grateful if you would kindly give it your protection.
8. Much to our surprise, our draft on you dated 11 May and due 1 July was returned dishonored yesterday by our bank.
9. We would suggest that for this particular order you let us have a D/D, on receipt of which we shall ship the goods on the first
available steamer.
10. In compliance with your request, we exceptionally accept delivery against D/P at sight, but this should not be taken as a
precedent.
11. Please note that we have domiciled the acceptance with you. Will you kindly honor them at due date and advise us at time of
payment?
12. Payment is to be made against sight draft drawn under a confirmed, irrevocable, divisible and transferable letter of credit without
recourse for the full amount.
V. Put the following sentences into English:
1. 关于你方要求以付款交单方式支付一事，我们正在考虑，不久可告知我们的决定。(payment by D/P) 2. 按照目前的情况，如交易不超过一千英镑，我们可以接受付款交单方式。(amount, to exceed) 3. 如果你方能同意按即期信用证付款，我们即能达成交易。(sight L/C)
4. 非常抱歉，我们不能接受承兑交单条件，这是众所周知的。(payment by D/A) 5. 我们必须说明，装船前的一切费用均由卖方负担。(to be borne by) 6. 销售这些商品你们不会有任何风险，因为它们都是畅销商品。(best seller) 7. 鉴于我们双方长期友好关系，此次我们例外地接受D/P60天付款。(exceptionally) 8. 我们感到有必要明确一下，今后的交易是以即期信用证付款。(to make it clear)
9. 如你方信用证在月底前到达我方，我们将尽最大努力在下月初安排装运。(to arrange shipment)
10. 请注意第122号合约项下的1000台缝纫机已备妥待运。请速开信用证，以便装船。(to be ready for shipment) 11. 请注意做到信用证规定于合同条款严格相一致。(to be in strict conformity with)
12. 按照我方第211号售货确认书规定，相关信用证不能晚于1月15日到达我方。(according to the stipulation)
VI. Supply the missing words in the blanks of the message:
The letter of credit is a method of p__1__. It is issued by a bank at the request of an I__2__. This method of payment is commonly adopted in our f__3__ trade today.
Several months ago a sales c__4__ was signed between the China National Foodstuffs Import and Export Corporation and the Pacific Trading Company, Singapore. Payment by an i__5__ letter of credit was agreed upon by both parties. Mr. Wang of the Foodstuffs Corporation attended to this t__6__.
As stipulated in the contract, the buyer should open a letter of credit in f__7__ of the seller 30 days before the month of s__8__. The L/C reached the corporation in time. Wang, an experienced salesman, knew that it was necessary to c__9__ up the L/C with the contract and see whether they were in agreement. Generally, the letter of credit specifies the beneficiary‘s name, description of goods, quantity, unit price, total amount, ports of loading and destination, price terms, payment terms, shipping d__10__, shipment validity, n__11__ v__12__, etc. When he checked the L/C, Wang found that all its clauses were all right except the shipment validity. So, Wang advised the Pacific Trading Company by fax to make amendment accordingly. About a week later, the corporation received the a__13__ advice through the Bank of China. Then everything was right. After that Wang contacted the transportation department for shipping arrangements.
VII. Fill in the blanks with the following words and phrases: payments issued upon credit incomplete trade pay importer delivery order bills negotiate A major part of international ___1__ is made either by __2__of exchange or by documentary credit or a combination of the two. A documentary credit is a letter __3___ by a bank at the request of an importer of goods in which the bank promises to pay a beneficiary ___4__ presentation of documents relating to the dispatch of goods. A letter of credit is sometimes just called credit, or L/C for short. The commercial letter of credit is almost always a documentary __5___ in that it specifies the documents required such as bill of lading, an invoice and an insurance document plus one or two supplementary documents. If these documents are in___6__ and shipment has been made as specified in the credit, the bank will __7___ for the consignment in exchange for the documents or will accept a bill of exchange and, possibly, __8__ it. In international __9___, the importer and the exporter must arrange payment after having worked out an agreement. The __10___ will want possession of the merchandise before paying, and the exporter will want payment before making __11___. Since each party is far away from the other and often has an __12__ knowledge of its counterpart, there must be a certain caution to their dealings.
VIII. Translate the following short letters into English:
(A) 敬启者： 9月1日函悉。如前封信所示，我们已与厂家安排妥当尽可能按时交货，因我们一刻也未忘你方利益。 关于支付，我们完全相信你们的信誉及能力，但也想重申，在正常情况下我们要求用保兑的、不可撤销的信用证支付。故此很遗憾，在与海外买主的交易中我们不能接受D/A条款。 今后的交易，我们会尽力在规定的时间内执行您的订单。如但分有可能，我们会按D/P方式发货，以使你方免遭展证的困境。相信贵方能理解我们的合作。 谨上
(B)
敬启者： 感谢贵方50公吨白水泥的990号订单。很遗憾我方不能接受所提及的支付方式。 随上次去函，我们寄去我方合同样例，其中附有销售条款。如已阅过，当会了解我方通常采用的支付方式是以我为受益人的、保兑的不可撤销的即期信用证。信用证须在装期前一个月到达我方，于规定装期后21天内在中国议付有效，同时允许转船和分运。 在我方6月14日函中我们还提到，几家意大利大公司已与我按上述条款进行贸易。望能立即同意此支付条款，以便签订第一笔交易。 一旦收到贵方肯定答复，我们将送上合同，以便能安排货物等待装运。 恭候佳音。 谨上
Unit 10 I. Put the following Chinese into English:
开证人（开证申请人） 受益人 开证行 通知行 保兑行 议付行 付款行 偿付行 审证 不符点
（信用证）修改书 偿付条款 进口许可证 有效期 毫无延迟 一收到。。。就 缔结条约 达成交易
II. Multiple choice:
1. _____ subsequent amendments, please see to it that the L/C stipulations are strictly in accordance with the contract terms.
a. Avoid b. Having avoided c. To avoid d. Being avoided
2. Due to unforeseen difficulties, we find it impossible to make shipment in July, and would appreciate _____ the shipment date and
validity of your L/C to August 15 and August 31 respectively. a. your extending b. you to extend c. you extending d. your extended 3. We shall open the L/C _____ the bank of Boston.
a. in b. with c. for d. at
4. We advised our bank to ______ L/C No.6543 to read ―Partial shipments to be permitted. a. change b. amend c. alter d. add
5. As stipulated in the contract, the bank ______ open an L/C before the end of September 2004.
a. will b. ought c. need d. shall
6. We are faxing you this morning, asking you to amend the L/C ______ ―Transhipment allowed.‖
a. to read b. to reading c. as reads d. reads
7. We think it impossible to have the L/C ______ again. a. extended b. extending c. to extend d. extends
8. As we are ______ of these goods, please expedite shipment after receiving our L/C. a. in badly need b. in urgently need c. urgent in need d. badly in need
9. Any discrepancy ______ the quality of the delivered goods against the contractual stipulations is not allowed.
a. to b. among c. in d. between
10. In doing business with China, foreign firms should open their Ls/C _____ . a. through Hongkong and Shanghai Banking Corp. b. with a bank acceptable to China c. through the Bank of China d. with a bank in China
11. An L/C should be established ______ our favour available by documentary draft ______ sixty days‘ sight.
a. in, after b. on, in c. in, for d. in, at
12. We regret ______ to accept your terms of payment and therefore have to return the order to you.
a. not be able b. cannot c. not able d. being unable 13. A letter of credit is usually opened by the ______ . a. issuing bank b. confirming bank c. advising bank d. negotiating bank
14. The amount in your L/C appears insufficient. The correct total CFR value of your order comes to USD9,328.00 instead of 3,928.00, the difference ______ USD5,400.00. a. be b. is to be c. being d. been 15. It ______ if you ______ the L/C for another 15 days. a. is appreciated, extend
b. will be appreciated, could extend c. should be appreciated, could extend d. should be appreciated, can extend
III. Fill in the following blanks with the given words in their proper forms: cover(-age) handle conclude (conclusion) 1. We wish to _____ the consignment against All Risks for 110% of the invoice value. 2. There would be bright prospects for a quick _____ of substantial transactions. 3. The remittance _____ all commissions due to you up to date.
4. We are pleased to have been able to _____ an initial transaction with you on this article. 5. We have arranged the necessary insurance _____.
6. We wish to _____ as an agent the goods you are exporting now. 7. We enclose our Sales Contract No. 22 _____ this transaction. 8. No complications will arise if the matter is _____ properly.
9. We have had these samples evaluated and arrived at a final _____ for your claims. 10. The damage is caused by rough _____.
11. If you can improve your price by 5%, the business can be _____ successfully.
12. Since there was a shortage of 200 pounds, we are forced to _____ that the trouble was due to careless _____ on your part.
IV. Put the following sentences into Chinese:
1. Please insert the word ―about‖ before the quantity in your L/C No. 123.
2. As direct steamers to your port are few and far between, we have to ship the goods via Hong Kong more often than not. 3. On examination, we find that the amount of your L/C is insufficient. Please increase the unit price from RMB￥0.55 to RMB￥0.60
and total amount to RMB￥37,000.00.
4. We shall be glad if you will see to it that the amendment is faxed without delay, as our goods have been ready for shipment for
quite some time.
5. Owing to the late arrival of the steamer on which we have booked space, we would appreciate your extending the shipment date
and the validity of your L/C No. 4455 to June 30 and July 15 respectively.
6. The amendment advice should reach us by November 15, failing which you must extend the validity of the L/C to the end of this
year.
7. our L/C No. 445 has arrived, but on perusal we find that transshipment and partial shipments are not allowed. Please have it
amended immediately.
8. As there is no direct sailing from Shanghai to your port during May/June, it is imperative for you to delete the clause ―by direct
steamer‖ and insert the wording ―Partial shipments and transshipment are allowed‖.
9. Owing to port congestion, please extend the shipment of your L/C No. 1345 to June 1 and negotiation to June 15. 10. Please amend L/C No. 2345 to read as follows:
a)
―metric ton‖, as was contracted, instead of ―long ton‖;
b) ―shipment latest 30th September and partial shipments and transshipment allowed.‖
11. Regarding your L/C No. 2347, please delete by cable the clause ― Bankers‘ expenses for beneficiary‘s account‖. 12. Your L/C No. 2334 is short established to the amount of US$ 520. Please increase it according to the contract.
13. The commission granted for this transaction is 3% as stipulated in our sales confirmation, but we find that your L/C demands a
commission of 5%. Therefore you are requested to instruct your bankers to amend the L/C.
14. The shipment covered by your Credit No. 552 has been ready for quite some time, but the amendment advice has not yet arrived,
and now an extension of 15 days is required.
V. Put the following sentences into English: 1. 在我们对外贸易中，常常采用这一支付方式。 2. 这一点在合同中已经作了规定。 3. 应该将信用证与合同核对一下。
4. 就不可撤销的信用证支付问题双方已达成一致意见。 5. 根据要求装运有效期已延展至九月底。
6. 你方111号信用证收到，谢谢。经审查发现以下不符点。
7. 请将23号信用证改为“该信用证将于2002年2月28日在中国到期。” 8. 你方开来信用证金额不足，请电改增加250美元。
9. 请将以上信用证改为“在大连装运”而不是“在青岛装运”。 10. 货物应按发票金额110%投保，而不是150%。
11. 显然，你方355号信用证数量单位与合同条款不符，请立即修改。 12. 请将信用证125号装期及有效期分别展至10月15日及10月31。
VI. Supply the missing words in the blanks of the message:
LETTER OF CREDIT NO. 958/7132
I__1__
Dear Sirs,
You are hereby authorized to d__2__ on x.x.x. Co., Singapore not exceeding RMB ￥2,375.00 CIF ( SAY RENMINBI TWO THOUSAND THREE HUNDRED AND SEVENTY-FIVE O__3__.) available by your draft, drawn in d__4__, on them at … sight a__5__ by the following documents:
Complete set of not less than two clean Ocean Bills of L__6__ to order and b__7__ endorsed. ―Shipped on Board‖ Bills of Lading are essential and the statement ―Freight Paid‖ must appear thereon. The Bills of Lading must cover shipment as detailed below;
Insurance P__8__s ( or C__9__s) in duplicate covering Marine and War Risk for full CIF invoice v__10__ plus 10% ; Signed c__11__ invoices in triplicate indicating Import Licence No. CH/13178/86;
Certificate of O__12__ in triplicate evidencing shipment from China Port to Singapore of the following merchandise: ……
Conditions of Shipment: Transshipment is PERMITTED.