Letter of credit - Shinyojo (English spelling) letter of credit

A letter of guarantee in which the importer's bank, at the request of the importer, promises to accept and pay the bill issued by the exporter (a bill with shipping documents attached, i.e. a documentary bill). Generally abbreviated as L/C, it is also called a commercial letter of credit or documentary credit.

Letters of credit guarantee the safety of trade settlements, and facilitate trade finance, facilitating trade transactions. With a letter of credit, exporters can avoid importers' default on payment (avoiding payment risks). Furthermore, the price of the goods can be collected immediately after the export goods are shipped, and the importer does not need to prepay the price of the goods (financial convenience for exporters and importers). When a letter of credit is issued, the importer is called the requester, the bank is called the issuing bank, and the exporter is called the beneficiary, since he benefits from the fact that the bank is promised to buy the bill he issued through the letter of credit. These are called the basic parties involved in the letter of credit. There are two types of letters of credit: irrevocable credit, which cannot be canceled or its conditions changed without the consent of all parties involved once the beneficiary has been notified of its issuance, and revocable credit, which can be canceled or its conditions changed unilaterally without any notice to the beneficiary. Regarding letters of credit, the International Chamber of Commerce has established the Uniform Rules for Letters of Credit ("Uniform Rules and Practice for Documentary Credits") in order to eliminate disputes regarding letters of credit.

In addition to commercial letters of credit, which are used as a means of settlement for trade transactions, there are also travel letters of credit. However, when simply referring to letters of credit, it generally means commercial letters of credit.

[Kisuke Tanaka]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

輸入者の取引銀行が、輸入者の依頼により、輸出者の振り出した手形（船積書類のついた手形、つまり荷為替(にがわせ)手形）の引受け、支払いを約束する保証書。一般にL／Cと略称し、商業信用状または荷為替信用状ともいう。

　信用状は、貿易決済の安全性を保証し、貿易金融を容易にして貿易取引を円滑にする機能をもっている。信用状があれば、輸出者は輸入者の支払い不履行を避けうる（決済上の危険回避）。さらに輸出品の船積み後に商品代金をただちに回収でき、輸入者は商品代金を前払いすることが不要となる（輸出入者への金融上の便宜）。信用状が発行される場合、輸入者のことを発行依頼人、銀行を発行銀行といい、そして輸出者は、振り出した手形が信用状により銀行の買取りを約束されているという利益を受けるから、受益者という。これらを信用状に関与する基本的な当事者という。信用状には、その発行を受益者に通知した以上は、関係当事者全員の同意がない限り、発行の取消しや条件変更のできない取消不能信用状irrevocable creditや、受益者になんらの予告なしに一方的に発行の取消しや条件変更ができる取消可能信用状revocable creditなどがある。信用状については、それをめぐる紛争をなくすため信用状統一規則（「荷為替信用状に関する統一規則および慣例」）が国際商業会議所において制定されている。

　なお、信用状には、このような貿易取引の決済手段として使用される商業信用状のほかに旅行信用状があるが、単に信用状という場合には一般に商業信用状のことを意味している。

［田中喜助］

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