Qu’est-ce qu’une lettre de crédit ? Types, caractéristiques, importance

A letter of credit is a bank undertaking of payment separate from the sales or other contracts on which it is based. It is a way of reducing the payment risks associated with the movement of goods. Expressed more fully, it is a written undertaking by a bank (issuing bank) given to the seller (beneficiary) at the request, and following the buyer’s (applicant) instructions to effect payment — that is by making a payment, or by accepting or negotiating bills of exchange (drafts) — up to a stated amount, against stipulated documents and within a prescribed time limit.

Caractéristiques de la lettre de crédit

Parmi les instruments utilisés dans le commerce international, la L/C se distingue par les caractéristiques suivantes :

1. Négociabilité

Letters of credit are usually negotiable. The issuing bank is obligated to pay not only the beneficiary but also any bank nominated by the beneficiary. Negotiable instruments are passed freely from one party to another almost in the same way as money. To be negotiable, the letter of credit must include an unconditional promise to pay on demand or at a definite time. The nominated bank becomes a titulaire en temps utileEn tant que titulaire à terme, le titulaire prend la lettre de crédit pour valeur ; de bonne foi; et sans préavis de toute réclamation à son encontre. Un titulaire en temps utile est traité favorablement au titre de l'Uniforme

2. Code de commerce

The transaction is considered a straight negotiation if the issuing bank’s payment obligation extends only to the beneficiary of the credit. If a letter of credit is a straight negotiation it is referenced on its face by “we engage with you” or “available with ourselves. Under these conditions, the promise does not pass to a purchaser of the draft as a holder in due course.

3. Révocabilité

Letters of credit may be either revocable or irrevocable. Whether revocable or irrevocable, it will state on the face of the document what type of credit is being presented. A revocable letter of credit may be revoked or modified for any reason, at any time by the issuing bank without notification. A revocable letter of credit cannot be confirmed. If a correspondent bank is engaged in a transaction that involves a revocable letter of credit, it serves only as of the advising bank. Once the documents have been presented and meet the terms and conditions in the letter of credit, and the draft is honored, the letter of credit cannot be revoked. The revocable letter of credit is not commonly used. It is generally used to provide guidelines for shipment. The most commonly used irrevocable letter of credit may not be revoked or amended without the agreement of the issuing bank; the confirming bank; and the seller (beneficiary). An irrevocable letter of credit from the issuing bank insures the seller that if the required documents are presented and the terms and conditions are complied with, payment will be made.

4. Transfert et affectation

The seller has the right to transfer or assign the right to draw, under a letter of credit only when the letter of credit states that it is transferable or assignable. Letters of credit governed by the Uniform Commercial Code (Domestic) may be transferred an unlimited number of times. Under the Uniform Customs Practice for Documentary Credits (International) the credit may be transferred only once. However, even if the credit specifies that it is nontransferable or non-assignable, the seller may transfer their rights before a performance.

5. Drafts à vue et à temps

All letters of credit require the seller to present a draft and specified documents to receive payment. A draft is a written order by which the party creating it, orders another party to pay money to a third party. A draft is sometimes referred to as a bill of exchange. The two types of drafts used in letters of credit are sight and time. A sight draft is payable as soon as it is presented for payment although the issuing bank is allowed a reasonable time to review the documents before making payment. A time draft is not payable until the lapse of a particular period stated on the draft (often 90 days). The issuing bank is required to accept the draft as soon as the documents comply with the letter of credit terms. The issuing bank is then obligated to pay the draft at maturity.

Types de lettres de crédit

Types de base de lettres de crédit

Il existe trois caractéristiques de base des lettres de crédit, chacune comportant deux options. Ceux-ci sont décrits ci-dessous. Chaque lettre de crédit présente une combinaison de chacune des trois caractéristiques.

1. Vue ou durée/utilisation

Les lettres de crédit peuvent permettre au bénéficiaire d'être payé immédiatement sur présentation des documents spécifiés (lettre de crédit à vue), ou à une date ultérieure telle qu'établie dans le contrat de vente (lettre de crédit à terme/d'usage).

2. Révocable ou Irrévocable

Letters of credit can be revocable. This means that they can be canceled or amended at any time by the issuing bank without notice to the beneficiary. However, drawings negotiated before notice of cancellation or amendment must be honored by the issuing bank. An irrevocable letter of credit cannot be canceled without the consent of the beneficiary.

3. Non confirmé ou confirmé

An unconfirmed letter of credit carries the obligation of the issuing bank to honor all drawings, provided that the terms and conditions of the letter of credit have been complied with. A confirmed letter of credit also carries the obligation of another bank which is normally located in the beneficiary’s country, thereby giving the beneficiary the comfort of dealing with a bank known to him.

Types spéciaux de lettres de crédit

So far a description has been provided of the basic types of letters of credit used to cover the shipment of goods. In addition to these basic types, various specialized formats meet particular sets of circumstances.

1. Lettre de crédit clause rouge

A red clause letter of credit incorporates a clause, traditionally written in red, which authorizes the bank acting as the negotiating or paying bank to pay the beneficiary in advance of shipment. This enables the purchase and accumulation of goods from several different suppliers, and the arrangement of shipment under the letter of credit terms. Such advances will be deducted from the amount due to be paid when the documents called for are presented under the letter of credit. If the beneficiary fails to ship the goods or cannot do so before the expiry of the Letter of credit, the issuing bank is bound to reimburse the negotiating or paying bank, recovering its payment from the applicant. Variations of such credits may also require that any advances be secured by temporary warehouse receipts until shipment is effected. Beneficiaries of red clause letters of credit are invariably brokers/agents of buyers in a particular field.

2. Lettre de crédit transférable

A transferable letter of credit allows the beneficiary to act as a middleman and transfer his rights under a letter of credit to another party or parties who may be suppliers of the goods. Depending on whether the letter of credit permits partial shipments, fractional amounts may be transferred to more than one beneficiary. The letter of credit, however, can be transferred only once: the secondary beneficiaries cannot transfer their rights to a third party. Transfer of a letter of credit can be made on specific application by the original beneficiary to the authorized transferring bank To be transferable, a letter of credit must be so marked by the issuing bank which can only do so on the applicant’s specific instructions. The applicant should be aware that any second beneficiary, the probable supplier, is usually a party not likely known to the applicant. The terms and conditions of the transferred letter of credit must be identical to those of the original letter of credit with the following exceptions:

• Le bénéficiaire initial peut être indiqué comme demandeur sur le crédit transféré.
• Le montant de la lettre de prévision et les prix unitaires le cas échéant, peuvent être inférieurs à ceux de la lettre de crédit originale (la différence étant la marge bénéficiaire du bénéficiaire initial).
• La dernière date d'expédition, le cas échéant, et la date d'expiration indiquée sur la lettre de crédit originale doivent être raccourcies.
• Le pourcentage de couverture d'assurance, le cas échéant, devrait être augmenté pour satisfaire aux exigences de la lettre de crédit originale.
• Lorsqu'un tirage a lieu, le bénéficiaire initial substitue normalement ses factures à celles du deuxième bénéficiaire à hauteur du montant et des prix unitaires disponibles dans la lettre de crédit originale et tire la différence sous forme de bénéfice.

3. Lettre de crédit dos à dos

Although not recorded on a letter of credit, “back-to-back” is a term used in transactions involving two irrevocable letters of credit. Such transactions originate when a seller receives a letter of credit covering goods which must be obtained from a third party that in turn requires a letter of credit. The “second” issuing bank looks to the first issuing bank for reimbursement after paying under the second letter of credit. The difference between back-to-back letters of credit and transferable letters of credit is such that in a transferable letter of credit, the rights under the existing letter of credit are transferred. In a back-to-back transaction, different letters of credit are issued. Because technical problems can arise in back-to-back transactions, banks tend to discourage their use.

4. Lettre de crédit à paiement différé

Under a deferred payment letter of credit, the applicant does not pay until a future date determined under the terms of the letter of credit. No drafts are called for, which avoids “stamp duties” charged by some countries on bills of exchange (drafts). One reason an exporter might extend credit terms to an importer could be the competitiveness of the market and the need for the exporter to finance the importer if the exporter is to make the sale.

Autres types de lettres de crédit

Les lettres de crédit décrites jusqu'à présent couvrent le mouvement des marchandises d'une destination à une autre. Il existe d'autres types de lettres de crédit qui ne sont pas spécifiquement liées au mouvement des marchandises.

1. Lettres de crédit de soutien

Standby letters of credit may apply in general to transactions that are based on the concept of default by the applicant in the performance of a contract or obligation. In the event of default, the beneficiary is permitted to draw under the letter of credit. Standby letters of credit may be used as a substitute for performance guarantees or issued to guarantee loans granted by one firm to another, thereby securing payment to the creditor in the event the other party fails to repay its obligation on the due date. Even if the applicant claims to have performed, the bank issuing the letter of credit is obliged to make payment provided the beneficiary produces complying documents, usually a sight draft, and a written demand for payment.

2. Règles et usances uniformes en matière de crédits documentaires (RUU)

The Uniform Customs and Practice for Documentary Credits is an internationally agreed-upon set of rules for all parties involved in all types, of letters of credit transactions. The rules, which were adopted by the International Chamber of Commerce in Vienna in 1933, have been revised several times and are used by banks in practically all countries. The Uniform Customs and Practice for Documentary Credits, currently applicable, is a set of rules which, when not in contravention of local laws, are binding on the parties who have adopted them. The authority of UCP lies in its universal acceptance which is acknowledged by a statement on the letter of credit itself. All Scotia banks’ Documentary Letters of Credit are issued subject to UCP. Copies of the Uniform Customs and Practice for Documentary Credits are available upon request from your nearest Scotia bank office.

Importance et nécessité d'une lettre de crédit (L/C)

The need for a letter of credit is a consideration in the course of negotiations between the buyer and seller when the important matter of method of payment is being discussed. Payment can be made in several different ways:

• par l'acheteur remettant du cash avec sa commande
• par compte ouvert par lequel l'acheteur effectue le paiement à un moment convenu après réception des marchandises ;
• par encaissement documentaire via une banque, auquel cas l'acheteur paie la banque d'encaissement pour le compte du vendeur en échange de documents d'expédition qui comprendraient, dans la plupart des cas, le titre de propriété des marchandises.

In the aforementioned methods of payment, the seller relies entirely on the willingness and ability of the buyer to effect payment. When the seller has doubts about the credit-worthiness of the buyer and wishes to ensure prompt payment, the seller can insist that the sales contract provides for payment by irrevocable letter of credit. Furthermore, if the bank issuing the letter of credit (issuing bank) is unknown to the seller or if the seller is shipping to a foreign country and is uncertain of the issuing bank’s ability to honor its obligation, the seller can, with the approval of the issuing bank, request its bank — or a bank of international repute to assume the risk of the issuing bank by confirming the letter of credit.

Avantages d'une lettre de crédit

Avantages d'une lettre de crédit pour l'exportateur/vendeur

• Les lettres de crédit ouvrent les portes du commerce international en fournissant un mécanisme sécurisé de paiement une fois les obligations contractuelles remplies.
• Une banque se substitue à l’acheteur comme source de paiement pour les biens ou services exportés.
• La banque émettrice s'engage à effectuer le paiement, à condition que toutes les conditions stipulées dans la lettre de crédit soient respectées.
• Des opportunités de financement, telles que le financement avant expédition garanti par une lettre de crédit et/ou l'escompte des traites acceptées tirées au titre de lettres de crédit, sont disponibles dans de nombreux pays.
• L'expertise bancaire est mise à disposition pour aider à mener à bien les transactions commerciales.
• Le paiement des marchandises expédiées peut être remis à votre banque ou à une banque de votre choix.

Avantages d'une lettre de crédit pour l'importateur/acheteur

• Le paiement ne sera effectué au vendeur que lorsque les termes et conditions de la lettre de crédit seront respectés.
• L'importateur peut contrôler les dates d'expédition des marchandises achetées.
• Les ressources en espèces ne sont pas immobilisées.

Parties impliquées dans une transaction de lettre de crédit

Pour aider le lecteur à comprendre les étapes suivies dans une transaction de lettre de crédit, voici une brève description des parties les plus couramment impliquées dans les lettres de crédit.

1. Banque acceptante

Banque nommée dans une lettre de crédit sur laquelle les traites à terme sont tirées et qui indique l'acceptation de la traite en datant et en signant au recto, encourant ainsi l'obligation légale de payer le montant de la traite à l'échéance.

2. Banque conseil

A branch or correspondent bank at or near the domicile of the beneficiary, to which the issuing bank either sends the letter of credit or a notification that a letter of credit has been issued, with instructions to notify the beneficiary. The advising bank advises the beneficiary of the letter of credit without engagement.

3. Demandeur

L'acheteur ou la partie qui demande l'émission de la lettre de crédit. Bénéficiaire Le vendeur ou la personne à qui la lettre de crédit est adressée.

4. Banque de confirmation

Banque généralement située dans le pays du bénéficiaire qui, à la demande de la banque émettrice, se joint à cette banque pour s'engager à honorer les tirages effectués par le bénéficiaire, à condition que les termes et conditions de la lettre de crédit aient été respectés.

5. Banque d'escompte

Banque qui escompte une traite pour le bénéficiaire après qu'elle a été acceptée par une banque acceptante.

6. Banque de tiroirs

Banque désignée dans la lettre de crédit sur laquelle les traites doivent être tirées.

7. Tiroir

Le bénéficiaire de la lettre de crédit qui tirera la traite selon les termes de la lettre de crédit.

8. Banque émettrice

La banque ouvre une lettre de crédit au nom du demandeur et la transmet à la banque notificatrice pour remise au bénéficiaire.

9. Banque de négociation

Généralement, c'est la banque du bénéficiaire qui, après s'être assurée que les documents sont conformes à la lettre de crédit, s'engage à acheter la traite (payer le bénéficiaire).

10. Banque payante

The bank named in the letter of credit where drafts are to be paid. It is not necessarily the issuing bank, but often a branch of the issuing bank or its correspondent. Once drafts have been paid or accepted by the paying/ drawer bank, there is no recourse to the drawers.

11. Banque de remboursement

Banque autorisée par la banque émettrice à rembourser la banque tireuse ou d'autres banques soumettant des réclamations au titre de la lettre de crédit.

Étapes d’une transaction de lettre de crédit à l’importation

Étape 1. Le contrat de vente

Le contrat de vente est l'accord formel entre l'acheteur et le vendeur précisant les conditions de vente convenues par les deux parties. Le contrat doit inclure une description des marchandises ; la quantité; le prix unitaire ; les modalités de livraison ; le délai imparti pour l'expédition et la présentation des documents ; la devise; et le mode de paiement.

Étape 2. Demande et accord

The bank’s letter of the credit application and agreement forms, when executed, constitute a payment and reimbursement contract between the issuing bank and its customer. It is also the customer’s instruction to the issuing bank. The letter of credit must be issued exactly under the customer’s instructions; therefore, the application must be completed fully and accurately, to avoid the inconvenience of having to have the letter of credit amended. The agreement constitutes an undertaking by the customer to reimburse the issuing bank for drawings paid following the terms of the letter of credit, and normally takes the form of an authorization to debit the customer’s account.

Étape 3. Émission de la lettre de crédit

The issuing bank prepares the letter of credit as specified in the application and forwards it by transmission or airmail to the advising bank, (a branch or correspondent of the issuing bank). The issuing bank instructs the advising bank as to whether or not to add its confirmation, as per their customer’s instructions.

Étape 4. Conseiller

The advising bank forwards the letter of credit to the beneficiary (seller) stating that no commitment is conveyed on its part. However, if the advising bank has been asked to confirm the letter of credit and agrees to do so, it will incorporate a clause undertaking to honor the beneficiary’s drafts, provided the documents evidence that all terms and conditions of the letter of credit have been complied with.

Étapes d’une transaction de lettre de crédit à l’exportation

Étape 1. Expédition des marchandises

Upon receiving the letter of credit, the beneficiary should examine it carefully and be satisfied that all the terms and conditions can be complied with. If this is not possible, the beneficiary should request the applicant to arrange an amendment to the letter of credit. Once completely satisfied, the beneficiary will then be in a position to assemble and ship the goods.

Modelo Howard-Sheth

The beneficiary prepares an invoice in the number of copies required, with the description of goods shown exactly as stipulated in the letter of credit. The beneficiary obtains the bill of lading and/or other transport documents from the carrier and prepares and/or obtains all other documents required by the letter of credit. These are attached to the draft, drawn on the bank indicated and at the term stipulated in the letter of credit, and are presented to the advising/ confirming/ negotiating bank.

Étape 3. Envoi de documents à la banque émettrice

La banque conseillère/confirmatrice/négociatrice vérifie les documents présentés par le vendeur par rapport à la lettre de crédit. Si les documents répondent aux exigences de la lettre de crédit, cette banque les enverra à la banque émettrice, réclamant le remboursement et payant le vendeur.

Étape 4. Remise des documents au demandeur

La banque émettrice vérifiera également la conformité des documents et les remettra ensuite au demandeur soit contre paiement, soit à titre d'engagement de paiement à l'échéance du tirage au titre de la lettre de crédit.

Documents habituellement requis dans le cadre d'une lettre de crédit

There is no limit to the number and variety of documents that letters of credit may stipulate. The following is a list of documents most commonly seen in a letter of the credit transaction. Each document is described in brief with a check-list for preparing the document. As already stated, the beneficiary should, on first being advised of the letter of credit, examine it carefully and be satisfied that all the documentary requirements can be complied with. Unless the documentary requirements can be strictly complied with, the beneficiary may not receive payment from the issuing bank. If any requirements cannot be complied with, the beneficiary should immediately request the applicant to arrange for an appropriate amendment to the letter of credit.

1. Brouillon

A draft is a bill of exchange and a legally enforceable instrument which may be regarded as the formal evidence of debt under a letter of credit. Drafts drawn at sight are payable by the drawee on presentation. Term (usance) drafts, after acceptance by the drawee, are payable on their indicated due date.

2. Facture commerciale

La facture commerciale est un décompte détaillé émis par le bénéficiaire et adressé au demandeur, et doit être fournie en nombre d'exemplaires précisé dans la lettre de crédit.

3. Facture consulaire ou douanière

Une facture consulaire ou douanière est établie par le bénéficiaire sur des formulaires fournis soit par l'acheteur, soit par les bureaux du consulat local ;

• Les factures consulaires doivent être visées (officiellement tamponnées) et signées par un fonctionnaire consulaire du pays importateur et être fournies sous la forme officielle et en nombre de copies comme stipulé dans la lettre de crédit.
• Tous les titres des formulaires doivent être complétés.
• La valeur des marchandises demandées doit correspondre à celle indiquée sur la facture commerciale.

4. Connaissement

Un connaissement est un reçu délivré par un transporteur pour les marchandises à transporter vers une destination désignée, qui détaille les modalités et conditions de transit. Dans le cas de marchandises expédiées par voie maritime, c'est le titre de propriété qui contrôle la garde physique des marchandises.

5. Lettre de transport aérien

An air waybill is a receipt issued by an air carrier indicating receipt of goods to be transported by air and slowing goods consigned to a named party. Being a non-negotiable receipt it is not a document of title.

6. Unidades

Under the terms of a CIF contract, the beneficiary is obliged to arrange insurance and furnish the buyer with the appropriate insurance policy or certificate. The extent of coverage and risks should be agreed upon between the buyer and seller in their initial negotiations and be set out in the sales contract. Since the topic of assurance maritime est extrêmement spécialisée et avec des conditions variant d'un pays à l'autre, les services d'un courtier en assurance maritime compétent sont utiles et conseillés.

7. Liste de colisage

Une liste de colisage est généralement demandée par l'acheteur pour l'aider à identifier le contenu de chaque colis ou conteneur. Il doit indiquer les marques d'expédition et le numéro de chaque colis. Il n’est généralement pas nécessaire de le signer.

8. Certificat d'origine

Comme son nom l'indique, un certificat d'origine certifie le pays d'origine des marchandises décrites et doit être conforme à toutes les stipulations de la lettre de crédit quant au pays d'origine et par qui le certificat doit être délivré. Le certificat doit être cohérent et identifié avec les autres documents d'expédition par des marques et des numéros d'expédition et doit être signé.

9. Certificat d'inspection

Lorsqu'une lettre de crédit exige un certificat d'inspection, elle précise généralement par qui le certificat doit être délivré ; sinon, les mêmes commentaires généraux que dans le cas du certificat d'origine s'appliquent. As a preventative measure against fraud or as a means of protecting the buyer against the possibility of receiving substandard or unwanted goods, survey or inspection certificates issued by a reputable third party may be deemed prudent. Such certificates indicate that the goods have been examined and found to be as ordered.

Procédure de paiement L/C

La procédure de paiement suit généralement :

1. Paiement

On presentation of the documents called for under the letter of credit, provided they comply with its terms, the advising/negotiating bank, in the case of an unconfirmed letter of credit, may pay/negotiate the draft. In the case of a confirmed letter of credit, the confirming bank is obliged to honor the drawing without recourse to the beneficiary.

2. Remboursement

La banque notificatrice/confirmatrice/négociatrice réclamera le remboursement à la banque émettrice.

3. Règlement

A réception des documents conformes, la banque émettrice se chargera également de vérifier les documents et débitera le compte du demandeur selon les termes de la lettre de demande de crédit et des formulaires d'accord, effectuant le remboursement à la banque négociatrice.

Que faire si les documents sont refusés ?

Lorsque des documents sont présentés par le bénéficiaire et s'avèrent ne pas être conformes aux termes de la lettre de crédit, les mesures suivantes sont disponibles : Alternative 1 : The documents may be corrected if possible. However, this option is only applicable if the discrepancies are such that the beneficiary, shipping company or whoever is concerned can correct the discrepancies before the expiry of the letter of credit and within the period allowed for presentation of the documents. Alternative 2 : Si les écarts ne peuvent être corrigés, la banque du bénéficiaire peut demander à la banque émettrice l'autorisation de négocier la traite, malgré les écarts. Alternative 3 : If in the case of a sight draft, the beneficiary wishes to receive the proceeds of the drawing immediately, then an indemnity may be the expedient method. Under the indemnity, the beneficiary agrees to indemnify the negotiating bank for payment of principal, interest and any other loss resulting from the refusal of the issuing bank to honor the drawing due to non-conformity of the documents. If the discrepancies are considered minor, the beneficiary’s bank may be prepared to negotiate the draft “under reserve”; it is understood the beneficiary’s bank will have recourse to the beneficiary if the discrepancies are unacceptable to the issuing bank. Alternative 4 : En dernier recours, les documents peuvent être envoyés à la banque émettrice sur une base « d'approbation » ; les documents ne doivent être remis à l'acheteur que contre l'autorisation de l'acheteur de payer ou d'accepter.

Problèmes courants avec les lettres de crédit

Most problems result from the seller’s inability to fulfill the obligations stated in the letter of credit. The seller may find these terms difficult or impossible to fulfill and, either try to fulfill them and fails or asks the buyer to amend to the letter of credit. As most letters of credit are irrevocable, amendments may at times be difficult since both the buyer and the seller must agree. Sellers may have one or more of the following problems:

1. Le calendrier d'expédition ne peut pas être respecté ;
2. Les stipulations concernant les frais de transport sont inacceptables ;
3. Le prix devient trop bas en raison des fluctuations des taux de change ;
4. La quantité de produit commandée n'est pas celle attendue ;
5. La description du produit est soit insuffisante, soit trop détaillée ; et,
6. Les documents stipulés sont difficiles voire impossibles à obtenir.

Even when sellers accept the terms of a letter of credit, problems often arise late in the process. When this occurs, the buyer’s and seller’s banks will try to negotiate any differences. In some cases, the seller can correct the documents and present them within the time specified in the letter of credit. If the documents cannot be corrected, the advising bank will ask the issuing bank to accept the documents despite the discrepancies found. It is important to note that, if the documents are not in accord with the specifications of the letter of credit, the buyer’s issuing bank is no longer obligated to pay.