前言 在国际大宗商品贸易中，信用证作为最核心的支付工具，其条款设计的严密性直接关系到交易安全与争议防范。今天与大家分享本所此前办理的一宗国际铁矿石销售合同争议一案中所涉及的国际贸易合同信用证条款。 本案中合同的信用证条款涉及到临时发票支款、最终价格未知时的定价公式，以及信用证自动修改机制、第三方开证的责任承担等。 以下为仲裁案所涉合同的信用证条款原文及中文翻译，以供相关大宗商品进出口业务作法律实务参考。 PAYMENT BY LETTER OF CREDIT 1. PAYMENT BY LETTER OF CREDIT 1.1 Payment shall be effected in US Dollars by one irrevocable and, upon beneficiary's request, confirmable letter of credit ("L/C") acceptable to Seller, to be opened by Buyer in favour of Seller through a bank acceptable to Seller and negotiable at any bank acceptable to Seller. 1.2 The L/C shall have the allowance for multiple drawings. The L/C shall be opened for the full value of the shipment calculated in accordance with the following formula plus a provision for +15% tolerance: [(Shipment Base Price × Typical Fe) × planned shipment quantity in WMT × (1 - Typical moisture content Specification expressed as a fraction)] + Freight] 1.3 The L/C shall be issued no later than 26 Nov 2013 and shall be advised as per Seller's instruction, and be freely negotiable with any bank. 1.4 On completion of loading Seller shall issue a provisional invoice setting out the weight of shipment determined in accordance with this Agreement, date of bill of lading and value of the cargo calculated at the Price. All invoices shall be prepared in the same currency in which the Price is specified in this Agreement. 2. DRAWING UNDER THE L/C 2.1 The beneficiary may draw against the L/C for an amount up to 100% of the shipment value based on Seller's provisional invoice upon presentation to the L/C issuing bank of the following documents: - Seller's provisional invoice, in one original and two signed copies; - One full set (3/3) of negotiable clean on board ocean bills of lading; - Certificate of Analysis issued by beneficiary of the L/C showing Typical Fe content and Typical Moisture content; - Certificate of Weight issued by beneficiary of the L/C, as provided for in this Agreement; - Certificate of origin issued by beneficiary of the L/C. 2.2 For the second drawing (if required), the Seller may draw against the L/C, at sight, upon presentation by Seller to the L/C issuing bank within the validity of the L/C of an invoice (second provisional invoice) for the difference between the provisional invoice and the shipment value once the Delivered Product Price is known. 2.3 If the difference between the amount of the Provisional invoice and the shipment value once the Delivered Product Price is known is a credit value for an overpayment from the provisional invoice, Seller shall pay to Buyer by way of telegraphic transfer remittance no later than 30 (thirty) days after the date of receipt of a debit note from Buyer evidencing such overpayment. 2.4 Banking charges: all banking charges within beneficiary's bank shall be for the beneficiary's account; all banking charges within applicant's bank, including commission in lieu of exchange, shall be for applicant's account. 3. PRICING FOR L/C WHEN FINAL DELIVERED PRODUCT PRICE UNKNOWN 3.1 In the event that the final Delivered Product Price is not available when the L/C for that shipment is due to be issued no later than 26 Nov 2013, the applicable L/C value shall be the amount: (a) Determined pursuant to the following formula: {[(Shipment Base Price × Typical Fe) × planned shipment quantity in WMT × (1 - Typical moisture content Specification expressed as a fraction)] + Freight} using: (i) For the purposes of calculating Shipment Base Price: The Quotation Period equal to the first 20 calendar days of the month prior to the commencement of laycan at the loadport when determining the applicable Published Market Price (PMP); and (ii) For the purposes of calculating Freight: Index Freight calculation based on the average freight rate in US$ per WMT from Western Australia to the Port of Qingdao (C5), China as published by the Baltic Exchange with a quotation period equal to the first 20 calendar days of the month prior to commencement of laycan at the loadport; and (iii) For the purposes of calculating Freight: Index Freight calculation as per Schedule 4 clause 3, plus any differential for alternate ports being ports other than Qingdao, China, with a quotation period for the first 20 calendar days of the month prior to the commencement of laycan at the loadport. (b) Plus a provision of +15% (to account for tolerance, for example, tolerance in market price variation). 4. AMENDMENTS TO THE LETTER OF CREDIT 4.1 Buyer agrees to amend the L/C to: - Increase the amount thereof; - Extend the period of validity; and/or - Make other appropriate modifications if necessary to provide for security and payment in full of amounts which may become due in respect of shipments, In the event that movements in the Published Market Price and/or Index Freight (as defined in Schedule 4) and/or Freight result in the opening value of the L/C (excluding the 15% tolerance (as the case may be)) no longer being adequate to cover the value of that shipment at the relevant point in time. 5. LOSS OF CARGO 5.1 In the event of partial or total loss of the cargo after it has been delivered aboard the vessel, Sellers will remain entitled to draw under the L/C for payment and Buyer shall be obliged to pay for the entire shipment. 6. NO OBLIGATION TO DELIVER IF L/C NOT ESTABLISHED 6.1 Notwithstanding anything to the contrary in this Agreement, Seller will be under no obligation to deliver Material to Buyer and may direct a vessel not to discharge the Material until Buyer has first opened an L/C in accordance with this Agreement. 6.2 Without prejudice to any other rights that the Seller may have under this Agreement or at law, Buyer shall be liable for any loss, cost and damages incurred by Seller having to release or redirect a vessel fixed for shipment due to Buyer's failure to establish the L/C by the due date. 7. OPENING OF L/C BY THIRD PARTY 7.1 Buyer may procure that the L/C be opened by a nominee that is acceptable to the Seller. For the avoidance of doubt, the form of the L/C and the issuing bank must also be acceptable to the Seller. 7.2 Notwithstanding the above, the Buyer agrees and acknowledges that it remains wholly and ultimately responsible to the Seller for the performance of all its obligations under this Agreement, including its obligation in respect of issuance of the L/C and its obligation to make payment in accordance with this clause, if its nominee does not do so or if for any reason whatsoever the Seller are unable to obtain payment under such L/C opened by a nominee. 7.3 The Buyer shall indemnify the Seller for all losses, damages and expenses, including without limitation any liability the Seller may incur to the nominee, by reason of the L/C being opened by the nominee and/or by reason of the invoice being addressed to the nominee. 信用证条款 1. 支付方式 1.1 支付应以美元通过以下信用证（"信用证"）进行：一份不可撤销的、且应受益人要求可予以保兑的信用证，该信用证须为卖方所接受，由买方通过卖方认可的银行以卖方为受益人开立，并可在任何卖方认可的银行进行议付。 1.2 信用证应允许多次支款。信用证的开立金额应为根据以下公式计算的装运货物总价值，另加+15%的溢短装条款备用金额： {[(装运基价 × 典型铁含量) × 计划装运数量（湿公吨） × (1 - 典型水分含量指标，以小数表示)] + 运费}] 注释：溢短装条款是国际贸易买卖合同中的一个常见条款，简单来说，就是允许卖方在最终发货时，实际交付的货物数量可以在合同规定数量的基础上，有一定比例的上下浮动。这主要是为了解决实际操作中的困难，常见于大宗散装货物（如粮食、矿石、石油、化肥等），目的是让货物运输和交易更灵活，避免因微小的数量差异导致毁约或麻烦。 1.3 信用证最迟须于2013年11月26日开立，并须根据卖方的指示进行通知，且可在任何银行自由议付。 1.4 装货完成后，卖方应出具临时发票，列明根据本协议确定的装运重量、提单日期以及按价格计算的货物价值。所有发票均应使用本协议中规定价格的同一种货币制备。 2. 信用证项下的支款 2.1 受益人可凭卖方临时发票，在向开证行提交下列单据后，按不超过装运货物价值100%的金额从信用证中支取款项： 卖方临时发票，一式三份（一正两签副本）； 全套（三份正本）可转让的清洁已装船海运提单； 由信用证受益人出具的分析证明书，显示典型铁含量和典型水分含量； 由信用证受益人出具的重量证明书，按本协议规定提供； 由信用证受益人出具的原产地证明书。 2.2 对于第二次支款（如需），卖方可在信用证有效期内，向开证行提交发票（第二次临时发票），列明在交付产品价格确定后临时发票与装运货物价值之间的差额，凭此即期支取该差额款项。 2.3 若在交付产品价格确定后，临时发票金额与装运货物价值之间的差额显示为临时发票多付款项，卖方应在收到买方发出的载明该多付款项的借记通知之日起三十（30）日内，通过电汇方式将该款项支付给买方。 2.4 银行费用：受益人银行产生的所有银行费用由受益人承担；申请人银行产生的所有银行费用，包括替代汇兑的手续费，由申请人承担。 3. 最终交付产品价格未知时的信用证定价 3.1 若在装运批次信用证最迟须于2013年11月26日开立之时，最终交付产品价格尚未确定，则适用的信用证金额应为以下数额： (a) 根据下列公式确定的金额： {[(装运基价 × 典型铁含量) × 计划装运数量（湿公吨） × (1 - 典型水分含量指标，以小数表示)] + 运费} 其中： (i) 就计算装运基价而言：报价期为装货港受载期起始日前一个月的首20个日历日，用以确定适用的公布市场价格（PMP）； (ii) 就计算运费而言：指数运费计算基于波罗的海交易所发布的自西澳大利亚至中国青岛港（C5航线）的平均运费率（美元/湿公吨），报价期为装货港受载期起始日前一个月的首20个日历日； (iii) 就计算运费而言：指数运费计算依据附件4第3条，另加至中国青岛以外其他卸货港的运费差额，报价期为装货港受载期起始日前一个月的首20个日历日。 (b) 另加 +15% 的备用金额（用以涵盖公差，例如市场价格波动的公差）。 4. 信用证修改 4.1 如果公布市场价格和/或（附件4所定义的）指数运费和/或实际运费的波动导致信用证开立金额（不含15%的备用金额，视情况而定）不足以覆盖相关时间节点的装运货物价值，买方同意对信用证作出如下修改： 增加信用证金额； 延长信用证有效期；及/或 根据需要进行其他适当修改，以确保为装运货物可能到期应付的款项提供保障并得到全额支付。 5. 货物损失 5.1 若货物在交付至船上后发生部分或全部损失，卖方仍有权根据信用证支取款项，且买方有义务支付全部装运货物的款项。 6. 未开立信用证时的交货义务免除 6.1 尽管本协议中可能存在任何相反规定，在买方根据本协议首次开立信用证之前，卖方概无义务向买方交付货物，并可指示船舶不予卸货。 6.2 在不影响卖方根据本协议或法律可能享有的任何其他权利的前提下，因买方未能在规定日期前开立信用证而导致卖方不得不解除已就装运预订的船舶或为该船改道所产生的任何损失、费用和损害，均应由买方承担。 7. 第三方开立信用证 7.1 买方可以安排由卖方认可的指定方开立信用证。为免疑义，信用证格式及开证行亦须为卖方所接受。 7.2 尽管有上述规定，买方同意并确认，若其指定方未能履行开证义务或未能根据本条款付款，或卖方因任何原因无法从该指定方开立的信用证中获得付款，买方仍对卖方承担本协议项下所有义务的完全及最终履行责任，包括开立信用证的义务及根据本条款付款的义务。 7.3 因指定方开立信用证及/或因发票开具给指定方而导致卖方遭受的所有损失、损害及费用（包括但不限于卖方可能对指定方承担的任何责任），买方均应对卖方予以赔偿。