TERMS & CONDITIONS

The payment terms are the specific provisions on the payment method in the L/C terms in the spot foreign exchange settlement of international trade. Generally include: (1) the negotiating bank or the paying bank. If there is no direct account relationship with the issuing bank, a claim shall be made to the third bank designated by the issuing bank, namely the reimbursing bank. (2) The issuing bank has an account with the negotiating bank or the paying bank, and the negotiating bank or the paying bank will directly debit the relevant account of the issuing bank after paying the payment. (3) If the negotiating bank or the paying bank has an account with the issuing bank, the issuing bank will credit the account of the negotiating bank or the paying bank under the conditions of reviewing the documents. According to international practice, the negotiating bank or paying bank must include a “clear statement” when making a claim to the issuing bank or reimbursing bank, that is, the claim letter clearly states that “the documents have been reviewed and the documents have been sent in accordance with the provisions of the letter of credit. To the issuing bank or its designee.” Especially in the case of telegraphic demand for remittance, payment is usually made by telegraphic demand first, and the documents arrive later. The "explicit statement" of the negotiating bank or the paying bank for the payment of the ticket has nothing to do with the reimbursing bank. Because the reimbursing bank only accepts the entrustment of the issuing bank and pays on behalf of the issuing bank only on the basis of the negotiating bank's or the paying bank's claim letter and telegram instead of paying with the documents, the only responsibility of the reimbursing bank is the amount and time of reimbursement. can not exceed the provisions in the issuing bank's entrusted reimbursement notice