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One of our clients, with whom we entered into a contract, the conditions for payment of which are ‘at sight’, opened an L/C in our favour with payment ‘at 120 days after sight’.We requested an amendmend to the latter conditions, but our client replies that this term at ‘120 days after sight’ ensures us payment at sight, and merely signifies that, with agreement, he himself will pay the issuing bank at 120 days. He also assures us that this is a common practice in Country K, well known by banks in my country. It should be noted that there is nothing in the heading to the notifying bank to indicate that it can be reimbursed at sight.

Since the banks we have contacted are unable to provide us with information on this practice, would you be able to confirm for us the opinion of our client?

ANANYSIS AND CONCLUSION

The terms of payments provided by your client are consistent with a number of transactions emanating from that part of the world. However, you would expect the documentary credit to state that drafts were to be drawn at 120 days sight on the issuing bank, or a named reimbursing bank, and then contain a statement to the effect that ‘whilst the beneficiary is required to draw draft(s) at 120 days sight, the negotiating bank is required to effect settlement to a sight basis with acceptance and discount charges for account of the applicant.’

In these circumstances, the negotiating bank, upon receipt of confirming documents, will forward the drafts to the drawee, request immediate reimbursement and negotiate with settlement to the beneficiary.

For settlement to be made on a ‘sight’ basis, it is imperative that a statement as mentioned above, or words of similar intent, are included within the terms and conditions of the documentary credit.

It must be remembered that 120 days sight represents a usance credit, whereas only a ‘sight’ credit is truly sight. The viewing of associated country risk by the advising and/or confirming bank could be different dependent upon whether the credit was issued on a usance or sight basis.

UNQUOTE

由此可见，国际商会肯定了假远期信用证在贸易实务中确实存在。同时提出了假远期信用证的两个重要特点：第一，信用证要求受益人出具远期汇票；第二，信用证会明确指出议付行即期付款，承兑、贴现费用由申请人承担。

通俗来说，假远期信用证（Usance Letter of Credit Payable at Sight）是指买卖双方在贸易合同中约定即期交易，货物价格也以进口商即期付款为基础，但申请人（进口商）出于融资的需要或者其所在国外汇管制等原因，开出的信用证要求受益人（出口商）出具远期汇票（因此是Usance Letter of Credit），而信用证中开证行承诺或授权一家指定银行、偿付行即期向受益人付款（因此是Payable at Sight）,待远期汇票到期时，申请人再向开证行支付本金、融资利息和相关费用。

假远期信用证与远期信用证的区别

1.开证基础不同。

假远期信用证是以即期付款的贸易合同为基础，而远期信用证则是以远期付款的贸易合同为基础。

2.收汇时间不同。

假远期信用证的受益人能即期收汇，而远期信用证的受益人需汇票到期才能收汇。

3.利息的承担方不同。

假远期信用证规定远期汇票的贴现利息及承兑手续费等由开证申请人承担，而远期信用证由于是远期付款交易，由远期收汇而发生的利息、贴现利息不涉及开证申请人，受益人如果想即期取得货款，贴现利息及费用需要自行承担。

真假假远期信用证的判断

实务中开证行在信用证中对假远期条款的约定差之毫厘谬以千里，作为受益人（出口商）需要概念清晰才能确保即期全额收款。举几个典型的例子以供参考：

1.Although this documentary credit is available for payment at 150 days after on board date, ABC bank（nominated bank） is authorized to discount credit complying documents upon beneficiary’s bank request and effect payment at sight. ABC bank discount charges are for beneficiary’s account.

假的假远期信用证。

信用证条款只提及开证行授权指定银行贴现，但费用由受益人承担，这与申请人没有关系，只属于受益人的融资行为。在指定银行愿意贴现的情况下，受益人即期收到的是扣除融资费用后的款项。

如果受益人愿意接受这类信用证，在签订买卖合同时，应该把融资成本算在货物价格里面。

2.Interest for usance period are on applicant’s account not exceeding libor. Separate sets of draft required for invoice value and usance period interest. Rate and amount of interest must be mentioned in the bill presentation schedule.

Upon receipt of ducuments in strict compliance with the terms of this documentary credit at out counter, we undertake to reimburse you on maturity in the currency of this credit in accordance with your payment instruction.

假的假远期信用证。

信用证条款只提及融资费率由申请人承担，可以在交单面函表提，开证行远期付款。在这种情况下，受益人确定是远期才能收款，远期利息在出口交单时要能确定并向开证行索偿，由申请人承担，到期一并付款。

如果受益人愿意接受这类信用证，在签订买卖合同时，要综合估算外币远期汇率和利率的波动后和申请人约定远期利息的计算方式，并建议将计算方式明确在信用证条款中。

3.Discounting is restricted to BCD bank. Despite the documentary credit’s tenor is 270 days from the date of bill of lading, the beneficiary will be paid at sight by BCD bank through special arrangement with issuing bank. Upon presentation of lc complied documents. At maturity issuing bank will effect payment to BCD bank. All negotiation and discouting charges are on applicant’s a/c.

有条件的假远期信用证。

开证行授权指定银行做贴现，由指定银行即期付款。

实务中，孟加拉国开立的信用证多采用此类条款，开证行不愿意自己即期付款，而是另外找了一家偿付行或者议付行（下面统称指定行）即期付款，有部分信用证会在条款中指明指定行需要得到开证行的承兑电或者电报指示才即期付款，并不是无条件的见索即付。甚至有些信用证会要求受益人把单据寄给指定行，由指定行审单后再转递给开证行，这就拉长了单据处理时间和增大了单据丢失的风险。

如果受益人愿意接受这类信用证，受益人必须明白以上风险。假如是自由议付信用证，如果没有银行愿意做指定银行的角色，即使在相符交单情况下，即期收款的美好愿望也会落空。

4.Usance bills drawn hereunder are to be paid at sight basis, acceptance commissions and discount charges are for buyer’s account.

真的假远期信用证。

简洁的条款表达了开证行愿意远期汇票即期付款，相关费用由申请人承担的意思，是最清晰最干脆的假远期条款，受益人在实务中应该争取要求申请人采取上述措辞开立信用证。

假远期信用证的作用

对受益人来说，保证出口方凭相符单据即期足额收款，可以加速资金的周转，减少资金的积压，降低销售的成本。

对申请人来说，通过运用付款行的资金，取得资金融通，以即期付款为条件，获得一定数量的折扣，降低进口成本。

对开证行来说，在自身资金紧张时期，通过假远期信用证这个产品，可以利用代付行的资金来满足申请人的融资需求，增加客户的黏度。

启示

在当今复杂多变的国际贸易中，进出口双方出于自身考虑会将条款整合修改，以达到其利益最大化。

作为受益人，要擦亮眼睛才能识别真正的假远期。由于假远期信用证多用于卖方市场，如果受益人在收到信用证时发现假远期条款并不清晰，应马上联系申请人，争取改证，要求明确清晰的假远期条款和索汇路线。

作为申请人，要提前做好利息匡算，以便合理确定货物单价和做好资金安排。同时，应和受益人充分沟通，向受益人解释实际融资银行及交单、索汇的操作流程。

作为开证行，要严格按照内部规章制度对开证申请人做全面的审查，审查开证行申请人资格及开证条件；审查开证申请人的业务经营状况、货物生产周期、贸易背景真实性等，切实落实展业三原则。合理选择资信良好的指定行，开证条款要清晰明了。如果开证行自己做指定行，相当于一笔进口押汇，要入表，要考虑自身有没有信贷投放规模。最后，在付款时，还要注意本金和利息分开申报。