國(guó)際結(jié)算 中英文終極版.doc

1.1 The Concept of International Trade國(guó)際貿(mào)易的觀念 International trade is the exchange of goods and services produced in one country for those produced in another country. In most cases countries do not trade the actual the goods and services. Rather they use the income or money from the sale of their products to buy the products of another country.1.2 Introduction to International Payments and Settlements International payments and settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to clear relations of debts. 國(guó)際支付與結(jié)算是指為清償國(guó)際間的債權(quán)債務(wù)關(guān)系或跨國(guó)轉(zhuǎn)移資金而發(fā)生在不同國(guó)家之間的貨幣收付活動(dòng)。 1.2 categories(分類(lèi))(1)、According to the cause of international settlementInternational trade settlement(國(guó)際貿(mào)易結(jié)算) International trade settlement is created on the basis of sales of commodities.國(guó)際貿(mào)易結(jié)算是指有形貿(mào)易活動(dòng)（即由商品的進(jìn)出口）引起的貨幣收付活動(dòng).（主要形式）International non-trade settlement (國(guó)際非貿(mào)易結(jié)算)invisible trade無(wú)形交易 financial transaction金融業(yè)務(wù) payment between governments政府間的款項(xiàng) others 其他業(yè)務(wù)(2)、According to whether cash is used Cash settlement(現(xiàn)金結(jié)算) International payments is effected by shipping precious metals taking the form of coins, bars or bullions to or from the trading countries. Non-cash settlement(非現(xiàn)金結(jié)算) International payment is settled by way of transferring funds through the accounts opened in these banks.Four major clearing systems in the world(四大清算系統(tǒng))2.1 SWIFT(Society for Worldwide Interbank Financial Telecommunication) SWIFT is a service organization established to meet a number of specialized service needs relating to interbank financial communications through a dedicated data processing and telecommunication system.Membership 會(huì)員制 Low expenses 低費(fèi)用Security 安全性 Standardised 標(biāo)準(zhǔn)化 2.2 CHIPS(The Clearing House Interbank Payment System).紐約清算所同業(yè)支付系統(tǒng) 2.3 CHAPS（Clearing House Automated Payment System）倫敦銀行同業(yè)自動(dòng)支付系統(tǒng) 2.4 TATGET（Trans-European Automated Real-Time Gross-Settlement Express Transfer）泛歐實(shí)時(shí)全額自動(dòng)清算系統(tǒng) 3.1 Correspondent Bank代理銀行 Correspondent banking is an arrangement under which one bank (correspondent) holds deposits owned by other banks (respondents) and provides payment and other services to those respondent banks. Such arrangements may also be known as agency relationships in some domestic contexts.是接受其他國(guó)家或地區(qū)的銀行委托，代辦國(guó)際結(jié)算業(yè)務(wù)或提供其他服務(wù)，并建立相互代理業(yè)務(wù)關(guān)系的銀行。Establishment of a correspondent bank 1Control documents可控制的文件 Correspondent arrangement建立代理關(guān)系Specimen of authorized signatures 印鑒，是銀行有權(quán)簽字人的簽字式樣。Telegraphic test key/SWIFT authentic key 密押是用于識(shí)別銀行電訊文件的數(shù)字密碼。Schedule of terms and conditions 費(fèi)率表是銀行在辦理業(yè)務(wù)時(shí)收費(fèi)的依據(jù)。Credit Instruments for four四種常用于國(guó)際結(jié)算的信用票據(jù)Negotiable instrument可轉(zhuǎn)讓的票據(jù)Negotiable instrument, also known as credit instrument, is an unconditional order or promise to pay a certain amount of money. It can easily be transferable.Functions (票據(jù)的功能)As a means of payment; 付款方式 As a credit instrument; 信用票據(jù)As a means of finance. 金融工具 As a transferable instrument;可轉(zhuǎn)讓的票據(jù)Bill of Exchange匯票A bill of exchange is defined officially as an unconditional order in writing , addressed by one person to another, signed by the first person, requiring the second person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a certain amount of money, to, or to the order of, a specified person or to the bearer.無(wú)條件的 書(shū)面命令匯票是由一個(gè)人 (drawer)向另一個(gè)人(drawee)簽發(fā)的，要求受票人見(jiàn)票時(shí)或在未來(lái)某一規(guī)定的或可以確定的時(shí)間(tenor)將一定金額的款項(xiàng)支付給某一特定的人或其指定人，或持票人(payee)。Essentials of a bill of exchange絕對(duì)必要事項(xiàng)：uSuch words as “bill of exchange”exchange; draft or so 書(shū)面寫(xiě)有匯票字樣uAn unconditional order in writing 無(wú)條件的支付命令uname and address of the drawee (addressee payer) 付款人名字和地址usignature or stamp of the drawer 出票人的簽名和蓋章udate of the issue 開(kāi)立的日期uAbout some dollars 確定的金額uname or business entity of the payee 收款人的名字或商務(wù)實(shí)體Acts of a bill of exchange 匯票的票據(jù)行為 Issue/draw（出票）1、draw and sign a draft 出票人寫(xiě)匯票并且簽字2、deliver it to the payee出票人將匯票交付給收款人Endorsement（背書(shū)）When the holder of a draft wants to transfer or pass its title to another person, he should sign on the back of the draft and deliver it to the endorsee. Its an act of negotiation.（1）背書(shū)人不再是票據(jù)的持票人，需向其后手承擔(dān)擔(dān)保承兌和付款的責(zé)任。（2）被背書(shū)人成為持票人， 享有票據(jù)權(quán)利 Presentation（提示）Present for acceptance提示承兌 我國(guó)見(jiàn)票給付1個(gè)月期限Present for payment 提示付款 日內(nèi)瓦規(guī)定到期日前后兩個(gè)營(yíng)業(yè)日 Acceptance（承兌）Acceptance of a draft is a signification by the drawee of his assent to the order given by the drawer. He engages, by signing his name across the face of the bill that he will pay when it falls due（到期）.Payment（付款）債務(wù)人完成債券的償還Dishonor （拒付或退票）Act of dishonor is a failure or refusal to make acceptance on or payment of a draft when presented.拒絕承兌；拒絕付款；避而不見(jiàn)；死亡；破產(chǎn)，被責(zé)令 Recourse（追索）object to recourse: drawer, endorser, acceptor, other debtor order: in order or not in order; normally directly to the drawer持有合格的票據(jù)； 持票人盡責(zé)（提示）；發(fā)生拒付 Guarantee （保證）guarantor ：a third party 保證人是第三方warrantee：drawer, acceptor, endorser 被保證人是出票人，承兌人，背書(shū)人21Sum in money recoursed: 追索需要的費(fèi)包括21. uPar amount (interest included);2. uLost interest ;3. uCharges result from notice ofdishonor and protest匯票的貼現(xiàn):持票人在票據(jù)到期前為獲取現(xiàn)款向銀行貼付一定的利息所做的票據(jù)轉(zhuǎn)讓。貼現(xiàn)的計(jì)算：貼現(xiàn)凈值到期價(jià)值貼現(xiàn)利息貼現(xiàn)利息D（Vtr）/TV到期價(jià)值 t貼現(xiàn)日到到期日的天數(shù)r年貼現(xiàn)率 T1年的基礎(chǔ)天數(shù)（360天計(jì)）帶息應(yīng)收票據(jù)利息的計(jì)算公式為：應(yīng)收票據(jù)利息=應(yīng)收票據(jù)面值利率期限應(yīng)收票據(jù)到期價(jià)值=應(yīng)收票據(jù)面值(1十利率期限) “期限”是指票據(jù)簽發(fā)日至到期日的間隔時(shí)間。A draft was issued on July 30th,2008. The par value was ten thousand RMB, the rate of interest per annum was 8%. The tenor was 3 months after sight and the drawee accepted it on August 27th, 2008. The holder discounted the draft at the rate of 10% per annum on September 19th, 2008. How much can the holder receive?到期價(jià)值（100008120）/3601000010266.67元貼現(xiàn)利息（10266.671069）/360196.78元貼現(xiàn)凈值10266.67196.7810069.89元categories of draft 匯票的種類(lèi)（1）according to drawerbankers bill trade bill（2）according to whether documents are attachedclean bill documentary bill（3）according to tenorsight draft Time bill（4）according to acceptorTraders acceptance bill Bankers acceptance billPromissory Note本票A promissory note is an unconditional promise in writing made by one person (the maker) to another (the payee or the holder), signed by the maker engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person or to bearer.出票人簽發(fā)的，承諾自己在見(jiàn)票時(shí)無(wú)條件支付確定金額給收款人或者持票人的票據(jù)。我國(guó)的票據(jù)法中實(shí)際只規(guī)定了即期銀行本票。Categories of a promissory note 本票的種類(lèi)Bankers notes and traders notes(銀行本票和商業(yè)本票an enterprise or a person)Special notes(記名本票) and note payable to order(指示性本票)Sight notes and time notes(即期本票和遠(yuǎn)期本票)Bankers notes are all sight notes.Three kinds of time notes: on the 20th June 2008; At 90 days after date; At 90 days after sight我國(guó)票據(jù)制度中的本票，必須是“記名式銀行即期本票”Check支票A check is an unconditional order in writing addressed by the customer to a bank signed by that customer authorizing the bank to pay on demand a specified sum of money to or to the order of a named person or to bearer.支票(Cheque or Check)是以銀行為付款人的即期匯票。Categories of a check支票的種類(lèi)Check payable to order(記名支票)eg. Pay to A Co. only; Pay to A Co. or order.取款時(shí)須由收款人簽章，方可支取。Check payable to bearer(不記名支票)It can be payable without the signature of the bearer and it can be transferred by delivery.支票上不記載收款人姓名無(wú)須在支票背后簽章，只寫(xiě)“付來(lái)人”，此項(xiàng)支票僅憑交付而轉(zhuǎn)讓。Crossed cheque (劃線支票)A crossing is in effect an instruction to the paying bank from the drawer or holder to pay the fund to a bank only.普通劃線是在平行線中不注明收款銀行名稱(chēng)的支票，收款人可以通過(guò)任何一家銀行代收票款入賬。Chapter 5：International Bank Remittance(國(guó)際銀行匯兌)銀行間轉(zhuǎn)換貨幣清償債務(wù)。Remittance refers to the transfer of funds from one party to another among different countries through banks. 匯款，也稱(chēng)匯付。它是指銀行或其他金融機(jī)構(gòu)（匯出行Remitting Bank）應(yīng)匯款人（付款人Remitter）的要求，通過(guò)一定的方式將一定的金額交給其國(guó)外的代理機(jī)構(gòu)（匯入行Paying Bank），并由匯入行將款項(xiàng)解付給收款人（Payee or Beneficiary）的一種結(jié)算方式。Telegraphic Transfer, T/T (電匯匯款)Remittance by cable/telex/SWIFT is often referred to as cable transfer or telegraphic transfer, namely T/T. 電匯是匯出行應(yīng)收款人的申請(qǐng)，用加押電報(bào)、電傳或SWIFT形式指示匯入行（國(guó)外聯(lián)行或代理行）付款給收款人的一種匯款方式。Telegraphic Transfer Procedure電匯匯款的流程Characteristics電匯的特性:It is a kind of remittance(順匯).It is the fastest type but the charges are also higher.速度最快但是費(fèi)用最高In bank remittance, the T/T is in preference to others. It is dealt on the same day and the bank cant use the funds under way.在銀行匯款中，電匯是最好的。It is safe and creditable.安全可靠Mail Transfer, M/T (信匯匯款)Remittance by airmail transfers funds by means of a payment order, a mail transfer advice, or sometimes an advice issued by a remitting bank, at the request of the remitter. Characteristics特點(diǎn):It is a kind of remittance(順匯).The charges is low.It is the slower type and because of mail, it will spend more time to receive the money.Bank can occupy the funds under way for a short time.銀行可以在短時(shí)間內(nèi)占用。Demand Draft D/D (票匯) A bankers demand draft(D/D票匯) is a negotiable instrument drawn by a bank on its overseas branch or its correspondent abroad ordering the latter to pay on demand the stated amount to the holder of the draft. 匯票是銀行開(kāi)具的可自由轉(zhuǎn)讓的單據(jù)，委托付款人在見(jiàn)票時(shí)或者在制定日期無(wú)條件支付確定的金額給收款人或持票人的票據(jù)。Characteristics of D/D: （Aurthorized signature有權(quán)簽字人簽字）The paying bank is flexible.支付行可以靈活地支付The draft can replace the cash to be negotiated.匯票可以代替現(xiàn)金轉(zhuǎn)讓The draft is carried by the remitter himself or is posted by the remitter to the payee.匯票可以讓匯款人直接拿給收款人，也可以寄給收款人The paying bank neednt notifies the beneficiary and the latter will come to receive the money.支付行需要不通知受益人，而后他將會(huì)來(lái)收錢(qián)。Cover (頭寸):is the remitted funds. Once the remitting bank instructed the paying bank to offer the fund to the payee on behalf of the remitter, it should reimburse the paying bank.頭寸：匯款的資金。撥頭寸：指匯出行在發(fā)出付款委托后向匯入行撥交頭寸或償付匯款。 四、Reimbursement of Remittance（ inter-bank accounts）nostro account往帳:A bank account conducted by a British bank with a foreign bank, usually in the foreign currency.vostro account來(lái)帳:A bank account held by a foreign bank with a British bank, usually in sterling.二、reimbursement methods (撥頭寸的方法)Payment order支付委托書(shū) Credit advice 付訖的貸記通知1、crediting vostro account of the paying bank. Payment Order/In Cover，we have credited the sum to your a/c with us.主動(dòng)貸記,匯出行應(yīng)主動(dòng)將相應(yīng)頭寸貸記匯入行賬戶(hù)。寄出貸記報(bào)告單稱(chēng)已貸記匯入行帳戶(hù)2、debiting remitting banks nostro account 授權(quán)借記：如果匯出行在匯入行開(kāi)有賬戶(hù),匯出行應(yīng)授權(quán)匯入行借記該賬戶(hù)相應(yīng)的金額。1.Payment Order/In Cover，please debit our a/c with you.(You are authorized to debit the sum to our account with you.) debit advice 付訖的借記通知2.寄出借記報(bào)告單稱(chēng)已借記匯出行帳戶(hù)3、instructing a reimbursing bank to effect payment by debiting the remitting banks nostro account 如果匯出行與匯入行之間沒(méi)有帳戶(hù)關(guān)系或沒(méi)有所匯貨幣帳戶(hù)關(guān)系，頭寸可通過(guò)雙方的共同帳戶(hù)行轉(zhuǎn)賬完成。4、Instructing the paying bank to claim reimbursement from another branch of the same bank or another bank with which the remitting bank opens an account 匯出行要求匯入行找其分支機(jī)構(gòu)或代理行要求償付（中間銀行帳號(hào)進(jìn)行解付）5、according to the payment agreement between two countries. In cover, you are authorized to debit our Central Banks clearing account with your central bank.有支付協(xié)定的雙方國(guó)家，匯款的償付應(yīng)該按照雙方銀行間的規(guī)定的清算帳戶(hù)辦理。cancellation of remittance (匯款的退匯)1、cancellation of mail transfer or telegraphic transfer. 電匯、信匯的退匯 Mail transfer or telegraphic transfer can be cancelled before its payment is made. Once the payment has been made, the remittance cannot be cancelled.若收款人提出退匯，匯入行可用電報(bào)或電話或航郵通知匯出行將匯款收回，退給匯款人即可。若是匯款人提出退匯，匯出行在接受匯款人的退匯要求后，應(yīng)立即用電報(bào)或電傳、航郵通知匯入行停止解付，撤銷(xiāo)匯款。如果匯款已經(jīng)解付，匯款人則不能要求退回，只能直接向收款人交涉退回。 2. Cancellation of a bank draft already issued. 票匯的退匯 If the remitter requests the remitting bank to cancel a bank draft already issued by reason of its being lost or stolen, the latter is generally reluctant to do so. However, the remitting bank may issue a duplicate of draft against a letter of indemnity from the remitter, if the paying bank confirms that the original one has not yet been paid.票匯項(xiàng)下辦理退匯，匯款人在未寄出匯票之前可以持匯票到匯出行退匯，匯出行發(fā)函通知匯入行將有關(guān)匯款通知書(shū)注銷(xiāo)退回。但是，如匯款人將匯票寄出后，則不能辦理退匯。The Function of Remittance匯款的功能payment in advance(預(yù)付貨款) 前TT Payment in advance signifies that the importer pays the exporter before delivery of the goods.The Function of Remittance匯款的功能open account transaction(賒帳交易) 后TT Open account business is also called Payment after Arrival of the Goods(貨到付款) or Deferred Payment(延期付款).The Function of Remittance匯款的功能（Remittance against Document憑單付款）比較 1.100%前TT 出口商收款零風(fēng)險(xiǎn) 2.100%后TT 出口商存在錢(qián)貨兩空的風(fēng)險(xiǎn)，資金負(fù)擔(dān)重 3.30%前TT(作定金), 最常見(jiàn) 70%后TT,見(jiàn)提單副本付款Collection is an arrangement whereby the goods are shipped and a relevant bill of exchange is drawn by the seller on the buyer, and/or shipping documents are forwarded to the sellers bank with clear instructions for collection through one of its correspondent bank located in the domicile of the buyer.托收，就是委托收款。出口商開(kāi)立金融票據(jù)或商業(yè)單據(jù)，委托托收行通過(guò)聯(lián)行或代理行向債務(wù)人收取貨款的結(jié)算方式。Financial documents金融單據(jù): draft匯票、promissory note本票、check支票、and other warrant for payment付款收據(jù)或付款或款項(xiàng)的憑證;Commercial documents商業(yè)票據(jù): commercial invoice發(fā)票、transport documents運(yùn)輸單據(jù)、title documents物權(quán)單據(jù) or other similar documents, or documents other than financial documents或除金融單據(jù)以外的其他單據(jù).1、 Principal(seller/exporter/drawer/ Consignor) (委托人) （1）deliver the goods on time； 按時(shí)交貨；（2）submit documents to the remitting bank； 向托收行提交必要的單據(jù)；（3）make out letter of instruction for outward collection 出口托收申請(qǐng)書(shū)；（4）give instructions on time； 及時(shí)指示；（5）bear the charges. 負(fù)擔(dān)費(fèi)用。2、 remitting bank (principals/sellers/exporters)（托收行）（1）make out collection order（托收委托書(shū)） and forward them to the overseas branch or correspondent bank; 托收委托書(shū)的內(nèi)容（2）verify the documents檢驗(yàn)單據(jù)即托收行只是核驗(yàn)單據(jù)，而非審核單據(jù)。3、collecting bank（代收行）（1）verify the documents核對(duì)單據(jù)的名稱(chēng)和份數(shù)；（2）keeping the documents；release the documents according to the instruction保管好單據(jù)；代收行在進(jìn)口商按規(guī)定付款或承兌前不可以將單據(jù)發(fā)給進(jìn)口商。付款人拒付，代收行應(yīng)當(dāng)通知托收行，通知后90日仍未收到指示，將單據(jù)退回托收行。（3）deal with the goods carefully 謹(jǐn)慎處理貨物。代收行原則上無(wú)義務(wù)處理貨物，只有在付款人拒付時(shí)，才會(huì)根據(jù)委托人指示辦理存?zhèn)}、保險(xiǎn)手續(xù)。 (4) give the remitting bank information on time及時(shí)向托收行反饋4、 Drawee (buyer/importer)（付款人）Carry out the obligation of payment or acceptance承擔(dān)付款承兌的義務(wù)（dishonor有權(quán)拒付）5、 presenting bank （提示行） present the documents for payment or acceptance提示單據(jù)要求付款6、Representative in case of need (需要時(shí)的代理) It is the representative appointed by the principal to act as case of need in the event of non-acceptance and/or non payment. In this case, he will arrange storage、resale、shipping back the goods. His power should be clearly and fully stated in the collection.進(jìn)口商拒付時(shí)辦理貨物存?zhèn)}、轉(zhuǎn)售、運(yùn)回等 Types of collection(托收的種類(lèi)) 1、clean collection 光票托收 clean collection means collection of financial documents not accompanied by commercial documents.2、 documentary collection 跟單托收 (1) financial documents accompanied by commercial documents, 金融票據(jù)隨商業(yè)單據(jù)的托收(2) commercial documents not accompanied by financial documents. 商業(yè)單據(jù)不附金融單據(jù)的托收。u documents against payment, D/P付款交單The collecting bank may release the documents only against full payment. D/P at sight即期付款交單 D/P at xx days after date or sight,etc.遠(yuǎn)期付款交單u documents against acceptance, D/A承兌交單The presenting bank may release the documents to the buyer against the buyers acceptance of a draft, drawn payable 30-180 days after sight or due on a definite date.Under collection, the seller should pay attention to托收項(xiàng)下出口商應(yīng)注意:p Select the collecting bank carefully; 謹(jǐn)慎選擇代收行;p Shouldnt accept D/A; 不宜接受 D/A付款;p Should carefully make the document; 制單環(huán)節(jié)應(yīng)謹(jǐn)慎;p Specially pay attention to D/P after sight. 特別注意遠(yuǎn)期付款交單Characteristics of collection托收的特點(diǎn) It is based on commercial credit. 托收建立在商業(yè)信用基礎(chǔ)之上 It is safer than the remittance. 和匯款方式相比，托收有較強(qiáng)的安全性 It can afford financing to the seller or buyer. 一定的融資作用 The capital burden is not balance. 買(mǎi)賣(mài)雙方利益不均衡(風(fēng)險(xiǎn)、資金負(fù)擔(dān)兩方面分析) The procedure is simple, fast and the charges are not high. 結(jié)算手續(xù)較為簡(jiǎn)單、迅速，費(fèi)用較低。Section 3 risks and financing under collection一、risks and measures of the seller賣(mài)方應(yīng)該衡量的危險(xiǎn)： Market risks 市場(chǎng)的風(fēng)險(xiǎn) Country risks 國(guó)家的風(fēng)險(xiǎn) Risks from the importer 進(jìn)口商的風(fēng)險(xiǎn) Risks from the rules of some country 一些國(guó)家的準(zhǔn)入原則二、 the seller should takes the following measures to guard against risks賣(mài)方應(yīng)該采取下列的措施防止危險(xiǎn):u Making market research. 市場(chǎng)調(diào)查u Setting proper terms on releasing terms and trade terms.使用適當(dāng)?shù)馁Q(mào)易的次數(shù)和數(shù)量u Appointing representative in case of need in the foreign country.指定需要的外國(guó)代理人二、financing （一）Financing by banks for exporters對(duì)出口方融資: Loan secured by documentary bills (托收出口押匯) means that the remitting bank purchases the documentary bill drawn by the exporter on the importer. 出口商辦理跟單托收時(shí)，可將匯票和貨運(yùn)單據(jù)作為質(zhì)押品，向當(dāng)?shù)赝惺浙y行申請(qǐng)貸款；托收行根據(jù)出口商的資信、經(jīng)營(yíng)作風(fēng)，可以酌情給一定比例的、甚至全部的票款，扣去利息將凈款付給出口商，然后把跟單匯票寄給進(jìn)口地的代收行，委托其代收票款，待收妥票款后收回貨款。即銀行有追索權(quán)地向出口商購(gòu)買(mǎi)跟單匯票或全套單據(jù)的行為。特點(diǎn)： 出口地銀行托收貨款后，即成為出口商的債權(quán)人，取得了托收項(xiàng)下跟單匯票的質(zhì)權(quán)（lien）;如果托收遭到進(jìn)口商的拒付，可向出口商索回貨款，銀行有權(quán)根據(jù)跟單匯票處理貨物。（二）Financing by banks for importers對(duì)進(jìn)口方融資: Trust receipt (T/R信托收據(jù)) is given by the importer to the collecting bank when he asks the bank to release documents of title to the goods which have pledged to the banks as security for credit facilities. （Collecting bank代收行承擔(dān)風(fēng)險(xiǎn)） D/P遠(yuǎn)期方式中，當(dāng)貨物、單據(jù)到達(dá)目的地而付款期限未到時(shí)，進(jìn)口商為盡早提貨而向代收行借出單據(jù)而出具的書(shū)面憑證。是立據(jù)人（即進(jìn)口商）承認(rèn)收到了質(zhì)押權(quán)屬于開(kāi)證行的單擊，同意以受托人（Trustee）身份提取、儲(chǔ)藏和出售有關(guān)貨物，并保證出售貨物所得價(jià)款全部無(wú)條件地交與開(kāi)證行。 A letter of credit is a written undertaking by a bank(issuing bank)given to the seller (beneficiary) at the request ,and on the instruction,of the buyer(applicant)to pay at sight or at a determinable future date up to a stated sum of money,within a prescribed time limit and against stipulated documents which complied with the terms and conditions of the credit. (A Documentary Cred