Exercises

　　Ⅰ.Please explain the following terms in simple English and translate them into Chinese.

　　Ⅱ. Judge whether the following statements are true or false.

　　1. Letter of credit is a payment method based on commercial credit. (F)

　　2. According to UCP600, any credit is an irrevocable letter of credit. (T)

　　1. The advising bank is usually in the country of the L/C applicant. (F)

　　2. An open negotiation L/C means the L/C can be negotiated with any bank. (T)

　　3. The documents presented for negotiation must be strictly in conformity with the L/C. (T)

　　4. Under L/C payment, the issuing bank will examine the goods to see whether they conform to the L/C or not. (F)

　　5. When the issuing bank has made payment under confirmed L/C, it still has the right of recourse to the beneficiary. (F)

　　6. When applying for a letter of credit, the applicant must pay the issuing bank 100% of the L/C amount as collateral. (F)

　　7. Brief cable L/C is not regarded as an operative credit instrument. (T)

　　8. Nowadays, the L/C is mostly opened by ail mail. (F)

　　Ⅲ. Translate the following sentences into Chinese.

　　1. Signed commercial invoice in 5 copies indicating this L/C No. and contract No. and shipping mark.

　　2. Insurance policy/certificate in duplicate blank endorsed for 110% of CIP value, showing claims payable at destination in same currency of the draft covering All Risks and War Risks as per ocean marine cargo clause of the People’s Insurance Company of China dated 1/1/1981.

　　3. Full set plus 1 non-negotiable clean on board marine bills of lading made out to the order of E. Sun Commercial Bank Ltd. Notifying applicant marked “Freight Prepaid”.

　　4. A discrepancy fee of USD 50.00 or equivalent will be deducted from proceeds of discrepant documents.

　　5. All other bank charges, except establishing bank charges, are for account of the beneficiary.

　　6. Inspection certificate issued by the applicant whose signature must comply with that on his passport.

　　7. This credit is not operative only after having obtained the import license and in any case only after our telex advice to you.

　　8. This credit is subject to the Uniform Customs and Practice for Documentary Credits (2007 revision).

　　9. Documents must be presented at place of expiration no later than 10 days after date of shipment and within documentary credit validity.

　　10. We open this Letter of Credit by order of ABC Company, Vancouver for a sum not exceeding 50,000 USD (SAY US DOLLARS FIFTY THOUSAND ONLY) available by drafts drawn on us at sight.

　　1. 已签署的商业发票一式五份显示合同号码、信用证号码和码头。

　　2. 一式两份的空白背书保险单/保险凭证，保险金额为CIP价格的110%，按照中国人民保险公司1981年1月1日颁布的海洋货物运输保险条款投保一切险和战争险，保险赔偿的地点为目的地，赔偿的货币为汇票货币。

　　3. 全套清洁已装船提单和一份不可转让的副本，抬头为凭E. Sun Commercial Bank Ltd.指示，通知信用证申请人，注明“运费已付”。

　　4. 对于任意一个不符点，将从货款中扣除50美元不符点费。

　　5. 除了开证行的费用外，所有其他银行的费用都由受益人支付。

　　6. 由信用证申请人开出的检验证书上的签名必须与其护照上的签名保持一致。

　　7. 本信用证只有在我方获得进口许可证并且必须在我方电传通知你方后才可以生效。

　　8. 本信用证遵循跟单信用证统一惯例(2007年版)的规定。

　　9. 所有单据必须在装船后10天之内并在信用证有效期内于信用证到期地提交。

　　10.我们根据温哥华ABC公司的要求开出本信用证，其金额不超过50 000美元，该信用证凭受票人为我们的即期汇票付款。

　　Ⅳ. Translate the following sentences into English.

　　1.我希望你们能在收到我方信用证后马上发货。

　　2.货价的50%用信用证方式支付，其余用付款交单的方式如何。

　　3.信用证应该保持在装船后15内有效。

　　4.请在信用证上注明“信用证在中国议付有效”。

　　5.如果采用信用证来支付，你们能否给我们一些折让。

　　1. We hope that you can make shipment immediately after receiving our letter of credit.

　　2. How about 50% of the payment is to be made by L/C and the rest by D/P?

　　3. The L/C shall remain valid until 15 days after shipment.

　　4. The L/C must bear “the letter of credit is available by negotiation in China.”

　　5. We can grant you some discount if you make payment by L/C.