Uncategorized DISCOUNTING A DEFERRED PAYMENT UNDERTAKING By Mr Old Man Posted on May 22, 2012 23 min read 0 0 3,438 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION Kính gửi anh Đức,Em có một thắc mắc liên quan đến chiết khấu hối phiếu mong được anh giải đáp ạ. Thông thường khi chiết khấu BCT hàng xuất, NH thường yêu cầu hối phiếu như một chứng từ bắt buộc. Tuy nhiên em muốn hỏi anh đối với những BCT trả chậm by deferred payment không có hối phiếu thì việc chiết khấu có bắt buộc phải có hối phiếu không anh. Vì theo em nghĩ, NH chiết khấu giữ lại hối phiếu nhằm mục đích mua bán chuyển nhượng trên thị trường forfaiting. Ngoài ra, Điều 7 (a)(vi) UCP 600 quy định “Việc hoàn trả số tiền trên chứng từ được xuất trình theo L/C chấp nhận hoặc L/C trả chậm sẽ được thực hiện khi đáo hạn, cho dù NHĐCĐ đã trả trước hoặc mua lại trước khi đáo hạn hay không. Cam kết của NHPH về việc hoàn trả cho NHĐCĐ độc lập với cam kết của NHPH đối với người thụ hưởng”. Vì vậy, em thấy đối với chiết khấu BCT by deferred payment, việc yêu cầu KH xuất trình hối phiếu dường như không có ý nghĩa vì ờ đây sẽ không có hành động 'chấp nhận hối phiếu' mà chỉ có 'chấp nhận cam kết trả chậm mà thôi'.Rất mong sớm nhận được giải đáp của anh. Em cảm ơn anh rất nhiều.Bích Ngọc. ————— ANSWER Hi, Như bạn đã biết, Deferred payment L/C không yêu cầu xuất trình hối phiếu, do vậy, việc chiết khấu, nếu có, sẽ là chiết khấu cam kết trả chậm (discounting of a deferred payment undertaking), chứ không chiết khấu hối phiếu.. Tuy nhiên, bạn cần lưu ý rằng chỉ có ngân hàng được chỉ định mới có thể chiết khấu cam kết trả chậm của chính mình. Trường hợp một ngân hàng không phải là ngân hàng được chỉ định muốn chiết khấu cam kết trả chậm của ngân hàng phát hành, thì ngân hàng đó phải được sự đồng ý/ủy quyền của ngân hàng phát hành. Giải thích trên đây được hiểu là áp dụng đối với chiết khấu miễn truy đòi. Thực tế cho thấy, nhiều ngân hàng cho dù không được chỉ định vẫn thực hiện chiết khấu cam kết trả chậm trên cơ sở có truy đòi. Nhắc đến chiết khấu cam kết trả chậm, tôi muốn bạn quay lại thời kỳ UCP 500 đã từng xảy ra một cuộc tranh chấp kinh điển giữa Banque Paribas và Banco Santander mà đã dẫn đến sự thay đổi của UCP 600. Theo đó, Điều 12 (b) UCP 600 quy định: “Sự chỉ định bởi NHPH cho NHĐCĐ chấp nhận hối phiếu hoặc cam kết trả chậm bao gồm cả sự uỷ quyền cho NHĐCĐ được thực hiện trả trước hoặc mua lai hối phiếu đã được chấp nhận hoặc cam kết trả chậm của NHĐCĐ.” Bàn về chiết khấu cam kết trả chậm liên quan đến vụ tranh chấp trên đây, Mr. Old Man đã từng viết nhiều bài trên các tạp chí trong và ngoài nước. Bạn có thể google cụm từ [“Mr. Old Man” + “Banco Santander”] để có thể đọc những bài viết đó. Best regards,Mr. Old Man—————– FROM BICH NGOC Dear anh Đức,Cảm ơn anh rất nhiều về những thông tin quan trọng trên. Không ngờ anh lại có phản hồi cho em sớm thế. Vậy anh có thể cho em hỏi việc một ngân hàng yêu cầu khách hàng nộp hối phiếu khi thực hiện chiết khấu BCT deferred payment liệu có hợp lý hay không ạ? Liên quan đến vấn đề này chúng em cũng đang có tranh luận nên hi vọng sẽ được anh 'khai sáng' thêm ạ.Em cảm ơn anh nhiều. —————–FROM MR. OLD MAN Hi, Chắc chắn là không hợp lý rồi bởi, như đã nói trong mail trước, deferred payment L/C không yêu cầu người thụ hưởng xuất trình hối phiếu trả chậm. Best regards,Mr. Old Man————- P/s: Tham khảo những bài viết liên quan của Mr. Old Man: QUOTEDear Neville DcostaAs you may know, an LC may be stipulated available by payment, available by negotiation, available by acceptance or available by deferred payment.LC available by (sight) payment does not require sight drafts to be presented and normally the payment is to be effected at the counter of the issuing bank or at its nominated bank upon receipt of the complied documents. The beneficiary under LC available by payment normally may not obtain the payment in advance by negotiating (selling at a discount) the documents at his bank. Different from LC available by payment, LC available by negotiation allows the beneficiary to receive the payment by negotiating the sight drafts and documents at a nominated negotiating bank which is normally located in his country. The negotiation may be effected on a with or without recourse basis. However, under a confirmed LC, the confirming bank must negotiate the documents on without recourse basis.Acceptance LCs and deferred payment LCs are usance LCs. The difference is that the acceptance LC requires a time draft, whereas the deferred payemt LC does not. Under acceptance LC, the beneficiary may receive the payment before the draft is due by discounting the accepted draft at its bank or discounting it on forfaiting markets (as the accepted draft is a financial instrument which can be transferable).Under deferred payment LC, after his presentation of complied documents, the beneficiary receives a deferred payment undertaking incurred by the issuing bank or its nominated bank. Deferred payment undertaking is not largely accepted as a financial instrument, therefore, normally the beneficiary may not discount the deferred payment undertaking. However, in some cases, the beneficiary can use the deferred payment undertaking incurred by the issuing bank or nominated bank as a security for the advance given by his banks.UCP 500 was silent on negotiating/discounting deferred payment uindertakings. The dispute between Banco Santander and Banque Paribas in connection with the discounting of a deferred payment undertaking led to the change in UCP. Under UCP 600 Art. 12 (b), the nominated bank is allowed to purchase (buying at a discount) its own deferred payment undertaking.Hoping the matter has been clear.Best regards,Nguyen Huu Duc UNQUOTE—————————–QUOTE WHY THE BENEFICIARY REQUIRES DRAFTS IN L/C TRANSACTIONS?Wednesday, March 17, 2010 1:02:02 AMwhy-the-beneficiary-requires-drafts-in-l-c-transacQUERY FROM SHAHRIARPost subject: Re: draft for negotiation dear Nguyen Huu Duc, im very happy to see you here. i always enjoy your writings about draft, u said for negotiation for sight lc draft is required which made me bit confused. from the ucp wording, its seems to me that negotiation is possible without draft. about the requirement of draft in lc, its always confusing to me. i got different comments on it.some are – drafts are not req by beneficiary. its req by the bank for refinancing purpose – tolee make senses if the lc is at sight and issuing bank will get the payment after xxx days from applicant 2. draft is req coz local law says so. 3. draft is req by the customs authority!!! 4. European dont like draft and therefore prohibits in some cases since there are some stamp charges involved could u please help me out of this maze? shahriar —- ———————————– Md.zakir Hossen Post subject: Re: draft for negotiation DEAR NHDUC WELCOME TO THIS SITE.IT IS A GREAT PLEASURE FOR US YOUR SIGNING THIS FORUM. I ALWAYS ENJOY YOUR OPINION THANKS AGAIN. ———————- COMMENT FROM MR. OLD MANPost subject: Re: draft for negotiation Dear Shahriar and Md. zakir Hossen, Many thanks for your inviting me to this forum. I do find it interesting as there are members like you in the forum. Regarding your query I wish to share my view as follows: Are the draft required by the beneficiary or by the bank ? In reply to the same query on http://www.lcviews.com Mr. Abdulkader Bazara, Product Manager, Trade Finance, Samba Financial Group says it is the beneficiary that requires the draft for post export finance. I agree with Mr. Abdulkader Bazara’s view. Let’s compare the following types of L/C couple by couple to see the reason why the beneficiary requires the draft: (i) Negotiation L/C Vs. Sight Payment L/C (ii) Acceptance L/C Vs. Deferred Payment L/C A negotiation L/C is the L/C available by negotiation of draft(s) at sight with the nominated bank which is normally located in the beneficiary’s country. The beneficiary can receive the payment in advance by negotiating the draft and documents with the nominated bank. The nominated bank, which has negotiated the draft and documents, is entitled to the issuing bank’s reimbursement as it is authorized to do so. A sight payment L/C, which does not require drafts, is the L/C available by sight payment normally with the issuing bank. The beneficiary can receive the payment only when the complying documents are presented to the issuing bank’s counter. Normally it takes the beneficiary at least 10 days, which represents the time for the documents to be forwarded to and examined by the issuing bank, to receive the payment. It is obvious that as for sight L/C transactions a wise beneficiary would prefer a negotiation L/C to a payment L/C. Similarly, an acceptance L/C is the L/C available by acceptance of term draft(s). A term draft once accepted will become an independent (financial) instrument which can be transferred on forfeiting markets. The beneficiary gives credit (e.g., 90 or 180 days after sight) to his customer (applicant) but can receive the proceeds any time before the maturity date of the draft by discounting the accepted draft. A deferred payment L/C, which does not require term draft(s), is the L/C available by deferred payment normally with the issuing bank. When the documents presented to the issuing bank or a nominated bank (if any) are complying, the issuing bank or the nominated bank will incur a deferred payment undertaking. Please note that a deferred payment undertaking is not a financial instrument, therefore, unlike drafts it may not be discounted on forfeiting markets except when the discounting bank is the nominated bank which has incurred such a deferred payment undertaking. It was the dispute between Banco Santander and Banco Paribas in connection with the discounting of a deferred payment undertaking that led to the change in UCP allowing the nominated bank to prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank (Article 12 (b) UCP 600). It is obvious that as for usance L/C transactions a wise beneficiary would choose an acceptance L/C rather than a deferred payment L/C. I hope the above analysis and comparison can help explain the reason why the beneficiary would require drafts in L/C transactions. Best regards, Nguyen Huu Duc UNQUOTE
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?