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On the Characteristics and Translation of the Letter of Credit of Foreign Trade

By Carolyn Scott,2014-09-13 09:38
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On the Characteristics and Translation of the Letter of Credit of Foreign Trade

    On the Characteristics and Translation of

    the Letter of Credit of Foreign Trade

    Abstract: This thesis analyzes and discusses the letter of credits

    structure, styles, characteristics and translation methodology by enumerating a lot of examples. It mainly focuses on the differences in words and sentences and other types of writing and stresses the main points existing in the translation of L/C. And it is important to explain the functions of L/C in settlement of the international trade and the functions for the importers and exporters. The term of payment by L/C compared with others payment has different features. A letter of credit is a written promise made by a bank to the payment for the goods shipped. To put it simply, the bank promises pay for the goods when it opens a letter of credit. This agreement is favorable to both the seller and the buyer. Payment by L/C is a more favorable method of payment because the exporter asks the importer to get a banks promise.

    While under payment by collection, the exporter relies entirely on the importer’s promise to pay. Payment by L/C is in the first place an agreement between the importer and the exporter. Therefore, the letter of credit is having powerful position functions in the international trade.

    Key words: L/C, characteristics, translation methodology, function

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     : 本文通过大量的例句,对信用证的结构、风格、特点和翻译方法等作了全面分析和论述,并重点剖析了这种文体在用词造句等方面与其他文体风格的不同,突出了在翻译方面所应注意的问题。并重点讲述信用证在国际贸易结算中的作用以及对进出口商的作用和信用证支付方式与其他支付方式比较具有不同的特点。信用证是银行对货物装运付款的书面承诺。简言之,当银行开立信用证时,承诺支付货款,这对买卖双方都是有利的。信用证付款是一种比较有利的付款方式,因为出口商要求进口商得到银行许诺,然而在托收付款方式下,出口商完全依赖的是进口商的承诺,在进口商之间,信用证付款是双方达成共识的首选。因此,信用证在国际贸易中起着举足轻重的作用。

    关键词: 信用证;特点;翻译方法;作用

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    Contents

    Abstract………………………………………………………………………i Contents……………………………………………………………………iii Introduction…………………………………………………………………1 1. The characteristics of the letter of credit………………………………1 1.1 Functioning bank credit………………………………………………1 1.2 Being independent files………………………………………………2 1.3 Buying and selling documents………………………………………3 2. The translation methodology of the letter of credit……………………4 2.1 Utilizing standard types of sentence …………………………………4

    2.1.1 Omitting the linking verb…………………………………………4

    2.1.2 Use of preposition…………………………………………………4

    2.1.3 The use of passive structures………………………………………5

    2.1.4 Transformation of verb and noun…………………………………6

    2.1.5 Utilization of conditional sentences, long verses…………………7 2.2 Using the suitable modal verb………………………………………10 3. The functions of the letter of credit……………………………………12 3.1 Introducing the function for the exporters……………………………12

    3.1.1 Enabling importers to guarantee exporters to obtain the loans by bill12

    3.1.2 Enabling the exporters to obtain the foreign exchange guarantee12

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    3.1.3 Enabling exporters to obtain the financing…………………………13 3.2 Elaborating the function for the importers……………………………13

    3.2.1 Enabling importers to guarantee to obtain the documentary evidence...13

    3.2.2 Enabling importers to guarantee on time, according to the quality and

    quantity to receive the cargo……………………………………………14

    3.2.3 Enabling importers to provide financing……………………………14 3.3 Expounding the function for the bank………………………………15 Conclusion…………………………………………………………………16 Bibliography………………………………………………………………17 Acknowledgements…………………………………………………………18

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Introduction

     Since our country carried on opening policy to the outside world, more and more foreign trade enterprises have taken up the business of import and export. The L/C has been recognized and accepted by people. From this meaning, the L/C is an agreement by which opening bank carries out payment to the beneficiary according to the stipulated document or its assignable people in the situation of completely conform to the condition of L/C, so it has binding force for both sides. It used the words that are strict, regular and grave with strong specialization. The way of payment by L/C from the importers perform the responsibility of payment transferred to the bank to pay and guarantee the exporters receive money safely and quickly and the buyers receive the document of goods on time. Therefore, the letter of credit is a universal and adoptable way of payment.

1. The characteristics of the letter of credit

    The bank credit is generally more reliable than the commercial credit, so the way of payment of the letter of credit compares with remittance and the way of collection, has the different characteristics, the way of payment of the letter of credit of characteristic, mainly display in the following aspects: 1.1 Functioning bank credit

    By opening bank to make the guarantee of payment by own credit. Under the condition of payment of the letter of redit, the bank is at the first

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    drawee's position. “Freight bill letter of credit unification convention” stipulated that, the letter of credit is an agreement, according to this agreement according to the documentary evidence which is stipulated in conforming to in the situation of condition of the letter of credit, opening bank or it assigns the human to the beneficiary to carry on the payment, acceptance or the negotiation. The letter of credit is pledge of payment of opening bank. Therefore, opening bank is the first drawee. In the letter of credit of business, opening bank to beneficiary's responsibility is a kind of independent

    [1]responsibility.

    1.2 Being independent file

    Letter of credit of drawing up as the basis by business contract, but the letter of credit as soon as makes out and becomes independent outside business contract of another kind of contract and not to restrict by business contract.” Uniform Customs and Practice for Documentary Credits "stipulated

    that the letter of credit with it’s the possible basis of business contract or other

    contracts, which are mutually the independent transaction. Even if in the letter of credit mentions this contract; the bank also has nothing to do with this contract, and also not its restraint. Therefore, the letter of credit is independent outside the related of the contract, opening bank and the participation business of letter of credit of other banks only as the stipulation of the letter of credit to handle affairs. Therefore, a bank makes the payment, accepts and pays the bill draft or the negotiation and/or fulfills other

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    compulsory the pledge under a letter of credit, with is not opened the applicant and opening bank or with the income person between the restriction which under the relations produce claims damages or contradicts.

    The beneficiary in any situation does not use the contractual relationship between the banks once in a while. The beneficiary in any situation does not use the contractual relationship between the banks or between applicant and the opening bank.

    1.3 Buying and selling documents

    Under the way of the letter of credit, the principles of certificate payment implement. “Freight Bill Letter of Credit Unification Convention” stipulated that, “In the letter of credit of business, each party’s concerned processes are the documentary evidence, but is not the documentary evidence related cargo, the service and /or other professions.” Therefore, the letter of credit of business is a kind of pure documentary evidence business. The bank although has the duty “reasonably and carefully to verify all the documentary

    evidences”, but this kind of verification, only with by determining whether on the documentary evidence surface conforms to the letter of credit of provision. Opening bank only to according to the surface to conform to the letter of credit of provision documentary evidence payment, therefore, bank is to any documentary evidence form, integrity, authenticity as well as forge or legal effect, either in the documentary evidence stipulates or in the attachment is ordinary and/or the special condition is generally irresponsible. Under

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    condition of the letter of credit, the principle which the implementation strictly tallies, not only must achieve (documentary evidence which docu-

    ment confirms to certificate, document confirms to document beneficiary

    submits on surface provision which is stipulated with letter of credit of consistent), but also must achieve each kind of documentary evidence surface which “document confirms to certificate, document confirms to document”

     [1]the beneficiary submits to be consistent.

    2. The translation methodology of the letter of credit 2.1 Utilizing Standard Types of Sentence

    2.1.1 Omitting the linking verb

     The following examples are in point:

    (1) Latest shipment Apr.30, 2000.

    (2) Shipment from Chinese port to Osaka.

    (3) Each document to show B/L number and date and to be dated not earlier than 7 days from B/L date.

    (4) All correspondence to be sent to Bangkok Bank import services

    [2]department.

    2.1.2 Use of preposition

    (1) Using idiom preposition instead of simple preposition

    Fore example: in favor of; compliance with; as per; in view of

    Freight payable as per charter party’s plus two non-negotiable copies.

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    This certificate of silk products is issued in compliance with the consignee’s request.

    (2) Using simple preposition to curtail the structure of sentence

    The letter of credit stems from to the length and the form need, often limits the number of words and the telegram the way, but the telegram of charge deferred to the number of words of the use, the preposition is the best method of shrinking slightly.

    For example: This credit is valid until September 17, 2000, in Vienna for payment available against the presentation of the following documents. This sentence has used five prepositions, decomposing the following several meanings:

    (a) This letter of credit of due time (until)

    (b) This letter of credit of due place (in)

    (c) This letter of credit of payment guarantee (for)

    [2](d) This letter of credit of payment condition (against, of)

    2.1.3 The use of passive structures

    The use of passive voice is more widespread, this is because the passive voice must elaborate the object to place the sentence the main position, can bring the people’s attention. At the same time, the passive voice sentences have the bigger adjustment leeway in the structure, this is advantageous to use the appropriate rhetoric method and expand the sentence of information content. Moreover, the passive voice compared to active voice is less

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    subjective colors, like this is suitable some solemnities and the gravity literary style need. For instance:

    The advising bank is requested to notify the beneficiary without adding their confirmation.

    This kind of passive structure compared to use the initiative structure “The opening bank request the advising bank to notify the beneficiary without adding their confirmation.” Its connotation must be more enrich, does not write in a straightforward manner, moreover the expression not too reveals, therefore appears serious and gave.

    2.1.4 Transformation of verb and noun

    Translation in the letter of credit is to suitably grasp the skill of the lexical category transforms to be helpful to the translation is smoother and conforms to the expression custom.

    (1) Some verbs transform to the noun is expressed a kind of concrete either the behavior which displays under the specific situation or occurs. In this kind of situation, the significance of center carries over the noun, but with noun constitution phrase verb of significance then is weaken relatively.

    Only Bank of China, Lianyungang is allowed to affect transfer of the present documentary credit, but the place of validity and payment cannot be transferred.

     (2) The nouns transform to the verbs are the extremely universal phenomenon modern English, its useful scope is widespread day by day,

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