다., ① ~ has a drawer (발행인) and drawee (지급인) in favor of beneficiary (drawer) and unconditional instruction for payment at maturity. ② ~ is signed by drawer and an unconditional order issued by a person or business which directs the recipient to pay a fixed sum of money to a party at a future date. The future date may be either fixed or negotiable. A bill of exchange must be in writing and signed and dated. also called a draft.

1. Documents for negotiation
제5장 무역결제서류 1. Documents for negotiation 3) Required by Letter of Credit ; (1) Bill of Exchange (2) Shipping documents : specified in the LC when opened. ※ Transportation documents are : bill of lading, combined transport documents, seaway bill, airway bill, rail bill of lading, inland waterway bill of lading, postal receipt, railway consignment note, courier receipt, etc.. List of documents Basic documents commercial invoice, transport documents(B/L), insurance documents Other documents packing list, certificate of inspection, certificate of origin, beneficiary's certificate, others.

2. Bill of Exchange (환어음) 제5장 무역결제서류
제5장 무역결제서류 2. Bill of Exchange (환어음) Definition of BE : A document, usually negotiable, containing an instruction to a third party to pay a stated sum of money at a designated future date or on demand. (now chiefly in foreign transactions) (1) ~ is a Documentary bill of exchange = 화환어음(貨換어음) 이다., ① ~ has a drawer (발행인) and drawee (지급인) in favor of beneficiary (drawer) and unconditional instruction for payment at maturity. ② ~ is signed by drawer and an unconditional order issued by a person or business which directs the recipient to pay a fixed sum of money to a party at a future date. The future date may be either fixed or negotiable. A bill of exchange must be in writing and signed and dated. also called a draft.

A bill of exchange is a negotiable instrument and can be defined as a document in writing drawn by the seller on the buyer for a stated sum of money. Bill of exchange is the basis on which the international indebtness arises and is squared off. (채무청산)A bill of exchange may be drawn on the issuing bank or another drawee bank, but not the importer. Different types of bill of exchange : A bill of exchange could be a sight bill or usance bill. A sight bill is also known as demand bill, which means that the drawee has to make payment on the presentation of the bill. A usance bill would be the one where a drawee makes payment after a period specified in the bill of exchange has expired. A usance bill could be after date or after sight. In an after date bill, payment would be made by the drawee after a certain period specified in the bill (say, 30 days after sight, 60days after sight, so on..) calculated from the date of bill of exchange or the date in transport document.

Difference between Bill of Exchange & Promissory Note
(약속어음과 환어음의 차이점) Type of Notes Feature Bill of Exchange (환어음) A document, usually negotiable, containing an instruction to a third party to pay a stated sum of money at a designated future date or on demand. Promissory Note (약속어음) A document signed by a borrower promising to repay a loan to a lender under agreed-upon terms. also called note.

3. Type of Bill of Exchange (환어음 의 형태)
제5장 무역결제서류 3. Type of Bill of Exchange (환어음 의 형태) (3) Various type of BE by functions ; ① As per the place of issuance or payment : Domestic and Foreign B/E. ② As per shipping documents, yes or no ; - Documentary credit – at sight or Usance, Collection basis. - Clean credit ③ At maturity date : sight or Usance, ④ As per name of recepient(수취인에 따라) : To order of, straight name, holder of BE. (4) LC required by Draft issuance : Negotiable LC, Acceptance LC. ① Acceptance LC : usance ② Negotiable LC : sight, Usance (5) As per the Recourse right , Yes or No. ※ Recourse right means that if Nego. Bank does not receive the money paid to seller, Nego bank has a right to recourse it to the seller(beneficiary). (6) Via Collection method. ① D/P : Sight draft ② D/A : Usance draft

3. Type of Bill of Exchange (환어음 의 형태)

4. Bill of Exchange (2) Option to write
2) Form of B/E and description to fulfill. (1) Essential items to write down ① Write down as Bi11 of exchange on the face. ② Name of drawee ③ Maturity date ④ Place of payment ⑤ Demolish of wording—(Second of the same tenor and date being sight unpaid) ⑥ Name of payee(수취인) ⑦ Date of issuance and place name of issuance. ⑧ Signature of issuer (2) Option to write Numbers of B/E, Name of LC opening, Date of LC issuance, etc. ※ Sample of B/E(English version). Page 115.

사례 1. 환어음 매입에 대한 통보 Mr. Peter Smith Import Manager XYZ Co., Ltd. December 15, 2010 Dear Mr. Peter, It is our pleasure to inform you that the shipment covering your order No. XYZ has been completed yesterday at Busan Seaport, Korea. Upon completing the shipment, the draft has already been drawn on your account, and it has been submitted with other required documents to Bank of America, Seoul Branch as your L/C is restricted for negotiation. We are looking forward to receiving your additional orders for this product, and hope to establish long-term business relationship with your company through this opportunity. Truly yours, Chul Soo, Park Export Manager ABC Co., Ltd.

5. Commercial Invoice 1) Definition of Commercial Invoice : A commercial invoice is a document used in foreign trade. It is used as a customs declaration provided by the person or corporation that is exporting an item across international borders. Although there is no standard format, the document must include a few specific pieces of information such as the parties involved in the shipping transaction, the goods being transported, the country of manufacture, and the Harmonized System (HS) codes for those goods. A commercial invoice must also include a statement certifying that the invoice is true, and a signature. A commercial invoice is used to calculate tariffs, international commercial terms (like the Cost in a CIF) and is commonly used for customs purposes. Commercial invoices are in European countries not normally for payment. The definitive invoice for payment usually has only the words "invoice". This invoice can also be used as a commercial invoice if additional information is disclosed. 2) Contents of invoice – see the overleaf(next page)

Unit Value Subtotal (USD) 10.00 10,000
COMMERCIAL INVOICE SENDER: AUTO PARTS FEE WAREHOUSE 7634 KIMBEL STREET UNIT 1-9 MISSISSAUGA,ON L5S-1M6 Phone: Fax: Tax ID/VAT/EIN# : nnnnnnnnnn RECIPIENT: XYZ Company 3 Able End There, Shropshire, UK Phone: Invoice Date: 12 December 2007 Invoice Number: Carrier tracking number: Sender's Reference: Carrier: GHI Transport Company Recipient's Reference: Quantity Country of Origin Description of Contents Harmonised Code Unit Weight Unit Value Subtotal (USD) 1,000 United States of America Widgets 999999 2 10.00 10,000 Total Net Weight (lbs): 2,000 Total Declared Value (USD): Total Gross Weight (lbs): 2,050 Freight and Insurance Charges (USD): 300.00 Total Shipment Pieces: Other Charges (USD): 30.00 Currency Code: USD Total Invoice Amount (USD): Type of Export: Permanent Terms of Trade: Delivery Duty Unpaid Reason for Export: stated reason General Notes: notes and comments The exporter of the products covered by this document - customs authorization number - declares that, except where otherwise clearly indicated, these products are of United States Of America preferential origin. I / We hereby certify that the information on this invoice is true and correct and that the contents of this shipment are as stated above Name, Position in exporting company, company stamp, signature A sample commercial invoice format[3]

6. Transport documents 1) A certificate proven that shipping documents were duly received by shipper, consignor. 2) Type of transportation documents – see UCP600, article no. 20, 23 and 25. (1) Ocean bill of lading, §20, non-negotiable sea waybill, §21, (charter party bill of lading (용선계약선하증권, §22) (2) Courier receipt, post receipt, certificate of posting, UCP-§25) (3) air transport document, §23), railroad, inland water-way transport documents, UCP-§24)

7. Bill of Lading Definition : Bill of Lading is the official document prepared by the carrier duly accepting the goods for shipment containing information like item, quantity, value, vessel details, date, port, consigner , consignee etc. Bill of lading is a evidence of contract to carry the goods to the said destination based on which seller can claim consideration and buyer can take delivery of the goods. refer to Sample of B / L ( see next page )

8. How to prepare B/L 4) Preparation (Page 121) Documents for
negotiation 8. How to prepare B/L 4) Preparation (Page 121) (1) Shipper (송하인) : Name of shipper, name of company, company exact address. (2) Consignee(수하인) : Remittance, Collection requires name of company & address. (3) Notify Party(통지처) : Notify Accountee, name of importer or agency designated by importer. (4) Ocean Vessel : Name of vessel. (5) Port of Loading : Port name of loading. Name of country. (6) Place of Receipt : Name of CY or CFS (7) Voyage No. : 1st, 2nd of voyage (8) Port of Discharge : Name of unloading port & country. (9) Place of Delivery : Responsible for transporter who carries the goods. (10) Final Destination : Name of discharge of goods. (11) B/L No. : identification nos. of B/L by shipping company. (12) Flag : Own country’s flag. (13) Container No. : Container No. for loading of goods. (14) Seal No. : After putting goods into container, doors are sealed with sticky paper. (15) No of CNTR or PKGS : Nos. of container or nos. of packing lots.

9. Bill of Lading (5) Wording & clauses on the B/L
Documents for negotiation 9. Bill of Lading (5) Wording & clauses on the B/L ① Full set of clean ocean Bill of Lading (3/3) ② The word of “ Clean” is not always necessary on B/L. ③ Date of “On board” or “Shipped” must be indicated on B/L. ④ ‘Name & capacity‘ need to indicate on B/L. ⑤ In order to enhance marketability, the word of “ To order of “ should be shown on B/L. Normally to order of means the name of bank(opening bank). ⑥ Freight - freight prepaid or freight collect needs to be indicated. Incoterms of CIF represents freight prepaid, while FOB is freight collect. ⑦ The name of notify party will be the importer or his agency.

9. Transport document-continued---
Documents for negotiation 9. Transport document-continued--- (6) In the UCP600, transportation documents contains the followings ; ① Complying presentation of documents to the bank should be within the expiry date of LC or within 21 days after shipping(loading the goods) (UCP600 §14.c). ② Name of applicant, address of applicant(importer) and/or phone numbers of importer should read as indicated in the L/C. (UCP600 §14.j). ③ The name of issuer for documents to be delivered to(importer) could be anyone except the captain of vessel, owner of vessel, owner of charter of vessel. (UCP600 §14.l). ④ Bank only accepts a clean B/L. (UCP600 §27).

9. Transport document-continued---
Documents for negotiation 9. Transport document-continued--- 8) Description of Packages and Goods : Contents f goods as shown in Packing List and Invoice. 9) Gross Weight, Measurement : as inspected by the authorities. 10) Freight and Charges : Statement of all expenses/charges concerned for delivery 11) Revenue Tons : as per volumes and weight of goods. Take higher freight charge out of weight & volumes(bulky) 12) Rate : unit price of freight per Revenue ton 13) Per : as per volumes or weight. Indicates whether FCL or LCL 14) Prepaid Collect/Prepaid : indicates whether freight charge is “collect” or “prepaid” 15) Freight Prepaid At : only for CIF and place name of freight payment. 16) Freight Payable At : only for FOB and indicate place name of freight charges in case of export. 17) No. of Original B/L : quantity of Original B/L. Normally 3/3 is one set of B/L. 18) Place of Issue : Place of B/L issuance. 19) On Board Date and Issue : consistency of on board date and issuing date of B/L. normally indicates name of issuer & his /her signature in right lower corner of B/L. 20) Carrier Name : Signature of B/L issuer and his/her signature. If agent issues B/L, indicates 'XXX as agent of YYY Carrier‘ 21) AWB : Airway Bill will follow the same procedures as Ocean B/L. Refer to (IATA)=Int’l Airline Transportation Association.

Definition of Insurance Policy ;
Documents for negotiation 10. Insurance Policy Definition of Insurance Policy ; An insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by covered perils under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate(표준문안)language which is similar across a wide variety of different types of insurance policies. 2. Conditions : Date of insurance policy should be earlier than that of shipping date. Insured amount should be the same or 110% of invoice value(CIF) shown in LC. 3. sample of Insurance Policy Refer to attached example-see next page

10. What is a Insurance Policy ?
Definition : Insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by covered perils under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.

10. What is a Insurance Policy ?
The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract. One insurance textbook states that "courts consider all prior negotiations or agreements ... every contractual term in the policy at the time of delivery, as well as those written afterwards as policy riders and endorsements ... with both parties' consent, are part of written policy". The textbook also states that the policy must refer to all papers which are part of the policy. Oral agreements are subject to the parol evidence rule, and may not be considered part of the policy. Advertising materials and circulars are typically not part of a policy. Oral contracts pending the issuance of a written policy can occur. Insurance Value to be insured : Normally 110 % of invoice value. ** CIF insurance = 110 % of invoice amount and should be endorsed by in case shipper(consignor) made BL if no name of the insured and as “ To order of “. Note : parol evidence rule 구두증거 배제법 서면에 의한 계약이전에, 구두로 이루어지는 계약.

Fire aboard Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss. Supplemental natural disaster insurance covers specified expenses after a natural disaster renders the policyholder's home uninhabitable. Periodic payments are made directly to the insured until the home is rebuilt or a specified time period has elapsed.

Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures.

Definition of 'Letter Of Guarantee‘ ;
A type of contract issued by a bank on behalf of a customer who has entered a contract to purchase goods from a supplier and promises to meet any financial obligations to the supplier in the event of default. A letter of guarantee is a document that is often issued by a bank or other financial institution. The purpose of the document is usually to confirm that a client has entered into a contract to purchase specified goods and services, and has made a commitment to honor any financial obligations that are involved with that contract. In situations where property or other assets have been pledged as collateral for the purchase, a letter of guarantee confirms that those assets will be delivered to the seller in the event of default on the part of the buyer.

Letter of Guarantee(Shipping)
CIB LC Ver.0705 Page 1 of MESSAGE HEADER FIN/SESSION/ISN : INPUT MESSAGE TYPE: 700 ISSUE OF A DOCUMNETRY CREDIT SENT TO : INPUT TIME : PRIORITY : MESSAGE TEXT 27. SEQUENCE OF TOTAL 1/1 40A. FORM OF DOCUMENTARY CREDIT IRREVOCABLE 20. DOCUMNETARY CREDIT NUMBER: 31C DATE OF ISSUE: 31D DATE AND PLACE OF EXPIRY: 50. APPLICANT: 59. BENEICIARY NAME & ADDRESS 32B. CURRENCY CODE, AMOUNT 39B. MAXIMUM CREDIT AMOUNT NOT EXCEEDING 41D. AVAILABLE WITH ….BY….NAME & ADDR ANY BANK BY NEGOTIATION 42C. DRAFTS AT SIGHT 42A. DRAWEE ISSUING BANK 43P. PARTIAL SHIPMENT NOT ALLOWED 43T. TRANSHIPMENT 44A. ON BOARD/DEST/TAKING CHARGE AT 44B. FOR TRANSPORTAION TO 44C. LATEST DATE OF SHIPMNET 15 DAYS BEFORE DATE OF EXPIRY

45A. DESCRIPTION OF GOODS/OR SERICES
NAME OF COMMODITY AND QUANTITY UNIT PRICE AMOUNT SPECIFICATION …………………………………………………………… P/O NO………………….. DATED ………………… UNIT PRICE: USD………….. SALES TERMS : CIF 46A.DOCUMENT REQUIRED 1. PACKING LIST IN TRIPLICATE 2. SIGNED COMMERCIAL INVOICE IN 3 COPIES 3. FULL SET ORIGINAL CLEAN ON BOARD MASTER OCEAN BILLS OF LADING MADE OUT TO THE ORDER OF ISSUING BANK, MARKED WITH THIS CREDIT NUMBER, FREIGHT PREPAID AND NOTIFY APPLICANT (FULL NAME AND ADDRESS AS SPECIFIED ABOVE) AND WITH CONTACT INFO OF SHIPPING AGENT AT DESTINATION. 4. INSURANCE POLICY COVERING 110 PERCENT OF THE VALUE OF SHIPMENT. CIB LC Ver.0705. 5. CERTIFICATE OF ORIGIN IN ONE ORIGINAL ISSUED BY CHAMBER OF COMMERCE. 6. INSPECTION CERTIFICATE ISSUED AND DULY SIGNED BY APPLICANT, PRIOR TO SHIPMENT, WHOSE SIGNATURE(S) MUST BE IN CONFORMITY WITH OUR RECORD, CERTIFYING THAT THE GOODS HAS BEEN INSPECTED AND FOUND TO BE IN GOOD CONDITIONS AND ORDER, AND MENTIONING THIS CREDIT NBR AND ITS DATE OF ISSUE. 7. CARGO RECEIPT DATED NOT LATER THAN (DATE) ISSUED AND SIGNED BY APPLICANT’S REPRESENTATIVE WHOSE SIGNATURE(S)AND SIGNING AUTHORITY MUST BE IN CONFORMITY WITH OUR RECORD, EVIDENCING RECEIPT OF GOODS IN GOOD ORDER AND CONDITIONS, SHOWING INVOICE VALUE AND THIS CREDIT NUMBER.

47A. ADDITIONAL CONITIONS.
1. THE COMPLETE SET OF ORIGINAL DOCUMENTS TO BE SENT IN ONE LOT BY THE COURIER SERVICE TO ISSUING BANK. 2. DOCUMENT PRESENTED WITH THE DISCREPANCIES FOR EACH INDIVIDUAL NEGOTIATION WILL BE SUBJECT TO A CHARGE USD80.00 OR ITS EQUIVALENT. 3. SHIPMENT PRIOR TO L/C DATE NOT ACCEPTABLE. 4. THIRD PARTY DOCUMENTS ARE NOT ACCEPTABLE. 5. ALL DOCUMENTS MUST BE IN ENGLISH AND BEAR THIS CREDIT NUMBER. 71B. CHARGES ALL BANK CHARGES EXCEPT LC ISSURANCE ARE FOR BENEFICIARY’S ACCOUNT 48. PERIOD FOR PRESENTATION DOCUMENTS TO BE PRESENTED WITHIN 15 DAYS AFTER SHIPMENT BUT WITHIN THE VALIDITY OF THE CREDIT. 49. CONFIRMATION INSTURCTIONS : 78. INSTR TO PAYG/ACCPTG/NEGOTG BANK UPON RECEIPT OF CLEAN DOCUMENTS STRICITLY IN ACCORDANCE WITH THE TERMS OF THE CREDIT, WE SHALL REMIT PROCEEDS TO YOUR ACCOUNT AS PER YOUR INSTRUCTIONS. 57D. “ADVISE THROUGH”BANK (NAME & ADDR) 72. SENDER TO RECEIVER INFORMAITON THIS IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDIT ICC PUBLICATIONS NO.600.

Packing List : Itemized list of articles usually included in each shipping package, giving the quantity, description, and weight of the contents. Prepared by the shipper and sent to the consignee for accurate tallying of the delivered goods. Also called bill of parcels, packing slip, or unpacking note. Certificate of Origin ; Document that certifies a shipment's country of origin. It is used between members of a trading block or where special privileges are granted to goods produced in certain countries. Certificate of origin is commonly issued by a trade promotion office, or a chamber of commerce in the exporting country. Also called declaration of origin.

Document for Negotiation
Certificate of Inspection ; Required usually for import of industrial equipment, meat products, and perishable merchandise, it certifies that the item meets the required specifications and was in good condition and correct quantity when it left the port of departure. Also called inspection certificate or inspection report. Consulate Certificate ; Commercial invoice visaed (sighted, signed, and stamped) by the consul of the importing country resident in the exporting country. It serves to exercise control over imports, and help prevent over- and under-invoicing.

Different Type of LC 3rd party LC : Three-party arrangement in which the first party (the applicant) establishes an L/C in favor of the second party (the beneficiary) for an underlying transaction to be performed by another (the third) party. Documentary Credit ; Redundant term because all letters of credit are documentary. Direct Payment LC ; L/C that is not paid through an advising bank but must be presented at the issuing bank for payment.

Confirmed irrevocable Letter of Credit ;
L/C that adds the endorsement of a seller's bank (the accepting-bank) to that of the buyer's bank (the issuing bank). It provides the highest level of protection to the seller because not only the L/C cannot be canceled (or its terms changed) unilaterally by the buyer (the account party), but also both banks involved in the transaction guaranty its payment on its due (maturity) date. Clean LC : L/C that does not require any document other than a written demand for payment by its beneficiary. In effect, a draft. Bank to bank letter of credit (L/C) : Definition ; Letter of credit issued by one bank to another as a security for a loan advanced to a third party.

컨테이너 화물의 운송형태 Type of Container ; FCL(Full Container Load：만재) 컨테이너 한 대에 동일한 화주의 물품으로 가득 채운 것 LCL(Less Than a Container Load：혼재 ) ∙컨테이너 한 대에 같은 방향으로 가는 각기 다른 화주의 물건을 같이 혼재(Consolidation)하여 채운 것. ∙ LCL화물은 CFS에서 한꺼번에 모아져 하나의 컨테이너에 채워 짐. 운송비용은 화주의 화물용적 또는 중량에 따라 나눠서 청구 됨. ∙ CFS(Container Freight Station)란 LCL화물을 집하하여 컨테이너에 적입(Stuffing)하는 장소를 말한다.

Restricted letter of credit ;
Letter of credit where negotiations are restricted to the bank chosen by the bank issuing credit. *** LAN (local area network ) User owned and operated short-distance cable and/or wireless-based data communication system that interconnects one or more servers with several client computers and peripheral devices (modems, printers, scanners, etc.) scattered across a room, building, or a cluster of buildings. Two major LAN standards are Ethernet and Token Ring.

Trust Receipt (수입화물대도)
In documentary credit, TR is a method whereby a bank allows an importer to take delivery of imported goods but retains the title to them. This arrangement allows the importer to acquire and sell goods without making payment under a letter of credit. 1) 수입화물대도 : 수입대금을 결제하지 않은 상태에서 개설은행이 수입상에게 수입화물을 인도해 줌으로써 수입상으로 하여금 적기에 화물을 처분하여 수입대금을 결제할 수 있도록 편의를 제공하는 제도 2) 수입화물대도의 활용(Page 129.) (1) Shipper’s usance L/C의 경우에 개설은행은 해당 수입 어음을 인수함으로써 어음발행인에 대하여 만기에 대금을 지급할 의무를 부담하게 된다. (2) Overseas banker’s usance L/C의 경우에 해외은행이 수출자에게 일람출급 으로 대금을 지급하고 개설은행에 신용을 공여한다. (3) Domestic banker’s usance L/C의 경우에 신용을 공여하는 개설은행은 수입상 에게 운송서류 인도 시 T/R을 약정한다. (4) 분할지급에 의한 수입시 수입대금의 일부를 먼저 지급하고 잔여 금액은 일정기간에 나누어 상환하기 때문에 T/R을 이용한다. (5) Sight L/C의 경우로써, 수출용 원자재 수입시, 융자금이 상환될 때까지 개설은행의 신용공여가 계속되기 때문에 무역금융의 담보 성격으로 T/R을 약정한다. (6) 기타 물품의 수입이 외화대출 또는 차관자금에 의해 지원되는 경우 또는 수입보증금 등의 적립을 면제하고 L/G를 발급하는 경우 등에 발생한다.

Trust Receipt/Import Invoice Financing
Definition ; Trust Receipt (TR) is a type of short-term import loan to provide the buyer with financing to settle goods imported under Letter of Credit where title of goods is held by the bank. Under a TR arrangement, the Bank retains title to the goods but allows the buyer to take possession of the goods on trust for resale before paying the Bank on TR due date. TR financing is applicable to goods imported under documentary credit. For documentary collection, we offer import loans against Import Invoice Financing is a short term loan applicable to buyer who trade on open account basis. Advantages of Trust Receipt/Import Invoice Financing Buyer may enjoy the following benefits under TR/Import Invoice Financing: 􀂃 Do not need to effect payment immediately when documents are presented under documentary credit, documentary collection or open account. 􀂃 Financing can be up to 100% of the documentary credit, documentary collection or invoice value. 􀂃 Enjoy credit terms pre-approved by the Bank, with principal and interest only payable on maturity. 􀂃 Buyer’s working capital or cash flow is not tied up and can be deployed for other business purposes. Prerequisites for Trust Receipt/Import Invoice Financing The following prerequisites must be in place in order to apply for TR/Import Invoice Financing: For TR Financing 􀂃 Duly executed TR agreement; 􀂃 Bill of Exchange accepted by the buyer; and 􀂃 A TR facility line of credit granted by the Bank.

For Import Invoice Financing ;
􀂃 Customer’s letter declaring that : – They have not and will not obtain other financing pertaining to this transaction from another bank or financial institution, which in aggregate (including this financing) would exceed the value of this trade transaction; and – The underlying transactions are genuine and undertake to furnish the Bank for inspection This document is for information only and is designed to provide you with a general description of the trade products and services in Singapore. The information in this document relates to services offered to clients as of April 2010 and may be subject to change in the future; it is purely illustrative in nature and therefore does not contain or cannot result in any contractual or non-contractual obligation or liability of United Overseas Bank Limited and/or any of its affiliates. United Overseas Bank Limited Co. Reg. No Z all relevant original documents in support thereof at the Bank’s request. 􀂃 Customer’s letter providing information on: – Remittance and loan amount – Name of supplier/beneficiary – Supplier/beneficiary bank’s particulars and account number – Financing tenor and currency – Charges information 􀂃 Bill of Exchange accepted by the buyer 􀂃 Copy of invoice and transport document 􀂃 An import invoice financing facility granted by the Bank 􀂃 Proceeds of the import finance will be paid directly to the exporter

9. Negotiations (Bill of Exchange, shipping documents)
3) Type of Negotiation Terms Contents Method to settle (결제방법) LC base(신용장방식), Non- LC base(무신용장방식(D/P, D/A) Discrepancies (하자유무) Clean Nego(매입), Discrepancies(하자매입 ) Timing for payment (매입대금 지급시기) Nego before Collection(추심전 매입), Nego after collection(추심후 매입 ) Terms of Negotiation 일람출급 매입(sight nego), 기한부 매입(usance nego) Bank of Negotiation 직접매입(direct nego), 재매입(re-nego)

11. Purchase Order(구매확인서)
PO : is a similar to the local LC, but is used for purchase of raw materials produced locally or imported one to get a foreign money. (구매확인서 : 국내에서 생산된 물품이나 수입된 물품을 외화획득용 원료 또는 물품으로 구매하고자 하는 경우에 외국환은행이 내국신용장에 준하여 발급하는 것) 2) Difference between PO and Local LC (구매확인서와 내국신용장의 차이점) (1) Local LC requires a confirmation of payment of the goods while PO doesn’t require bank guaranty. (내국신용장은 외국환은행이 물품대금에 대한 지급확약을 하지만 구매확인서는 외국환은행의 지급보증 없이 당사자 간에 대금결제가 이루어진다.) (2) Local LC deals only to purchase the raw materials for export, but PO has a broader concept to gain a foreign currency. (내국신용장은 수출용 원자재 및 물품의 구매에 한정되지만, 구매확인서는 수출보다 넓은 개념인 외화획득용 물품의 구매에도 발급된다.) (3) Local LC can be issued prior to purchase of materials, however, PO can be issued later, but within the file of VAT. 내국신용장은 사전발급만 가능하지만 구매확인서는 부가가치세 신고기한 내에는 사후발급이 가능하다는 점이다.

3) Procedures for PO issuance.(구매확인서 발급 절차)
Continued to…. 3) Procedures for PO issuance.(구매확인서 발급 절차) ① Contract 구매자와 공급자의 물품공급계약 체결, ② Apply for PO issuance to the Foreign Exchange Bank (구매자의 외국환은행장에게 구매확인서 발급신청,) ③ Issue PO to the supplier and purchaser (외국환은행장은 구매확인서를 구매자와 공급자에 발급)

5. UCP and e-UCP (신용장 통일규칙 )
1) UCP(Uniform Customs and Practice for Documentary Credits for Electronic Presentation, 전자적 제시를 위한 화환신용장 통일규칙 및 관행의 보칙) (1) Paperless (2) Electronic presentation to : * the bank, * the shipping company, * the Custom office (3) has total 12 articles. (4) e UCP is a supplementary and sub-regulation to support the UCP.

UCP 600 원문 및 해석 Article 1. Application of UCP 600 제 1조 신용장통일규칙의 적용
The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 600 ("UCP") are rules that apply to any documentary credit("credit") (including, to the extent to which they may be applicable, any standby letter of credit) when the text of the credit expressly indicates that it is subject to these rules. They are binding on all parties thereto unless expressly modified or excluded by the credit. 제 1조 신용장통일규칙의 적용 화환신용장에 관한 통일규칙 및 관례, 2007년 개정, ICC 출판물번호, 제600호("UCP")는, 신용장의 본문이 이 규칙에 따른다고 명시적으로 표시하고 있는 경우 모든 화환신용장(“신용장”)(적용가능한 범위에서 모든 보증신용장을 포함한다)에 적용되는 규칙이다. 신용장에 명시적으로 수정되거나 또는 배제되지 아니하는 한, 이 규칙은 모든 관계당사자를 구속한다.

UCP 600 원문 및 해석 Article 2 Definitions For the purpose of these rules: Advising bank means the bank that advises the credit at the request of the issuing bank. Applicant means the party on whose request the credit is issued. Banking day means a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed. Beneficiary means the party in whose favour a credit is issued. 제 2조 정의 통지은행이라 함은 발행은행의 요청에 따라 신용장을 통지하는 은행을 말한다. 발행의뢰인이라 함은 신용장이 발행되도록 요청하는 당사자를 말한다. 은행 영업일이라 함은 이 규칙에 따라 업무가 이행되는 장소에서 은행이 정상적으로 영업을 하는 일자를 말한다. 수익자라 함은 그 자신을 수익자로 하여 신용장을 발행받는 당사자를 말한다.

UCP 600 원문 및 해석 Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice. Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation. Confirming bank means the bank that adds its confirmation to a credit upon the issuing bank's authorization or request. Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. 일치하는 제시(적격제시)라 함은 신용장의 재조건, 이 규칙 및 국제표준은행관행의 적용가능한 규정에 따른 제시를 말한다. 확인이라 함은 발행은행의 확약에 추가하여 일치하는 제시를 지급이행 또는 매입할 확인은행의 확약을 말한다. 확인은행이라 함은 발행은행의 수권 또는 요청에 따라 신용장에 확인을 추가하는 은행을 말한다. 신용장이라 함은 그 명칭이나 기술에 관계없이 취소불능이며 일치하는 제시를 지급이행할 발행은행의 확약을 구성하는 모든 약정을 말한다.

UCP 600 원문 및 해석 Honor means: a. to pay at sight if the credit is available by sight payment. b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment. c. to accept a bill of exchange ("draft") drawn by the beneficiary and pay at maturity if the credit is available by acceptance. Issuing bank means the bank the issues a credit at the request of an applicant of on its own behalf. 지급이행이라 함은 다음을 말한다. a. 신용장이 일람지급에 의하여 사용될 수 있는 경우 일람후 지급하는 것. b. 신용장이 연지급에 의하여 사용될 수 있는 경우 연지급 확약의무를 부담하고 만기일에 지급하는 것. c. 신용장이 인수에 의하여 사용될 수 있는 경우 수익자에 의하여 발행된 환어음(“어음”)을 인수하고 만기일에 지급하는 것. 발행은행이라 함은 발행의뢰인의 요청에 따르거나 또는 그 자신을 위하여 신용장을 발행하는 은행을 말한다.

UCP 600 - Origin & Interpretation into Korean ( 원문 및 해석 )
Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. Nominated bank means the bank with which the credit is available or any bank in the case of a credit available with any bank. Presentation means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered. Presenter means a beneficiary, bank or other party that makes a presentation. 매입이라 함은 상환이 지정은행에 행해져야 할 은행영업일에 또는 그 이전에 수익자에게 대금을 선지급하거나 또는 선지급하기로 약정함으로써,일치하는 제시에 따른 환어음(지정은행이 아닌 은행을 지급인으로 하여 발행된) 및/또는 서류의 지정은행에 의한 구매를 말한다. 지정은행이라 함은 신용장이 사용될 수 있는 은행 또는 모든 은행에서 사용될 수 있는 신용장의 경우에는 모든 은행을 말한다. 제시라 함은 발행은행 또는 지정은행에게 신용장에 의한 서류를 인도하는 행위 또는 그렇게 인도된 서류를 말한다. 제시인이라 함은 제시를 행하는 수익자,은행 또는 기타 당사자를 말한다.

Article 3 Interpretations For the purpose of these rules: Where applicable, words in the singular include the plural and in the plural include the singular. A credit is irrevocable even if there is no indication to that effect. A document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any other mechanical or electronic method of authentication. A requirement for a document to be legalized, visaed, certified or similar will be satisfied by any signature, mark, stamp or label on the document which appears to satisfy that requirement. 제 3조 해석 이 규칙에서: 적용할 수 있는 경우에는, 단수형의 단어는 복수형을 포함하고 복수형의 단어는 단수형을 포함한다. 신용장은 취소불능의 표시가 없는 경우에도 취소불능이다. 서류는 수기 , 모사서명, 천공서명, 스탬프, 상징 또는 기타 모든 기계적 또는 전자적 인증방법에 의하여 서명될 수 있다. 공인, 사증, 증명된 또는 이와 유사한 서류의 요건은 그러한 요건을 충족하는 것으로 보이는 서류상의 모든 서명, 표시, 스탬프 또는 부전에 의하여 충족된다.

Branches of a bank in different countries are considered to be separate banks. Terms such as "first class", "well known", "qualified", "independent", "official","competent" or "local" used to describe the issuer of a document allow any issuer except the beneficiary to issue that document. Unless required to be used in a document, words such as "prompt", "immediately" or "as soon as possible" will be disregarded. The expression "on or about" or similar will be interpreted as a stipulation that an event is to occur during a period of five calendar days before until five calendar days after the specified date, both start and end dates included. 다른 국가에 있는 어떤 은행의 지점은 독립된 은행으로 본다. 서류의 발행인을 기술하기 위하여 사용되는 “일류의(first class)”, “저명한(well known)”,“자격있는(qualified)”, “독립적인(independent)”, “공인된(official)”, “유능한(competent)” 또는 “국내의(local)”와 같은 용어는 수익자 이외의 모든 서류발행인이 서류를 발행하는 것을 허용한다. 서류에 사용될 것이 요구되지 아니하는 한, “신속한(prompt)”, “즉시(immediately)” 또는 “가능한 한 빨리(as soon as possible)”와 같은 단어는 무시된다. “~경에(on or about)” 또는 이와 유사한 표현은 사건이 명시된 일자 이전의 5일부터 그 이후의 5일까지의 기간 동안에 발행하는 약정으로서 초일 및 종료일을 포함하는 것으로 해석된다.

The words "to", "until", "till", "from" and "between" when used to determine a period of shipment include the date or dates mentioned, and the words "before" and "after" exclude the date mentioned. The words "from" and "after" when used to determine a maturity date exclude the date mentioned. The terms "first half" and "second half" of a month shall be construed respectively as the 1st to the 15th and the 16th to the last day of the month, all dates inclusive. “까지(to)”, “까지(until)”, “까지(till)”, “부터(from)” 및 “사이(between)”라는 단어는 선적기간을 결정하기 위하여 사용되는 경우에는 언급된 당해 일자를 포함하며, “이전(before)” 및 “이후(after)”라는 단어는 언급된 당해 일자를 제외한다. “부터(from)” 및 “이후(after)”라는 단어는 만기일을 결정하기 위하여 사용된 경우에는 언급된 당해 일자를 제외한다. 어느 개월의 “전반(first half)”, “후반(second half)”이라는 용어는 각각 해당 개월의 1일부터 15일까지, 그리고 16일부터 말일까지로 하고, 양끝의 일자를 포함하는 것으로 해석된다.

The terms "beginning", "middle" and "end" of a month shall be construed respectively as the 1st to the 10th, the 11th to the 20th and the 21st to the last day of the month, all dates inclusive. Article 4 Credits v. Contracts a. A credit by its nature is a separate transaction from the sale or other contraction which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit is not subject to claims or defences by the applicant resulting from its relationships with the issuing bank or the beneficiary. A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank. 어느 개월의 “상순(beginning)”, “중순(middle)” 및 “하순(end)”이라는 용어는 각각 해당 개월의 1일부터 10일까지, 11일부터 20일까지, 그리고 21일부터 말일까지로 하고, 양끝의 일자를 포함하는 것으로 해석된다. 제 4조 신용장과 계약 a. 신용장은 그 성질상 그것이 근거될 수 있는 매매계약 또는 기타 계약과는 독립된 거래이다. 은행은 그러한 계약에 관한 어떠한 참조사항이 신용장에 포함되어 있다 하더라도 그러한 계약과는 아무런 관계가 없으며 또한 이에 구속되지 아니한다. 결과적으로 신용장에 의하여 지급이행하거나, 매입하거나 또는 기타 모든 의무를 이행한다는 은행의 확약은 발행은 행 또는 수익자와 발행의뢰인과의 관계로부터 생긴 발행의뢰인에 의한 클레임 또는 항변에 지배받지 아니한다. 수익자는 어떠한 경우에도 은행상호간 또는 발행의뢰인과 발행은행간에 존재하는 계약관계를 원용할 수 없다.

b. An issuing bank should discourage any attempt by the applicant to include, as an integral part of the credit, copies of the underlying contract, proforma invoice and the like. Article 5 Documents v. Goods, Services or Performance Banks deal with documents and not with goods, services or performance to which the documents may relate. Article 6 Availability, Expiry Date and Place for Presentation b. 발행은행은 신용장의 필수적인 부분으로서, 근거계약의 사본, 견적송장 등을 포함시키고자 하는 어떠한 시도도 저지하여야 한다. 제5조 서류와 물품/용역/이행 은행은 서류를 취급하는 것이며 그 서류와 관련될 수 있는 물품, 용역 또는 이행을 취급하는 것은 아니다. 제 6조 사용가능성, 유효기일 및 장소

a. A credit must state the bank with which it is available or whether it is available with any bank. A credit available with a nominated bank is also available with the issuing bank. b. A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. c. A credit must not be issued available by a draft drawn on the applicant. a. 신용장에는 그 신용장이 사용될 수 있는 은행을 또는 그 신용장이 모든 은행에서 사용될 수 있는지를 명기하여야 한다. 지정은행에서 사용될 수 있는 신용장은 발행은행에서도 사용될 수 있다. b. 신용장은 그것이 일람지급, 연지급, 인수 또는 매입 중 어느 것에 의하여 사용될 수 있는지를 명기하여야 한다. 발행의뢰인을 지급인으로하여 발행된 환어음에 의하여 사용될 수 있는 신용장은 발행되어서는 아니된다.

d. I. A credit must state an expiry date for presentation. An expiry date stated for honour or negotiation will be deemed to be an expiry date for presentation. ⅱ. The place of the bank with which the credit is available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank. A place for presentation other than that of the issuing bank is in addition to the place of the issuing bank. e. Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date. d. ⅰ. 신용장은 제시를 위한 유효기일을 명기하여야 한다. 지급이행 또는 매입을 위하여 명기 된 유효기일은 제시를 위한 유효기일로 본다. ⅱ.신용장이 사용될 수 있는 은행의 장소는 제시장소이다.모든 은행에서 사용될 수 있는 신용장에 의한 제시장소는 모든 은행의 장소이다. 발행은행의 장소가 아닌 제시장소는 발행은행의 장소에 추가된다. e. 제29조 a항에서 규정된 경우를 제외하고는, 수익자에 의하거나 또는 대리하는 제시는 유효기일에 또는 그 이전에 행하여져야 한다.

Article 7 Issuing Bank Undertaking a. Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour if the credit is available by: ⅰ. sight payment, deferred payment or acceptance with the issuing bank; ⅱ. sight payment with a nominate bank and that nominated bank does not pay; ⅲ. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; 제 7조 발행은행의 확약 a. 명시된 서류가 지정은행 또는 발행은행에 제시되고, 그 서류가 일치하는 제시를 구성하는 한,신용장이 다음 중의 어느 것에 의하여 사용될 수 있는 경우에는,발행은행은 지급 이행하여야 한다: 발행은행에서 I. 일람지급, 연지급 또는 인수 중의 어느 것에 의하여 사용될 수 있는 경우; ⅱ. 지정은행에서 일람지급에 의하여 사용될 수 있고 그 지정은행이 지급하지 아니한 경우; ⅲ. 지정은행에서 연지급에 의하여 사용될 수 있고 그 지정은행이 연지급확약을 부담하지 아니한 경우 또는, 그 지정은행이 연지급확약을 부담하였지만 만기일에 지급하지 아니한 경우;

ⅳ. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; ⅴ. negotiation with a nominated bank and that nominated bank does not negotiate. b. An issuing bank is irrevocably bound to honour as of the time it issues the credit. c. An issuing bank undertaking to reimburse a nominated bank that has honored or negotiated a complying presentation and forwarded the documents to the issuing bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased before maturity. An issuing bank's undertaking to reimburse a nominated bank is independent of the issuing bank's undertaking to the beneficiary. ⅳ. 지정은행에서 인수에 의하여 사용될 수 있고 그 지정은행이 자행을 지급인으로 하여 발행된 환어음을 인수하지 아니한 경우 또는, 그 지정은행이 자행을 지급인으로 하여 발행된 환어음을 인수하였지만 만기일에 지급하지 아니한 경우; ⅴ. 지정은행에서 매입에 의하여 사용될 수 있고 그 지정은행이 매입하지 아니한 경우. b. 발행은행은 신용장을 발행하는 시점부터 지급이행할 취소불능의 의무를 부담한다. 발행은행은 c. 일치하는 제시를 지급이행 또는 매입하고 그 서류를 발행은행에 발송하는 지정은행에게 상환할 것을 약정한다. 인수 또는 연지급에 의하여 사용될 수 있는 신용장에 따른 일치하는 제시금액에 대한 상환은 지정은행이 만기일 전에 선지급 또는 구매하였는지의 여부와 관계없이 만기일에 이행되어야 한다. 지정은행에 상환할 발행은행의 확약은 수익자에 대한 발행은행의 확약으로부터 독립한다.

Article 8 Confirming Bank Undertaking a. Provided that the stipulated documents are presented to the confirming bank or to any other nominated bank and that they constitute a complying presentation, the confirming bank must: I. honour, if the credit is available by a. sight payment, deferred payment or acceptance with the confirming bank; b. sight payment, deferred payment or acceptance with the confirming bank; 제 8조 확인은행의 확약 a. 명시된 서류가 확인은행 또는 기타 모든 지정은행에 제시되고, 그 서류가 일치하는 제시를 구성하는 한, 확인은행은: ⅰ.신용장이 다음 중의 어느 것에 의하여 사용될 수 있는 경우에는, 지급이행 하여야 한다: a. 확인은행에서 일람지급, 연지급 또는 인수 중의 어느 것에 의하여 사용될 수 있는 경우; b. 다른 지정은행에서 일람지급에 의하여 사용될 수 있고 그 지정은행이 지급하지 아니한 경우;

c. deferred payment with another nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; d. acceptance with another nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; c. 다른 지정은행에서 연지급에 의하여 사용될 수 있고 그 지정은행이 연지급확약을 부담하지 아니한 경우 또는, 그 지정은행이 연지급확약을 부담하였지만 만기일에 지급하지 아니한 경우; 다른 지정은행에서 d. 인수에 의하여 사용될 수 있고 그 지정은행이 자행을 지급인으로 하여 발행된 환어음을 인수하지 아니한 경우 또는, 그 지정은행이 자행을 지급인으로 하여 발행된 환어음을 인수하였지만 만기일에 지급하지 아니한 경우;

e. negotiation with another nominated bank and that nominated bank does not negotiate. ⅱ. negotiate, without recourse, if the credit is available by negotiation with the confirming bank. b. A confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit. c. A confirming bank undertakes to reimburse another nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the confirming bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not another nominated bank prepaid or purchased before maturity. A confirming bank's undertaking to reimburse another nominated bank is independent of the confirming bank's undertaking to the beneficiary. e. 다른 지정은행에서 매입에 의하여 사용될 수 있고 그 지정은행이 매입하지 아니한 경우. ⅱ.신용장이 확인은행에서 매입에 의하여 사용될 수 있는 경우에는,상환청구 없이, 매입하여야 한다. b. 확인은행은 신용장에 자행의 확인을 추가하는 시점부터 자급이행 또는 매입할 취소불능의 의무를 부담한다. c. 확인은행은 일치하는 제시를 지급이행 또는 매입하고 그 서류를 확인은행에 발송하는 다른 지정은행에게 상환할 것을 약정한다. 인수 또는 연지급에 의하여 사용될 수 있는 신용장에 따른 일치하는 제시금액에 대한 상환은 다른 지정은행이 만기일 전에 선지급 또는 구매하였는지의 여부와 관계없이 만기일에 이행되어야 한다. 다른 지정은행에 상환할 확인은행 의 확약은 수익자에 대한 발행은행의 확약으로부터 독립한다.

d. If a bank is authorized or requested by the issuing bank to confirm a credit but is not prepared to do so, it must inform the issuing bank without delay and may advise the credit without confirmation. Article 9 Advising of Credits and Amendments a. A credit and any amendment may be advised to a beneficiary through an advising bank. An advising bank that is not a confirming bank advises the credit and any amendment without any undertaking to honour or negotiate. d. 어떤 은행이 발행은행에 의하여 신용장을 확인하도록 수권 또는 요청받았으나 이를 행할 용의가 없는 경우, 그 은행은 지체없이 발행은행에게 통고하여야 하고 확인 없이 신용장을 통지할 수 있다. 제 9조 신용장 및 조건변경의 통지 a. 신용장 및 모든 조건변경은 통지은행을 통하여 수익자에게 통지될 수 있다. 확인은행이 아닌 통지은행은 지급이행 또는 매입할 어떠한 확약 없이 신용장 및 모든 조건변경을 통지한다.

b. By advising the credit or amendment, the advising bank signifies that it has satisfied itself as to the apparent authenticity of the credit or amendment and that the advice accurately reflects the terms and conditions of the credit or amendment received. c. An advising bank may utilize the services of another bank ("second advising bank") to advise the credit and any amendment to the beneficiary. By advising the credit or amendment, the second advising bank signifies that it has satisfied itself as to the apparent authenticity of the advice it has received and that the advice accurately reflects the terms and conditions of the credit or amendment received. b. 신용장 또는 조건변경을 통지함으로써, 통지은행은 그 자신이 신용장 또는 조건변경의 외관상의 진정성에 관하여 스스로 충족하였다는 것과 그 통지가 수령된 신용장 또는 조건변경의 제조건을 정확히 반영하고 있다는 것을 의미한다. c. 통지은행은 수익자에게 신용장 및 모든 조건변경을 통지하기 위하여 타은행(“제2통지은행”)의 서비스를 이용할 수 있다. 신용장 또는 조건변경을 통지함으로써 제2통지은행은 자신이 수령한 그 통지의 외관상의 진정성에 관하여 스스로 충족하였다는 것과 그 통지가 수 령된 신용장 또는 조건변경의 제조건을 정확히 반영하고 있다는 것을 의미한다.

d. A bank utilizing the services of an advising bank or second advising bank to advise a credit must use the same bank to advise any amendment thereto. e. If a bank is requested to advise a credit or amendment but elects not to do so, it must so inform, without delay, the bank from which the credit, amendment or advice has been received. f. If a bank is requested to advise a credit or amendment but cannot satisfy itself as to the apparent authenticity of the credit, the amendment or the advice, it must so inform, without delay, the bank from which the instructions appear to have been received. If the advising bank or second advising bank elects nonetheless to advise the credit or amendment, it must inform the beneficiary or second advising bank that it has not been able to satisfy itself as to the apparent authenticity of the credit, the amendment or the advice. d. 신용장을 통지하기 위하여 통지은행 또는 제2통지은행의 서비스를 이용하는 은행은 이에 대한 모든 조건변경을 통지하기 위하여 동일한 은행을 이용하여야 한다. e. 어떤 은행이 신용장 또는 조건변경을 통지하도록 요청되었지만 그렇게 하지 아니하기로결정하는 경우에는,그 은행은 신용장,조건변경 또는 통지를 송부해 온 은행에게 이를 지체없이 통고하여야 한다. f. 어떤 은행이 신용장 또는 조건변경을 통지하도록 요청되었지만 신용장, 조건변경 또는 통지의 외관상의 진정성에 관하여 스스로 충족할 수 없는 경우에는, 그 은행은 그 지시를 송부해온 것으로 보이는 은행에게 이를 지체없이 통고하여야 한다. 그럼에도 불구하고 통지은행 또는 제2통지은행이 그 신용장 또는 조건변경을 통지하기로 결정한 경우에는,그 은행은 수익자 또는 제2통지은행에게 신용장,조건변경 또는 통지의 외관상의 진정성에 관하여 스스로 충족할 수 없다는 것을 통고하여야 한다.

Article 10 Amendment a. Except as otherwise provided by article 38, a credit can neither be amended nor cancelled without the agreement of the issuing bank, the confirming bank, if any, and the beneficiary. b. An issuing bank is irrevocably bound by an amendment as of the time it issues the amendment. A confirming bank may extend its confirmation to an amendment and will be irrevocably bound as of the time it advises the amendment. A confirming bank may, however, choose to advise an amendment without extending its confirmation and, if so, it must inform the issuing bank without delay and inform the beneficiary in its advice. 제 10조 조건변경 a. 제38조에 의하여 별도로 규정된 경우를 제외하고는, 신용장은 발행은행, 확인은행(있는 경우)및 수익자의 합의 없이는 변경 또는 취소될 수 없다. b. 발행은행은 그 자신이 조건변경서를 발행한 시점부터 그 조건변경서에 의하여 취소불능의 의무를 부담한다. 확인은행은 그 자신의 확인을 조건변경에까지 확장할 수 있으며 그 변경을 통지한 시점부터 취소불능의 의무를 부담한다. 그러나, 확인은행은 그 자신의 확인을 확장함이 없이 조건변경을 통지하기로 결정할 수 있으며 이러한 경우에는 발행은행에게 지 체없이 통고하고 그 자신의 통지서로 수익자에게 통고하여야 한다.

c. The terms and conditions of the original credit (or a credit incorporating previously accepted amendments) will remain in force for the beneficiary until the beneficiary communicates its acceptance of the amendment to the bank that advised such amendment. The beneficiary should give notification of acceptance or rejection of an amendment. If the beneficiary fails to give such notification, a presentation that complies with the credit and to any not yet accepted amendment will be deemed to be notification of acceptance by the beneficiary of such amendment. As of that moment the credit will be amended. d. A bank that advises an amendment should inform the bank from which it received the amendment of any notification of acceptance or rejection. c. 원신용장(또는 이전에 승낙된 조건변경을 포함하고 있는 신용장)의 제조건은 수익자가 조건변경에 대한 그 자신의 승낙을 그러한 조건변경을 통지해 온 은행에게 통보할 때까지는 수익자에게는 여전히 유효하다. 수익자는 조건변경에 대하여 승낙 또는 거절의 통고(notification)를 행하여야 한다. 수익자가 그러한 통고(notification)를 행하지 아니한 경우, 신용장 및 아직 승낙되지 않은 조건변경에 일치하는 제시는 수익자가 그러한 조건변경에 대하여 승낙의 통고(notification)를 행하는 것으로 본다. 그 순간부터 신용장은 조건변경 된다. d. 조건변경을 통지하는 은행은 조건변경을 송부해 온 은행에게 승낙 또는 거절의 모든 통고를 통지하여야 한다.

e. Partial acceptance of an amendment is not allowed and will be deemed to be notification of rejection of the amendment. f. A provision in an amendment to the effect that the amendment shall enter into force unless rejected by the beneficiary within a certain time shall be disregarded. e. 조건변경의 부분승낙은 허용되지 아니하며 그 조건변경의 거절의 통지로 본다. f. 조건변경이 특정기한 내에 수익자에 의하여 거절되지 아니하는 한 유효하게 된다는 취지의 조건변경서상의 규정은 무시된다.

Article 11 Teletransmitted and Pre-Advised Credits and Amendments a. An authenticated teletransmission of a credit or amendment will be deemed to be the operative credit or amendment, and any subsequent mail confirmation shall be disregarded. If a teletransmission states "full details to follow" (or words of similar effect), or states that the mail confirmation is to be the operative credit or amendment, then the teletransmission will not be deemed to be the operative credit or amendment. The issuing bank must then issue the operative credit or amendment without delay in terms not inconsistent with the teletransmission. 제 11조 전송 및 사전통지신용장과 조건변경 a. 조건변경의 인증된 전송은 유효한 신용장 또는 조건변경으로 보며, 추후의 모든 우편확인서는 무시된다. 전송이 “완전한 명세는 추후 통지함(full details to follow)”(또는 이와 유사한 표현)이라고 명기하고 있거나 또는 우편확인서를 유효한 신용장 또는 조건변경으로 한다는 것을 명기하고 있는 경우에는,그 전송을 유효한 신용장 또는 조건변경으로 보지 아니한다.발행은행은 전송과 모순되지 아니한 조건으로 지체없이 유효한 신용장 또는 조건변경을 발행하여야 한다.

b. A preliminary advice of the issuance of a credit or amendment ("pre-advice") shall only be sent if the issuing bank is prepared to issue the operative credit or amendment. An issuing bank that sends a pre-advice is irrevocably committed to issue the operative credit or amendment, without delay, in terms not inconsistent with the pre-advice. b. 신용장의 발행 또는 조건변경의 예비통지(“사전통지”)는 발행은행이 유효한 신용장 또는 조건변경을 발행할 용의가 있는 경우에만 송부된다. 사전통지를 송부하는 발행은행은 지체없이 사전통지와 모순되지 아니한 조건으로 유효한 신용장 또는 조건변경을 발행할 것을 취소불능적으로 약속한다.

Article 12 Nomination a. Unless a nominated bank is the confirming bank, an authorization to honour or negotiate does not impose any obligation on that nominated bank to honour or negotiate, except when expressly agreed to by that nominated bank and so communicated to the beneficiary. b. By nominating a bank to accept a draft or incur a deferred payment undertaking, an issuing bank authorizes that nominated bank to prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank. c. Receipt or examination and forwarding of documents by a nominated bank that is not a confirming bank does not make that nominated bank liable to honor or negotiate, nor does it constitute honor or negotiation. 제 12조 지정 a. 지정은행이 확인은행이 아닌 한, 지급이행 또는 매입할 수권은 그 지정은행이 명시적으로 합의하고 이를 수익자에게 통보하는 경우를 제외하고는, 그 지정은행에게 어떠한 의무도 부과되지 아니한다. 환어음을 b. 인수하거나 또는 연지급확약을 부담할 은행을 지정함으로써, 발행은행은 지정은행이 인수한 환어음 또는 부담한 연지급확약을 선지급 또는 구매하도록 그 지정은행에게 권한을 부여한다. c. 확인은행이 아닌 지정은행에 의한 서류의 수령 또는 심사 및 발송은 지급이행 또는 매입할 의무를 그 지정은행에게 부담시키는 것은 아니며, 그것은 지급이행 또는 매입을 구성하지 아니한다.

Article 13 Bank-to-Bank Reimbursement Arrangements a. If a credit states that reimbursement is to be obtained by a nominated bank("claiming bank") claiming on another party ("reimbursing bank"), the credit must state if the reimbursement is subject to the ICC rules for bank-to-bank reimbursements in effect on the date of issuance of the credit. b. If a credit does not state that reimbursement is subject to the ICC rules for bank-to-bank reimbursements, the following apply: ⅰ. An issuing bank must provide a reimbursing bank with a reimbursement authorization that conforms with the availability stated in the credit. The reimbursement authorization should not be subject to an expiry date. 제 13조 은행간 상환약정 a. 신용장에서 지정은행(“청구은행”)이 상환을 다른 당사자(“상환은행”)에게 청구하여 받는 것으로 명기하고 있는 경우에는, 그 신용장은 상환이 신용장의 발행일에 유효한 은행간 대금상환에 관한 ICC 규칙에 따르는지를 명기하여야 한다. b. 신용장에서 상환이 은행간 대금상환에 관한 ICC 규칙에 따른다고 명기하고 있지 아니한 경우에는,다음과 같이 적용된다: ⅰ. 발행은행은 신용장에 명기된 유효성을 따르는 상환수권을 상환은행에 부여하여야 한다.상환수권은 유효기일에 지배받지 아니하여야 한다.

ⅱ. A claiming bank shall not be required to supply a reimbursing bank with a certificate of compliance with the terms and conditions of the credit. ⅲ. An issuing bank will be responsible for any loss of interest, together with any expenses incurred, if reimbursement is not provided on first demand by a reimbursing bank in accordance with the terms and conditions of the credit. ⅳ. A reimbursing bank's charges are for the account of the issuing bank. However, if the charges are for the account of the beneficiary, it is the responsibility of ann issuing bank to so indicate in the credit and in the reimbursement authorization. If a reimbursing bank's charges are for the account of the beneficiary, they shall be deducted from the amount due to a claiming bank when reimbursement is made. If no reimbursement is made, the reimbursing bank's charges remain the obligation of the issuing bank. ⅱ. 청구은행은 상환은행에게 신용장의 제조건과의 일치증명서를 제공하도록 요구되지 아니한다. ⅲ. 상환이 최초의 청구시에 신용장의 제조건에 따라 상환은행에 의하여 이행되지 아니한 경우, 발행은행은 부담된 모든 경비와 함께 이자손실의 책임을 부담하여야 한다. ⅳ.상환은행의 비용은 발행은행의 부담으로 하여야 한다.그러나 그 비용이 수익자의 부담으로 되는 경우에는,발행은행은 신용장은 및 상환수권서에 이를 지시할 책임이 있다.상환은행의 비용이 수익자의 부담으로 되는 경우에는, 그 비용은 상환이 행해질 때 청구은행에 기인하는 금액으로부터 공제되어야 한다.상환이 행해지지 아니한 경우에는,상환은행의 비용은 발행은행의 의무로 남는다.

c. An issuing bank is not relieved of any of its obligations to provide reimbursement if reimbursement is not made by a reimbursing bank on first demand. Article 14 Standard for Examination of Documents a. A nominated bank acting on its nomination, a confirming bank, if any, and the issuing bank must examine a presentation to determine, on the basis of the documents alone, whether or not the documents appear on their face to constitute a complying presentation. b. A nominated bank acting on its nomination, a confirming bank, if any, and the issuing bank shall each have a maximum of five banking days following the day of presentation to determine if a presentation is complying. This period is not curtailed or otherwise affected by the occurrence on or after the date of presentation of any expiry date of last day for presentation. c. 발행은행은 상환이 최초의 청구시에 상환은행에 의하여 행해지지 아니하는 경우에는 상환을 이행해야 할 자신의 의무로부터 면제되지 아니한다. 제 14조 서류심사의 기준 a. 지정에 따라 행동하는 지정은행, 확인은행(있는 경우) 및 발행은행은 서류가 문면상 일치하는 제시를 구성하는지 여부(“일치성”)를 결정하기 위하여 서류만을 기초로 하여 그 제시를 심사하여야 한다. b. 지정에 따라 행동하는 지정은행, 확인은행(있는 경우) 및 발행은행은 제시가 일치하는지 여부를 결정하기 위하여 지시일의 다음날부터 최대 제5은행영업일을 각각 가진다.이 기간은 제시를 위한 모든 유효기일 또는 최종일의 제시일에 또는 그 이후의 사건에 의하여 단축되거나 또는 별도로 영향을 받지 아니한다.

c. A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit. d. Date in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, date in that document, any other stipulated document or the credit. e. In documents other than the commercial invoice, the description of the goods, services or performance, if stated, may be in general terms not conflicting with their description in the credit. c. 제19조, 제20조, 제21조, 제22조, 제23조, 제24조 또는 제25조에 따른 하나 또는 그 이상의 운송서류의 원본을 포함하는 제시는 이 규칙에 기술된 대로 선적일 이후 21보다 늦지 않게 수익자에 의하여 또는 대리하여 이행되어야 한다.그러나 어떠한 경우에도,신용장의 유효기일보다 늦지 않아야 한다. d. 서류상의 자료는 신용장, 그 서류자체 및 국제표준은행관행의 관점에서 검투하는 경우, 그 서류, 기타 모든 명시된 서류 또는 신용장상의 자료와 동일할 필요는 없지만 이와 상충되어서는 아니된다: e. 상업송장 이외의 서류에 있어서, 물품, 용역 또는 이행의 명세는 명기된 경우 신용장상의 이들 명세와 상충되지 아니하는 일반용어로 기재될 수 있다.

f. If a credit requires presentation of a document other than a transport document, insurance document or commercial invoice, without stipulating by whom the document is to be issued or its date content, banks will accept the document as presented if its content appears to fulfil the function of the required document and otherwise complies with sub-article 14 (d). g. A document presented but not required by the credit will be disregarded and may be returned to the presenter. h. If a credit contains a condition without stipulating the document to indicate compliance with the condition, banks bill deem such condition as not stated and will disregard it. f. 신용장에서 서류가 누구에 의하여 발행되는 것인가를 또는 서류의 자료내용을 명시하지 않고, 운송서류, 보험서류 또는 상업송장 이외의 서류의 제시를 요구하는 경우에는, 그 서류의 내용이 요구된 서류의 기능을 충족하는 것으로 보이고 기타의 방법으로 제14조 d항과 일치한다면,은행은 그 서류를 제시된 대로 수리한다. g. 제시되었지만 신용장에 의하여 요구되지 않은 서류는 무시되고 제시인에게 반송될 수 있다. h. 신용장이 어떤 조건(condition)과 의 일치성을 표시하기 위하여 서류를 명시하지 않고 그 조건을 포함하고 있는 경우에는, 은행은 그러한 조건을 명기되지 아니한 것으로 보고 이를 무시하여야 한다.

I. A document may be dated prior to the issuance date of the credit, but must not be dated later than its date of presentation. j. When the addresses of the beneficiary and the applicant appear in any stipulated document, they need not be the same as those stated in the credit or in any other stipulated, but must be within the same country as the respective addresses mentioned in the credit. Contact details (telefax, telephone, and the like) stated as part of the beneficiary's and the applicant's address will be disregarded. However, when the address and contact details of the applicant appear as part of the consignee or notify party details on a transport document subject to articles 19,20, 21, 22, 23, 24, or 25, they must be as stated in the credit. I. 서류는 신용장의 일자보다 이전의 일자가 기재될 수 있으나 그 서류의 제시일보다 늦은 일자가 기재되어서는 아니된다. 수익자 j. 및 발행의뢰인의 주소가 모든 명시된 서류상에 보이는 경우에는, 이들 주소는 신용장 또는 기타 모든 명시된 서류에 명기된 것과 동일할 필요는 없으나, 신용장에 언급된 각각의 주소와 동일한 국가내에 있어야 한다. 수익자 및 발행의뢰인의 주소의 일부로서 명기된 연락처명세(모사전송, 전화, 전자우편 등)는 무시된다. 그러나, 발행의뢰인의 모든 주소 및 연락처 명세가 제19조, 제20조, 제21조, 제22조, 제23조, 제24조 또는 제25조에 따라 운송서류상의 수화인 또는 착화통지처 명세의 일부로서 보이는 경우에는, 이러한 주소 및 연락처명세는 신용장에 명기된 대로 이어야 한다.

k. The shipper or consignor of the goods indicated on any document need not be the beneficiary of the credit. l. A transport document may be issued by any party other than a carrier, owner, master or charterer provided that the transport document meets the requirements of articles 19, 20, 21, 22, 23, or 24 of these rules. Article 15 Complying Presentation a. When an issuing bank determines that a presentation is complying, it must honor. b. When a confirming bank determines that a presentation is complying, it must honour or negotiate and forward the documents to the issuing bank. k. 모든 서류상에 표시된 물품의 송화인 또는 탁송인은 신용장의 수익자일 필요는 없다 . l. 운송서류가 이 규칙의 제19조, 제20조, 제21조, 제22조, 제23조 또는 제24조의 요건을 충족하는 한,그 운송서류는 운송인,선주 또는 용선자 이외의 모든 당사자에 의하여 발행 될 수 있다. 제 15조 일치하는(적격) 제시 a. 발행은행이 제시가 일치한다고 결정하는 경우에는, 그 발행은행은 지급이행하여야 한다. b. 확인은행이 제시가 일치한다고 결정하는 경우에는, 그 확인은행은 지급이행 또는 매입하고 발행은행에게 서류를 발송하여야 한다.

c. When a nominated bank determines that a presentation is complying and honours or negotiates, it must forward the documents to the confirming bank or issuing bank. Article 16 Discrepant Documents, Waiver and Notice a. When a nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank determines that a presentation does not comply, it may refuse to honour or negotiate. b. When an issuing bank determines that a presentation does not comply, it may in its sole judgement approach the applicant for a waiver of the discrepancies. Thisdoes not, however, extend the period mentioned in sub-article 14 (b). c. 지정은행이 제시가 일치한다고 결정하고 지급이행 또는 매입하는 경우에는, 그 지정은행은 확인은행 또는 발행은행에게 서류를 발송하여야 한다. 제 16조 불일치서류, 권리포기 및 통지 a. 지정에 따라 행동하는 지정은행, 확인은행(있는 경우) 또는 발행은행은 제시가 일치하지 아니한 것으로 결정하는 경우에는,지급이행 또는 매입을 거절할 수 있다. b. 발행은행은 제시가 일치하지 아니하다고 결정하는 경우에는, 독자적인 판단으로 발행의뢰인과 불일치에 관한 권리포기의 여부를 교섭할 수 있다.그러나 이것은 제14조 b항에서 언급된 기간을 연장하지 아니한다.

c. When a nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank decides to refuse to honour or negotiate, it must give a single notice to the effect to the presenter. The notice must state: ⅰ. that the bank is refusing to honour or negotiate; and ⅱ. each discrepancy in respect of which the bank refuses to honour or negotiate; and, . a) that, ⅲ the bank is holding the documents pending further instructions from the presenter; or b) that the issuing bank is holding the documents until it receives a waiver from the applicant and agrees to accept it, or receives further instructions from the presenter prior to agreeing to accept a waiver; or c. 지정에 따라 행동하는 지정은행, 확인은행(있는 경우)또는 발행은행은 지급이행 또는 매입을 거절하기로 결정한 경우에는,제시인에게 그러한 취지를1회만 통지하여야 한다. 그 통지는 다음을 명기하여야 한다: ⅰ.은행이 지급이행 또는 매입을 거절하고 있다는 것;그리고 ⅱ.은행이 지급이행 또는 매입을 거절하게 되는 각각의 불일치사항;그리고, ⅲ. a) 은행이 제시인으로부터 추가지시를 받을 때까지 서류를 보관하고 있다는 것; 또는, b) 발행은행이 발행의뢰인으로부터 권리포기를 수령하고 서류를 수리하기로 합의할때 까지, 또는 권리포기를 승낙하기로 합의하기 전에 제시인으로부터 추가지시를 수령할 때까지 발행은행이 서류를 보관하고 있다는 것; 또는

c) that the bank is returning the documents; or d) that the bank is acting in accordance with instructions previously received from the presenter. c) 은행이 서류를 반송하고 있다는 것; 또는 d) 은행이 제시인으로부터 이전에 수령한 지시에 따라 행동하고 있다는 것.

d. The notice required in sub-article 16 (c) must be given by telecommunication or, if that is not possible, by other expeditious means no later than the close of the fifth banking day following the day of presentation. . e. A nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank may, after providing notice required by sub-article 16 (c) (iii) (a) or (b), return the documents to the presenter at any time. d. 제 16조 c항에서 요구된 통지는 전기통신(telecommunication)으로 또는 그 이용이 불가능한 때에는 기타 신속한 수단으로 제시일의 다음 제5은행영업일의 마감시간까지 행해져야 한다 e. 지정에 따라 행동하는 지정은행, 확인은행(있는 경우) 또는 발행은행은, 제16조 c항 iii호 (a) 또는 (b)에 의하여 요구된 통지를 행한 후에, 언제든지 제시인에게 서류를 반송할 수 있 다.

f. If an issuing bank or a confirming bank fails to act in accordance with the provisions of this article, it shall be precluded from claiming that the documents do not constitute a complying presentation. g. When an issuing bank refuses to honour or a confirming bank refuses to honour or negotiate and has given notice to that effect in accordance with this article, it shall then be entitled to claim a refund, with interest, of any reimbursement made. Article 17 Original Documents and Copies a. At least on original of each document stipulated in the credit must be presented. f. 발행은행 또는 확인은행이 이 조의 규정에 따라 행동하지 아니한 경우에는, 그 은행은 서류가 일치하는 제시를 구성하지 아니한다고 주장할 수 없다. g. 발행은행이 지급이행을 거절하거나 또는 확인은행이 지급이행 또는 매입을 거절하고 이 조에 따라 그러한 취지를 통지한 경우에는, 그 은행은 이미 행해진 상환금에 이자를 추가하여 그 상환금의 반환을 청구할 권리가 있다. 제 17조 원본서류 및 사본 a. 적어도 신용장에 명시된 각 서류의 1통의 원본은 제시되어야 한다.

b. A bank shall treat as an original any document bearing an apparently original signature, mark, stamp, or label of the issuer of the document, unless the document itself indicates that it is not an original. c. Unless a document indicates otherwise, a bank will also accept a document as original if it: ⅰ. appears to be written, typed, perforated or stamped by the document issuer's hand; or ⅱ. appears to be on the document issuer's original stationery; or ⅲ. states that it is original, unless the statement appears not to apply to the document presented. b. 서류 그 자체가 원본이 아니라고 표시하고 있지 아니하는 한, 명백히 서류발행인의 원본서명, 표기, 스탬프, 또는 부전을 기재하고 있는 서류를 원본으로서 취급한다. c. 서류가 별도로 표시하지 아니하는 한, 서류가 다음과 같은 경우에는, 은행은 서류를 원본으로서 수리한다. ⅰ.서류발행인에 의하여 수기,타자, 천공 또는 스탬프된 것으로 보이는 경우; 또는: ⅱ.서류발행인의 원본용지상에 기재된 것으로 보이는 경우;또는 ⅲ.제시된 서류에 적용되지 아니하는 것으로 보이지 아니하는 한,원본이라는 명기가 있는 경우.

d. If a credit requires presentation of copies of documents, presentation of either originals or copies is permitted. e. If a credit requires presentation of multiple documents by using terms such as "in duplicate", "in two fold" or "in two copies", this will be satisfied by the presentation of at least one original and the remaining number in copies, except when the document itself indicates otherwise. Article 18 Commercial Invoice a. A commercial invoice: ⅰ. must appear to have been issued by the beneficiary (except as provided in article 38); ⅱ. must be made out in the name of the applicant (except as provided in sub-article 38 (g)); ⅲ. must be made out in the same currency as the credit; and ⅳ. need not be signed. 신용장이 서류의 사본의 제시를 d. 요구하는 경우에는, 원본 또는 사본의 제시는 허용된다. e. 신용장 “2통(in duplicate)”, “2부(in two fold)”, “2통(in two copies)”과 같은 용어를 사용함으로써 수통의 서류의 제시를 요구하는 경우에는, 이것은 서류자체에 별도의 표시가 있는 경우를 제외하고는 적어도 원본 1통과 사본으로 된 나머지 통수의 제시에 의하여 충족된다. 제 18조 상업송장 a. 상업송장은: ⅰ.수익자에 의하여 발행된 것으로 보여야 하며(제38조에 규정된 경우를 제외한다); ⅱ.발행의뢰인 앞으로 작성되어야 하며(제38조 g항에 규정된 경우를 제외한다); ⅲ.신용장과 동일한 통화로 작성되어야 하며;그리고 ⅳ.서명될 필요가 없다.

b. A nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank may accept a commercial invoice issued for an amount in excess or the amount permitted by the credit, and its decision will be binding upon all parties, provided the bank in question has not honoured or negotiated for an amount in excess of that permitted by the credit. c. The description of the goods, service or performance in a commercial invoice must correspond with that appearing in the credit. Article 19 Transport Document Covering at Least Two Different Modes of Transport a. A transport document covering at least two different modes of transport (multimodal or combined transport document), however named, must appear to: 지정에 따라 b. 행동하는 지정은행, 확인은행(있는 경우) 또는 발행은행은 신용장에 의하여 허용된 금액을 초과한 금액으로 발행된 상업송장을 수리할 수 있으며, 그러한 결정은 모든 당사자를 구속한다. 다만 문제의 은행은 신용장에 의하여 허용된 금액을 초과한 금액으로지급이행 또는 매입하지 아니하여야 한다. c. 상업송장상의 물품, 용역 또는 이행의 명세는 신용장에 보이는 것과 일치하여야 한다. 제 19조 적어도 두 가지 다른 운송방식을 표시하는 운송서류 a. 적어도 두 가지의 다른 운송방식을 표시하는 운송서류(복합운송서류)는 그 명칭에 관계없이 다음과 같이 보여야 한다:

ⅰ. indicate the name of the carrier and be signed by:· the carrier or a named agent for or on behalf of the carrier, or · the master or a named agent for or on behalf of the master. Any signature by the carrier, master or agent must be identified as that of the carrier, master or agent. Any signature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master. ⅱ. indicate that the goods have been dispatched, taken in charge or shipped on board at the place stated in the credit, by: ⅰ.운송인의 명칭을 표시하고 다음의 자에 의하여 서명되어 있는 것: ·운송인 또는 운송인을 대리하는 지정대리인,또는 선장 또는 선장을 대리하는 지정대리인 . 운송인 선장 또는 , 대리인에 의한 모든 서명은 운송인,선장 또는 대리인의 것이라는 것을 확인하고 있어야 한다. 대리인에 의한 모든 서명을 그 대리인이 운송인을 대리하여 서명하였는지, 또는 선장을 대리하여 서명하였는지를 표시하여야 한다. ⅱ. 다음에 의하여, 물품이 신용장에 명기된 장소에서 발송, 수탁 또는 본선선적되었음을 표시하고 있는 것: .

· pre-printed wording, or · a stamp or notation indicating the date on which the goods have been dispatched, taken in charge or shipped on board. The date of issuance of the transport document will be deemed to be the date of dispatch, taking in charge or shipped on board, and the date of shipment. However, if the transport document indicates, by stamp or notation, a date of dispatch, taking in charge of shipped on board, this date will be deemed to be the date of shipment. ⅲ. indicate the place of dispatch, taking in charge or shipment and the place of final destination stated in the credit, even if: a. the transport document states, in addition, a different place of dispatch, taking in charge or shipment or place of final destination, ·사전인쇄된 문언,또는 물품이 발송, 수탁 또는 본선선적된 일자를 표시하고 있는 스탬프 또는 표기운송서류의 발행일은 발송,수탁 또는 본선선적일,및 선적일로 본다. 그러나, 운송서류가 스탬프 또는 표기에 의하여 발송, 수탁 또는 본선선적일을 표시하고 있는 경우에는,이러한 일자를 선적일로 본다. ⅲ.비록 다음과 같더라도,신용장에 명기된 발송, 수탁 또는 선적지 및 최종목적지를 표시하고 있는 것: a. 운송서류가 추가적으로 다른 발송, 수탁 또는 선적지 또는 최종목적지를 명기하고 있더라도, or 또는

b. the transport document contains the indication "intended" or similar qualification in relation to the vessel, port of loading or port of discharge. ⅳ. be the sole original transport document or, if issued in more than one original, be the full set as indicated on the transport document. ⅴ. contain terms and conditions of carriage or make reference to another source containing the terms and conditions of carriage (short form or blank back transport document). Contents of terms and conditions of carriage will not be examined. ⅵ. contain no indication that it is subject to a charter party. b. 운송서류가 선박, 적재항 또는 양륙항에 관하여 “예정된” 또는 이와 유사한 제한의 표시를 포함하고 있더라도, ⅳ.단일의 운송서류 원본 또는,2통 이상의 원본으로 발행된 경우에는, 운송서류상에 표시 된대로 전통인 것. ⅴ.운송의 제조건을 포함하고 있거나,또는 운송의 제조건을 포함하는 다른 자료를 참조하고 있는 것(약식/배면백지식 운송서류). 운송의 제조건의 내용은 심사되지 아니한다. ⅵ. 용선계약에 따른다는 어떠한 표시도 포함하고 있지 아니한 것.

ⅵ. contain no indication that it is subject to a charter party. Article 20. Bill of Lading a. A bill of lading, however named, must appear to: ⅰ. indicate the name of the carrier and be signed by: · the carrier or a named agent for or on behalf of the carrier, or · the master or a named agent for or on behalf of the master. Any signature by the carrier, master or agent must be identified as that of the carrier, master or agent. Any signature by the agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master. ⅱ. indicate that the goods have been shipped on board a named vessel at the port of loading sated in the credit by: ⅵ. 용선계약에 따른다는 어떠한 표시도 포함하고 있지 아니한 것 제 20조 선화증권 a. 선화증권은 그 명칭에 관계없이 다음과 같이 보여야 한다. ⅰ.운송인의 명칭을 표시하고 다음의 자에 의하여 서명되어 있는 것: ·운송인 또는 운송인을 대리하는 지정대리인,또는 선장 또는 선장을 대리하는 지정대리인. 운송인,선장 또는 대리인에 의한 모든 서명은 운송인,선장 또는 대리인의 것이라는 것을 확인하고 있어야 한다. 대리인에 의한 모든 서명은 그 대리인이 운송인을 대리하여 서명하였는지, 또는 선장을 대리하여 서명하였는지를 표시하여야 한다. ⅱ. 다음에 의하여 물품이 신용장에 명기된 적재항에서 지정선박에 본선선적되었음을 표 시하고 있는 것:

· pre-printed wording, or an on board notation indicating the date on which the goods have been shipped on board. The date of issuance of the bill of lading will be deemed to be the date of shipment unless the bill of lading contains an on board notation indicating the date of shipment, in which case the date stated in the on board notation will be deemed to be the date of shipment. If the bill of lading contains the indication "intended vessel" or similar qualification in relation to the name of the vessel, an on board notation indicating the date of shipment and the name of the actual vessel is required. ·사전인쇄된 문언,또는 물품이 본선선적된 일자를 표시하고 있는 본선적재표기 선화증권의 발행일은 선적일로 본다. 다만, 선화증권이 선적일을 표시하고 있는 본선적재표기를 포함하고 있는 경우에는 그러하지 아니하며, 이 경우, 본선적재표기상에 명기된 일자는 선적일로 본다. 선화증권이 선박의 명칭에 관하여 “예정된 선박” 또는 이와 유사한 제한의 표시를 포함하고 있는 경우에는, 선적일 및 실제 선박의 명칭을 표시하고 있는 본선적재표기는 요구된다.

ⅲ. indicate shipment from port of loading to the port of discharge stated in the credit. If the bill of lading does not indicate the port of loading stated in the credit as the port of loading, or if it contains the indication "intended" or similar qualification in relation to the port of loading, an on board notation indicating the port of loading as stated in the credit, the date of shipment and the name of the vessel is required. This provision applies even when loading on board or shipment on a named vessel is indicated by pre-printed wording on the bill of lading. . be the sole original bill ⅳ of lading or, if issued in more than one original, be the full set as indicated on the bill of lading. ⅲ. 신용장에 명기된 적재항으로부터 양륙항까지의 선적을 표시하고 있는 것. 선화증권이 적재항으로서 신용장에 명기된 적재항을 표시하고 있지 아니한 경우에는,또는 적재항에 관하여“예정된” 또는 이와 유사한 제한의 표시를 포함하고 있는 경우에는,신용장에 명기된 대로 적재항,선적일 및 선박의 명칭을 표시하고 있는 본선적재표기가 요구된다. 이 규정은 비록 지정된 선박에의 본선적재 또는 선적이 선화증권상에 사전에 인쇄된 문언에 의하여 표시되어 있더라도 적용된다. ⅳ.단일의 선화증권 원본 또는,2통 이상의 원본으로 발행된 경우에는, 선화증권상에 표시된대로 전통인 것.

ⅴ. contain terms and conditions of carriage or make reference to another sourcecontaining the terms and conditions of carriage (short form or blank bill of lading). Contents of terms and conditions of carriage will not be examined. ⅵ. contain no indication that it is subject to a charter party. b. For the purpose of this article, transhipment means unloading from one vessel and reloading to another vessel during the carriage from the port of loading to the port of discharge stated in the credit. c. ⅰ. A bill of lading may indicate that the goods will or may be transshipped provided that the entire carriage is covered by one and the same bill of lading. ⅴ.운송의 제조건을 포함하고 있거나,또는 운송의 제조건을 포함하는 다른 자료를 참조하고 있는 것(약식/배면백지식 선화증권). 운송의 제조건의 내용은 심사되지 아니한다. ⅵ. 용선계약에 따른다는 어떠한 표시도 포함하고 있지 아니한 것. b. 이 조에서, 환적이란 신용장에 명기된 적재항으로부터 양륙항까지의 운송과정 중에 한 선박으로부터의 양화 및 다른 선박으로의 재적재를 말한다. c. ⅰ. 선화증권은 물품이 환적될 것이라거나 또는 될 수 있다고 표시할 수 있다. 다만, 전 운송이 동일한 선화증권에 의하여 커버되어야 한다.

ⅱ. A bill of lading indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment, if the goods have been shipped in a container, trailer or LASH barge as evidenced by the bill of lading. d. Clauses in a bill of lading stating that the carrier reserves the right to transship will be disregarded. Article 21 Non-Negotiable Sea Waybill a. A non-negotiable sea waybill, however named, must appear to: ⅰ. indicate the name of the carrier and be signed by: · the carrier or a named agent for or on behalf of the carrier, or · the master or a named agent for or on behalf of the master. ⅱ.신용장이 환적을 금지하고 있는 경우에도,물품이 선화증권에 의하여 입증된 대로 컨테이너,트레일러 또는 래쉬선에 선적된 경우에는,환적이 행해질 것이라거나 또는 행해질 수 있다고 표시하고 있는 선화증권은 수리될 수 있다. d. 운송인이 환적할 권리를 유보한다고 명기하고 있는 선화증권상의 조항은 무시된다. 제 21조 비유통성 해상화물운송장 a. 비유통성 해상화물운송장은 그 명칭에 관계없이 다음과 같이 보여야 한다. ⅰ.운송인의 명칭을 표시하고 다음의 자에 의하여 서명되어 있는 것: ·운송인 또는 운송인을 대리하는 지정대리인,또는 선장 또는 선장을 대리하는 지정대리인.

Any signature by the carrier, master or agent must be identified as that of the carrier, master of agent. Any signature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master. ⅱ. indicate that the goods have been shipped on board a named vessel at the port of loading stated in the credit by: · pre-printed wording, or an on board notation indicating the date on which the goods have been shipped on board. The date of issuance of the non-negotiable sea waybill will be deemed to be the date of shipment unless the non-negotiable sea waybill an on board notation indicating the date of shipment, in which case the date stated in the on board notation will be deemed to be the date of shipment. If the non-negotiable sea waybill contains the indication "intended vessel" or similar qualification in relation to the name of the vessel, an on board notation indicating the date of shipment and the name of the actual vessel is required. 운송인,선장 또는 대리인에 의한 모든 서명은 운송인,선장 또는 대리인의 것이라는 것을 확인하고 있어야 한다. 대리인에 의한 모든 서명은 그 대리인이 운송인을 대리하여 서명하였는지, 또는 선장을 대리하여 서명하였는지를 표시하여야 한다. . ⅱ. 다음에 의하여 물품이 신용장에 명기된 적재항에서 지정선박에 본선선적되었음을 표시하고 있는 것: ·사전인쇄된 문언,또는 물품이 본선선적된 일자를 표시하고 있는 본선적재표기 비유통성 해상화물운송장의 발행일은 선적일로 본다. 다만, 비유통성 해상화물운송장이 선적일을 표시하고 있는 본선적재표기를 포함하고 있는 경우에는 그러하지 아니하며, 이 경우, 본선적재표기상에 명기된 일자는 선적일로 본다. 비유통성 해상화물운송장이 선박의 명칭에 관하여 “예정된 선박” 또는 이와 유사한 제한의 표시를 포함하고 있는 경우에는, 선적일 및 실제 선박의 명칭을 표시하고 있는 본선적재표기는 요구된다.

단일의 ⅳ. 비유통성 해상화물운송장 원본 또는,2통 이상의 원본으로 발행된 경우에는, 비유통성 해상화물운송장상에 표시된 대로 전통인 것. ⅴ.운송의 제조건을 포함하고 있거나,또는 운송의 제조건을 포함하는 다른 자료를 참조하고 있는 것(약식/배면백지식 비유통성 해상화물운송장). 운송의 제조건의 내용은 심사되지아니한다 ⅵ. 용선계약에 따른다는 어떠한 표시도 포함하고 있지 아니한 것 b. 이 조에서, 환적이란 신용장에 명기된 적재항으로부터 양륙항까지의 운송과정 중에 한 선박으로부터의 양화 및 다른 선박으로의 재적재를 말한다. ⅳ. be the sole original non-negotiable sea waybill or, if issued in more than one original, be the full set as indicated on the non-negotiable sea waybill. ⅴ. contain terms and conditions of carriage or make reference to another source containing the terms and conditions of carriage (short form or blank back non-negotiable sea waybill). Contents of terms and conditions of carriage will not be examined. ⅵ. contain no indication that it is subject to a charter party. b. For the purpose of this article, transhipment means unloading from one vessel and reloading to another vessel during the carriage from the port of loading to the port of discharge stated in the credit.

c. ⅰ. A non-negotiable sea waybill may indicate that the goods will or may be transhipped provided that the entire carriage is covered by one and the same non-negotiable sea waybill. ⅱ. A non-negotiable sea waybill indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment, if the goods have been shipped in a container, trailer or LASH barge as evidenced by the non-negotiable sea waybill. d. Clauses in a non-negotiable sea waybill stating that the carrier reserves the right to transship will be disregarded. c. ⅰ. 비유통성 해상화물운송장은 물품이 환적될 것이라거나 또는 될 수 있다고 표시할 수 있다. 다만, 전운송이 동일한 비유통성 해상화물운송장에 의하여 커버되어야 한다. ⅱ.신용장이 환적을 금지하고 있는 경우에도,물품이 비유통성 해상화물운송장에 의하여 입증된 대로 컨테이너,트레일러 또는 래쉬선에 선적된 경우에는,환적이 행해질 것이라거나 또는 행해질 수 있다고 표시하고 있는 비유통성 해상화물운송장은 수리될 수 있다. d. 운송인이 환적할 권리를 유보한다고 명기하고 있는 비유통성 해상화물운송장상의 조항은 무시된다.

Article 22 Charter Party Bill of Lading a. A bill of lading, however named, containing an indication that it is subject to a charter party (charter party bill of lading), must appear to: ⅰ. be signed by: · the master or a named agent for or on behalf of the master, or · the owner or a named agent for or on behalf of the owner, or · the charterer or a named agent for or on behalf of the charterer. Any signature by the master, owner, charter or agent must be identified as that of the master, owner, charterer or agent. Any signature by an agent must indicate whether the agent has signed for or on behalf of the master, owner or charterer. 제 22조 용선계약선화증권 a. 용선계약에 따른다는 표시를 포함하고 있는 선화증권(용선계약선화증권)은 그 명칭에 관계없이 다음과 같이 보여야 한다. ⅰ.다음의 자에 의하여 서명되어 있는 것: ·선장 또는 선장을 대리하는 지정대리인,또는 선주 또는 선주를 대리하는 지정대리인,또는 용선자 또는 용선자를 대리하는 지정대리인. 선장, 선주, 용선자 또는 대리인에 의한 모든 서명은 선장, 선주, 용선자 또는 대리인의 것 이라는 것을 확인하고 있어야 한다. 대리인에 의한 모든 서명은 그 대리인이 선장, 선주 또는 용선자 중 누구를 대리하여 서명하였는지를 표시하여야 한다.

An agent signing for or on behalf of the owner or charterer must indicate the name of the owner or charterer. ⅱ. indicate that the goods have been shipped on board a named vessel at the port of loading stated in the credit by: · pre-printed wording, or · an on board notation indicating the date on which the goods have been shipped on board. The date of issuance of the charter party bill of lading will be deemed to be the date of shipment unless the charter party bill of lading contains an on board notation indicating the date of shipment, in which case the date stated in the on board notation will be deemed to be the date of shipment. 선주 또는 용선자를 대리하여 서명하는 대리인은 선주 또는 용선자의 명칭을 표시하여야 한다. ⅱ. 다음에 의하여 물품이 신용장에 명기된 적재항에서 지정선박에 본선선적되었음을 표시하고 있는 것: ·사전인쇄된 문언,또는 물품이 본선적된 일자를 표시하고 있는 본선적재표기용선계약선화증권의 발행일은 선적일로 본다. 다만, 용선계약선화증권이 선적일을 표시하고 있는 본선적재표기를 포함하고 있는 경우에는 그러하지 아니하며, 이 경우, 본선적재표기상에 명기된 일자는 선적일로 본다.

ⅲ. indicate shipment from the port of loading to the port of discharge stated in the credit. The port of discharge may also be shown as a range of ports or a geographical area, as stated in the credit. ⅳ. be the sole original charter party bill of lading or, if issued in more than one original, be the full set as indicated on the charter party bill of lading. b. A bank will not examine charter party contracts, even if they are required to be presented by the terms of the credit. ⅲ. 신용장에 명기된 적재항으로부터 양륙항까지의 선적을 표시하고 있는 것. 또한 양륙항은 신용장에 명기된 대로 항구의 구역 또는 지리적 지역으로 표시될 수 있다. ⅳ. 단일의 용선계약선화증권 원본 또는,2통 이상의 원본으로 발행된 경우에는,용선계약 선화증권상에 표시된 대로 전통인 것. b. 용선계약서가 신용장의 조건(terms)에 따라 제시되도록 요구되더라도, 은행은 그 용선계약서를 심사하지 아니한다.

Article 23 Air Transport Document a. An air transport document, however named, must appear to: ⅰ. indicate the name of the carrier and be signed by: · the carrier, or a named agent for or on behalf of the carrier. Any signature by the carrier or agent must be identified as that of the carrier or agent. Any signature by an agent must indicate that the agent has signed for or on behalf of the carrier. ⅱ. indicate that the goods have been accepted for carriage. 제 23조 항공운송서류 a. 항공운송서류는 그 명칭에 관계없이 다음과 같이 보여야 한다. ⅰ.운송인의 명칭을 표시하고 다음의 자에 의하여 서명되어 있는 것: · 운송인, 또는 운송인을 대리하는 지정대리인. 운송인 또는 대리인에 의한 모든 서명은 운송인 또는 대리인의 것이라는 것을 확인하고 있어야 한다. 대리인에 의한 모든 서명은 그 대리인이 운송인을 대리하여 서명하였음을 표시하여야 한다. ⅱ.물품이 운송을 위하여 수취되었음을 표시하고 있는 것.

ⅲ. indicate the date of issuance. This date will be deemed to be the date of shipment unless the air transport document contains a specific notation of the actual date of shipment, in which case the date stated in the notation will be deemed to be the date of shipment. Any other information appearing on the air transport document relative to the flight number and date will not be considered in determining the date of shipment. ⅳ. indicate the airport of departure and the airport of destination stated in the credit. ⅴ. be the original for consignor or shipper, even if the credit stipulates a full set of originals. . ⅲ.발행일을 표시하고 있는 것.이 일자는 선적일로 본다. 다만, 항공운송서류가 실제의 선적일에 관한 특정표기를 포함하고 있는 경우에는 그러하지 아니하며, 이 경우, 그 표기에 명기된 일자는 선적일로 본다. 운항번호 및 일자에 관하여 항공운송서류상에 보이는 기타 모든 정보는 선적일을 결정하는데 고려되지 아니한다 ⅳ.신용장에 명기된 출발공항과 목적공항을 표시하고 있는 것. ⅴ.신용장이 원본의 전통을 명시하고 있는 경우에도,탁송인 또는 송화인용 원본인 것.

ⅵ. contain terms and conditions of carriage or make reference to another source containing the terms and conditions of carriage. Contents of terms and conditions of carriage will not be examined. b. For the purpose of this article, transhipment means unloading from one aircraft and reloading to another aircraft during the carriage from the airport of departure to the airport of destination stated in the credit. c. ⅰ. An air transport document may indicate that the goods will or may be transhipped, provided that the entire carriage is covered by one and the same air transport document. ⅵ.운송의 제조건을 포함하고 있거나,또는 운송의 제조건을 포함하는 다른 자료를 참조하고 있는 것.운송의 제조건의 내용은 심사되지 아니한다. b. 이 조에서, 환적이란 신용장에 명기된 출발공항으로부터 목적공항까지의 운송과정 중에 한 항공기로부터의 양화 및 다른 항공기로의 재적재를 말한다. ⅰ. 항공운송서류는 물품이 환적될 것이라거나 또는 될 수 있다고 표시할 수 있다. 다만,전 운송은 동일한 항공운송서류에 의하여 커버되어야 한다.

. An air transport document ⅱ indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment. Article 24 Road, Rail or Inland Waterway Transport Documents a. A road, rail or inland waterway transport document, however named, must appear to: ⅱ.신용장이 환적을 금지하고 있는 경우에도,은행은 환적이 행해질 것이라거나 또는 행해질 수 있다고 표시하고 있는 항공운송서류는 수리될 수 있다. 제 24조 도로, 철도 또는 내륙수로운송서류 a. 도로, 철도 또는 내륙수로운송서류는 그 명칭에 관계없이 다음과 같이 보여야 한다.

ⅰ. indicate the name of the carrier and be signed by the carrier or a named agent for or on behalf of the carrier, or indicate receipt of the goods by signature, stamp or notation by the carrier or a named agent for or on behalf of the carrier. Any signature, stamp or notation of receipt of the goods by the carrier or agent must be identified as that of the carrier or agent. Any signature, stamp or notation of receipt of the goods by the agent must indicate that the agent has signed or acted for or on behalf of the carrier. If a rail transport document does not identify the carrier, any signature or stamp of the railway company will be accepted as evidence of the document being signed by the carrier. ⅰ.운송인의 명칭을 표시하고 있는 것 그리고: · 운송인 또는 운송인을 대리하는 지정대리인에 의하여 서명되어 있는 것, 또는 운송인 또는 운송인을 대리하는 지정대리인에 의하여 행해진 서명,스탬프 또는 표기에 의하여 물품의 수령을 표시하고 있는 것. 물품의 수령에 관한 운송인 또는 대리인에 의한 모든 서명, 스탬프 또는 표기는 운송인 또는 대리인의 것이라는 것을 확인하고 있어야 한다. 물품의 수령에 관한 대리인에 의한 모든 서명, 스탬프 또는 표기는 그 대리인이 운송인을 대리하여 서명 또는 행동하였음을 표시하여야 한다. 철도운송서류가 운송인을 확인하지 아니한 경우에는, 철도회사의 모든 서명 또는 스탬프는 운송인에 의하여 서명되어 있는 서류의 증거로서 수리되어야 한다.

ⅱ. indicate the date of shipment or the date the goods have been received for shipment, dispatch or carriage at the place stated in the credit. Unless the transport document contains a dated reception stamp, an indication of the date of receipt or a date of shipment, the date of issuance of the transport document will e deemed to be the date of shipment. ⅲ. indicate the place of shipment and the place of destination stated in the credit. b. ⅰ. A road transport document must appear to be the original for consignor or hipper or bear no marking indicating for whom the document has been prepared. ⅱ.선적일 또는 물품이 신용장에 명기된 장소에서 선적,발송 또는 운송을 위하여 수령된 자를 표시하고 있는 것.운송서류가 일자기재의 수령스탬프,수령일의 표시 또는 선적일을 포함하고 있지 아니하는 한,운송서류의 발행일은 선적일로 본다. ⅲ.신용장에 명기된 선적지 및 목적지를 표시하고 있는 것. b. ⅰ. 도로운송서류는 탁송인 또는 송화인용 원본인 것으로 보여야 하거나 또는 그 서류가 구를 위하여 작성되었는지를 표시하는 어떠한 표시도 기재하지 아니한 것으로 보여야 한다.

ⅱ. A rail transport document marked "duplicate" will be accepted as an original. ⅲ. A rail or inland waterway transport document will be accepted as an original hether marked as an original or not. c. In the absence of an indication on the transport document as to the number of originals issued, the number presented will be deemed to constitute a full set. d. For the purpose of this article, transhipment means unloading from one means of conveyance and reloading to another means of conveyance, within the same mode of transport during the carriage from the place of shipment, dispatch or carriage to the place of destination stated in the credit. ⅱ. “부본(duplicate)”이 표시된 철도운송서류는 원본으로서 수리된다. ⅲ. 철도 또는 내륙수로운송서류는 원본이라는 표시의 유무에 관계없이 원본으로서 수리된다. c. 발행된 원본의 통수에 관하여 운송서류상에 표시가 없는 경우에는, 제시된 통수는 전통을 구성하는 것으로 본다. 이 조에서 : d. , 환적이란 신용장에 명기된 선적, 발송 또는 운송지로부터 목적지까지의 운송과정 중에,동일한 운송방식내에서,한 운송수단으로부터의 양화 및 다른 운송수단으로의 재적재를 말한다.

ⅰ. A road, rail or inland waterway transport document may indicate that the goods will or may be transhipped provided that the entire carriage is covered by one and the same transport document. ⅱ. A road, rail or inland waterway transport document indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment. e. ⅰ. 도로, 철도 또는 내륙수로운송서류는 물품이 환적될 것이라거나 또는 될 수 있다고 표시할 수 있다. 다만, 전운송은 동일한 운송서류에 의하여 커버되어야 한다. ⅱ. 신용장이 환적을 금지하고 있는 경우에도,환적이 행해질 것이라거나 또는 행해질 수 있다고 표시하고 있는 도로,철도 또는 내륙수로운송서류는 수리될 수 있다.

Article 25 Courier Receipt, Post Receipt of Certificate of Posting a. A courier receipt, however named, evidencing receipt of goods for transport, must appear to: ⅰ. indicate the name of the courier service and be stamped or signed by the named courier service at the place from which the credit states the goods are to be shipped; and ⅱ. indicate a date of pick-up or of receipt or wording to this effect. This date will be deemed to be the date of shipment. b. A requirement that courier charges are to be paid or prepaid may be satisfied by a transport document issued by a courier service evidencing that courier charges are for the account of a party other than the consignee. 제 25조 특송화물수령증, 우편수령증 또는 우송증명서 a. 운송물품의 수령을 입증하는 특송화물수령증은 그 명칭에 관계없이 다음과 같이 보여야 한다: ⅰ.특송업자의 명칭을 표시하고,신용장에서 물품이 선적되어야 한다고 명기하고 있는 장소에서 지정된 특송업자에 의하여 스탬프 또는 서명된 것; 그리고, 접수일 또는 수령일 ⅱ. 또는 이러한 취지의 문언을 표시하고 있는 것.이 일자는 선적일 로 본다. b. 특송요금이 지급 또는 선지급되어야 한다는 요건은 특송요금이 수화인 이외의 당사자의 부담이라는 것을 입증하는 특송업자에 의하여 발행된 운송서류에 의하여 충족될 수 있다.

c. A post receipt or certificate of posting, however named, evidencing receipt of goods for transport, must appear to be stamped or signed and dated at the place from which the credit states the goods are to be shipped. This date will be deemed to be the date of shipment. Article 26 "On Deck", "Shipper's Load and Count", "Said by Shipper to Contain" and Charges Additional to Freight a. A transport document must not indicate that the goods are or will be loaded on deck. A clause on a transport document stating that the goods may be loaded on deck is acceptable. c. 운송물품의 수령을 입증하는 우편수령증 또는 우송증명서는 그 명칭에 관계없이 신용장 에서 물품이 선적되어야 한다고 명기하고 있는 장소에서 스탬프 또는 서명되고 일자가 기재 된 것으로 보여야 한다.이 일자는 선적일로 본다. 제 26조 “갑판적”, “송화인의 적재 및 수량확인” 및 운임의 추가비용 a. 운송서류는 물품이 갑판에 적재되었거나 또는 될 것이라고 표시해서는 아니된다. 물품이 갑판에 적재될 수 있다고 명기하고 있는 운송서류상의 조항은 수리될 수 있다

b. A transport document bearing a clause such as "shipper's load and count" and "said by shipper to contain" is acceptable. c. A transport document may bear a reference, by stamp or otherwise, to charges additional to the freight. Article 27 Clean Transport Document A bank will only accept a clean transport document. A clean transport document is one bearing no clause or notation expressly declaring a defective condition of the goods or their packaging. The word "clean" need not appear on a transport document, even if a credit has a requirement for that transport document to be "clean on board". b. "송화인의 적재 및 수량확인(shipper's load and count)" 및 “송화인의 신고내용에 따름 (said by shipper to contain)”과 같은 조항을 기재하고 있는 운송서류는 수리될 수 있다. 운송서류는 스탬프 또는 기타의 c. 방법으로 운임에 추가된 비용에 대한 참조를 기재할 수 있다. 제 27조 무고장 운송서류 은행은 무고장 운송서류만을 수리한다. 무고장 운송서류는 물품 또는 그 포장에 하자 있는 상태를 명시적으로 표시하는 조항 또는 단서를 기재하고 있지 아니한 것을 말한다. 신용장에서 그 운송서류가 “무고장본선적재(clean on board)”이어야 한다는 요건을 가지는 경우에도, “무고장(clean)”이라는 단어는 운송서류상에 보일 필요가 없다.

Article 28 Insurance Document and Coverage a. An insurance document, such as an insurance policy, an insurance certificate or a declaration under an open cover, must appear to be issued and signed by an insurance company, an underwriter or their agents or their proxies. Any signature by an agent or proxy must indicate whether the agent or proxy has signed for or on behalf of the insurance company or underwriter. . b. When the insurance document indicates that it has been issued in more than one original, all originals must be presented. 제 28조 a. 보험증권, 포괄예정보험에 의한 보험증명서 또는 통지서와 같은 보험서류는 보험회사, 보험업자 또는 이들 대리인 또는 이들 대리업자에 의하여 발행되고 서명된 것으로 보여야 한다. 대리인 또는 대리업자에 의한 모든 서명은 그 대리인 또는 대리업자가 보험회사를 대리하여 서명하였는지 또는 보험업자를 대리하여 서명하였는지를 표시하여야 한다. b. 보험서류가 2통 이상의 원본으로 발행되었다고 표시하고 있는 경우에는, 모든 원본은 제시되어야 한다보험서류 및 담보

c. Cover notes will not be accepted. d. An insurance policy is acceptable in lieu of an insurance certificate or a declaration under an open cover. e. The date of the insurance document must be no later than the date of shipment, unless it appears from the insurance document that the cover is effective from a date not later than the date of shipment. f. ⅰ. The insurance document must indicate the amount of insurance coverage and be in the same currency as the credit. c. 보험승인서는 수리되지 아니한다. d. 보험증권은 포괄예정보험에 의한 보험증명서 또는 통지서를 대신하여 수리될 수 있다. e. 보험서류에서 담보가 선적일보다 늦지 않은 일자로부터 유효하다고 보이지 아니하는 한, 보험서류의 일자는 선적일보다 늦어서는 아니된다. ⅰ. 보험서류는 보험다보의 금액을 표시하여야 하고 신용장과 동일한 통화이어야 한다.

ⅱ. A requirement in the credit for insurance coverage to be for a percentage of the value of the goods, of the invoice value or similar is deemed to be the minimum amount of coverage required. If there is no indication in the credit of the insurance coverage required, the amount of insurance coverage must be at least 110% of the CIF or CIP value of the goods. When the CIF or CIP value cannot be determined from the documents, the amount of insurance coverage must be calculated on the basis of the amount for which honour or negotiation is requested or the gross value of the goods as shown on the invoice, whichever is greater. ⅱ. 보험담보가 물품가액 또는 송장가액 등의 비율이어야 한다는 신용장상의 요건은 최소담보금액이 요구된 것으로 본다. 요구된 보험담보에 관하여 신용장에 아무런 표시가 없는 경우에는, 보험담보의 금액은 적어도 물품의 CIF 또는 CIP 가격의 110%이어야 한다. CIF 또는 CIP 가격이 서류로부터 결정될 수 없는 경우에는, 보험담보금액은 지급이행 또는 매입이 요청되는 금액 또는 송장에 표시된 물품총가액 중에서 보다 큰 금액을 기초로 하여 산정되어야 한다.

. The insurance document ⅲ must indicate that risks are covered at least between the place of taking in charge or shipment and the place of discharge or final destination as stated in the credit. g. A credit should state the type of insurance required and, if any, the additional risks to be covered. An insurance document will be accepted without regard to any risks that are not covered if the credit uses imprecise terms such as "usual risks" or "customary risks". h. When a credit requires insurance against "all risks" and an insurance document is presented containing any "all risks" notation or clause, whether or not bearing the heading "all risks", the insurance document will be accepted without regard to any risks stated to be excluded. ⅲ. 보험서류는 위험이 적어도 신용장에 명기된 대로 수탁 또는 선적자와 양륙 또는 최종목적지간에 담보되었음을 표시하여야 한다. g. 신용장은 요구된 보험의 종류를 명기하여야 하고 만일 부보되어야 하는 부가위험이 있다면 이것도 명기하여야 한다. 신용장이 “통상적 위험(usual risks)” 또는 “관습적 위험(customary risks)”과 같은 부정확한 용어를 사용하는 경우에는, 보험서류는 부보되지 아니한 어떠한 위험에 관계없이 수리되어야 한다. h. 신용장이 “전위험”에 대한 보험을 요구하고 있는 경우, “전위험”이라는 표제를 기재하고 있는지의 여부와 관계없이 “전위험”의 표기 또는 조항을 포함하고 있는 보험서류가 제시된 경우에는, 그 보험서류는 제외되어야 한다고 명기된 어떠한 위험에 관계없이 수리되어야 한다.

I. An insurance document may contain reference to any exclusion clause. j. An insurance document may indicate that the cover is subject to a franchise or excess (deductible). Article 29 Extension of Expiry Date or Last Day for Presentation a. If the expiry date of a credit or the last day for presentation falls on a day when the bank to which presentation is to be made is closed for reasons other than those referred to in article 36, the expiry date or the last day for presentation, as the case may be, will be extended to the first following banking day. I. 보험서류는 모든 면책조항(exclusion clause)의 참조를 포함할 수 있다. j. 보험서류는 담보가 소손해면책율 또는 초과(공제)면책율을 조건으로 한다는 것을 표시할 수 있다. 제 29조 유효기일의 연장 또는 제시를 위한 최종일 신용장의 a. 유효기일 또는 제시를 위한 최종일이 제36조에 언급된 사유 이외의 사유로 제시를 받아야 하는 은행의 휴업일에 해당하는 경우에는, 그 유효기일 또는 제시를 위한 최종일은 경우에 따라 최초의 다음 은행영업일까지 연장된다.

b. If presentation is made on the first following banking day, a nominated bank must provide the issuing bank or confirming bank with a statement on its covering schedule that the presentation was made within the time limits extended in accordance with sub-article 29 (a). · c. The latest date for shipment will not be extended as a result of sub-article 29 (a). b. 제시가 최초의 다음 은행영업일에 행해지는 경우에는, 지정은행은 발행은행 또는 확인은행에게 제시가 제29조 a항에 따라 연장된 기간내에 제시되었다는 설명을 서류송부장(covering schedule)으로 제공하여야 한다. c. 선적을 위한 최종일은 제29조 a항의 결과로서 연장되지 아니한다.

Article 30 Tolerance in Credit Amount, Quantity and Unit Prices a. The words "about" or "approximately" used in connection with the amount of the credit or the quantity or the unit price stated in the credit are to be construed as allowing a tolerance not to exceed 10% more or 10% less than the amount, the quantity or the unit price to which they refer. b. A tolerance not to exceed 5% more or 5% less than the quantity of the goods is allowed, provided the credit does not state the quantity in terms of a stipulated number of packing units or individual items and the total amount of the drawings does not exceed the amount of the credit. 제 30조 신용장금액/수량/단가의 과부족 a. 신용장에 명기된 신용장의 금액 또는 수량 또는 단가와 관련하여 사용된 “약(about)” 또는 “대략(approximately)”이라는 단어는 이에 언급된 금액, 수량 또는 단가의 10%를 초과하지 아니하는 과부족을 허용하는 것으로 해석된다. b. 신용장이 명시된 포장단위 또는 개개의 품목의 개수로 수량을 명기하지 아니하고 어음발행의 총액이 신용장의 금액을 초과하지 아니하는 경우에는, 물품수량이 5%를 초과하지 아니하는 과부족은 허용된다.

c. Even when partial shipments are not allowed, a tolerance not to exceed 5% less than the amount of the credit is allowed, provided that the quantity of the goods, if stated in the credit, is shipped in full and a unit price, if stated in the credit, is not reduced or that sub-article 30 (b) is not applicable. This tolerance does not apply when the credit stipulates a specific tolerance or uses the expressions referred to in sub-article 30 (a). Article 31 Partial Drawings or Shipments a. Partial drawings or shipments are allowed. a. 분할어음발행 또는 분할선적은 허용된다. c. 분할선적이 허용되지 아니하는 경우에도, 신용장금액의 5%를 초과하지 아니하는 부족은 허용된다. 다만, 물품의 수량은 신용장에 명기된 경우 전부 선적되고 단가는 신용장에 명기된 경우 감액되어서는 아니되거나 또는 제30조 b항이 적용될 수 없어야 한다. 이 부족은 신용장이 특정 과부족을 명시하거나 또는 제30조 a항에 언급된 표현을 사용하는 경우에는 적용되지 아니한다. 제 31조 분할어음발행 또는 선적

b. A presentation consisting of more than one set of transport documents evidencing shipment commencing on the same means of conveyance and for the same journey, provided they indicate the same destination, will not be regarded as covering a partial shipment, even if they indicate different dates of shipment or different ports of loading, places of taking in charge or dispatch. If the presentation consists of more than one set of transport documents, the latest date of shipment as evidenced on any of the sets of transport documents will be regarded as the date of shipment. A presentation consisting of one or more sets of transport documents evidencing shipment on more than one means of conveyance within the same mode of transport will be regarded as covering a partial shipment, even if the means of conveyance leave on the same day for the same destination b. 동일한 운송수단에 그리고 동일한 운송을 위하여 출발하는 선적을 증명하는 2조 이상의 운송서류를 구성하는 제시는,이들 서류가 동일한 목적지를 표시하고 있는 한,이들 서류가 상이한 선적일 또는 상이한 적재항,수탁지 또는 발송지를 표시하고 있더라도,분할선적이 행해진 것으로 보지 아니한다. 그 제시가 2조 이상의 운송서류를 구성하는 경우에는, 운송 서류의 어느 한 조에 증명된 대로 최종선적일은 선적일로 본다. 동일한 운송방식에서2이상의 운송수단상의 선적을 증명하는2조 이상의 운송서류를 구 성하는 제시는 그 운송수단이 동일한 일자에 동일한 목적지를 향하여 출발하는 경우에도 분할선적이 행해진 것으로 본다.

c. A presentation consisting of more than one courier receipt, post receipt orcertificate of posting will not be regarded as a partial shipment if the courier receipts, post receipts or certificates of posting appear to have been stamped or signed by the same courier or postal service at the same place and date and for the same destination. Article 32 Instalment Drawings or Shipments If a drawing or shipment by installments within given periods is stipulated in the credit and any installment is not drawn or shipped within the period allowed for that installment, the credit ceases to be available for that and any subsequent installment. c. 2 이상의 특송화물수령증, 우편수령증 또는 우송증명서를 구성하는 제시는 그 특송화물 수령증, 우편수령증 또는 우송증명서가 동일한 장소 및 일자 그리고 동일한 목적지를 위하여 동일한 특송업자 또는 우편서비스에 의하여 스탬프 또는 서명된 것으로 보이는 경우에는분할선적으로 보지 아니한다. 제 32조 할부어음발행 또는 선적 일정기간 내에 할부에 의한 어음발행 또는 선적이 신용장에 명시되어 있고 어떠한 할부분이 그 할부분을 위하여 허용된 기간 내에 어음발행 또는 선적되지 아니한 경우에는, 그 신용장은 그 할부분과 그 이후의 모든 할부분에 대하여 효력을 상실한다.

Article 33 Hours of Presentation A bank has no obligation to accept a presentation outside of its banking hours. Article 34 Disclaimer on Effectiveness of Documents A bank assumes no liability or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document, or for the general or particular conditions stipulated in a document or superimposed thereon; nor does it assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods, services or other performance represented by any document, or for the goods faith or acts or omissions, solvency, performance or standing of the consignor, the carrier, the forwarder, the consignee or the insurer of the goods or any other person. 제 33조 제시시간 은행은 그 은행영업시간 이외의 제시를 수리할 의무가 없다. 제 34조 서류효력에 관한 면책 제 34조 서류효력에 관한 면책 은행은 모든 서류의 형식, 충분성, 정확성, 진정성, 위조성 또는 법적 효력에 대하여 또는 서류에 명시되거나 또는 이에 부가된 일반조건(general conditions) 또는 특별조건(particular conditions)에 대하여 어떠한 의무 또는 책임도 부담하지 아니하며, 또한 은행은 모든 서류에 표시되어 있는 물품, 용역 또는 기타 이행의 명세, 수량, 중량, 품질, 상태, 포장, 인도, 가치 또는 존재에 대하여 또는 물품의 송화인, 운송인, 운송주선인, 수화인 또는 보험자,또는 기타 당사자의 성실성 또는 작위 또는 부작위,지급능력, 이행능력 또는 신용상태에 대하여 어떠한 의무 또는 책임도 부담하지 아니한다.

Article 35 Disclaimer on Transmission and Translation A bank assumes no liability or responsibility for the consequences arising out of delay, loss in transit, mutilation or other errors arising in the transmission of any messages or delivery of letters or documents, when such messages, letters or documents are transmitted or sent according to the requirements stated in the credit, or when the bank may have taken the initiative in the choice of the delivery service in the absence of such instructions in the credit. If a nominated bank determines that a presentation is complying and forwards the documents to the issuing bank or confirming bank, whether or not the nominated bank has honored or negotiated, and issuing bank or confirming bank must honor or negotiate, or reimburse that nominated bank, even when the documents have been lost in transit between the nominated bank and the issuing bank or confirming bank, or between the confirming bank and the issuing bank. A bank assumes no liability or responsibility for errors in translation or interpretation of technical terms and may transmit credit terms without translating them. 제 35조 송달 및 번역에 관한 면책 모든 통신문, 서신 또는 서류가 신용장에 명기된 요건에 따라 송달 또는 송부된 경우, 또는 은행이 신용장에 그러한 지시가 없으므로 인도서비스의 선정에 있어서 자발적으로 행하였을 경우에는 ,은행은 그러한 통신문(message)의 송달 또는 서신이나 서류의 인도 중에 지연,분실, 훼손 또는 기타 오류로 인하여 발생하는 결과에 대하여 어떠한 의무 또는 책임도 부담하지 아니한다. 지정은행이 제시가 일치하고 있다고 결정하고 그 서류를 발행은 또는 확인은행에 발송하는 경우에는,서류가 지정은행과 발행은행 또는 확인은행간에,또는 확인은행과 발행은행간에 송달중에 분실된 경우라 하더라도, 지정은행이 지급이행 또는 매입하였는지의 여부에 관계없이,발행은행 또는 확인은행은 지급이행 또는 매입하거나,또는 그 지정은행에 상환하여야 한다. 은행은 전문용어의 번역 또는 해석상의 오류에 대하여 어떠한 의무 또는 책임도 부담하지 아니하며 신용장의 용어를 번역함이 없이 이를 송달할 수 있다.모든 통신문, 서신 또는 서류가 신용장에 명기된 요건에 따라 송달 또는 송부된 경우, 또는 은행이 신용장에 그러한 지시가 없으므로 인도서비스의 선정에 있어서 자발적으로 행하였을 경우에는 ,은행은 그러한 통신문(message)의 송달 또는 서신이나 서류의 인도 중에 지연, 분실, 훼손 또는 기타 오류로 인하여 발생하는 결과에 대하여 어떠한 의무 또는 책임도 부담하지 아니한다. 지정은행이 제시가 일치하고 있다고 결정하고 그 서류를 발행은 또는 확인은행에 발송하는 경우에는,서류가 지정은행과 발행은행 또는 확인은행간에,또는 확인은행과 발행은행간에 송달중에 분실된 경우라 하더라도, 지정은행이 지급이행 또는 매입하였는지의 여부에 관계없이,발행은행 또는 확인은행은 지급이행 또는 매입하거나,또는 그 지정은행에 상환하여야 한다. 은행은 전문용어의 번역 또는 해석상의 오류에 대하여 어떠한 의무 또는 책임도 부담하지 아니하며 신용장의 용어를 번역함이 없이 이를 송달할 수 있다.

Article 36 Force Majeure A bank assumes no liability or responsibility for the consequences arising out of the interruption of its business by Acts of God, riots, civil commotions, insurrections, wars, acts of terrorism, or by any strikes or lockouts or any other causes beyond its control. A bank will not, upon resumption of its business, honor or negotiate under a credit that expired during such interruption of its business. Article 37 Disclaimer for Acts of an Instructed Party a. A bank utilizing the services of another bank for the purpose of giving effect to the instructions of the applicant does so for the account and at the risk of the applicant. 제 36조 불가항력 은행은 천재, 폭동, 소요, 반란, 전쟁, 폭력주의의 행위에 의하거나 또는 동맹파업 또는 직장폐쇄에 의하거나 또는 기타 은행이 통제할 수 없는 원인에 의한 은행업무의 중단으로 인하여 발생하는 결과에 대하여 어떠한 의무 또는 책임도 부담하지 아니한다. 은행은 그 업무를 재개하더라도 그러한 업무의 중단 동안에 유효기일이 경과한 신용장에 의한 지급이행 또는 매입을 행하지 아니한다. 제 37조 피지시인의 행위에 대한 면책 a. 발행의뢰인의 지시를 이행하기 위하여 타은행의 서비스를 이용하는 은행은 그 발행의뢰인의 비용과 위험으로 이를 행한다.

b. An issuing bank or advising bank assumes no liability or responsibility should theinstructions it transmits to another bank not be carried out, even if it has taken the initiative in the choice of that other bank. c. A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses ("charges") incurred by that bank in connection with its instruction. If a credit states that charges are for the account of the beneficiary and charges cannot be collected or deducted from proceed, the issuing bank remains liable for payment of charges. A credit or amendment should not stipulate that the advising to a beneficiary is conditional upon the receipt by the advising bank or second advising bank of its charges. b. 발행은행 또는 통지은행이 타은행의 선정에 있어서 자발적으로 행한 경우라 하더라도, 그 은행이 타은행에게 전달한 지시가 수행되지 아니하는 경우에는, 발행은행 또는 통지은행은 어떠한 의무 또는 책임도 부담하지 아니한다. c. 타은행에게 서비스를 이행하도록 지시하는 은행은 그 지시와 관련하여 그러한 타은행에 의하여 부담되는 모든 수수료, 요금, 비용 또는 경비(“비용”)에 대하여 책임을 부담한다. 신용장에 비용이 수익자의 부담이라고 명기하고 있고 비용이 대금으로부터 징수 또는 공제될 수 없는 경우에는,발행은행은 비용의 지급에 대하여 책임을 부담한다. 신용장 또는 조건변경은 수익자에 대한 통지가 통지은행 또는 제2통지은행에 의한 통지비용의 수령을 조건으로 한다고 명시하여서는 아니된다.

d. The applicant shall be bound by and liable to indemnify a bank against all obligations and responsibilities imposed by foreign laws and usages. Article 38 Transferable Credits a. A bank is under no obligation to transfer a credit except to the extent and in the manner expressly consented to by that bank. d. 발행의뢰인은 외국의 법률과 관행에 의하여 부과되는 모든 의무와 책임에 구속되며 이에 대하여 은행에게 보상할 책임이 있다. 제 38조 양도가능신용장 a. 은행은 그 은행에 의하여 명시적으로 동의된 범위 및 방법에 의한 경우를 제외하고 신용장을 양도할 의무를 부담하지 아니한다.

b. For the purpose of this article: Transferable credit means a credit that specifically states it is "transferable". A transferable credit may be made available in whole or in part to another beneficiary ("second beneficiary") at the request of the beneficiary ("first beneficiary"). Transferring bank means a nominated bank that transfers the credit or, in a credit available with any bank, a bank that is specifically authorized by the issuing bank to transfer and that transfers the credit. An issuing bank may be a transferring bank. Transferred credit means a credit that has been made available by the transferring bank to a second beneficiary. b. 이 조에서: 양도가능신용장이란 “양도가능(transferable)”이라고 특별히 명기하고 있는 신용장을 말한다.양도가능신용장은 수익자(“제1수익자”)의 요청에 의하여 전부 또는 일부가 다른 수익자(“제2수익자”)에게 사용될 수 있도록 될 수 있다. 양도은행은 신용장을 양도하는 지정은행 또는, 모든 은행에서 사용될 수 있는 신용장에 있어서, 발행은행에 의하여 양도하도록 특별히 수권되고 그 신용장을 양도하는 은행을 말한다.발행은행은 양도은행일 수 있다. 양도된 신용장은 양도은행에 의하여 제2수익자에게 사용될 수 있도록 되는 신용장을 말한다.

c. Unless otherwise agreed at the time of transfer, all charges (such as commissions, fees, costs or expenses) incurred in respect of a transfer must be paid by the first beneficiary. d. A credit may be transferred in part to more than one second beneficiary provided partial drawings or shipments are allowed. A transferred credit cannot be transferred at the request of a second beneficiary to any subsequent beneficiary. The first beneficiary is not considered to be a subsequent beneficiary. c. 양도를 이행할 때에 별도의 합의가 없는 한, 양도와 관련하여 부담된 모든 비용(이를 테면, 수수료, 요금, 비용, 경비)은 제1수익자에 의하여 지급되어야 한다. d. 분할어음발행 또는 분할선적이 허용되는 한, 신용장은 2 이상의 제2수익자에게 분할양도될 수 있다. 양도된 신용장은 제2수익자의 요청에 의하여 그 이후의 어떠한 수익자에게도 양도될 수 없다. 제1수익자는 그 이후의 수익자로 보지 아니한다.

e. Any request for transfer must indicate if and under what conditions amendments may be advised to the second beneficiary. The transferred credit must clearly indicate those conditions. f. If a credit is transferred to more than one second beneficiary, rejection of an amendment by one or more second beneficiary does not invalidate the acceptance by any other second beneficiary, with respect to which the transferred credit will be amended accordingly. For any second beneficiary that rejected the amendment, the transferred credit will remain un-amended. e. 양도를 위한 모든 요청은 조건변경이 제2수익자에게 통지될 수 있는지 그리고 어떤 조건으로 제2수익자에게 통지될 수 있는지를 표시하여야 한다.양도된 신용장은 이러한 조건을 명확히 표시하여야 한다. f. 신용장이 2 이상의 제2수익자에게 양도된 경우에는, 하나 또는 그 이상의 제2수익자에 의한 조건변경의 거절은 이로 인하여 양도된 신용장이 조건변경되어지는 기타 모든 제2수익자에 의한 승낙을 무효로 하지 아니한다.조건변경을 거절한 제2수익자에 대하여는, 양도된 신용장은 조건변경 없이 존속한다.

g. The transferred credit must accurately reflect the terms and conditions of the credit, including confirmation, if any, with the exception of: - the amount of the credit, - any unit price stated therein, - the expiry date, - the period for presentation, or - the latest shipment date or given period for shipment, any or all of which may be reduced or curtailed. The percentage for which insurance cover must be effected may be increased to provide the amount of cover stipulated in the credit or these articles. The name of the first beneficiary may be substituted for that of the applicant in the credit. If the name of the applicant is specifically required by the credit to appear in any document other than the invoice, such requirement must be reflected in the transferred credit. g. 양도된 신용장은 다음의 경우를 제외하고는 확인(있는 경우)을 포함하여 신용장의 제조 건을 정확히 반영하여야 한다: - 신용장의 금액, -신용장에 명기된 단가, - 유효기일, -제시를 위한 기간,또는 -최종선적일 또는 정해진 선적기간, 이들 중의 일부 또는 전부는 감액 또는 단축될 수 있다. 보험부보가 이행되어야 하는 비율은 이 규칙 또는 신용장에 명기된 부보금액을 충족시킬 수 있도록 증가될 수 있다. 제1수익자의 명의는 신용장상의 신용장발행의뢰인의 명의로 대체될 수 있다. 발행의뢰인의 명의가 송장 이외의 모든 서류에 표시되도록 신용장에 의하여 특별히 요구되는 경우에는,그러한 요구는 양도된 신용장에 반영되어야 한다.

h. The first beneficiary has the right to substitute its own invoice and draft, if any, for those of a second beneficiary for an amount not in excess of that stipulated in the credit, and upon such substitution the first beneficiary can draw under the credit for the difference, if any, between its invoice and the invoice of a second beneficiary I. If the first beneficiary is to present its own invoice and draft, if any, but fails to do so on first demand, or if the invoices presented by the first beneficiary create discrepancies that did not exist in the presentation made by the second beneficiary and the first beneficiary fails to correct them on first demand, the transferring bank has the right to present the documents as received from the second beneficiary to the issuing bank, without further responsibility to the first beneficiary. h. 제1수익자는 신용장에 명시된 금액을 초과하지 아니하는 금액에 대하여 제2수익자의 송장 및 환어음을 그 자신의 송장 및 환어음(있는 경우)으로 대체할 권리를 가지고 있으며, 그러한 대체시에, 제1수익자는 자신의 송장과 제2수익자의 송장 사이에 차액이 있다면, 그 차액에 대하여 신용장에 따라 어음을 발행할 수 있다. I. 제 1 수익자가 그 자신의 송장 및 환어음(있는 경우)을 제공하여야 하지만 최초의 요구시에 이를 행하지 아니하는 경우, 또는 제1수익자에 의하여 제시된 송장이 제2수익자에 의하여 행해진 제시에 없었던 불일치를 발생시키고 제1수익자가 최초의 요구시에 이를 정정하지 아니한 경우에는, 양도은행은 제1수익자에 대한 더 이상의 책임 없이 제2수익자로부터 수령 한 서류를 발행은행에 제시할 권리를 가진다.

j. The first beneficiary may, in its request for transfer, indicate that honor or negotiation is to be effected to a second beneficiary at the place to which the credit has been transferred, up to and including the expiry date of the credit. This is without prejudice to the right of the first beneficiary in accordance with sub-article 38 (h). k. Presentation of documents by or on behalf of a second beneficiary must be made to the transferring bank. Article 39 Assignment of Proceeds The fact that a credit is not stated to be transferable shall not effect the right of the beneficiary to assign any proceeds to which it may be or may become entitled under the credit, in accordance with the provisions of applicable law. This article relates only to the assignment of proceeds and not to the assignment of the right to perform under the credit. j. 제1수익자는 그 자신의 양도요청으로 지급이행 또는 매입이 신용장의 유효기일을 포함한 기일까지 신용장이 양도된 장소에서 제2수익자에게 이행되어야 한다는 것을 표시할 수 있다. 이것은 제38조 h항에 따른 제1수익자의 권리를 침해하지 아니한다. k. 제2수익자에 의하거나 또는 대리하는 서류의 제시는 양도은행에 행해져야 한다. 제 39조 대금의 양도 신용장이 양도가능한 것으로 명기되어 있지 아니하다는 사실은 적용가능한 법률의 규정에 따라 그러한 신용장에 의하여 수권되거나, 또는 될 수 있는 대금을 양도할 수익자의 권리에 영향을 미치지 아니한다. 이 조는 대금의 양도에만 관련되어 있으며 신용장에 따라 이행할 권리의 양도에 관련되는 것은 아니다.

Letter of Credit & Preparation of Shipping Documents <신용장과 선적서류작성> LC is highlighted in int’l settlement (신용장 방식을 중심으로)

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Letter of Credit & Preparation of Shipping Documents <신용장과 선적서류작성> LC is highlighted in int’l settlement (신용장 방식을 중심으로)

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Presentation on theme: "Letter of Credit & Preparation of Shipping Documents <신용장과 선적서류작성> LC is highlighted in int’l settlement (신용장 방식을 중심으로)"— Presentation transcript:

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