国际结算练习4

国际结算练习题(四)Practices for International settlement1.Choose or write the true answer of the following sentences.（1）If the credit provides negotiation, issuing bank pays draft recourse to the nominated bank or the beneficiary. If the credit provides fornegotiation, confirming bank pays drafts recourse to the nominatedbank or the beneficiary. If the credit provides for negotiation, nominatedbank negotiates drafts recourse to the beneficiary.（2）According to the settlement made to the beneficiary, all credits may be classified into four types : It is available by①②③④(3) Who makes first presentation of documents to the nominated bank under a transferable credit ?(A) the first beneficiary (B) the second beneficiary (C) the middle man(4) the primary beneficiary is the issuer of back to back credit and the secondary beneficiary is the actual(5) Compare the back to back credit with the transferable credit(a) the issuance of back to back credit the intention of issuing bank and beneficiary in the master credit. They have no concern with the back to back credit.At the request of of transferable credit and with the consent of issuing bank they issue a transferable credit. Usually, the documentary credit is preceded by transferable(b) A back to back credit is opened against the . Two credits coexist. The credit amount is transferable either in whole or in part to the second beneficiary. Such amount no longer exist in the original transferable credit.© the secondary beneficiary of back to back credit cannot obtain issuing bank’s undertaking of payment in the credit. The secondary beneficiary of transferable credit always obtains the issuing bank’s undertaking of(d) the bank which has issued a back to back credit is an bank of the credit.The bank which has opened a new transferable credit is a bank.(6) all anticipatory credit may be classified into three kinds ；(a) full sum to be paid in advance credit(b) clause credit belong to partial sum to be paid in advance credits. There are two modes of advances to be made under the red clause credit.1 payment in advance for merchandise2 drawing in advance by negotiation© clause credit authorize the negotiating bank to make advance to the beneficiary by negotiation of beneficiary’s clean draft and warehouse receipt. It is seldom used at the present time.(7) A credit contains the terms as follows “Beneficiary may draw in advance underthis credit by his sight draft for amount up to 100% of the credit amount accompanied by his undertaking to the effect of shipment within the validity of his credit and to provide document in term of the credit.”The above credit belongs to(8) A credit contains the terms as follows : “Beneficiary may draw in advance under this credit by his sight draft for amount up to 100% of the credit amount accompanied by his undertaking to the effect of shipment within the validity of the credit and to provide documents in terms of the creditThe above credit belongs to(9) A credit contains the terms as follows :” the negotiating bank is hereby authorized to make advance to the beneficiary up to the aggregate amount of USDxxx being 60% of the credit amount against the beneficiary’s receipt stating that the advances are to be used to pay for the purchase and shipment of the merchandise for which the credit is opened, and the beneficiary’s undertaking to deliver to the negotiating bank the documents stipulated in the credit. The advantage with interest are to be deducted from the proceeds of the drafts drawn or negotiated under this credit”The above credit belongs to(10) A credit contains the terms as follows: “We hereby authorize the negotiating bank to make advance to the beneficiary by negotiation of the following:(a) clean draft at sight for 50% of the credit amount being USDxx, and(b) warehouse receipt in the name of negotiating bank covering the goods being held by the bank”.The above credit belongs to(11) This is a monthly revolving credit which is available for up to the amount of USD 15000.00 per month, and the full credit amount will be automatically renewed on the first day of each succeeding calendar month. Our maximum liability under this revolving credit does not exceed USD90,000.00 being the aggregate value of six months. The unused balance of each month is non-cumulative in the succeeding month”. The above credit may revolve in relation to ( )(A) time (B) value(12) This credit is revolving for three shipment only. Each shipment should be effected at one month interval. The amount of each shipment is not exceeding USD50,000.00. the unused balance of each shipment is not cumulative to the following shipment.” The above credit may revolve in relation to ( )(A) time (B) value(13) three modes of restoration to the original credit amount are as follows:(A) The credit amount when exhausted shall be automatically restored to the original amount. It is called restoration to revolve.(B) The credit amount when exhausted shall be restored to the original amount only upon receipt of issuing bank’s notice that the credit might be restored. It is called storation to revolve.© If the negotiating bank is not advised of stopping restoration within a period, the credit amount shall be restored to the original amount at the beginning of the next period. It is called restoration to revolve(14) the similarities between commercial credit and standby credit are they are both independent , which are separate transaction from the underlying contract. Both above credits are to be paid against complying documents , both issuing banks undertake primary liability for(15) The difference are as follows:(A) Commercial credit is used in trade settlement. Standby credit in non-trade sttlement and trade financial transactions.(B) Each commercial credit must pay against presentation of complying Standby credit makes preparation against any contingency or default in the performance of an obligation, if the did not arise, payment would not be effected.© commercial credit stipulate shipment, expiry dates, latest date for presentation of documents, and the complicated documentary requirement.Standby credit usually stipulates only expiry date and simple documentary requirements, such as simple demand or demand accompanied by statement of default.(D) commercial credit is subject toStandby credit is subject to(E) commercial credit effected on the basis of the fulfillment of credit terms. Payment under some standby credits to be effected on the basis of the violate his obligation.。