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Unit 1 Trade Practice

Section I Trade Terms

Section II UCP 600 Section III Incoterms 2000

Section I

Lead-in(Text A)

Text A:Trade Terms<

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Section I ——Lead in

Task 1

Task 2

Lead in (Task 1)
Work in pairs. Divide the trade terms below into four groups.

FCA DEQ CER FOB DEQ FAS

DDU DAF CIF

EXW DDP

CPT CIP

Lead in (Task 1) Key
Departure Paid Main Carriage Main Carriage Arrival Unpaid Paid

EXW

FCA FAS FOB

CFR CIF CPT CIP

DAF DES DEQ DDU DDP

Lead in——Task 2
Work in pairs. Discuss the following questions:
Q1: What are the functions of trade terms?

A1:Trade terms, also called price terms or delivery terms, are an important ingredient of a unit price in international trade, standing for specific obligations of both the buyer and the seller.

Lead in——Task 2
Q2: What do you know about the differences among these trade terms?
A2:The terms are grouped in four basically different categories: the seller only makes the goods available to the buyer at the seller's own premises under "E" -term; the seller is called upon to deliver the goods to a carrier appointed by the buyer under "F"–terms; the seller has to contract for carriage, but without assuming the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch under “C”-terms; the seller has to bear all costs and risks needed to bring the goods to the place of destination under "D"-terms.

Section 1 Text A: Trade Terms

Text A: Trade Terms Text Analysis Chinese Version
Practice

Text A: Trade Terms
Trade Terms
(1)Trade terms, also called price terms or delivery terms, are an important ingredient of a unit price in international trade, standing for specific obligations of both the buyer and the seller. Trade terms used in the contract have the important function of appointing the exact point where the ownership of the goods is transferred from the seller to the buyer. The trade terms also define the responsibilities and expenses of both the seller and the buyer. The use of the trade terms greatly simplifies the contract negotiation, and thus saves time, energy and cost.
参考译文

Text A: Trade Terms
For better understanding, 13 trade terms are divided into four basically different groups. (2) Namely it starts with the term whereby the seller only makes the goods available to the buyer at the seller’s own premises ( the “E”-term, EXW ); followed by the second group whereby the seller is called upon to deliver the goods to a carrier appointed by the buyer ( the “F”-terms FCA, FAS and FOB); continuing with the “C” -terms whereby the seller has to contract for carriage, but without assuming the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch ( CFR, CIF, CPT and CIP).

Text A: Trade Terms
Finally, the “D”-terms whereby the seller (3)has to bear all costs and risks needed to bring the goods to the place of the destination (DAF, DES, DEQ, DDU and DDP). Listed below is a detailed explanation of three trade terms which have been the most frequently used in international trade.

Text A: Trade Terms
FOB:Free on Board (--- named port of shipment) (4)This term means that the seller delivers when the goods pass the ship’s rail at the named port of shipment. This means that the buyer has to bear all the costs and risks of loss of or damage to the goods from the point. The FOB term requires that the seller to clear the goods for the export.

Text A: Trade Terms
FOB is a widely used term in international trade. (5)Under this term, the seller must obtain at his own risk and expense any export license or other official authorization and carry out, where applicable, all customs formalities necessary for the export of the goods. On the contrary, the buyer should complete all the necessary steps for import. The risk of loss of or damage to the goods is transferred from the seller to the buyer when these goods pass over the ship’s rail at the named port of shipment. The buyer also pays the price as specified in the sales contract.

Text 1: Trade Terms
CFR: Cost and Freight ( --- named port of destination) This term means that seller delivers when the goods pass the ship’s rail at the port of shipment. (6)The seller must pay the costs and freight necessary to bring the goods to the named port of destination, but risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer. The seller must bear all risks of loss of or damage to the goods until such time as they have passed the ship’s rail at the port of shipment, while the buyer must accept delivery of the goods when they have been delivered and received from the carrier at the named port of destination.

Text A: Trade Terms
The CFR terms requires the seller to clear the goods for the export. (7)It is the seller that charters ships, books shipping space and pays for the cargo loading. When the goods are loaded on board the vessel, the seller should send shipment notice to the buyer. Cargo insurance is to be effected by the buyer. (8)The buyer receives the goods at the port of destination and funds all loading expenses at the destination port unless such costs have been included in the freight or collected by the ship-owner at the time the freight was paid.

Text A: Trade Terms
CIF: Cost, Insurance & Freight ( --- named port of destination) (9)Under CIF, in addition to CFR obligations, the seller is obliged to arrange marine insurance against risk of loss of, or damage to the goods in transit. That is, the seller contracts with the insurer and pays the insurance premium. The CIF terms requires the seller to clear the goods for the export.

Text A: Trade Terms
Many factors should be taken into consideration by the seller and the buyer when selecting trade terms. Some trade terms, for example are used only for sea and inland waterway transport, while other trade terms under Incoterms 2000 can be applied to all modes of transport. The term of payment is also relative to the trade terms. (10)There are also other factors to be considered when selecting a trade term, such as the wills of the parties, the price acceptable, the time of shipment, the customs formalities in both countries and the possible risks, losses and damages to the goods during the transportation.

Text analysis

(1) Trade terms, also called price terms or delivery terms, are an important ingredient of a unit price in the international trade, standing for specific obligations of both the buyer and the seller. Translation 贸易术语也被称为价格术语或者交货方式,是 国际贸易单价重要的构成部分,代表了买卖双方的具体义 务的划分。 Analysis Here “unit price” refers to a single unit of measure of a product sold in more or less than the single unit. The “unit price” informs you of the cost per pound, quart, or other unit of weight or volume of a food package. Unit price is a common form of valuation in sales contracts for goods sold in bulk purchasing.

Text analysis
Word study

ingredient: an constituent part of something. e.g.: For a knowledge industry in which people are supposedly the critical ingredient, the finance business uses an awful lot of machines. In fact, it is far more common to find an entire industry sector devoted to conversion of raw materials into a widely used ingredient.

Text analysis
(2) Namely it starts with the term whereby the seller only makes the goods available to the buyer at the seller’s own premises ( the “E”-term, EXW); followed by the second group whereby the seller is called upon to deliver the goods to a carrier appointed by the buyer ( the “F”-terms FCA, FAS and FOB); continuing with the “C” -terms whereby the seller has to contract for carriage, but without assuming the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch ( CFR, CIF, CPT and CIP).

Text analysis
Translation

即从 E组术语( EXW )开始,卖方仅负责在卖 方所在地为买方备货;紧跟其后第二组术语是F组术语 (FCA, FAS和FOB),要求卖方将货物交给由买方指定的 承运人;接下来是第三组 C 组术语( CFR,CIF,CPT 和 CIP ) 卖方负责签订运输合同,但是不承担货物装运以及发送后 所发生的任何风险、损失或者其他费用。 This is a very long sentence. The subject of this sentence is “it” referring to 13 trade terms as a whole. “followed” and “continuing” are two participles used to further explain the subject.
Analysis

Text analysis
Word study

whereby: as a result of which, by or through which. e.g.: Intermediation is a process whereby a financial institution interposes its names and trustworthiness between a lender and a borrower. One way of overcoming the inseparability factor is the use of bank credit cards, whereby the service is transferable.

Text analysis

premise: a statement that is assumed to be true and from which a conclusion can be drawn. e.g.: In practical appraisal, the basic premise is to determine the value of the property. Fundamental premise of the market system is the allowance for both failure and success.

Text analysis
(3) Finally, the “D”-terms whereby the seller has to bear all costs and risks needed to bring the goods to the place of the destination ( DAF, DES, DEQ, DDU and DDP).
Translation

最后,D组术语(DAF,DES,DEQ,DDU和DDP )中,卖方承担了货物运输到目的地所需的所有费用和风 险。 This sentence can be paraphrased as “Under the Dterms, the seller has to undertake all the risks and expenses spent on bringing the goods to the place stipulated in the contract.”
Analysis

Text analysis
Word study

destination: the place designated as the end of a race or journey. e.g.: The Buyer shall make all preparations needed for a prompt discharge of the shipment in order to avoid demurrage at the destination. Each package shall be stenciled conspicuously: port of destination, package number, gross and net weights, measurement and the shipping mark.

Text analysis

(4) This term means that the seller delivers when the goods pass the ship’s rail at the named port of shipment. Translation 这个术语是指卖方在指定的装运港把货物送过 船舷后交付。 Analysis This sentence can be paraphrased as “The seller should deliver the goods after the goods have placed on board on the vessel at the port of shipment stipulated in the contract.”
Word study

named: appointed, given or having a specified

name. e.g.: The subcontracting of any part of the work for which the subcontractor is named in the contract. The specified named color index is not present in the profile.

Text analysis
(5) Under this term, the seller must obtain at his own risk and expense any export license or other official authorization and carry out, where applicable, all customs formalities necessary for the export of the goods.
Translation

在这一术语下,卖方必须自己自担货物出口的 风险,并承担办理出口许可证或其他官方授权书所产生的 费用,以及需要时办理出口结关手续。 In this sentence, “under this term” and “where applicable” both function as adverbs of condition modifying the whole sentence. “obtain” and “carry out” are two verbs used together with the modal verb “must”.
Analysis

Text analysis
Word study

authorization: a document giving an official instruction or command. e.g.: Do you have authorization for his expenditure? Authorization grants to someone to sell or distribute a company's goods or services in a certain area.

Text analysis
formality: a manner that strictly observes all forms and ceremonies. e.g.: She waited for her turn to go through the entry formality. The DEQ term requires the buyer to clear the goods for and to pay for all formalities, duties, taxes and other charges upon import.

Text analysis
(6) The seller must pay the costs and freight necessary to bring the goods to the named port of destination, but risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer.
Translation

卖方必须支付货物运输到目的港所必需的费用 与运费,但是在货物交付后所产生的一切风险或者损失, 以及发生事故后所造成的额外费用,则由卖方转移到买方 Analysis This statement divides the obligations of the buyer and the seller. That’s to say, the seller is responsible for manufacture and carriage, and the buyer should bear the risk of loss of and damage to the goods and any extra fees after receiving the goods.

Text analysis
Word study

freight: the system of transporting goods by a carrier. e.g.: Kindly notify the Buyers that we shall make an amendment in the L/C freight collect instead of C&F New York. Normally, the seller is obligated to prepay the ocean freight.

Text analysis
(7) It is the seller that charters ships, books shipping space and pays for the cargo loading. Translation 由卖方租船、订舱位并支付货物装运费用。 This is an emphatic sentence to emphasize the subject. “It” is the formal subject and the real subject is “the seller”. “Charters”, “books” and “pays” are three parallel verbs to support the subject. Word study charter: to rent a plane, boat, etc. for your own use. e.g.: Those airplanes are available for charter. Charter party is a contract between the ship-owner and the charterer for the carriage of goods or hire of a vessel for a period of time.
Analysis

Text analysis
(8) The buyer receives the goods at the port of destination and funds all loading expenses at the destination port unless such costs have been included in the freight or collected by the ship-owner at the time freight was paid. Translation 买方在目的港接收货物,并且支付目的港产生 的所有装卸费用,除非该笔费用在支付运费时已经包含在 内或者已经由船主收取。
Analysis

This sentence has a complex structure. “The buyer” is the subject, and “receives”, “funds” are two verbs. “Unless” heads an adverbial clause of concession modifying the whole sentence.

Text analysis
Word study

fund: furnish money for e.g.: Who is funding the project? Venture Capital is the process by which investors fund at an early stage with more risk-oriented business endeavors.

Text analysis
(9) Under CIF, in addition to CFR obligations, the seller is obliged to arrange marine insurance against risk of loss of, or damage to, the goods in transit. Translation 在CIF术语下,卖方除负有与“成本加运费”涵 盖的义务外,卖方还须办理货物在运输途中货物损失或损 坏的海运保险并支付保险费。 Analysis This sentence can be paraphrased as “the seller should be responsible for marine insurance against risks during transportation besides the duties he bears under CFR”.

Text analysis
Word study

be obliged to: be under the obligation to do something; be duty-bound to do something. e.g.: The insured shall be obliged to use reasonable efforts to mitigate the effects of an emergency. If you cannot deliver the goods on time, I shall be obliged to send you to court.

Text analysis
(10) There are also other factors to be considered when selecting a trade term, such as the wills of the parties, the price acceptable, the time of shipment, the customs formalities in both countries and the possible risks, losses and damages to the goods during the transportation.
Translation

在选择贸易术语时,还必须考虑一些其他因素, 比如双方的意愿,可接受的价格,装运时间,双方国家的 海关手续,以及在货物运输过程中可能发生的风险、损失 和损害。

Text analysis
Analysis

“There be” pattern is used here to illustrate some other factors affecting choice of suitable trade terms. This pattern is widely used when stating parallel items. e.g.: There are some important persons attending this trade fair, such as importers, exporters, brokers, manufacturers and retailers. There are many reasons for him to choose this company, such as salary, promotion, prospect and company culture.

Chinese Version
贸易术语

贸易术语也被称为价格术语或者交货方式,是国 际贸易单价重要的构成部分,代表了买卖双方的具体 义务的划分。合同中所使用的贸易术语具有确定货物 所有权何时由卖方转移至买方的重要功能。贸易术语 也确立了买卖双方应承担的责任和费用。贸易术语的 使用极大地简化了合同协商的过程,同时节省了时间、 精力和成本。

Chinese Version
为了更好的理解,通常将13个贸易术语划分为4个 不同的组别。即从 E 组术语( EXW )开始,卖方仅负责 在卖方所在地为买方备货 ; 紧跟其后第二组术语是 F 组 术语( FCA, FAS 和 FOB ) , 要求卖方将货物交给由买方 指定的承运人;接下来是第三组C组术语 ( CFR,CIF,CPT 和 CIP )卖方负责签订运输合同,但是 不承担货物装运以及发送后所发生的任何风险,损失 或者其他费用。最后, D 组术语( DAF,DES,DEQ,DDU 和 DDP)中,卖方承担了货物运输到目的地所需的所有费 用和风险。以下是三个国际贸易中最常使用的贸易术 语的详细解释。

Chinese Version

FOB:船上交货(指定装运港) 这个术语是指卖方在指定的装运港把货物送过船 舷后交付。这就意味着买方必须从此承担所有的费用 以及货物丢失、损失的风险。FOB术语要求卖方负责货 物的出口清关手续。这一术语广泛运用在国际贸易中。 在这一术语下,卖方必须自担货物出口的风险, 并承担办理出口许可证或其他官方授权书所产生的费 用,以及适当办理出口结关手续。相反,买方需要完 成所有进口的必要步骤。货物一旦跃过指定装运港的 船舷,丢失或损失的风险即由卖方转移至买方。买方 按照销售合同中规定的价格付款。

Chinese Version
CFR: 成本加运费(指定目的港) 这一术语意味着卖方在货物跃过目的港船舷时完 成交货。卖方必须支付货物运输到目的港所必需的费 用与运费,但是在货物交付后所产生的一切风险或者 损失,以及发生事故后所造成的额外费用,即由卖方 转移到买方。卖方必须承担货物跃过装运港船舷之前 的丢失、损失风险,而买方必须必须接收由承运人在 指定目的港交付的货物。CFR贸易术语要求卖方完成货 物出口的清关手续。

Chinese Version
由卖方租船,订舱,以及支付货物装运费用。货 物一旦装运至货船甲板,卖方需寄送装船通知给买方。 货物保险由买方负责。买方在目的港接收货物,并且 支付目的港产生的所有装卸费用,除非该笔费用在支 付运费时已经包含在内或者已经由船主收取。

Chinese Version
CIF: 成本保险加运费(指定目的港) 在CIF术语下,卖方除负有与“成本加运费”术语 涵盖的义务外,卖方还须办理货物在运输途中货物损 失或损坏的海运保险并支付保险费。也就是说,卖方 与保险人签订保险合同并支付保险费。CIF贸易术语要 求卖方完成货物出口清关手续。

Chinese Version
买卖双方在选择贸易术语时,需考虑很多因素。 有一些贸易术语,只适合海洋运输和内陆水运,而其 他 2000 通则下的贸易术语适合所有的运输模式。付款 方式也和贸易术语的选择密切相关。在选择贸易术语 时,还必须考虑一些其他因素,比如双方的意愿,可 接受的价格,装运 时间,双方国家的海关手续,以及 在货物运输过程中可能发生的风险,损失和损害。

Task 3
Read text A and choose the best answer. 1 Trade terms are called price terms or delivery terms because ____________. A. they represent the sales contract B. they stand for the price components _____________________________ C. they are under Incoterms 2000 D. they have been developed in international trade

Task 3
2 EXW is the trade term under which ____________. A. the seller clears for export and loads on the transportation vehicle B. the buyer’s obligation ceases when he accepts the goods at the factory or warehouse C. the obligations, costs and risks borne by the seller are ______________________________________________ minimum _______ D. the responsibilities of the seller are more extensive

Task 3
3 Under trade term FOB, the risk of loss or damage to the goods is transferred from the seller to the buyer when ____________. _______________________________________ A. the goods cross the vessel at the shipping port B. the goods are placed on board at the destination port C. both the seller and the buyer agree to deliver the goods D. the shipping vessel is ready to leave

Task 3
4 When the seller only pays freight for the goods up to arrival at the port of destination, we can say that the trade term must be ____________. A. FOB B. CIF C. EXW D. CFR ______

Task 3
5 When we decide the trade terms, we should consider ____________. A. how to distinguish the obligations of both the seller and the buyer _______________________________________________ B. mode of transportation, payment terms and other factors C. whether the trade terms are suitable for ocean transportation or not D. the time and cost spent during the transaction

Task4
Fill in the blanks with the words or phrases given in the table to complete the passage. 1_______________have been developed in practice over C. Trade terms

many years to fit particular circumstances. The trade
terms refer to using a brief English concept or

abbreviation

formation of the I. responsibilities 2____________and determine the 3_________________, F. unit price expenses and risks borne by two parties as well as time of
the passing of the ownership of

to

indicate

the

Task 4
the goods. When the two parties determine to adopt certain trade terms, all other clauses in the contract shall be

H. in conformity with 4______________________ them. Therefore, in international
trade, we usually make use of certain trade terms to define the nature of the contract so as to determine expenses and risks as well as their 5 O. rights and obligations accordingly. Among 13 trade terms, 6 G.“C”-terms are different from all other terms because they contain two key points.

Task 4
First, they indicate the point to which the seller bound to arrange and bear the cost of carriage. Second, they allocate the risks. While “D”-terms are characterized are related as to the a

B. arrival contracts 7__________________.

“F”-terms

L. carrier 8__________appointed by the buyer and EXW only requires
the seller to prepare the goods 9 J. at his own premises .
Factors such as mode of transport, terms of payment, the wills of the parties, the price acceptable, the time of shipment, and

Task 4
possible risk of losses and damages to the goods during the
transportation should all be considered when selecting trade

terms. As different countries might have different
interpretations of the trade terms, misunderstandings occurred frequently. To clear up the confusion, some international organizations have made quite a few rules and explanations.

Task 4
10 A. International Chamber of Commerce has drawn up a set of standard terms and definitions and revised them in 1953, 1982, 1990 and 2000 in order to bring the rules in line with current international practice.

Task 5
Translate the following sentences into English.

1、贸易术语是用一个简短的名词短语和几个英文
缩写字母来说明在一定价格基础上买卖双方责任的 划分。 obligation Trade terms are short noun phrases and several English abbreviations to explain obligation division between the buyer and the seller on certain price foundation.

Task 5
2、 贸易术语具有两重性。一方面是货物单价的重要 组成部分,另一方面又体现交货条件。 unit price

Trade terms have duality. On one hand, they are important ingredients of a unit price of the goods, and on the other hand, they stand for the delivery terms.

Task 5
3、采用何种贸易术语既关系到买卖双方的利益所在 ,也关系到能否顺利履约。 relate to

Adopting what kind of trade terms not only relates to the bilateral benefits of the buyer and the seller, but also to whether an agreement can be continued smoothly.

Task 5
4、在现在出口利润普遍不高的情况下,对于国 际贸易的每个手续精打细算比以往任何时候都更 为重要。 formality

At present, export profit is not a success in general, therefore it is more important than ever to consider carefully each formality in international trade.

Task 5
5、中国在进口贸易中,大多使用FOB或者FCA 贸易术语,而在出口贸易中,则争取按CIF或CIP 方式成交。 trade term China mostly uses FOB or FCA term in its import trade, while in export trade, China strives for CIF or CIP to finalize a deal.

Section Ⅱ

Lead in (Text B)

Text B: UCP 600

Section II Lead in (Task 1)
Listen to the recording about the UCP 600 and fill in the blanks numbered from 1 to 7 with the exact words you hear. With the blanks numbered from 8 to 10, you can write down either the exact words you hear or the main points in your own words. An 1 letter of credit , in international trade may be

described as an instrument of finance carrying a
conditional guarantee of payment from an overseas

bank to the seller.

Lead in (Task 1)
Consequently, an L/C is desirable in high value
and/or high risk transactions. The guarantee is conditional upon the seller complying 100% with the documentary requirements of the L/C, an issue of particular concern to exporters, as the International Chamber of 2 Commerce (ICC) estimates worldwide documentary discrepancy rates of 3 70%.

Lead in (Task 1)
L/C transactions are governed by ICC rules, and standardized whilst these provide an international 4____________ process, the differing 5 interpretations of what

constitutes documentary 6 compliance
difficulties for sellers in particular.

create

Lead in (Task 1)
The latest revision was approved by the Banking Commission of the ICC at its meeting in Paris on 7 25 of October ,2006 . This latest version, called the UCP600, formally commenced on 1 July 2007. The new rules: UCP 600, supposedly has simpler and clearer wording, to reduce ambiguity and differences in interpretation, 8 and hopefully reduce documentary .

discrepancy rates and the associated financial risks.

Lead in (Task 1)
As the implementation of the UCP 600 rolls out into the world of commerce, 9____________________________ it will be interesting to discover what will be adopted easily and which of the articles will prove contentious, and require the intervention of the ICC to clarify the issues concerned. It would be useful to undertake more in-depth research in the future, once a sufficient period of time has lapsed and a body of knowledge has developed through the application and use of the UCP 600 to establish, at least, 10 if the ICC has been successful in reducing documentary discrepancy rates.

Text B: UCP 600

Text B:UCP 600 Text Analysis Chinese Version Practice

Text B: UCP 600
UCP 600
(1) In May 2003, the International Chamber of Commerce authorized the ICC Commission on Banking Technique and Practice (Banking Commission) to begin a revision of the Uniform Customs and Practice for Documentary Credits, ICC Publication 500. This is the sixth revision of the rules since they were first promulgated in 1933.
参考译文

Text B: UCP 600
(2) ICC, which was established in 1919, had as its primary objective facilitating the flow of international trade at a time when nationalism and protectionism posed serious threats to the world trading system. It was in that spirit that the UCP was first introduced – to alleviate the confusion caused by individual countries’ promoting their own national rules on letter of credit practice. (3) The objective, since attained, was to create a set of contractual rules that would establish uniformity in that practice, so that practitioners would not have to cope with a plethora of often conflicting national regulations.

Text B: UCP 600
As with other revisions, the general objective was to address developments in the banking, transport and insurance industries. Additionally, there was a need to look at the language and style used in the UCP to remove wording that could lead to inconsistent application and interpretation. (4) When work on the revision started, a number of global surveys indicated that, because of discrepancies, approximately 70% of documents presented under letters of credit were being rejected on first presentation.

Text B: UCP 600
This obviously had, and continues to have, a negative effect on the letter of credit being seen as a means of payment and, if unchecked, could have serious implications for maintaining or increasing its market share as a recognized means of settlement in international trade. (5)The introduction by banks of a discrepancy fee has highlighted the importance of this issue, especially when the underlying discrepancies have been found to be dubious or unsound.

Text B: UCP 600
(6) Whilst the number of cases involving litigation has not grown during the lifetime of UCP 500, the introduction of the ICC’s Documentary Credit Dispute Resolution Expertise Rules (DOCDEX) in October 1997 (subsequently revised in March 2002) has resulted in more than 60 cases being decided. To address these and other concerns, the Banking Commission established a Drafting Group to revise UCP 500. It was also decided to create a second group, known as the Consulting Group, to review and advice on early drafts submitted by the Drafting Group. The Consulting Group, made up of over 40 individuals from 26 countries, consisted of banking and transport industry experts.

Text B: UCP 600
One of the structural changes to the UCP is the introduction of articles covering definitions (article 2) and interpretations (article 3). (7) In providing definitions of roles played by banks and the meaning of specific terms and events, UCP 600 avoids the necessity of repetitive text to explain their interpretation and application. Similarly, the article covering interpretations aims to take the ambiguity out of vague or unclear language that appears in letters of credit and to provide a definitive elucidation of other characteristics of the UCP or the credit.

Text B: UCP 600
The following articles are extracts from the UCP 600 which are important in international trade. Article 2 Definitions For the purpose of these rules: ?Advising bank means the bank that advises the credit at the request of the issuing bank. ?Applicant means the party on whose request the credit is issued. ?Banking day means a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed. ?Beneficiary means the party in whose favor a credit is issued.

Text B: UCP 600
Article 3 Interpretations ?A credit is irrevocable even if there is no indication to that effect. Article 4 Credits vs. Contracts (8) A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honor, to negotiate or to fulfill any other obligation under the credit is not subject to claims or defenses by the applicant resulting from its relationships with the issuing bank or the beneficiary.

Text B: UCP 600
A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank. Article 14 Standard for Examination of Documents c. A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit.

Text B: UCP 600
d. Data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit.

Text analysis
(1) In May 2003, the International Chamber of Commerce authorized the ICC Commission on Banking Technique and Practice (Banking Commission) to begin a revision of the Uniform Customs and Practice for Documentary Credits, ICC Publication 500. This is the sixth revision of the rules since they were first promulgated in 1933.
Translation

2003年5月,国际商会授权国际商会银行委员 会开始修订跟单信用证统一惯例第 500 号出版物。这是 这一惯例自1933年颁布以来的第六次修订。

Text analysis
Analysis

Used by letter of credit practitioners worldwide, the Uniform Customs and Practice for Documentary Credits (UCP) are the most successful private rules for trade ever developed. They were first issued in 1933 when ICC, to overcome the conflicting laws on letter of credit in different countries, created a set of rules to bring uniformity to the field. Now firmly established, the UCP are the essential ground rules for billions of dollars in trade transactions every year.

Text analysis
Word study

promulgate: put into effect officially e.g.: The parliament promulgates a decree. The Parliament is considering promulgating a law to protect copyright.

Text analysis
(2) ICC, which was established in 1919, had as its primary objective facilitating the flow of international trade at a time when nationalism and protectionism posed serious threats to the world trading system. 国际商会成立于1919年,其最初的目的是在 民族主义和保护主义严重威胁到世界贸易体系的情况下 促进国际贸易。
Translation

Text analysis
This is a complex sentence with a time adverbial subordinate clause. Economic nationalism is a term used to describe policies which emphasize domestic control of the economy, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It is in opposition to globalization in many cases, or at least it questions the benefits of unrestricted free trade. Economic nationalism may include such doctrines as protectionism and import substitution.
Analysis

Text analysis
Word study

nationalism: the doctrine that your national culture and interests are superior to any other protectionism: the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition e.g.: Nationalism is a silly cock crowing on its own dunghill. This is a classical argument between free trade and protectionism.

Text analysis

(3) The objective, since attained, was to create a set of contractual rules that would establish uniformity in that practice, so that practitioners would not have to cope with a plethora of often conflicting national regulations. Translation (该惯例的)目标是通过创建一套契约性的规 则来统一(国际贸易)实务,这样一来,国际贸易从业人 员就再也不会遇到国家间经常冲突的贸易规则了。 “since attained” is a parenthesis in the sentence, and the whole sentence can be paraphrased as “Because there were too many different trade regulations between the countries, those regulations may cause a lot of conflicts when they are trading with each other.”
Analysis

Text analysis
Word study

uniformity: a condition in which everything is regular and unvarying cope with: satisfy or fulfill e.g.: No uniformity should be imposed since conditions vary from place to place. Inexperienced as she was, she could cope with the difficulties wonderfully well.

Text analysis
(4) When work on the revision started, a number of global surveys indicated that, because of discrepancies, approximately 70% of documents presented under letters of credit were being rejected on first presentation.
Translation

当人们开始修订UCP500的时候,许多国家的 调查显示:由于(单据中的)不符点,大约70%的单据在 第一次(向银行)提示的时候就被拒付了。

Text analysis
Analysis

Because UCP 500 was established a long time ago, some of whose content isn’t in line with the modern international trade practice, a lot of LC documents were rejected by banks, which brought great incontinence to business. “present” in the sentence is one of the steps to settle the payment, meaning to show the documents required by the L/C and contract to the bank.

Text analysis
Word study

discrepancy: difference between conflicting facts or claims or opinions. e.g.: The price tag says $100 and you charged me $120; how do you explain the discrepancy? I thought I had explained away the discrepancy but he had the actual figure and so I left myself wide open to a charge of telling a lie.

Text analysis
(5) The introduction by banks of a discrepancy fee has highlighted the importance of this issue, especially when the underlying discrepancies have been found to be dubious or unsound. 银行对于单据与信用证不符收取的不符点费 用使得人们更加重视这件事(指前文提到的因为UCP的 落后导致单据出现的不符点增多被银行拒付之事),尤 其是还有一些表达不清或者不完善的内容也会成为潜在 的不符点。
Translation

Text analysis
In order to urge the party to present documents which strictly comply with the L/C, the banks charge a certain amount of money for the discrepancy to them. This always defines clearly in the L/C, for example, “5.A DISCREPANCY FEE OF USD75-WILL BE DEDUCTED PER SET OF DISCREPANT DOCUMENTS.” This is one of the clauses in an L/C, which says that if the bank finds any discrepancy in the documents, they will charge USD75 to the party who present the documents.
Analysis

Text analysis

Word study

dubious: fraught with uncertainty or doubt unsound: not in good condition; damaged or decayed e.g.: I feel dubious about his honesty. I am afraid that it is an unsound investment.

Text analysis
(6) Whilst the number of cases involving litigation has not grown during the lifetime of UCP 500, the introduction of the ICC’s Documentary Credit Dispute Resolution Expertise Rules (DOCDEX) in October 1997 (subsequently revised in March 2002) has resulted in more than 60 cases being decided. 然而一些诉讼案在 UCP500 实施的过程中没 有解决,1997年制定的《国际商会跟单票据争议专家解 决规则》(该规则在 2002 年 3 月进行了修订)解决了超 过60宗案子。
Translation

Text analysis
Analysis

Until recently, international bankers and traders had few options for settling letter of credit disputes. These tended to drag on, leaving bills unpaid and traders dissatisfied. DOCDEX, standing for Documentary Credit Dispute Resolution Expertise, has changed all that. Now the traders can get an authoritative and impartial decision, usually in two to three months. The decision can be binding if the parties so agree. DOCDEX has satisfied growing numbers of users that if offers a convenient and rapid solution.

Text analysis
DOCDEX is the cost-effective way to settle documentary credit disputes, including disputes concerning bank-tobank reimbursements. The service is administered by the ICC International Centre for Expertise – a unit within the Secretariat of the ICC International Court of Arbitration.
whilst: at the same time. e.g.: Enhance their existing skills whilst building new ones. Whilst business degrees need to have some economics input into their programs, you have to strike the right balance.
Word study

Text analysis
(7) In providing definitions of roles played by banks and the meaning of specific terms and events, UCP 600 avoids the necessity of repetitive text to explain their interpretation and application. UCP600为银行的工作职责和某些具体的术 语和事情都下了明确的定义,这样就避免了在(后面的 条款中)再用重复的文字来解释同样 的当事人和其职责 了。
Translation

Text analysis
UCP600 gave 14 definitions at first and 12 interpretations to clarify the meaning of ambiguous terms, which saved a lot of repetitive wording in the following articles. The definitions in the new Articles 2 and 3 are essential definitions to the parties in international trade, for example, Article 2, has defined the advising bank, applicant, beneficiary and so on. In the following articles, you simply need to quote the defined names instead of explaining them again. Article 3 has interpreted some important events in the trade, such as how to sign the documents, what the expression “on or about” means, etc., providing a clear guide to the relevant articles.
Analysis

Text analysis
Word study

interpretation: a mental representation of the meaning or significance of something. e.g.: The meaning of the poem doesn't really come out in his interpretation. She gave the delegation a strict interpretation of the speech.

Text analysis
(8) A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honor, to negotiate or to fulfill any other obligation under the credit is not subject to claims or defenses by the applicant resulting from its relationships with the issuing bank or the beneficiary.

Text analysis

就性质而言,信用证与可能作为其依据的销售 合同或其它合同,是相互独立的交易手续。即使信用证中 提及该合同,银行亦与该合同完全无关,且不受其约束。 因此,一家银行做出兑付、议付或履行信用证项下其它义 务的承诺,并不受申请人与开证行之间或与受益人之间在 已有关系下产生的索偿或抗辩的制约。
Translation

Text analysis
The first sentence is a complex sentence which contains an attributive clause “on which it may be based” to modify “the sale or other contract”. “In no way” means never. “Honor” in international payment means to pay money against the documents. In this article, we need to pay attention to the nature of the L/C, which is an independent document against the sales contract, even though the L/C is issued under this contract.
Analysis

Text analysis
For example, if the seller is able to provide the full set of qualified documents to the bank, after careful examination, the bank should pay to the seller all the money. The bank has no responsibility to check the goods. In other words, even if the seller and buyer have contracted to trade corn, but the seller shipped stone to the buyer. Only if the documents are correct, the bank must pay to the seller. If the goods do not comply with the contract, the buyer can lodge a claim with the seller according to the terms in the contract.

Text analysis
Word study

transaction: the act of transacting within or between groups (as carrying on commercial activities). in no way: in no manner. whatsoever: any, whatever. e.g.: His failure in this transaction was due to nothing else than his own carelessness. In no way am I responsible for what has happened. Take whatsoever measures you consider best.

Chinese Version
《跟单信用证统一惯例》 (第600号出版物)
2003 年 5 月,国际商会授权国际商会银行技术与 惯例委员会(银行委员会)开始修订跟单信用证统一 惯例第 500 号出版物。这是这一惯例自 1933 年颁布以 来的第六次修订。 国际商会成立于 1919 年,其最初的目的是在民族 主义和保护主义严重威胁到世界贸易体系的情况下促 进国际贸易。也正是本着这一目标,人们创立了《跟 单信用证统一惯例》—— 以此来解决各国在跟单信用 证结算方面不同规则的矛盾。(该惯例的)目标是通

Chinese Version
过创建一套契约性的规则来统一(国际贸易)实务, 这样一来,国际贸易从业人员就再也不会遇到国家间 经常冲突的贸易规则了。 与其它修订版一样,(第600号出版物)的主要目 标是应对银行、运输和保险业的发展。另外,这次的 修订还研究了惯例中的语言和风格,去掉了一些会造 成使用和解释上不连贯的措辞。 当人们开始修订UCP500的时候,许多国家的调 查显示:由于(单据中的)不符点,大约70%的单据 在第一次(向银行)提示的时候就被拒付了。这明显 会对信用证结算这一方式产生持续的不良影响。如果 不进行审证,也会对信用证这一普遍认可的的国际结

Chinese Version
算方式继续扩大使用造成严重的后果。银行对于单据 与信用证不符收取的不符点费用使得人们更加重视这 件事(指前文提到的因为 UCP的落后导致单据出现的 不符点增多被银行拒付之事),尤其是还有一些表达 不清或者不完善的内容也会成为潜在的不符点。然而 一些诉讼案 在UCP500实施的过程中没有解决,1997 年制定的《国际商会跟单票据争议专家解决规则》 (该规则在 2002 年 3 月进行了修订)解决了超过 60 宗 案子。 为了解决第500号出版物出现的一些问题,银行委 员会成立了一个起草工作组来修订第500号出版物。同 时还成立了一个咨询委员会,对起草委员会提交的初

Chinese Version
稿进行审查和提出修改意见。该咨询委员会是由来自 26个国家的40多名银行业和运输行业的专家组成。 第 600 号出版物做出的结构性改变是惯例的介绍部 分,包括介绍(条款 2 )和释义(条款 3 )。 UCP600 为银行的工作职责和某些具体的术语和事情都下了明 确的定义,这样就避免了在(后面的条款中)再用重 复的文字来解释同样 的当事人和其职责了。同样,关 于释义条款的修改目的是为了避免在信用证中出现意 思模糊的语句,从而给惯例和信用证赋予明确的定 义。

Chinese Version
本文所列举的是UCP600中的部分重要条款。 条款2 定义 就本惯例而言: ?通知行意指应开证行要求通知信用证的银行。 ?申请人意指发出开立信用证申请的一方。 ?银行日意指银行在其营业地正常营业,按照本惯例行 事的行为得以在银行履行的日子。 ?受益人意指信用证中受益的一方。 条款3 释义 信用证是不可撤销的,即使信用证中对此未作指示也 是如此。

Chinese Version
条款4 信用证与合同 就性质而言,信用证与可能作为其依据的销售合 同或其它合同,是相互独立的交易。即使信用证中提 及该合同,银行亦与该合同完全无关,且不受其约束。 因此,一家银行作出兑付、议付或履行信用证项下其 它义务的承诺,并不受申请人与开证行之间或与受益 人之间在已有关系下产生的索偿或抗辩的制约。 受益人在任何情况下,不得利用银行之间或申请人 与开证行之间的契约关系。

Chinese Version
条款14 审核单据的标准 c. 提示若包含一份或多份按照本惯例第19条、20 条、21条、22条、23条、24条或25条出具的正本运 输单据,则必须由受益人或其代表按照相关条款在不 迟于装运日后的二十一个公历日内提交,但无论如何 不得迟于信用证的到期日。 d. 单据中内容的描述不必与信用证、信用证对该 项单据的描述以及国际标准银行实务完全一致,但不 得与该项单据中的内容、其它规定的单据或信用证相 冲突。

Task 2
Read Text B and answer the following questions. For questions 1 to 7, choose the best answers from the four choices marked A, B, C and D. For questions 8 to 10, complete the sentences with the information given in Text B.
1. In 2003, began a revision of the Uniform Customs and Practice for Documentary Credits, ICC Publication 500. A. the International Chamber of Commerce __________________________________ B. ICC Commission C. authorized practitioners D. DOCDEX

Task 2

2. The primary objective of establishing the ICC is to A. set trade rules for the international trade B. restrict the national trade _____________________________ C. make the international trade easier D. help to explain the trade procedures

.

Task 2
3. The reason why the L/C has been rejected by banks in many cases is that . A. a lot of countries refuse to adopt UCP 500 when they are trading with other countries B. a lot of banks don’t admit the uniform practice rules C. there are some discrepancies between the L/C and the _____________________________________________ documents _________ D. the L/C is issued under UCP 500 instead of 600

Task 2
4. In order to attract the public’s attention to the high rejection rate of the L/C in negotiation, the banks have . A. taken the L/C as the main instrument in international payment B. introduced a new regulation to reduce the discrepancies C. made alliances with the trading countries to reduce the trade barriers D. decided to charge some money for the discrepancies _____________________________________________

Task 2
5. If the documents they will be refused by banks. A. contain some different spellings to the L/C B. are copies of the original certificates C. are insufficient D. all the above _____________ 6. has been established to begin the work of revising the UCP 500. A. ICC B. DOCDEX C. A Drafting Group ________________ D. The Consulting Group

Task 2
7. UCP 600 has provided application of L/C. A. definitive __________ B. wordy C. vague D. repetitive explanations to the

8. The revised UCP 600 has addressed improvements in many aspects such as banking, transport and insurance industries _________________________________________.

Task 2

9. One of the structural changes to the UCP the introduction of articles covering definitions (Article is________________________________________________ 2) and interpretations (Article 3) ___________________________________________. separate 10. The nature of a credit is a ____________transaction from the sale or other contracts on which it may be based. Even if the credit has mentioned the contracts, banks may _________________________________. not be bound by such contracts

Task 3
Translate the following passage extracted from UCP600 into Chinese.

An issuing bank is irrevocably bound by an amendment as of the time it issues the amendment. A confirming bank may extend its confirmation to an amendment and will be irrevocably bound as of the time it advises the amendment. A confirming bank may, however, choose to advise an amendment without extending its confirmation and, if so, it must inform the issuing bank without delay and inform the beneficiary in its advice.

Task 3 Key

自发出信用证修改书之时起,开证行就不可撤销地 受其发出修改的约束。保兑行可将其保兑承诺扩展至修 改内容,且自其通知该修改之时起,即不可撤销地受到 该修改的约束。然而,保兑行可选择仅将修改通知受益 人而不对其加具保兑,但必须不延误地将此情况通知开 证行和受益人。

Section III Supplementary Reading

Supplementary Reading

Supplementary Reading
INCOTERMS 2000
Incoterms, by which the official ICC (The International Chamber of Commerce) rules for the interpretation of trade terms, facilitate the conduct of international trade. Reference to Incoterms 2000 in a sales contract defines clearly the parties' respective obligations and reduces the risk of legal complications. Since the creation of Incoterms by ICC in 1936, this undisputed world-wide contractual standard has been regularly updated to keep pace with the development of international trade. Incoterms 2000 take account of the recent spread of customs-free zones, the increased use of electronic communications in business transactions, and

Supplementary Reading
changes in transport practices. Incoterms 2000 offer a simpler and clearer presentation of the 13 definitions, all of which have been revised. The purpose of Incoterms is to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree.

Supplementary Reading
Frequently, parties to a contract are unaware of the different trading practices in their respective countries. This can give rise to misunderstandings, disputes and litigation, with all the waste of time and money that this entails. In order to remedy these problems, ICC first published in 1936 a set of international rules for the interpretation of trade terms. These rules were known as “Incoterms 1936”. Amendments and additions were later made in 1953, 1967, 1976, 1980, 1990 and presently in 2000 in order to bring the rules in line with current international trade practices.

Supplementary Reading
It should be stressed that the scope of Incoterms is limited to matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold. As has always been underlined by ICC, Incoterms deal only with the relation between sellers and buyers under the contract of sale, and, moreover, only do so in some very distinct respects.

Supplementary Reading
Second, Incoterms deal with a number of identified obligations imposed on the parties. Further, they deal with the obligations to clear the goods for export and import, the packing of the goods, the buyer's obligation to take delivery as well as the obligation to provide proof that the respective obligations have been duly fulfil1ed. Generally, Incoterms do not deal with the consequences of breach of contract and any exemptions from liability owing to various impediments.


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