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4.Multiple Choice
1) A letter of credit is __B__ A. a formal guarantee of payment
B. a conditional undertaking to make payment C. an unconditional undertaking to make payment D. a two bank guarantee of payment
2) A revocable credit cannot be amended or cancelled only after __C__ A. the documents under it have been honored B. it has been amended once
C. the advising bank has notified the beneficiary of its opening D. it has been confirmed by a correspondent bank
3) __D__ gives the beneficiary a double assurance of payment. A. An irrevocable credit B. A revocable credit C. A confirmed credit
D. An irrevocable confirmed credit
4) Before opening a credit, the issuing bank should __D__ A. go through the contract terms B. fill in the application form
C. sign an agreement with the customer
D. inquire into the customer’s credit standing 5) Settlement by documentary credit is fair to __B__ A. the shipping company
B. the trading companies concerned C. the banks involved D. all of the above
6) In credit transactions, the goods and the documents are sent to the importer __A__ A. in different ways B. in the same way
C. in different directions D. at one time
7) The exporter can receive the payment only when __C__ A. he has shipped the goods
B. he has presented the documents
C. the documents presented comply with he credit terms D. the importer has taken delivery of the goods
8) Banks are obligated to verify the documents received to see that __C__ A. they are authentic B. they are regular
C. they are those listed in the collection order D. they are in the right form
5. Answer the following questions
1) What are the roles of a letter of credit?
Letter of Credit is a popular method of payment in international trade and one of the most important methods of financing. It plays an important role in the guarantee and financing of trade in the international trade.
2) What are the primary parties of a letter of credit?
The primary parties to a Letter of Credit are the applicant, the issuing bank and the beneficiary.
3) What should the exporter do in a letter if credit?
The exporter should dispatch the goods or perform the service on time and prepare the documents required under the credit to be ready for presentation, 4) How do you understand a bill of lading?
A bill of lading, the most important document in overseas transactions, is a document evidencing shipment. I t is issued by the carrier or his agent as a receipt for goods accepted for carriage by sea. It also contains the terms and conditions of the contract of carriage. A bill of lading is a document of title. Only the holder of the bill of lading can take possession of the goods. It is usually made out to order and can therefore be transferred by endorsement.
Chapter 8
1.Put the following phrases into English 全球金融市场 破产法 合同义务 信用评估 global financial market bankruptcy law contractual obligation credit evaluation economic recession 经济衰退
2.Put the following sentences into English
1) 用于国际贸易中的保函分为两类：直接保函和间接保函。
The guarantees used in international business can be divided into two categories: direct guarantees and indirect guarantees. 2) 银行开具各种类型的保函：投标保函、履约保函、预付款保函、尾款保函。
Banks issue various types of guarantee or bond, and they are bid bonds, performance bonds, maintenance or retention bonds.
3) 预付款保函向买方提供了一个资金安全的保证。
The advance payment guarantee provides financial security to the buyer. 4) 开立传统的信用证是为了国际贸易中货物交易的付款。
The traditional documentary letter of credit serves the purpose of securing payment of the contract price in the international trade of goods. 5) 信用证和保函的主要不同点是：信用证是一个付款工具，而保函是一个合同义务被履行
的保证。
The main difference between a letter of credit and a guarantee is that the letter of credit actuallyrepresents a payment instrument while the guarantee is an assurance that contractual obligations will be fulfilled.
3. True or False
1) Bank guarantees are written instruments issued by banks to an overseas buyer if the seller
fails to fulfill his obligations under a contract.(T)
2) Most bank guarantees are intended to secure the buyer’s commitment to deliver the goods
or to render a service in a correct fashion.(F)
3) A bank guarantee is not a unilateral contract between a bank as guarantor and a beneficiary
as warrantee, in which the bank undertakes to make payment to the beneficiary within the limits of a stated sum of money if a third party fails to perform an obligation.(F)
4) The nature of a standby letter of credit is ,to give a security similar to a bank guarantee.(T) 5) The key feature of standby L/C is that they are usually not listed on the issuer’s or
beneficiary’s balance sheet.(T)
4.Multiple Choice
1) A bond is a guarantee to __A__ that _____ will fulfill his contractual obligations. A. the buyer.. . that exporter B. the exporter.. . that buyer C. the guarantor… the buyer D. the exporter.. . that guarantor
2) one of the main functions of a banker is to accept __D__ from the customers. A. money B. cash C. advance D. deposit
3) All guarantees should include the principal debtor, the __A__ and the guarantor. A. beneficiary B. creditor C. mortgagee D. lender
4) the bond should state that claims must be received __D__ than the expiry date.
A. a little earlier B. a little later C. not earlier D. not later
5) The borrower will use the __B__ of the facility for financing of said contract. A. margin B. proceeds C. profits D. interests
5. Answer the following questions 1) What is a bank guarantee?
A bank guarantee is a unilateral contract between a bank as guarantor and a beneficiary as warrantee, in which the bank undertakes to make payment to the beneficiary within the
2)
3)
4)
5)
limits of a stated sum of money of a third party fails to perform an obligation. When will a bid bond be used?
A bid bond will be used in the following situation: The exporter, who tenders to a project, generally of about 5 to 10 of the contract value.
What is the advantage for using standby letter of credit?
The development of standby letters of credit has allowed banks to avoid using up their scarce reserves but still help their customers with needed financing. What is the function of a performance guarantee?
A performance guarantee is issued by a bank to the buyer or importer at the request of seller or exporter of goods or services, guaranteeing that the exporter will carry out the contract in compliance with the terms and specifications. Why is the standby L/C so popular in banking business?
Many bankers have found it cost effective to improve their institutions’ capital-to-assets ratio either by selling loans off the balance sheet or by packaging, issuing securities against them, and setting those assets aside.
Chapter 9
1.Put the following phrases into English 法律文件 多式联运提单 面值 带有不符点的单据 legal document multimodal transport document face value discrepant document nominated bank 指定银行 2.Put the following sentences into English
1) 出口商收到信用证后，将根据信用证的要求准备出货和缮制单据。
On receipt of a letter of credit, the exporter will prepare his shipments according to the requirements of the credit and complete the relating documents. 2) 一般来说，信用证要规定最后交单日期。
In general, the latest date of presentation is specified in the credit. 3) 在信用证业务中，银行应只审核单据。
In credit operations, banks must make examination on the basis of the documents alone. 4) 银行对没有要要求提示的单据不予理会，以避免由此而产生的拒付。
Banks should disregard conditions without stating the documents to be presented in compliance to avoid unnecessary refusal. 5) 提单是出口商和承运人之间的运输合同。
The bill of lading is an evidence of the contract for carriage between the exporter and the carrier.
3. True or False
1) If the documents appear to be inconsistent with the credit, the negotiating bank will inform
the beneficiary to amend the discrepancies.(T)
2) A credit will not fix an exact date of expiry and an effective place for presentation,(F)
3) Banks should disregard conditions without stating the documents to be presented in