04/03/2024

INTERNATIONAL PAYMENT

PHAN VŨ NGỌC LAN – MDE

International Business
Administration Department
lanpvn@st.huflit.edu.vn

Chapter 4

DOCUMENTARY CREDIT

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In this chapter
1. General introduction
2. Procedure
3. Letter of credit (L/C)
4. Advantages & disadvantages of
documentary credit
5. Documentary credit operation at commercial
banks (textbook)
6. Document examination (textbook)

1. General introduction
 Legal foundation
 Definition
 Features
 Parties involved

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1.1. Legal foundation

 UCP (Uniform Customs and practice for
documentary credits) No. 600
 URR (Uniform rules for bank to bank
reimbursements under documentary credits)
No 725
 e - UCP (The Supplement to the Uniform
Customs and Practice for Documentary
Credits for Electronic Presentation)
 ISBP - 745 (International Standard Banking
Practice for examination of documents under
documentary credits) (2013)
 Others
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The Uniform Customs and

Practice for Documentary Credits
 Published by International Chamber of
Commerce (ICC) in 1933
 Governs the operation of the Letter of Credit
(L/C) in the Documentary Credit mode of
payment
 Purpose: lighten the confusion caused by
individual countries in promoting their own
national rules on L/C practice

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Versions of UCP
Versions Year of Publication /
Revision
UCP 1st version 1933
UCP 151 (1st revision) 1951
UCP 222 (2nd revision) 1962
UCP 290 (3rd revision) 1974
UCP 400 (4th revision) 1983
UCP 500 (5th revision) 1993
UCP 600 (6th revision) 2007

UCP 600
 Full name: Uniform Customs
and Practice for Documentary
Credits ICC, 2007 Revision, No
600.
 Latest version applied in
Documentary Credit
 Consists of 39 articles

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1.2. Definitions
 “Credit means any arrangement, however
named or described, that is irrevocable, and
thereby constitues a definite undertaking of
the issuing bank to honour a complying
presentation.” (Article 2 – UCP 600)

1.2. Definitions
 A documentary credit is the written promise of a
bank, undertaken on behalf of a buyer, to pay a
seller the amount specified in the credit provided
the seller complies with the terms and conditions
set forth in the credit.
 The terms and conditions of a documentary
credit revolve around two issues: (1) the
presentation of documents that evidence title to
goods shipped by the seller, and (2) payment.
(Edward G. Hinkelman, A short course in
International Payment)

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1.2. Definitions
Documentary credit is an agreement, in which a
Bank (Issuing Bank), based on the
requirements of a client (applicant), pay a
specified sum of money to another person
(beneficiary) or accept his B/E within
specified amount, as long as he presents a
set of documents complying with L/C’s
requirements.

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1.2. Definitions
 Banking day: a day on which a bank is
regularly open at the place at which an act
subject to these rules is to be performed.
 Presentation: either the delivery of documents
under a credit to the issuing bank or
nominated bank or the documents so
delivered.
 Complying presentation: 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 (ISBP) (Article 2 – UCP 600)
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COMPLYING PRESENTATION
UCP600 Art. 2

A presentation that is
in accordance with

The applicable International

The terms and
provisions of standard
conditions of
these rules banking practice
the credit
(UCP600) (ISBP745)

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1.2. Definitions
 Honour 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.
 Negotiation: 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.
(Article 2 – UCP 600)
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1.3. Features:
Relations between parties
Issuing Bank

Exporter / Importer /
Sales Contract
Seller Buyer

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1.3. Features
 L/C is a contract between 2 parties (Issuing
bank and Beneficiary).
 Credits v. Contracts: L/C is independent from
sales contract. (Art.4 UCP600)
 Documents v. Goods: L/C (banks) only deals
with documents and payment shall only be
made based on documents. (Art.5 UCP600)
 L/C requires strict compliance of documents.
 L/C – a safe method of payment?

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1.4. Parties involved

 Applicant: the party on whose request the
credit is issued.
 Beneficiary: the party in whose favour a
credit is issued.
 Issuing Bank: the bank that issues a credit
at the request of an applicant or on its
ownbehalf.
 Advising Bank: the bank that advises the
credit at the request of the issuing bank.
(Article 2 – UCP 600)
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1.4. Parties involved

 Confirming Bank: bank that adds its confirmation to a
credit upon the issuing bank's authorization or request.
 Nominated Bank: bank with which the credit is
available or anybank in the case of a credit available
with any bank.
(Article 2 – UCP 600)
 Paying Bank

 Negotiating Bank

 Accepting Bank

 Reimbursing Bank

 Transfering Bank

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2. Procedure
 L/C issuance
 L/C payment/settlement

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2.1. L/C issuance

L/C
Notifying /
Advising Bank
Issuing Bank

L/C
L/C L/C
Amend-
Appli-
ment
cation
(If any)

Exporter / Importer /
Sales Contract
Seller Buyer

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2.1. L/C issuance – Procedures

1. The importer applies for a letter of credit to his bank—
IB.
2. The IB issues a letter of credit and forwards it to an
agent (advising bank [AB]) in the exporter’s country
with a request to forward it to the beneficiary.
3. The AB forwards the letter of credit to the beneficiary
after checking its authenticity;
4. If not satisfied with the terms and conditions the
beneficiary requests for amendment of the L/C.
If satisfied the beneficiary makes goods ready,
despatches the goods and prepares the documents.

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2.2. L/C payment/settlement

 Payment L/C
 Negotiation L/C
 Usance/Acceptance L/C

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2.2.1. Payment L/C

 Available with Issuing Bank by payment
 Available with Nominated Bank by payment

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Available with Issuing Bank

Documents
Notifying /
Advising Bank
Remits proceeds $$$ Issuing Bank
Pays/Reimburses
Credits $$$

Documents
Documents

$$$

Goods
Exporter / Importer /
Seller Buyer

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Issuing Bank’s reponsibilities

 Checking compliance of documents (5
working days)
 Non-discrepant documents: honor/make
payment/reimbursement
 Discrepant documents: refuse to
honor/reimburse (Article 16 UCP 600)
 Transfer/release docs to Importer and receive
payment/reimbursement

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2.2.1. Payment L/C – Procedures

Available with issuing bank by payment
1. When satisfied that the stipulations in the credit can be
met, the exporter arranges for shipment and prepares the
necessary documents.
2. The exporter presents/submits the relevant documents to
the AB.
3. The AB forwards the documents plus settlement
instructions to the IB after inspecting them for compliance.
4. The IB checks the documents and if satisfied they are
complying with L/C terms and conditions, debits the
importer’s account and remits funds to the AB for the credit
of the exporter/beneficiary’s account.
5. The IB forwards the documents to the importer.
6. The AB credits the beneficiary’s account and forwards
payment advice. Payment by the issuing bank is without
recourse.
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Available with Nominated Bank by

payment
Documents
Nominated/
Paying Bank
Reimburses $$$ Issuing Bank

Pays/Reimburses

Documents
Documents

Pays $$$

$$$
Goods
Exporter / Importer /
Seller Buyer

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2.2.1. Payment L/C – Procedures

Available with nominated Bank by payment
1. When satisfied that the stipulations in the credit can be
met, the exporter arranges for shipment and prepares the
necessary documents.
2. The exporter presents/submits the relevant documents to
the nominated bank NB.
3. The NB examines the documents and, if the documents
meet with the requirements of L/C, makes payment.
4. The NB then sends the documents to the IB and claims
reimbursement in accordance with the bank’s agreed
settlement procedures.
5. The IB checks the documents and if satisfied they are
complying with L/C terms and conditions, debits the
importer’s account and reimburses to the NB.
6. The IB forwards the documents to the importer.

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Nominated/Paying Bank’s
reponsibilities
 Scrutinise/Check compliance of documents:
- Exact
- Complete
 Non-discrepant/complying documents => ?

 Discrepant/non-complying documents => ?

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2.2.2. Negotiation L/C

 Negotiation: 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.
(Article 2, UCP 600)
 “AVAILABLE WITH ...<BANK>... BY
NEGOTIATION”

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Available with .... by NEGOTIATION

Documents + Claim for reimbursement
Negotiating
Bank
Reimbursement $$$ Issuing Bank

Pays/Reimburses

Documents
Documents

Negotiation

Crediting

$$$
Goods
Exporter / Importer /
Seller Buyer

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2.2.2. Negotiation L/C –

Procedures
1. The seller/beneficiary sends the documents evidencing the
shipment of the goods to the bank (advising
bank/confirming bank) accompanied by a bill/draft drawn
on the issuing bank as specified in the credit (at sight or at
a tenor).
2. The bank (AB/NB) examines the documents and, if the
documents meet the requirements of a letter of credit, may
negotiate, that is, make payment. This bank, if other than
the issuing bank, then sends the documents to the issuing
bank and claims reimbursement in accordance with the
bank’s agreed procedures.
3. Negotiation by advising bank is with recourse to the
beneficiary and negotiation by confirming bank is without
recourse to the beneficiary.
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2.2.3. Usance L/C – Available

with….by Acceptance
Documents + Request for acceptance
Advising Acceptance
Issuing Bank
Bank Remits proceeds $$$
Acceptance
Documents

Payment
Documents
Acceptance
Credting
advice

Goods
Exporter / Importer /
Seller Buyer

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2.2.3. Usance L/C –Procedures

1. When satisfied that the stipulations in the credit can be met, the
exporter arranges for shipment and prepares the necessary documents.
2. The exporter/beneficiary sends the documents evidencing the shipment
of the goods accompanied by a usance B/E drawn on the IB to the AB.
3. The AB forwards the documents plus settlement instructions to the IB
after inspecting them for compliance.
4. The IB examines the documents and if the documents meet with the
requirement of a letter of credit, the bank advises AB of acceptance of
the B/E.
5. The AB advises the exporter of the acceptance.
6. The importer accepts to pay at maturity on complying presentation and
receives the documents for taking delivery of the goods.
7. At maturity the IB debits the importer’s account and remits
funds/proceeds to the AB for the credit of the exporter/beneficiary’s
account.
8. The AB credits the beneficiary’s account and forwards payment advice.

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TYPES OF DOCUMENTARY
CREDITS
STANDARD DOCUMENTARY CREDITS

Revocabl
e
Irrevocable (noncancellable by the buyer) (cancella
ble by the
buyer)

Sight L/C Deferred

Usance Mixed
[L/C at payment
L/C L/C
sight] L/C

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TYPES OF DOCUMENTARY
CREDITS
STANDARD DOCUMENTARY CREDITS

Revocable
Irrevocable (noncancellable by the
(cancellable by
buyer)
the buyer)

Confirmed L/C
Unconfirmed L/C
(payment
(payment
guaranteed by a
guaranteed only
second bank, in
by the issuing
addition to the
bank)
issuing bank)

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TYPES OF DOCUMENTARY
CREDITS
SPECIALIZED DOCUMENTARY
CREDITS

• Red clause
• Back-to-back
• T/TR
• Transferable
• Revolving
• Deferred payments
• Reciprocal
• Stand-by

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RISK LADDER for Seller & Buyer

Open account
Confirmed L/C (T/T after Sight collection
shipment)

Cash in advance
Unconfirmed
Term collection (T/T before
L/C
shipment)

Source: RBS

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3. LETTER OF CREDIT
 Definition
 Importance
 Content
 Amendment
 Classification

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3.1. Definition
 L/C is a document issued by Issuing Bank
under the Applicant’s request, acting as a
definite undertaking to pay/honour the sum
specified in the L/C to the Beneficiary within a
specified amount of time if the Beneficiary
presents a set of documents in strict
compliance with the terms and conditions set
in that letter.

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3.1. Definition
 A letter of credit is issued by the buyer’s
bank at the buyer’s request in accordance
with the payment terms of the underlying
contract, and is a guarantee of payment by
that bank.
(Bhogal & Trivedi, 2019, p11)

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3.2. Importance
 L/C is the major means of Documentary Credit.
 L/C is issued based on International sales
contract, but then is independent of such
contract.
 L/C governs activities of relevant parties:
Applicant, Issuing Bank, Beneficiary, Advising
Bank, Paying Bank,...
 L/C is used to compare and adjust the details
in International sales contract (if any).

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Risk Comparison
INTERNATIONAL
METHODS OF PAYMENT
TWO PRINCIPLES UNDER L/C

Banks are subject to

two principles in the
conduct of their letter-
of-credit transactions:

The independent The strict-compliance

principle principle

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THE INDEPENDENT PRINCIPLE:

Risk Comparison
INTERNATIONAL
METHODS OF PAYMENT
CREDITS V. CONTRACTS (UCP600, Art.4)
A credit is a separate
transaction from the sale
contract on which it may be
based. Banks are in no way
concerned with or bound by
such contract. (UCP600, Art.4)

It is irrelevant to the bank

whether the seller/buyer
has fully carried out its part
of the contract with the
buyer/seller.

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THE INDEPENDENT PRINCIPLE:

Risk Comparison
INTERNATIONAL
METHODS OF PAYMENT

DOCUMENTS V. GOODS (UCP600, Art.5)

DOCUMENTS V. GOODS:
Banks deal with documents and not with goods to
which the docs may relate. (UCP600, Art.5)
Banks are only concerned
Banks are not concerned if
that the documents are in
a shipment is in conformity
conformity to the wording of
with the documents,
the credit.

When the L/C is governed by the UCP600, the bank MUST

honour provided the stipulated documents are presented
and constitute a complying presentation,
regardless of any underlying fraud.

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Risk Comparison
INTERNATIONAL

THE STRICT COMPLIANCE PRINCIPLE

METHODS OF PAYMENT

When non-conforming
documents are presented, the
the banks insist issuing bank is under NO
that the obligation to pay the seller for
documents the shipment.
presented
comply exactly
with the L/C When conforming documents
terms and are presented, the issuing
conditions bank must pay or reimburse
the advising bank, and the
buyer is obliged to pay the
issuing bank.

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3.3. Content
1. L/C Number (Field 20)
2. Issuing place
3. Date of issue (Field 31C)
4. Date and place of expiry (Field 31D)
- Place of expiry: exporter’s / importer’s / third
party’s country.
- Date of expiry:

Date of issuance----- Delivery -----Date of expiry

5. Forms of L/C (Field 40A)

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3.3. Content
6. Full name and address of parties to the documentary
credits (Field 50, 59, 42A)
7. Amount of money (Article 30) (Field 32B, 39A / 39B /
39C) 39A: Percentage of Credit Amount Tolerance
8. Period for presentation: 21 days from shipment and
within L/C validity (UCP 600, Art.14) (Field 48)
9. Date of Payment: at sight or at x days/deferred
payment. (Field 42C / 42M / 42P)
10. Date of Shipment:  L/C’s validity (Field 44C, 44D)
Date of shipment
L/C’s validity

10A. Port of loading & port of discharge: (Field 44E, 44F)

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UCP 600 - 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.
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UCP 600 - Article 30

Tolerance in Credit Amount, Quantity
and Unit Prices
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).
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Date of shipment
Sea transportation:
- “The date of issuance of the transport document will be
deemed to be the date of dispatch, taking in charge or
shipped onboard, and the date of shipment. However, if
the transport document indicates, by stamp or notation, a
date of dispatch, taking in charge or shipped onboard, this
date will be deemed to be the date of shipment.” (UCP 600
Article 19.a.ii) & (UCP600 Article 20.a.ii)
- 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 theirpackaging. 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". (UCP 600 Article 27)
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Date of shipment

Air, Road, Rail and Inland waterway

transport
 Date of shipment = Date of issuance of
transport document (except the case the date
of shipment is stipulated on the document)
(Article 23, 24 UCP 600)

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3.3. Content
11. Partial shipment: (Field 43P)
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. (UCP 600
Article 31)
If partial shipment is not allowed, L/C should
state: “Partial shipment: not permitted /
prohibited / not allowed”

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3.3. Content
12. Transhipment: (Field 43T)
UCP 600, Article 19:
b. Transhipment means unloading from one means of
conveyance and reloading to another means of
conveyance (whether or not in different modes of
transport) during the carriage from the place of dispatch,
taking in charge or shipment to the place of final
destination stated in the credit.
c. i. A 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 transport document indicating that transhipment will or
may take place is acceptable, even if the credit prohibits
transhipment
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3.3. Content
13. Description of Good / Services: (Field 45A)
commodity, specification, quantity, price,
packaging and marking, ...
14. Transportation terms: Incoterms, place of
shipment, mode of transport, ...
15. Documents required: (Field 46A) Documents
relating to commodity, mode of transport, payment
and legal framework.
16. Commitment of payment from Issuing bank
(Field 78)
17. Additional conditions: (Field 47A)
18. Signature of issuing bank: L/C issued by
Telex/Swift.
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3.4. Amendment
 Amendment of L/C: modification, correction or
cancelation of some L/C terms and conditions.
 Including:
- Increase or decrease in L/C’s value
- Changes in latest shipment date, L/C’s expiry date
- Increase or decrease in amount of goods
- Modification of TTR and Reimbursing bank
- Modification of Confirmed L/C and Confirming Bank
 Amendment should take place before shipment
date and within L/C’s validity time.
 Article 9, 10 UCP 600.

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UCP 600 - Article 10 -

Amendments
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 boundby 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

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UCP 600 - Article 10 -

Amendments
c. The terms and conditions of the original credit (or a credit
incorporating previously accepted amendment s) will remain
inforce 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.

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UCP 600 - Article 10 -

Amendments
d.A bank that advises an amendment should inform the
bank from which it received the amendment of any
notification of acceptance or rejection.
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.

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3.5. Classification
 Based on Revocability
 Based on Payment time
 Based on Uses

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3.5.1. Based on Revocability

 Revocable L/C
 Irrevocable L/C

“A credit is irrevocable even if there is no

indication to that effect.” (Article 3 – UCP 600)
 Confirmed Irrevocable L/C

 Irrevocable without recourse L/C

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3.5.2. Based on Payment time

 Sight L/C
 Deferred / Acceptance/Usance L/C
 Mixed L/C

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3.5.3. Based on Uses

 Irrevocable un-confirmed L/C
 Irrevocable confirmed L/C
 Irrevocable L/C (special)
 Red clause
 Back-to-back
 T/TR
 Transferable
 Revolving
 Deferred payments
 Reciprocal
 Stand-by
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3.5.3. Based on Uses

 Irrevocable confirmed L/C
 where the issuing bank requests or authorises another
bank to add its confirmation to the credit and the other
bank does so, then the letter with this additional clause
of confirmation is called a “confirmed” letter of credit:
 This confirmation is a definite undertaking of the bank
doing so in addition to the undertaking of the issuing
bank.

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3.5.3. Based on Uses

Red clause / Advance clause / Special
clause / Anticipatory L/C
 This kind of L/C allow Beneficiary to receive
an amount of money in advance. The
Beneficiary, before x days of delivery, can
draw a B/E to the Issuing Bank, together with
L/G (Letter of Guarantee) from a bank, a
standby L/C, or a promissory note signed by
a bank.

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3.5.3. Based on Uses

 Back-to-back L/C
 Exporter use the L/C issued to open another
L/C for the beneficiary of someone else (for
intermediary use)
+ Master L/C (Backing L/C)
+ Back-to-back / Counter / Subsidiary L/C

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3.5.3. Based on Uses

 T/TR (Telegraphic Transfer
Reimbursement) L/C
 Irrevocable Transferable L/C: can be
transferred by the original (first) beneficiary to
one or more second beneficiaries.

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3.5.3. Based on Uses

 Revolving L/C
 Automatically regain value and can be used
in a specific time (used for partial payment /
delivery)
+ Non-cumulative revolving L/C
+ Cumulative revolving L/C
+ Auto-revolving L/C
+ Revolving by amendment
+ Semi-auto revolving L/C

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3.5.3. Based on Uses

 Reciprocal L/C
 This L/C only comes into effect when its
reciprocal L/C has been opened (used in
barter transaction / processing goods for
export)
 Standby L/C

 issued by Exporter’s Bank to guarantee

reimbursement of deposit and other costs in
case the Exporter fails to deliver the goods.

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4. Advantages and
Disadvantages of L/C

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Exercise:
Risk Comparison
INTERNATIONAL
L/C – Analyze the advantages &
METHODS OF PAYMENT

disadvantages
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References
Nguyen Xuan Minh et al. Import-Export Operations. NXB Đại học Quốc
gia TpHCM. 2016.
2. Nguyen Van Tien et al. Giáo trình Thanh toán Quốc tế và Tài trợ Ngoại
thương. NXB Thống kê, 2015.
3. Tran Hoang Ngan et al. Giao trinh thanh toan quoc te. NXB Kinh te
TPHCM. 2016
4. Bhogal T. & Trivedi A. International Trade Finance A pragmatic
Approach. 2nd edition. 2019
5. Hinkelman, Edward G. A short course in International payments. 4th
edition. World Trade Press. 2011
6. Belay Seyoum. Export-import theory, practices, and procedures (third
edition). Taylor & Francis, 2014
7. Jim Sherlock & Jonathan Reuvid. The Handbook of International Trade -
A Guide to the Principles and Practice of Export (2nd edition). GMB
Publishing Ltd., 2008
8. RBS. Guide to international trade. N.d
9. http://lnweb90.worldbank.org/ECA/Transport.nsf/0/786e3f9f52ad3214852
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