QUESTION
Dear anh Old Man,
Em đang giải bài test trên besttradesolution, cũng có câu dễ, câu khó. Có một câu hỏi của một bạn theo nick là từ South Korea có hòi về sự khác nhau giữa hai thuật ngữ :
1. Available by ABC bank by payment
2. Available by any bank by negotiation.
3. Sự khác nhau giữa hai từ : by payment and by negotiation.
Theo em hiểu là như vầy có đúng không anh:
Ở câu 1. ABC là issuing bank và bộ chứng từ này không có hối phiếu và sẽ do issuing bank thanh tóan. Nominated bank không được phép chiết khấu bộ chứng từ.
Ở câu 2 : LC có yêu cầu draft và bộ chứng từ có thể chiết khấu ở bất cứ ngân hàng nào
Nhưng theo thực tế thì em thấy, trước đây ở ngân hàng em, bất cứ bộ chứng từ nào ngân hàng em cũng đều chiết khấu miễn là xuất trình B/L gốc qua ngân hàng là đủ điều kiện. Nếu bộ chứng từ không phù hợp thì có thể khó hơn một chút nhưng đều chiết khấu được hết. Nếu như vậy là mình làm không đúng theo LC hả anh? Nhờ anh giải thích rõ hơn dùm em.
Còn đối với by acceptance and by deffered payment điểm khác nhau cơ bản là hối phiếu thì còn có gì khác nhau nữa không hả anh?
Từ discount có thể dùng thay cho negotiation được không anh?
A, mail anh gửi cho em có nhiều ký tự bị chuyển sang dấu ?, nên rất khó đọc anh ạ.
Không biết anh nhận mail của em có bị vậy không?
Thanks for your kind heart.
Nguyen.
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ANSWER
Chào bạn,
1. L/C available by payment không yêu cầu xuất trình hối phiếu. L/C available by payment có thể thanh toán tại NHPH hoặc tại ngân hàng được chỉ định tùy theo quy định của L/C. Ví dụ, Nếu L/C quy định tại Field 41a “available with Issuing Bank by payment”, thì chứng từ phải được xuất trình đến NHPH để được thanh toán. Tương tự, nếu L/C quy định tại Field 41a “ available with ABC Bạnk by payment”, thì chứng từ phải được xuất trình đến ngân hàng được chỉ định là ABC Bank để được thanh toán.
2. L/C available with any bank by negotiation cho phép người thụ hưởng chiết khấu hối phiếu và/hoặc chứng từ tại ngân hàng bất kỳ.
3. UCP 600 chỉ sử dụng từ “negotiation” và không sử dụng từ “discount”. Người ta thường dùng từ “discount” để nói về việc chiết khấu hối phiếu/chứng từ trả chậm
4. Bạn có tham khảo thêm một số comment dưới đây của Mr. Old Man trên www.letterofcreditforum.com năm 2007 liên quan đến vấn đề bạn hỏi nhé.
5. Nếu bạn có câu hỏi nào, trước khi gửi đến Mr. Old Man, bạn chịu khó google trước cụm từ, ví dụ, “Mr. Old Man” + “vấn đề bạn quan tâm” (chẳng hạn, “availble by negotiation”), bạn sẽ tìm thấy câu trả lời mong muốn bởi hầu như mọi vấn đề liên quan đến L/C, UCP… đều đã được Mr. Old Man trả lời.
Regards,
Mr. Old Man
.
Attached comments:
LC Availability
Dear Neville Dcosta,
As 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,
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Negotiate or Discount
Before giving my answer to Ghubshawi’s question, I think some points of his question need to be clarified:
1/ What does he mean by deferred LC ?
I guess he means usance LC that may include (i) an acceptance LC and/or (ii) a deferred payment LC.
2/ Discount of Negotiate ?
In accordance with the above reasoning, the term “discount” instead of “negotiate” should be used to indicate the action of purchasing at a discount of an accepted time draft or of a deferred payment undertaking (though in reality the term. “negotiate” is sometimes used by some banks).
3/ Can the issuing bank discount a bill of exchange or a deferred payment undertaking accepted or
incurred by itself ? My answer is yes. However, the issuing bank is not obligated to discount unless it is willing to do so as its obligation under an acceptance LC or under a deferred payment LC is to honour a bill of exchange or a deferred payment undertaking accepted or incurred by itself. Except for sight payment LC, the term “honour” is understood as its action of (i) accepting a bill of exchange (draft) drawn by the beneficiary and pay at maturity or (ii) incurring a deferred payment undertaking and pay at maturity .
4/ Discounting with recourse or without recourse ? And risk of loss ?
Discounting if any should be on a without recourse basis. The issuing bank has no risks when discounting its own accepted bill of exchange or its own deferred payment undertaking as it is the issuing bank that shall reimburse itself when due.
The issuing bank may suffer risk of loss in case the applicant fails to fulfil its obligation under its contract with the issuing bank for opening usance LC. That the issuing bank refuses to discount but pay at maturity does not help it avoid the same risk if any.
However, to avoid risks regarding possible disputes between the applicant and the beneficiary in connection with the cargoes shipped under the LC, a cautious bank should choose the right time to discount,
i.e. discount after the applicant has been in full receipt of the cargoes and satisfied with the quality (though I know banks deal with documents not with goods).
5/ What benefit does the issuing bank earn from discounting a bill of exchange or a deferred payment undertaking accepted or incurred by itself ?
By discounting, the issuing bank may get the benefit both from the beneficiary (due to paying at a discount) and from applicant (due to aval commission).
I think in reality that the beneficiary requests the issuing bank to discount its own accepted bill of exchange or its own deferred payment undertaking rarely happens. However, if someday my bank receives such request from the beneficiary of the acceptance or deferred payment LC issued by my bank, I will not hesitate to advise my staff to take it into consideration.
Frammi and Shahriar, I will appreciate your comments on my point of view.
Best regards,
Nguyen Huu Duc
