교재명 신용장론 저자명 이대우 양의동 출판사

교재명 : 신용장론 저자명 : 이대우. 양의동 출판사 : 두남출판사 출판년도 : 2014. 8 貿易決濟 참고서 : 교재명 : “신용장과 UCP 600”, 저자명 : 홍종덕 출판사 : 두남출판사, 출판년도 2010. 6 　 교재명 : 신용장 분쟁사례, 저자명 강원진 출판사 두남출판사 출판년도 2013. 1 　 교재명 : 신용장과 대금결제 저자명 신군재. 노승혁. 노현수 출판사 대진출판 출판년도 2008

Participants should ; 貿易決濟 1. Read the textbook of the weekly schedule before attending the class, (Otherwise, you will not be able to understand effectively what’s going on) 2. Answer on professor’s question in English as this class will be running in a two-way communications rather than professor’s one-way talking. 3. Be always ready to answer on the question as 10% of credit(out of 100%) is expected to be given to those who can successfully meet the requirements. 4. Once again, class. 100% of English language will be used for this

At the end of this class, participants will ; 1. 貿易決濟 Understand an overall concept of the LC (Letter of Credit), 1) Type of LC (Revocable and Irrevocable), 2) Sight LC and Usance credit and, 3) Why LC is being used as an international settlement in import/Export transactions 2. Understand an overall procedures and workflow on how the international trading is being made to know who is applicant, beneficiary, issuing bank, negotiating bank, and/or advising bank, and so on. 3. Understand the responsibilities of each party in connection with the international trading. 4. Know what is “INCOTERMS” 5. Understand the general rules of UCP

To make it possible, we will have ; 貿易決濟 1. One or two times “Presentation session” as an individual or team presentation, -This will be additional credit if the said presentation is regarded as acceptable or above acceptable level. 2. One or two times of “Report preparation”(normally an individual report), -This will be another 10% of credit out of 100%. 3. A Mid-term and end of semester exam. on a paper basis. 4. One or two times of “ Case Study Session” based on the actual transaction of real LCs Search for the real practices of LC case (Import or Export LC), 5. INCOTERMS-2010 version and UCP-600 version amounting to total 39 articles. It shall be supplementarily used to help the understanding level of case study of each LC, 6. Recommend 100% of attendance to the class of LC.

Things to do ; 貿易決濟 1. Class representative is required to arrange “Presentation team members” by the end of September(October 2 nd) 2. Each team will have 5~7 students composed of male & female student evenly. 3. For more detail, please refer to the ‘ Presentation rules ‘. 4. Pro-active participation to the team presentation will have an additional credit. 5. Valuable question will also have an additional credit. (Do not make a question for question only)

Team Composition 貿易決濟 * Department representative(과대표) will provide the individual name of each team member to professor, Lee by September 27, 2016. Team “Spring” : Team leader, _____ v Team “Summer” : Team leader, v Team “Autumn” : Team leader, v Team “Winter” : Team leader, _____

Roles & responsibilities of the team members 貿易決濟 v Team leader : . v 1 Arrange & coordinate the meeting/discussion weekly or twice a week. v 2. Assign the task to each of member. v 3. Get involve in searching/investigating the raw data for the assigned task w/members. v v Team Member 1 & 2 : 1. Responsible for searching the raw data/resources through an internet and other available data base. v Team member 3 , 4 & 5 : Will be responsible for making the presentation draft/output using the ppt. This member might be a presenter who will represent the team he/she participated in. v The 2 nd and 3 rd presentation will be made in turn within the team members.

Principle for the presentation 貿易決濟 v Time limitation : 20 minute w/ 5~10 minute of Q & A session. (If exceeded longer than 10 minutes, deduct 2 points). v Prior notification for the presentation material to the professor through email ( dukelee@dyu. ac. kr) v Two or three teams will have the team presentation per week. v Professor’s feedback/comment, if any. v 5~10 minutes break after the 1 st team presentation. - v Continue by the 2 nd or 3 rd team ~ assigned to the week. v Do not make a question for question only. v Will take a good question and reflect it on the score card.

What are they ? 1. Transportation via Vessel. 2. Shipping in the night (night scenery). 3. Custom Office. ** International Trading. ⓒ 무역결제, 삼영사(2009), 박광서

Letter of Credit & Preparation of Shipping Documents <신용장과 선적서류작성> 신용장 방식을 중심으로 ⓒ 무역결제, 삼영사(2009), 박광서

제 1장 신용장의 역사 貿易決濟 1. 초기 신용장 v BC 4세기경 고대 그리스의 아테네 v 여행자의 편의중심의 환전계약이다 - On –line service 의 시초. 2. 근대 신용장 -17세기 v 물건을 사고 팔 때 편지형태로 사용. v P. 35 예) 1. 참조 3. 18~19세기 신용장 18세기 19세기 영국의 자유무역주의 산업혁명 이후 국제금융의 중심지 은행에서 신용장 사용하게 됨. 초기신용장 sample p. 37 참조

구식신용장과 신식신용장 貿易決濟 구식신용장 단순한 지불보증을 약속하는 증서. 신식신용장 상업신용장이다. 은행이 개입된다. 선화증권이 수반되는 화환어음(Documentary Credit)이다.

제 2장 신용장의 본질 1. 신용장이란 ? 貿易決濟 교재 p. 66 참조 . 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.

2. Benefits of Letter of Credit 貿易決濟 (신용장의 효용) ① Exporter’s point of view(수출자가 갖는 효용) ㉠ 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(수입자가 갖는 효용) ㉠ Favorable position in trade terms as buyer. (수입상은 무역조건 협상 시 유리한 입장에 서게 됨) ㉡ Secure the desired goods ㉢ Easy to get import loans (물품의 계약적합성을 어느 정도 확보 가능) (수입금융의 융자효과를 기대 가능) ㉣ Easy to control the raw materials for production ③ Banker’s point of view( Commission based profits (납기를 통제 가능) : 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-본질) 1. Principle of Independence 貿易決濟 (독립성의 원칙 ) ㉠ LC has no direct relationship with contract for sales (매매계약과 무관(無關)한 거래 ) ㉡ UCP 600 § 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) ㉡ UCP 600 § 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 때 문에 수입상 입장에서 원하는 물품이 아닐 수 있음. 4. Fraud Rule(사기거래 배제의 원칙 ) 지급거절의 사유가 된다.

2. 신용장의 한계-교재 p. 69참조 1. 수출회사에 대한 한계 서류만을 근거로 거래. 2. 수입회사에 대한 한계 실제물품이 다를 경우라도 지급의무 발생. 貿易決濟

제 3장 신용장의 권리관계 貿易決濟 1. Concerned parties of Credit (신용장의 기본당사자) 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) 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) 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 )

貿易決濟 1. Concerned parties of Credit (신용장의 당사자) 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) 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) 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) 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) Negotiating Bank(매입은행 ) ➫ 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)

제 2절 신용장 당사자간의 권리. 의무 교재 p. 84 ~참조 1. 수출업자와 수입업자의 권리. 의무 1) 수입업자의 의무 1) 신용장 개설의무 2) 대금지급의무 2) 수출업자의 의무 1) 물품의 인도의무 2) 신용장 조건의 이행의무 貿易決濟

제 2절 신용장 당사자간의 권리. 의무 교재 p. 86 ~참조 貿易決濟 2. 개설은행과 개설의뢰인의 권리. 의무 1)개설은행의 의무 * 지시사항 준수의무 * 신용장 통지의무 * 서류심사 의무 2) 개설의뢰인의 의무 * 대금상환 의무 * 상환 수수료 및 위험부담 * 외국법률 및 관습준수 의무

제 2절 신용장 당사자간의 권리. 의무 교재 p. 86 ~참조 貿易決濟 3. 개설은행과 수익자간의 권리. 의무 1)취소가능 신용장( Revocable Credit) 2)취소불능 신용장 (Irrevocable Credit) * 개설은행의 지급의무 * 수익자의 의무 선적관련서류를 신용장 조건에 일치하도록 작성 제출의무. 환어음이 제시가 요구되지 않다면 반드시 제시할 필요없다.

제 2절 신용장 당사자간의 권리. 의무 교재 p. 90 ~참조 貿易決濟 4. 통지은행의 지위 1)개설은행과의 관계 * 개설은행의 instruction 에 따라 성실히 통지 할 의무 를 진다. 2) 수익자와의 관계 * 신용장 외관상의 진정성(Authentication) 확인 의무. 3) 개설의뢰인과의 관계 * 개설은행과 통지은행간의 법률적 관계없다. v 개설은행의 일방적인 통지은행 변경 불가능하다. 4) 매입은행과의 관계 * 매입은행은 통지은행에 대하여 신용장대금청구 불가

제 2절 신용장 당사자간의 권리. 의무 교재 p. 90 ~참조 貿易決濟 5. 지급. 인수 또는 매입은행의 지위(일명 중개은행) 1)개설은행과의 관계 * 취소불능 신용자이고 매입이 제한되어 있지 않을 경우, 지급, 인수, 매입은행은 개설은행에 대금지급 요청 가능. ** 선적서류의 불일치 경우, 5영업일 내에 매입은행에 통지해야 한다. 2) 수익자와의 관계 * 매입은행이 개설은행으로부터 지급거절을 당할 경우, 수익자에게 소 구권이 인정된다( With recourse Right) 단, 매입은행이 확인은행일 경우 소구권 인정 안된다.

제 4장 신용장의 분류와 종류 貿易決濟 1. 분류 1) Commercial Credit vs. Clean Credit 상업신용장의 분류(운송서류의 유무에 따른 분류) 1) 화환신용장(Documentary Credit) 2) 무담보 신용장

신용장의 종류 貿易決濟 v 1. 상업신용장 commodities, Goods v 2. 클린신용장(Clean Credit) Guarantee, (Bid bond, Performance bond, Retention money guarantee)

신용장의 종류 貿易決濟 v 2. 화환신용장과 무담보 신용장 v 화환신용장 : 상품거래, 선적서류 필요 v 무담보 신용장 : 환어음, 선적서류를 수입업자에게 직접 전달. 개 설은행에게 이 사실만 통보(은행심사 불필요). 본. 지점간, 신용이 양호한 거래처. v 3. 취소불능신용장과 취소가능 신용장 사례) 교재 p. 100~101 4. 확인신용장과 무확인 신용장

5. 지급신용장, 인수신용장, 매입신용장과 연지급 신용장 易決濟貿 Straight LC : 지급은행이 개설은행의 해외지점, 예치환거래은행 일 때 발행. Acceptance LC : 기한부 신용장에서만 가능. 매입신용장(Negotiating LC) : 신용장상의 지정은행에서 매입하는 신용장. 연지급 신용장(Deferred Payment LC) : 기한부신용 장으로만 사용 됨. 은행에 서류제시 연지급 확약서 발급 만기일에 대금지급 (환어음 발행토록 요구하지 않음) 교재 p. 108 비교 참조 p. 109 연지급 LC 사례참조

6. 일반신용장, 개방신용장, 순회매입신용장과 지 貿易決濟 정신용장 일반신용장 : 어느 은행에서도 지급, 인수, 매입이 가능. 매입이 개방되어 일명 “개방신용장”이라 함. 순회매입신용장 : 수출상이 여러은행을 돌아 다니며 매입의뢰. 특수신용장 : 특정은행에서만 지급, 인수, 매입이 가능한 LC. 교재 p. 111 – 연지급 신용장LC 의 사례 p. 114 - 매입제한 신용장 사례

7. 지급은행 지정신용장과 지급은행 제한신용장 濟貿易決 지급은행 지정신용장 : 지정은행으로 환어음 발행토록 규정된 LC. 예) We hereby open our irrevocable L/C drawn on JP Morgan Bank, Hong Kong branch. 지급은행 제한신용장 : i. e) Negotiation under this credit is restricted to the advising bank. (즉, 매입이 통지은행으로 제한 됨)

8. 일람출급신용장, 기한부신용장, 할부지급신용 장(with Grace period 인정) 貿易決濟 교재 p. 115~116, 사례 p. 117~121 사례참조 9. 전액어음발행 신용장과 일부어음발행 신용장 교재 p. 122 예시문구 참조 10. 차기조건신용장, 상환신용장, 송금조건 신용장 차기조건신용장(Debit Credit) : 개설은행의 당좌구좌에서 차기(결 제) 상환신용장 : 한국의 A은행이 미국의 거래은행이 아닌 B은행으로 LC 개설, 한국의 거래은행(예치환거래은행임) C 은행에게 상환토록 청 구하는 경우의 LC. 송금조건 신용장 : 매입은행이 송금받기를 원하는 은행을 지정. Nego bank 는 수출상에게 대금지불하지 않고 추 심에 의해 송금받은 후 지급( Documentary Collection 방식 임)

11. 자금선대신용장 貿易決濟 Advance Payment Credit, Packing Credit(집하신용장), Red Clause Credit. 사례) 교재 p. 125 ~127 참조 12. 회전신용장과 비회전신용장 교재 p. 128 참조 사례) This credit is cumulative revolving--This credit is automatically reinstated on payment….

13. 누적신용장과 비누적신용장 貿易決濟 전기의 미사용잔액이 차기로 이월되느냐, 안되느냐 로 구 분. 사례) This credit is cumulative revolving or, This credit is non-cumulative revolving… 교재 p. 129~130 참조

14. Back To Back Credit 貿易決濟 * 국가간의 수출입 균형(Balance)을 위한 연계무역. * 일종의 중개무역이다. 미국의 수입상 수출 홍콩의 중개업자 수입신용장 개설 일본의 개설은행 (Master LC 범위, 조건 내에서, sight, Usance 모두 가능 함) 사례) 교재 p. 134 참조

15. Escrow LC (기탁신용장) 수입업자 貿易決濟 수출업자 1. 대금결제를 하지 않는다. 2. 수출업자의 예금구좌 개설하여 대금을 지급하지않고 구 좌입금만 한다. 3. 수출업자가 같은 금액(유사금액)을 수입하도록 조건이 붙은 LC 로서 나중에 수입대금으로 정산. 4. 연계무역의 일종이다.

16. 토마스신용장(Thomas Credit) 貿易決濟 신용장 개설을 조건으로 하지않고, 장차 개설하겠다는 보 증서 제출을 조건으로 하는 LC. 최초거래 : 일본과 중국거래 성사 시킨 일본무역회사 명칭(Thomas 또는 Tomas 의 Telex Code) 17. 보세가공 신용장(Bonded processing Credit) 외국에 원자재를 무환으로 반출 관세 지급없이 보세상 태 외국에서 가공 제 3국 수출 또는 국내 재 수입하 는 경우에 사용. 인건비 저렴한 중국, 태국 보세가공임의 지급을 연계. 교재 p. 135~

18. 우편신용장과 전신신용장 貿易決濟 Mailing Credit Cable Credit SWIFT 방식(즉 신용장 원본으로 간주) SWIFT Authentication Test Key SWIFT LC 예시) 교재 p. 140

제 3절 내국신용장 貿易決濟 1. What is Local LC ? 2. Difference between local LC & Export LC ? 1) Local transaction 2) Requires a Master Export LC, 3) Shipping documents are NOT required, require receipt of goods & VAT only. 4) Regulated export financing set by Central Bank of Korea. 5) Requires a collateral when issued.

3. Local LC & Purchase Order 易決濟貿 PO : 국내에서 생산된 제품을 외화획득용 원료로 구매할 경우, 내국신용장에 준하여 발급하는 증서. 특징) 은행의 지급보증 불필요, 무역금융지원 불가, 발급횟수 무제한. 차이점 : 교재 p. 142 참조.

제 5장 신용장 통일규칙-p. 142 제 2절 UCP 의 역할 1. 무역거래의 국제질서 확립 2. 무역거래의 분쟁예방 貿易決濟

제 3절 UCP 의 개정 貿易決濟 제 1차 개정 –(1951) : 미국과 구주중심의 규칙, 영국, 영연방 등 미 채택 제 2차 개정 – 1962 : 멕시코 총회 : ICC 위원회 결의문 제 3차 – 1974 : 개도국 + 동구사회 의견. 세계적인 UCP 탄생. 제 4차 개정- 1983 : 국제경영활동의 확대- 지급보증, 연지급, 입찰보증 등이 추가. 제 5차 개정- 1993 : 통신기술 발달로. (UCP-500 탄 생) 제 6차 개정 – 2007 : 취소가능 신용장의 표현 삭제됨. 교재 p. 148~155, 24가지 조항신설 및 추가/변경 함- 상세내용 참조.

제 6장 e-UCP 貿易決濟 제 1절 e UCP 의 제정목적과 배경 1. 기존무역거래 절차의 문제점 1) 서류작성과 관련된 비효율성 서류작성이 Manual (수작업) 2) 무역서류전달 및 취급과 관련된 비 효율성 서류전달의 시간 걸림- 물품도착 후에도 서류 미도착 3) 무역서류 처리비용으로 인한 국제경쟁력 약화 종이서류 작성의 비용 증대 전자서류화 2. 무역거래의 전자화 e UCP (2002. 4. 1 제정공포)

제 2절 e UCP 의 성격 貿易決濟 1. e. UCP 의 법률적 성격 UCP 600 의 특약사항이며 서류의 전자적 제시가 가능하도록 보완적 개념이다. 2. e. UCP와의 관계 기존 UCP 의 보완(Supplement)제도. cf) UCP와 e. UCP가 충돌되는 경우, e UCP 가 우선한다.

제 3절 e. UCP 의 내용 貿易決濟 1. e UCP 의 적용범위 전자문서를 사용가능하도록 e. UCP 명시적 언급해야 종이 와 전자문서 혼용 가능. 2. 서류의 전자적 제시의 기준 1) 제시의 장소 : 전자제시를 위한 전자주소(electronic address) 명시 2) 제시방법 : 종이문서 + 전자기록 3) 제시시기 : 신용장의 유효기일 이내 4)전자기록의 인증 : ID, PW 공인인증 기관

제 3절 e. UCP 의 내용 貿易決濟 3. 심사 및 거절의 통지 1) 제시된 서류의 심사기간 – 은행의 시슽템이 [완전통지 를 접수] 한 최초의 영업일. 2) 심사규칙 1) 하이퍼링크 자료의 심사 : web 문서의 지정된 특정페 이지, 특정주소, 특정파일 로 이동하도록 웹문서. 2) 훼손된 전자기록 : 30일 이내 재 제시하여야 함. 3) 원본 및 사본의 제시 4) 전자기록의 발행일자 : 교재 p. 168 -밑에서 4번째 줄 ~ p. 169 위 첫째줄부터 7째줄- 참조

제 3절 e. UCP 의 내용 貿易決濟 3) 전자기록의 거절통지 1) 거절의 기준 : 엄밀일치의 원칙, ISBP 기준에 의한 심 사. 2) 거절 및 거절에 대한 응답기간 : 서류접수일 부터 5영 업일 이내 제시인에게 거절통지. 제시인은 30일 이내 재 제시.

제 3절 e. UCP 의 내용 貿易決濟 4. e. UCP 의 장점과 특징 1) 전자신용장의 장점 a) 서류작성의 비효율성 제거 b) 무역서류 전달의 신속성 c) 무역서류 처리비요의 절감 및 국제경쟁력 강화 2) 특징 a) 선적서류의 전자제시에 한정 b) 절충주의의 채택 : 종이문서 + 전자기록 혼용 가능 c) 전자신용장 자체의 운영방법 : ISBP 관습을 허용할 만큼 광범위 하다. d) 기술중립성 유지 : 기술과 시스템이 전자상거래와 독립적이다. e) UCP 와 일관성 유지

제 4절 e. UCP 의 문제점 貿易決濟 1. 표준양식 국제적으로 통용될 수 있는 표준양식 제정의 필요성 대두. 2. 전자제시자의 면책범위상의 문제 system error, 바이러스 등의 사유로 제시자에 대한 배려. 인터넷 통신망의 결함, 전산시스템 등 불가항력의 경우 배려. 3. 환어음 유통성의 상실 : 유통증권은 종이문서인데 e. UCP 에서 유통성을 보완해 주는 기능의 새로운 규정이 필요. 4. 서류심사 기간의 문제 : 현재 e. UCP 에는 제시된 서류의 [심사 기간]이 없다. 기존 UCP 규정은 “접수 후 5영업일 이내”- 준용한 다. 별도의 e. UCP 규정이 필요하다. 5. 인증기관과 방법에 관한 문제 : 국제적 인증기관이 필요. Verisign, Cybertrust, RSA security

제 7장 ISBP 貿易決濟 v International Standard Banking Business =ISBP –교재 181 ~참조

2. Settlement of International Trade 貿易決濟 What is Trade settlement ? ① Settlement is a compliance of contract 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) 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) 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),

貿易決濟 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. ② 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 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 貿易決濟 (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 Mmeasurement : 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.

4. Export Factoring 貿易決濟 What’s Export Factoring ➫ Same as local factoring in procedures. 팩토링(Factor)회사가 판매자를 대신하여 구매자에 대한 신용조사업무에서부터 매출채권의 관리, 전도금융의 제공, 대금회수나 기 타 회계처리 등의 업무를 대행해주는 금융서비스로서 판매자(Client)가 구매자(Customer)에게 물품이나 서비스를 제공함에 따라 발생하는 외상매출채권을 팩토링회사에게 양도하여 결제 받는 방식. 5. Forfeiting (포페이팅) 방식 ➫ is to accept/nego. the “Bill of Exchange” under the condition of without recourse by banks. (무소구조건으로 수출환어음을 매입하는 것)

제 4장 무(無)신용장 방식 貿易決濟 3. 기타 방식 팩토링결제의 흐름 ①물품주문 수출상 (Client) 전 도 금 융 제 공 ⑦물품선적 ⑬ 전 도 금 융 제 공 ⑨ 신 용 조 사 통 지 ⑧ 신 용 조 사 의 뢰 ⑤ ② 팩 토 링 거 래 약 정 체 결 수입상 (Customer) ⑥매매계약체결 전 도 금 융 제 공 ⑪대금지급 ③신용조사 및 신용한도 요청 ④신용조사 결과통보 수출팩터 수입팩터 ⑩송장송부 및 대금회수 요청 ⑫대금송금 ③신용조사 팩 토 링 거 래 약 정 체 결

제 4장 무(無)신용장 방식 貿易決濟 3. 기타방식 포페이팅결제의 흐름 ①무역계약체결 추심은행 (collecting bank) ③ 어 음 대 금 할 인 지 급 ③ ③ 포 페 이 팅 계 약 환 어 음 양 도 추심의뢰은행 (remitting bank) ⑥물품인도 ② 지급보증서발 급 또는 환어음 에 Aval을 추가 하여 인도 ②환어음인도 ④만기일에 어음제시 수입상 수출상 ④어음대금지급

貿易決濟 Merit (장점) ① To eliminate any possible risk from settlement default of importing bank or importer. (수입상 또는 개설은행의 지급불능 위험 회피가능) ② Early money back in settlement. (수출대금의 조기 회수 가능) No need to provide a collaterals to bank. (담보제공이 불필요) ④ Improvement of financial standings and enhancement of source of funding. (재무구조 개선 및 자금조달 여력을 제고) Feature of Forfeiting system (포페이팅 방식의 특징) ① Creditworthy of overseas bank (해외 수입국은행의 신용) ② Restriction in negotiation of LC ③ Bad signal of importing country (신용장상 매입제한 여부 확인) (해외수입국의 이상 징후 여부 확인)

6. E-Trade & E- Settlement (전자무역결제) E- settlement ? 貿易決濟 (전자결제) ➫ ~ 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 ① e-trade payment system developed in 1999 with guaranteed credit. ② Correspondent through dedicated datalines 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 4 Letter of Credit

Type of Int’l Settlement and its portion 1. Type of Payment 1) Advance Payment(Remittance method) : CWO, COD, CAD 2) Collection 3) Letter of Credit 4) Export Factoring 5) Forfeiting 6) 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%

Letter of Credit Basis 貿易決濟 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. ** Note : honor = 결제 ** Complying presentation = 적격제시 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)

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. What is Letter of Credit --- continued---- 貿易決濟 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 ✧ Importer ➫ Applicant (수익자) , Seller, Shipper, Consigner, Drawer (개설의뢰인), Buyer, Consignee, Drawee ④ Sort of letter described in details based on the firm offer.

1. Processes of Letter of Credit 貿易決濟

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

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

貿易決濟 2. LC Procedures 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 (merchan dise risk) 환위험 (exchange risk) 가격변동위험 (market risk) • 수출상의 대금회수 불안문제 해결 • 제 3자인 은행이 개 입

貿易決濟 2. Procedures of LC General procedures of LC ①Contract 수익자 개설의뢰인 (Beneficiary) (Applicant) 화 환 어 음 제 시 ⑩Delivery ⑤ Issue shipping doxs. ④ ⑥ ⑥ 대 금 회 수 ⑤Shipment ⑩ presentation 신 용 장 통 지 ② 신 용 장 개 설 의 뢰 ⑨ 선 적 서 류 인 도 ⑨ 수 입 대 금 지 급 통지은행 (Advising Bank) 지정(매입)은행 (Nominated/ Negotiating Bank) ③ LC Open 개설은행 ⑦ Bill of Exchange w/ ⑧ Negotiation (Issuing Bank)

신용장 방식 2. Transaction processes of LC (신용장 거래과정) 貿易決濟 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)

2. Transaction processes of LC 貿易決濟 (신용장 거래과정) LC advice ➀ Responsibility of Advising Bank - apparent authenticity (외견상 진정성) - Advice without delay (지체 없이 통지, 상당한 주의의무) - Advice charge : KRW 15, 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))

2. Transaction processes of LC (신용장 거래과정) 貿易決濟 Confirmation of Credit ➀ What is Confirmation of Credit ? - Add 3 rd 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.

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

Interpretation of LC Terms & Conditions Examples of malice articles (신용장 악의의 특별조건 - 사례집) 1. Inspection certificate approved and signed by buyer’s agent required. 2. Negotiation is subject to our further instruction. 3. Shipment is subject to further instruction. 4. Payment shall be effect after shipment approval. 5. Payment will be made only on realization of export proceeds against LC No. XXX. 6. We will pay the proceeds upon receipt of the principal from the final buyer. 7. The name of ship will be indicated by us. 8. The name of the sip will be notified. 9. Bill of Lading showing shipper’s load and count not acceptable. 10. 70% of invoice value available at sight and remainer to be negotiated upon receipt of notice from drawee that satisfied with merchadise. 11. 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. 13. Commercial invoices must appear on their face to be signed by the applicant or their agent. 14. Shipment must be affected by a vessel which will be advised from buyer by cable before shipment. 15. 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. 16. Payment of drafts drawn hereunder will be made only after the realization of the re-export proceeds program. 17. Certificate of origin must be legalized by a Consulate in Korea. 18. CLAIMS FOR REIMBURSEMENT WILL BE MADE ON THE L/C APPLICANT.

Interpretation of SWIFT Form : 700 = Message type(MT), Means a Documentary Credit(not a non- LC basis). : 27 = Sequence of total, means numbers of page to be transmitted. : 40 A = Form of Documentary Credit. Means type of credit whether revocable or irrevocable LC. : 20 = LC numbers. : 31 C = Date of issue. If there is no date of issuance, we regard them as receiving date of LC. : 31 D = 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. : 32 B = Currency code (whether it is USD, JPY, EURO Dollar) : 39 A = Percentage Credit amount tolerance(On or Less) 41 D = Available with … By… (Payment, negotiation, Acceptance…etc. . ) 42 C = Draft at… (means maturity date of Bill of Exchange, normally shows at sight or Usance. . ) 42 D = Drawee (means a person who are paying the draft amount) 43 P = Partial Shipment ( allowed ? Not allowed) 43 T = Transshipment (allowed or not allowed) : 44 A = Loading/Dispatching/Taking charge at/from (indicates port name of loading, dispatching, etc) : 44 B = For transportation to ~ (means final destination) : 45 A = Description of goods and/or services + Origin. ( means a detailed specification/ description of commodities) : 46 A = Documents required (means the list of shipping documents to be prepared by exporter) : 47 A = Additional conditions. : 71 B = 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) : 57 D = 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 71 B in the Letter of Credit.

Foreign Exchange Commissions 1. L/C Issuing Commission(개설수수료) = LC amount X arbitration rate X spread X nos. of month / 3 2. 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 = 9 days, Other currency = 10 days, Renego. = 13 days, 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 6 th 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 (EDI 10, 000~15, 000) 9. Mail charge = KRW 9, 000~22, 500(depends on distance), Foreign checque = KRW 2, 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 1. 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 Period Exporter extends the extension of period of Credit(maturity Usance Credit date) ex) 60 days after acceptance. Description on LC 2. Banker’s Usance Period extension of Usance Credit Bank extends the period of Usance credit. -by Overseas Bank -by Domestic Bank Description on LC 1. Allows purchase(Negotiate) of LCs. 2. 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 60 days”, however, exporter wants to Negotiate it at sight without bearing an interest for 60 days, exporter must indicate as “ available at sight, and usance interest will be for importer’s account. This will become a “Banker’s Usance. 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 1. Interest of Banker’s Usance charge is cheaper than that of Shipper’s Usance. 2. Maturity date of draft must be equal to the date of LC.

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 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. Escrow LC 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.

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.

Different Types of Letter of Credit • • • 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. • •

Different Types of Letter of Credit • 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 • • 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 • for buyer and to a certain extent to seller) 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

continued ---- Risk situations in letter-of-credit transactions • Risks to the Issuing Bank ; • Risks to the Advising Bank ; • • Insolvency of the Applicant Fraud Risk, Sovereign and Regulatory Risk and Legal Risks • • Risks to the Reimbursing 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. • • 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 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.

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.

2. Processes of Letter of Credit 貿易決濟 Priority in interpretation of LC ① Regulations of counter country and other compliance. ② Special terms & Conditions of LC. ③ UCP rule. Cautions : ① on or about, not later than, within ② to, until, till, from / before, after discourage ③ end of the ~, middle of the ~ ④ prompt, immediately, as soon as possible 신용장 악의의 특별조건 Eliminate or as much as we can. (Avoid any vague words)

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

Chapter 2 Non- LC Basis Clean Credit (무(無)신용장 방식)

貿易決濟 Section 2. Collection Basis 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. ⑥추심지시 (선적서류송부) 추심은행 (collecting bank) ⑪대금송금 ⑦추심실행 (서류제공) ⑧대금지급 (대금결제) 수입상 ⑩화물인도 (B/L제시) 추심의뢰은행 (remitting bank) ⑤추심의뢰 (선적서류제공) ⑫대금지급 수출상 ①매매계약 ⑨화물도착통지 ④B/L발급 선박회사 ③선적의뢰 선박회사 화물수송 * D/P 또는 D/A 표시 없으면 D/P로 간주 ②보험가입 선박회사

貿易決濟 Section 2. Collection Basis D/A ; Documents against Acceptance (인수인도방식) : 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 90 days after acceptance of the draft. ⑥추심지시 (선적서류송부) ⑧대금지급 (대금결제) 추심은행 (collecting bank) ⑫대금송금 ⑦추심실행 (서류제공) ⑪만기일에 대금결제 수입상 ⑩화물인도 (B/L제시) 추심의뢰은행 (remitting bank) ⑤추심의뢰 (선적서류제공) ⑬대금지급 수출상 ①매매계약 ⑨화물도착통지 ④B/L발급 선박회사 ③선적의뢰 선박회사 화물수송 Features : The longer period of payment, the higher risk. Has certain amount of transaction limit. Normally between the mother company and its subsidiaries. ②보험가입 선박회사

Ⅲ. Feature of Incoterms-2010 貿易決濟 Comparison of Incoterms between 2000 & 2010. Incoterms-2010 구 분 Incoterms-2000 E Group EXW FCA FAS FOB CFR CIF CPT CIP DAF, DES, DDU DAP DEQ DAT DDP F Group C Group D Group

Chapter 4 Letter of Credit

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

COMMERCIAL INVOICE A sample commercial invoice format[3] SENDER: AUTO PARTS FEE WAREHOUSE 7634 KIMBEL STREET UNIT 1 -9 MISSISSAUGA, ON L 5 S-1 M 6 Phone: 905. 677. 0996 Fax: 999 -9999 Tax ID/VAT/EIN# : nnnnn RECIPIENT: XYZ Company 3 Able End There, Shropshire, UK Phone: 99 -99 -9999 Invoice Date: 12 December 2007 Invoice Number: 0256982 Carrier tracking number: 526555598 Sender's Reference: 5555555 Carrier: GHI Transport Company Recipient's Reference: 5555555 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): 10, 000 Total Gross Weight (lbs): 2, 050 Freight and Insurance Charges (USD): 300. 00 Total Shipment Pieces: 1, 000 Other Charges (USD): 30. 00 Currency Code: USD Total Invoice Amount (USD): 10, 000 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

1. Documents for negotiation 8. How to prepare B/L 4) Preparation 貿易決濟 (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. : 1 st, 2 nd 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.

1. Documents for negotiation 貿易決濟 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.

1. Documents for negotiation 9. Transport document-continued--- 貿易決濟 (6) In the UCP 600, 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) (UCP 600 § 14. c). ② Name of applicant, address of applicant(importer) and/or phone numbers of importer should read as indicated in the L/C. (UCP 600 § 14. j). ③ The name of issuer for documents to be delivered to(importer) could be anyone except the captain of vessel, owner of charter of vessel. (UCP 600 § 14. l). ④ Bank only accepts a clean B/L. (UCP 600 § 27).

1. Documents for negotiation 9. Transport document-continued--- 貿易決濟 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.

1. Documents for negotiation 10. Insurance Policy 1. 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(표준문 안)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.

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. Fire aboard 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‘ ; 1. 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. 2. 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 2 ------------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 40 A. FORM OF DOCUMENTARY CREDIT IRREVOCABLE 20. DOCUMNETARY CREDIT NUMBER: 31 C DATE OF ISSUE: 31 D DATE AND PLACE OF EXPIRY: 50. APPLICANT: 59. BENEICIARY NAME & ADDRESS 32 B. CURRENCY CODE, AMOUNT 39 B. MAXIMUM CREDIT AMOUNT NOT EXCEEDING • • • • 41 D. AVAILABLE WITH …. BY…. NAME & ADDR ANY BANK BY NEGOTIATION 42 C. DRAFTS AT SIGHT 42 A. DRAWEE ISSUING BANK 43 P. PARTIAL SHIPMENT NOT ALLOWED 43 T. TRANSHIPMENT NOT ALLOWED 44 A. ON BOARD/DEST/TAKING CHARGE AT 44 B. FOR TRANSPORTAION TO 44 C. LATEST DATE OF SHIPMNET 15 DAYS BEFORE DATE OF EXPIRY

45 A. DESCRIPTION OF GOODS/OR SERICES NAME OF COMMODITY AND QUANTITY UNIT PRICE AMOUNT SPECIFICATION ……………………………… P/O NO…………………. . DATED ………………… UNIT PRICE: USD…………. . SALES TERMS : CIF 46 A. 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.

47 A. 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 USD 80. 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. 71 B. 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. 57 D. “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.

1. Documents for negotiation • Packing List : • Certificate of Origin ; • 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. • 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 ; • Consulate Certificate ; • 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. • 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 underinvoicing. • •

Different Type of LC • 3 rd party LC : • Direct Payment 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. • L/C that is not paid through an advising bank but must be presented at the issuing bank for payment. • Documentary Credit ; • • Redundant term because all letters of credit are documentary.

• • 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. 운송비용 은 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 수입상으 로 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. 193500026 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

제 5장 무역결제서류 9. 수출환어음ㆍ선적서류의 매입 貿易決濟 3) 수출환어음 매입의 구분 구분조건 구분내용 결제방법 신용장방식, 무신용장방식(D/P, D/A) 하자유무 Clean 매입, 하자매입 매입대금 지급시기 결제기간 매입은행 지정여부 추심전 매입, 추심후 매입 일람출급 매입(sight nego), 기한부 매입(usance nego) 직접매입(direct nego), 재매입(re-nego)

제 5장 무역결제서류 11. 구매확인서 貿易決濟 1) 구매확인서 : 국내에서 생산된 물품이나 수입된 물품을 외화획득용 원료 또는 물품으로 구매하고자 하는 경우에 외국환은행이 내국신용장에 준하여 발급하는 것 2) 구매확인서와 내국신용장의 차이점 (1) 내국신용장은 외국환은행이 물품대금에 대한 지급확약을 하지만 구매확인서는 외국환은행의 지급보증 없이 당사자 간에 대금결제가 이루어진다. (2) 내국신용장은 수출용 원자재 및 물품의 구매에 한정되지만, 구매확인서는 수출보다 넓은 개념인 외화획득용 물품의 구매에도 발급된다. (3) 내국신용장은 사전발급만 가능하지만 구매확인서는 부가가치세 신고기한 내에는 사후발급이 가능하다는 점이다. 3) 구매확인서 발급 절차 ① 구매자와 공급자의 물품공급계약 체결, ② 구매자의 외국환은행장에게 구매확인서 발급신청, ③ 외국환은행장은 구매확인서를 구매자와 공급자에 발급, ④ 구매확인서를 발급한 외국환은행은 구매확인서 발급사실을 공급자에게 통지하고, 공급자가 달리 요청한 경우를 제외하고는 당해 구매확인서를 공급자에게 직접 교부

제 6장 무역결제 국제규칙

제 6장 무역결제 국제규칙 1. 추심에 관한 통일규칙(URC 522) 貿易決濟 ※ 표 6 -1. 무역결제 국제규칙 요약(Page 138. ) 참조 ※ 표 6 -2. URC 522 조항별 규정내용(Page 141. ) 참조 1) 추심에 관한 통일규칙(Uniform Rules for Collections, 1995 Revision, ICC Publication No. 522) (1) 국제상업회의소(ICC)에서 1956년에 제정하였으며, 현재까지 3차례 (1967년․ 1978년․ 1995년) 개정하였다. (2) 추심거래에 URC 522가 적용되기 위해서는 추심의뢰인이 추심을 지시하는 추심의뢰서에 ‘추심통일규칙의 준거문언’이 삽입되어 있어야 한다. 2) 추심 : 은행이 접수된 지시에 따라 지시 또는 인수의 취득, 서류의 지급인도(D/P) 또는 인수인도(D/A), 기타의 제 조건으로 서류의 인도 등을 목적으로 금융서류 또는 상업서류 를 취급하는 것 3) 추심관계당사자 ① 추심의뢰인(principal), ② 추심요청은행(remitting bank), ③ 추심은행(collecting bank), ④ 제시은행(presenting bank), ⑤ 지급인(drawee)

제 6장 무역결제 국제규칙 3. 신용장 통일규칙(UCP 600) 貿易決濟 1) 화환신용장에 관한 통일규칙 및 관례(The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 600) (1) 2006년 국제상업회의소(ICC)에서 승인되어, UCP 600이 2007년 7월 1일부터 시행 되었다. (2) UCP 600에서 신설된 조항으로는 § 2(정의), § 3(해석), § 9(신용장 및 변경통지), § 12(지정), § 15(일치하는 제시), § 17(원본서류 및 사본)이 있고, UCP 500에서 폐지된 조항으로는 § 5(신용장의 개설/변경 지시), § 6조(취소 가능한…), § 8(취소), § 12(불완전 또는 불명료한 지시), § 38(다른 서류들) 및 기타 많은 조항의 내용들이 UCP 600 원문 내에 통합되었다. ※ 표 6 -4. UCP 600 조항별 규정내용(Page 144. ) 참조

제 6장 무역결제 국제규칙 4. 국제은행표준관습(ISBP) 貿易決濟 1) 화환신용장 서류심사를 위한 국제표준은행관습(ISBP; International Standard Banking Practice for the Examination of Documents under Documentary Letters) (1) 2002년 10월 30일 ICC은행위원회에 의하여 제정(ICC Publication No 645) 하여 2003년 1월부터 사용되었다. (2) ISBP(국제표준은행관습)의 범위는 UCP 명시조항 뿐만 아니라 실제 표준 국제은행 에서 통용되는 관습을 포괄하며, 구체적으로는 현행UCP 본문조항, UCP 본문조항을 해설한 ICC 각종 공표물, ICC은행위원회의 결정과 의견 및 이를 분석한 사례집, ICC와 제휴한 주요 금융기관의 결정과 의견 및 공표물, ICC 요청에 따른 신용장 분쟁 전문가 그룹의 의견이나 신용장에 관한 저명한 논문자료 등이다. ※ 표 6 -5. ISBP의 구성체계(Page 145. ) 참조

p. 197 ~ 보험서류 貿易決濟 v 5) 보험부담비율 신용장에서 “ 소손면책비율 부적용조건 “( IOP = Irrespective of Percentage)의 보험부담을 요구하고 있다면, 보험서류는, 1) 비공제 소손면책비율 적용조건(franchise) 이나 2)공제소손면책 부적용조건(excess deductible) 조건을 포함해서는 안된 다. 용어설명 ; p. 202~ IOP = 보험회사가 : 적은금액의 손해에 대해서는 담보하지 않는다”는 조건. WAIOP 라고 한다. 비공제 면책조건 = (franchise or non deductible franchise) 즉, 면 책비율 이상의 손해가 발생하면 면책비율 이하의 손해를 공제하지 않고 발 생한 손해 전부를 보상해 주는 조건. 예) WA 3% franchise, WA 3% non deductible 은 5% 손실발생 시 5% 전부를 보상해 준다. 공제면책조건(excess or deductible) 면책비율 이상의 손해가 발생하면 면책비율 이하의 손해를 공제하고 나머지 손해만 보상. 예) WA 3% excess, WA 3% deductible

교재 p. 202 환적과 분할선적 貿易決濟 환적( Transshipment) 1. 신용장에 명시된 선적항~ 양륙항 사이에 발생. 2. 분할선적이 금지된 경우의 환적의 예외조항 ; 동일한 선박, 동일한 항해, 동일한 양륙항 일 경우, 두 개 이상의 B/L 이 발행 될 수 있다. 이 경 우 선적일자가 다를 경우 “가장 늦은 선적일＂이 서류제시 기간의 기산점이 된다. 그러나 선박이 다른 경우는, [동일한 목적지, 동일한 출항일] 이라 하더라도 분할선적으로 본다.

ISBP 적용상의 문제점 및 개선방안 (교재 p. 218 ~) 1. 어음 만기일의 산정기준 貿易決濟 예) 하나의 선하증권에 2개 이상의 본선적재(on board)표시가 있는 경우, 본선적재일 중 최선일(제일 먼저 적재한 날) 이 만기일 산정기준이 되고, 하나의 어음에 2개 이상의 선하증권이 제시되면 선하증권 중 [최종선적일] 을 만기일 기산일로 한다. 즉 기준일 산정기준이 통일되어 있지 않다. 5. 상업송장의 상품명세 (교재 p. 221) 1)상품명세확인 : 송장상에 나타난 모든 표시를 확인해야 한다. 2) 상품명세는 선적된 분량만 표시할 것(예 분할선적의 경우 전체를 기재하지 말고, 분할선적 분만 표시해야 함) 3) 상품가치 표시는 신용장의 금액과 일치해야 함( 예 선급금, 할인금액, 공제금액을 표시하여 작성하되, 어음금액은 할인된 금액 등을 공제한 후 발행 할 것) 4) 과부족 허용조항 : 신용장에서 [과부족이 허용되지 않는다} 는 조항이 없을 경우, 5% 과부족이 허용 된다. [단, 포장단위 품목이나 개별품목은 제외]

제 2편 신용장의 법률론 (교재 234~) 제 2절 신용장의 법률적 정의 貿易決濟 1. 계약 청약설(The offer & Acceptance Theory) 신용장 개설 = 수출업자에 대한 개설은행이 계약을 청약하는 것. 2. 보증설 (Guarantee Theory) 수출업자에 대한 개설은행의 2차적 보증이다. 3. 계약설 ( Contract Theory) 신용장 개설과 동시에 [개설은행] 은 수출업자에 대한 환어음 지급의무를 진다. 1) 쌍무계약설 (Bilateral contract theory) : 개설은행 + 수입업자 가 수출업자와 체결한 계약으로 본다. 2) 계약 이전설(Assignment theory): 수입업자와 개설은행간의 맺은 계약상의 권 리가 수출업자에게 이전된다는 학설. 4. 수출업자 청약설(The Seller’s offer theory) : 취소불능 신용장의 경우, 수출업자가 개설은행 앞으로 선적서류를 양도 할 것을 청약한다는 이론.

5. 금반어설(The estoppel or Trustee theory) 貿易決濟 일명 “신탁설“(trust theory) 이라고도 함. 즉, 취소불늘 신용장이 개설되면 수출업자 가 발행하는 환어음을 결제하는데 충분한 자금을 수취하고 위탁되어 있을 것 이라는 사실을 부정할 수 없다는 이론. Estoppel = record(기록), Deed(날인, 증서), Pais(행위= act), representation(표시) 6. 상업적 특수행위설(Mercantile Specialty Theory) 취소불능 신용장에 있어서 은행의 약속은, 형식상 취소불능성을 명확히 하고 있으며, 또 한 상인은 이를 확신하고 있으므로 법률은 이와같은 거래관습상의 원칙을 승인하여야 한 다는 학설. 제 2장 수입업자와 수출업자와의 법률관계 (교재 p. 244~

제 3장 제 1절 수입업자와 발행은행의 법률관계(교재 p. 248) 貿易 신용장 개설의뢰인으로서의 수입업자의 의무決濟 1. 지시사항에 대한 책임 : 개설의뢰인이 필요한 지시사항 준수. 2. 상품대금의 보상의무 : 일람불과 기한부에 따라. 3. 수수료의 지급의무 : 개설수수료, 기타 해외(네고은행)에서 지급 한 수수료. 제 2절 개설은행의 의무 1. 개설은행의 지위 ; 서류상의 사실(수량, 금액, 서류의 수량 등)만 확인. 2. 지시사항 이행의무 : 3. 지시사항 준수의무 : 신청의뢰인의 지시사항을 임의로 변경해서 안된다. 4. 신용장의 개설통지의무 : Cable, Telex, email SWIFT방식

제 2절 수출업자와 수입업자의 법률관계 貿易決濟 11. 신용장 개설 1)수입업자의 의무 1) 신용장 개설의무 2) 개설은행의 선정- 수출업자가 인정하는 일류은행 3) 개설장소와 시기 – 자사의 본사 및 지점이 소재한 장소가 유리. 2) Exporter 와 Importer 의 권리의무 1) 대금지급 의무 2) 개설은행의 지급불능과 수출업자의 이행거절 : 수입업자가 은행이 파산되어도 직 접 지급할 수 있다. 3) 개설은행의 이행거절과 상환청구권 : 수출자의 “매매계약 청구권”이다

제 4장 수출업자와 개설은행의 법률관계 제 1절 취소가능 신용장 貿易決濟 1. 수출업자의 권리 : 환어음이 인수되었을 때 비로소 출자의 권리가 인정된다. 인수 되기 전에는 취소가능하며 수출자로서의 권리가 없다. 2. 개설은행의 신용장 통지의무 : 통지의무는 개설은행의 의무조항은 아니나 통상적으로 통지하는 관례. 제 2절 취소불능 신용장 1. 수출업자의 권리 : 개설은행에 대한 대금상환 청구권. 2. 수출업자의 의무 : 신용장 조건에 일치하는 선적서류 제시의무. 3. 개설은행의 항변권의 제한 : 1) 수출업자의 일치하는 서류 제시가 있으면 개설은행은 대금의 지급거절 및 인수거절을 할 수 없다. 2) 수입업자의 지급불능 상태가 되더라도 개설은행은 대금지불을 거절(항변권)할 수 없다.

제 5장 통지은행과 매입은행의 권리와 의무 貿易決濟 제 1절 통지은행의 권리와 의무 1. 통지은행과 수입업자의 관계 : 2. 통지은행과 개설은행의 관계 : 직접적인 관계성립이 안된다. 위임 또는 대리인 관계가 존재. 개설은행의 요청에 따라 수출상에게 통지의무 발생. 3. 통지은행과 수출업자의 관계 제 2절 : 고의 또는 과실로 인하여 부정확한 통지를 함으로 써 수출상이 손해를 입은 경우 손해배상 의무 부담. 매입은행의 권리와 의무 1. 매입은행과 수입업자의 관계 : 지시관계. 매입은행은 수입업자에게 대금결제 청구 권 갖는다. 2. 매입은행과 개설은행의 관계 : 매입은행(환어음 등) 은 개설은행에 대하여 상환청구권 있다. 3. 매입은행과 수출업자의 관계 : 신용장 발행은행이 인수/지급 거절할 경우, 수출업자는 매입 으 행에게 변제의무 있다.

제 6장 개설은행 및 매입은행의 담보권 貿易決濟 제 1절 개설은행의 담보권 1. 물적담보 : 1)선적서류 담보 : 선적서류에 표시된 상품은 은행이 수입업자에 대하여 취득한 채권의 담 보로서 제공될 것을 명시하고 있다. We hereby recognize and admit ownership in and unqualified right to the possession and disposal of all property shipped under or pursuant to or in connection with the credit …. . 2)선적서류 이외의 담보권 : 기타 물적 담보 (예: 채권, 국. 공채주식 등의 유가증권, ) 교재 p. 258~ ~~ 2. 인적담보 : Corporate guarantee(관계회사 입보, 계열사 보증서 등) 제 2절 매입은행의 담보권 : 수출업자의 재정상태를 고려하여 필요 한 담보물권 취득 후 매입한다. 수입업자, 개설은행 모두가 지불불능인 상태(부도 등) 일 경우에도 매입은행은 잔존가치에 대해 우선 변제권을 갖는다.

제 7장 발행은행의 파산 제 1절 환어음 인수 전 파산 貿易決濟 1. 개설은행과 수익자의 관계 : 1) 수출업자는 취소불능 신용장의 계약을 해지할 수 있다. 또는, 2) 환어음을 예정대로 발급케 하여 개설은행은 선적서류를 제시하도록 할 수도 있다(양자 택일) 2. 개설은행과 수입업자의 관계 취소불능 신용장 발행 이후 개설은행이 파산하는 경우, 개설은행은 신용장을 수익자에게 인도하고 대금지급 의무를 이행하면 수입업자에게 보상청구권 행사 가능하다. 3. 수출업자와 수입업자의 관계 신용장 발행 이후 발행은행이 파산되는 경우에는, 대금지급은 수입상에게 여전히 남게되며, 수출업 자는 선적을 중지하고 수입업자에게 타 은행에 신용장 개설을 요구할 수 있다. 왜냐하면, 신용장이 개설된 사실만으로 매매대금에 대한 지급책임을 면할 수 없기 때문이다.

제 2절 환어음 인수 후 파산 1. 은행과 수익자의 관계 환어음 인수 후에는 수출업자와 은행사이에는 함. 貿易決濟 환어음법상의 관계가 성립 은행이 파산하게 되면 환어음의 지급일은 파산선고일이 되므로 수출업자는 은행의 파산과 동시에 파산채권자로서 그 권리를 행사할 수 있다. 2. 개설은행과 수입업자의 관계 파산한 개설은행은 환어음의 수 없다. 지급 만기일 이전에는 그 채권의 변제를 청구할 개설은행의 파산할 경우에는 수입업자가 최종적인 지급책임을 진다. 즉 매매계약에 근거한 채무자로서의 책임을 말한다. 파산관제인이 수입업자에게 채권행사를 한다.

연구발표 과제 貿易決濟 Q 1. UCP 제 1조 SWIFT 시스템에 의한 신용장 통지 시 신용장 본문에 UCP 준거문 언이 없는 경우, UCP 가 적용될 수 있는가 ? P. 22 Q 2. 신용장에 명시된 조건이 UCP 600과 모순되거나 불일치되는 경 우, “본 규칙은 신용장에 분명히 수정되거나 또는 배제되지 아니하 는 한 모든 관계당사자를 구속한다” 라는 제 1조의 규정에 충분히 부합되는 것으로 보는가 ? 아니면 신용장에 UCP 조항이 수정되거 나 배제되는지를 분명하게 명시하여야 하는가 ? P. 24 Q 3. UCP-600 제 2조에서 정한 “매입”의 의미 ? 또한 신용장 매입 에 관하여 매입대금을 계좌에서 상계하고 잔액을 인출하여 사용하 기로 합의한 경우, 은행이 신용장 매입에 관하여 현실적인 대가를 즉시 지급한 것으로 볼 수 있는가 ? P. 46

v 제 3조 貿易決濟 Q 4. 서류상의 서명, 표지, 스탬프 또는 부전이 있을 경우, 그 서류가 증명(Certified) 대신 공인(legalized) 이라고 명시하더라도 이 는 신용장과 일치하는 것으로 볼 수 있는가 ? p. -54 Q 5. 선하증권 발행일로 부터 3일 이내 환어음매입과 관련하여 사용 된 “From” 은 언급된 일자가 발행일에 포함되는가 ? 제외되는가 ? p. 57 Q 6. 발행의뢰인은 매매계약서상의 신용장조건에서 요구된 물품명세 서대로 선적되지 아니하였다는 이유로 수익자(beneficiary)에게 이미 지급한 금액을 발행은행에 반환청구할 수 있는가 ? P. 69 Q 7. 신용장 매입은행이 서류의 위조에 가담하였거나 또는 위조사실을 사전에 알았거나 그와같이 의심 할 충분한 이유가 있는 경우, 신용 장의 독립성, 추상성의 원칙에 의한 보호를 받을 수 있는가 ? P. 73

Team Presentation – Type of LC (I) Textbook page 97 ~ 139 貿易決濟 1. How to Assign to each team ? 1) Team 1 = <예시 1 -3>, <1 -4>, <1 -7> 2) Team 2 = <예시 1 -9>, <1 -10>, <1 -11> 3) Team 3 = <예시 1 -12>, <1 -14>, <1 -15>, <1 -16> 4) Team 4 = <예시 1 -17>, <예시 1 -18>, <1 -20> 5) Team 5 = <Local LC 사례>, <standby LC 사례> <예시 1 -13>

Presentation – Type of LC Textbook page 97 ~ 139 貿易決濟 2. Time Limitation 1) Each individual will have 10 minutes (maximum) 2) Point 1 shall be deducted if exceeded every 1 minutes of time. 3. PPT presentation materials By at least 1 day before the presentation, it shall be provided to professor. (No necessary to distribute it to others) 4. Compliance with the presentation Rules Eye contact, Formal attire, Source of Data gathering, Closing. .

How to Prepare your materials 1. Definition of each LC 貿易決濟 1. Why this LC is attractive / useful ? 3. Who will take the advantage by using this LC ? 4. A specific “Words and /or Clauses” representing the LC your will present. Please describe it. 5. Documents Required, if applicable

Feedback / Appraisals(Team 貿易決濟 Presentation) 1. Winner : To each Presenter : Ranged from Point 5 to 1 2 cases study for each individual. The winner will be the highest scores (sum of each point. ) 2. 2 nd Prize : To each Presenter : Ranged from Point 3 to 1 2 cases study for each individual. The winner will be the second highest scores (sum of each point) 3. Third Prize : To each Presenter : Ranged from Point 2 to 1 2 cases study for each individual. The winner will be sum of each point. The above points will be reflected on your credit score. (성적에 반영)

Individual Presentation貿易決濟 How to Present 1. Assignment : 3 case study to each one. (To be assigned by professor) 2. Preparations ; 1) 사례제시(교재에 열거된 사례) 2) Issue ? (분쟁의 요지) 3) Applicable UCP article, 개요 요약설명, 4) Solutions ( 해결방법, UCP 조항의 올바른 해석), Who is Right ? Who is wrong ? 대법원 판결, if applicable. 5) 시사점 (lesson learned) 3. Formal Attire + as per the Presentation rules we have exercised before. 4. Appraisals ( Everybody except presenter) as per appraisal sheet. 5. Feedback from Professor

Feedback / Appraisals (Individual Presentation) 貿易決濟 1. Appraisal scores from peer : 50 % Appraisal score from professor : 50% using the appraisal sheet(attachment) 2. Top 10 ranking ( from 10 point to point 1 subject to the appraisal score shall be given to each individual as per the ranking obtained) Article 1, 2 & 5(3), article 3&9(3), article 4(3), article 6(3), article 8(3), article 10& 13(3), article 11 & 12(3), article 13(2), article 14(6)/ 2 each, article 17 & 18(3) , Article 16(4), article 19(2), article 20(4), Article 21, 22 & 23(3), article 24, 25 & 27(3) article 26 & 29(3), article 28 & 30(3), Article 31, 32 & 34(3), article 35, 36 & 37(3), article 38(3), Article 39(1) subject to the no. of applicants.

Presentation Feedback by Teams-신용장론 (발표일: Nov. . 3~14, 2014) 항목 / 팀명 000 발표제목 　　　 1) Formal Attire (정장차림) 　 2) Eye Contact 　 3) 몸 동작의 움직임 　 4) Gesture 　 5) 말의 속도/6) 화면 전환 000 　貿易決濟 000 　　　　　　　 3. 자료 사전배포 　　 4. 시간관리 　　　 1) 목차정리 　　 2) 페이지 표시 　　 3) 내용 및 시각적 효과-도표화 포함 　　 4) PC Supporter 와의 호흡 　　 5) 글씨 크기 정도 　　　　 발표자 / PC도움 Team members 1. 자료 준비성(ppt 포함)-10점 2. 발표태도 (20점) 발표시간 관리 5. 발표 내용 6. Closing-결론부분정리 　

Presentation Feedback by Teams-무역영어 (발표일: Nov. . 18, 2013) 항목 / 팀명 1조 2조 3조 4조 발표제목 LOI MOU Offer Sheet D/A 조건 貿易決濟　 5조 Letter of Guarantee 성혜경 윤선아 유다현 이민수 이한준 최용회 　 발표자 / PC도 움 최지혜 이수빈 황상아 김동진 　 Team 이다솜/김운지/ 서일기/문혜원 김태형/시아빙 정직/박장준 김수현/조민희　 members 윤본 /한혜주 형/장지혜 비교적 괜찮으 1. 자료 준비성 실제사례 제시 Good Very good 　 나 실제사례제 (ppt 포함) 미흡 미흡 시-다소 미흠 2. 발표태도 　　　 Business Casual 1) Formal Business of office lady business Formal attire Attire attire with 　 casual with Tie with Mink (정장차림) Tie sweater(oute r) Q-card 많이 2) Eye 미흡(Q-card 비교적 무난 주시-좀더 청 Very Good 　 Contact 의존도 높다) 중을 주시. 처음엔 다소경 너무 딱딱한 처음에 다소 3) 몸 동작의 비교적 자연스 　 직--나중에 자 경직된 차렷자 경직-->이후 움직임 러움 연스러워 짐 세 자연스러움 오른손, 왼손등 비교적 자연스 고정, 다소 경직 좌. 우로 자연 4) Gesture 　 자연스럽게 사 러움 된 느낌 스럽게 이동 용 (좌, 우로 이동) 다소 빠름/목 5) 말의 속도 적당 적절히 빠름 다소 빠름 적당함 　 소리의 안정감 6) 화면 전환 매우 좋음 적절함 적절함 무난함 　 6조

Need for Improveme nt 　　貿易決濟　 1. p. 5 -작성방 법- 바탕색 흐린색깔 선택밝은 바탕색으 로. 2. 설명시 대부 1. p-5 : 경영의 1. p. 1 -목차부 분 Q-card 읽 1. 처음설명(정 사 결정--> 분- 바탕색 흐 는 수준- 간략 Board of 의부분)에 린색깔 선택한 설명은 암기 Q-card 많이 Directors(이사 본문이 선명하 후. 회 결의서) 의존함. 1. p. 5 -작성방 게 보이지 않음 2. Q-card 에 너 법- 바탕색 흐 3. DA 거래는 [ 2. p-4: 한글 지. 무 의존 린색깔 선택- 화환어음규칙] 급보증서 예시 2. 시간관계상 3. Pdf 파일로 본문이 선명하 이라고 설명? ? - 약간의 설명했 본문읽지 않고 보여주기보다 다 게 보이지 않음 " URC 에 따른 으면…글씨 작 바로 해석함다" 로 해야. 시 Typing 했으. 다. 자료 내용 본문에 충실했 4. Step 2. - 3. p-5~9, copy 면. 2. p. 6으면… 4. 의향서 실패 offersheet 의 I/L(수입증명서 & Paste 하여 3. 정의설명은 사례: 중국 S 철 sample-Font ? ? ) 수입허가서 글씨 흐리다. 짧게-MOU 각 강 vs. 캐나다 H 로. 너무 작다 4. You 를 "당 조항을 상세히 업체사례: 조금 Retyping했으 5. 인도네시아 신은 ? " 으로 설명했으면… 더 상세히 설명 vs. 국내피혁제 해석함. (p-16). 면. 4. p-6: LOI 와 했으면… 조 상: 근거자료 5. Bid, PMOU-비교설 5. 실제사례(회 -Too much Bond 까지 설

貿易決濟