Unit Nine Letter of Credit
一、有关信用证
信用证是国际贸易中最常用的支付方式，其开证程序始于进口方。进口方通知开证行（issuing bank）开立以出口方为受益人（beneficiary）的信用证。信用证包括进出口双方达成交易的详细内容。信用证开出后，由开证行将信用证寄给出口方所在地的通知行（notifying bank）。接到信用证后，银行和出口方会对信用证进行审核。根据审核无误的信用证，出口方就可备货装运。装运后，出口方就可以缮制符合信用证要求的单据，再据此向议付行（negotiation bank）交单议付，取得货款。
（一）Introduction
Definition, advantages
（二）Parties
1、Applicant/ buyer 开证申请人
（1）Liable for payment to the issuing bank provided no discrepancy between documents and the credit; (承担单证一致时的付款责任）
（2）Right to examine the documents and refuse payment;（有权检查单据和拒付）
（3）Any requirement of the applicant should be satisfied by certain documents and clearly indicated when making credit application（任何要求都必须在开证申请书中注明）
（4）Issuing application form （递交开证申请书）
2、issuing bank
（1）Require the applicant to hand over certain percentage of credit amount as a margin when it opens a credit.（收取开证保证金）
（2）After effecting the payment, the issuing bank may handle goods under the credit and make claim on the importer if the importer is unable to pay the issuing bank.（付款后处理货物并追索进口商）
3、advising bank
4、beneficiary / seller
5、negotiation bank
议付是信用证的一种使用方法。它是指由一家信用证允许的银行买入该信用证项下的汇票和单据，向受益人提供资金融通。议付又被称作”买单”或”押汇”。买入单据的银行就是议付银行。
具体做法是，议付行审单相符后买入单据垫付货款，即按票面金额扣除从议付日到汇票到期之日的利息，将净款付给出口商。
议付行可能是通知行或保兑行，也可能是出口地的其他银行。
6、confirming bank保兑行
如交单相符，保兑行承担与开证行相同的付款责任。保兑行付款后只能向开证行索偿，不能向受益人追索。
（三）Basic Contents of a L/C
（四）Categories
clean L/C -- documentary L/C ，revocable L/C -- irrevocable L/C ，confirmed L/C -- unconfirmed L/C，transferable L/C -- non-transferable L/C ，revolving L/C -- non-revolving L/C ，sight L/C ，term L/C =time L/C =usance L/C
（五）The Procedure of L/C
Issuance ，Amendment ，Utilization ，Settlement of L/C
（六）Characteristics of a L/C
A:开证行承担第一性的付款责任
Primary Liability of the Issuing Bank to Make Payment
B:信用证是一份独立、自足的文件，不依赖于贸易合同。
Separated from the sales Contracts
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C:信用证业务只处理单据，不涉及商品及劳务。（单证一致，单单一致）
Dealing with Documents Only
D. 对买方和卖方都有高度的保障。
High level of protection and security to both buyers and sellers
二、Specimen Letters
有时，进口由于某种原因而未能按合同规定的时间开立信用证，这时，出口方应催促进口方迅速办理开证手续（Urging Establishment of L/C）。如果出口方在审证时发现信用证条款存在与合同内容不相符的地方，这时就需要改证（Asking for Amendment to L/C）。出口方有时会由于某些原因，而不能在信用证规定的装运期内装运，这时出口方必须要求延长信用证的装运期和有效期（Asking for Extension of the L/C）。
（需要说明一下，课本上的范文是上述三种类型，但是在范文后面的Useful expressions 却增加了Establishing L/C一部分，所以在授课上也把它当成一部分来讲。）
（一）Establishing L/C
1、to arrange to open /establish / issue an L/C with (through)…….bank in favor of …… for the amount of …..
(1) to arrange to open / establish / issue an L/C
(2) to open an L/C with (through) …….bank
(3) for the amount of
（1）We hope to establish mutually beneficial business relations with all prospective customers.
我们希望与所有潜在的客户建立互利的贸易关系。
（2）We are arranging for the establishment of the relative L/C with the bank at this end.
我们正安排此地银行开立有关信用证。
（3）We have arranged with our bankers to issue an L/C in your favor.
我们已请我方银行开立以你方为受益人的信用证。
（4）We write to inform you that we have today established with Chemical Band an irrevocable documentary L/C in your favor for the amount of $52000 covering 1000 sets of TV.
兹函告今天我们已由化学银行开立以你方为受益人的不可撤销跟单信用证，金额为52000美元，支付1000台电视机。
（5）感谢你方开来的购买缝纫机的123号信用证，总金额计3621美元。
We thank you for your L/C No. 123 covering Sewing Machines for the amount of $3,621.
注意上两句covering的用法。
2、to be confirmed by 由。。。保兑
This L/C will be confirmed by the First Commercial Bank and they will accept draft on them at sixty days after sight for the amount of your invoice.
此信用证由第一商业银行保兑，该银行将承兑贵方开给他们见票60天后付款的#5@p金额汇票。
3、to draw (a draft )on sb. 向某人开立汇票
课本P194：我方将安排开立由中国银行保兑的信用证。该行将兑付贵方按#5@p金额开给他们的见票付款的汇票。
4、练习
（1）Enclosed please find (We enclose ) an application form for documentary credit and shall be glad if you will arrange to open for our account an irrevocable L/C for $40,000 in favor of ABC Co. , the credit to be valid until June 15.
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兹附寄跟单信用证申请书一份，请开立以ABC公司为受益人，金额为4万美元的不可撤销信用证，有效期至6月15日截止，由我方付款。
（2）We have make arranged with Bank of Japan, Tokyo, to open a credit in your favor. The credit is valid until May 31, and will be confirmed by the Bank’s London Office.
我们已安排东京日本银行开立以你方为受益人的信用证。该信用证有效期到5月31日，并将由该行的伦敦分行保兑。
（二）Urging establishment of L/C
When shall L/C be opened:
It is the usual practice that the letter of credit is to be opened and to reach the sellers 30 days ahead of shipment so as to give the seller enough time to make preparation for shipment, such as making the goods ready and booking shipping space. For prompt shipment, it is advisable that the letter of credit be issued in good time.
在信用证方式下，买方按约定的时间开证是卖方履行合同的前提条件。也说是说，催开信用证不是履行每一个出口合同都必须做的工作。在正常情况下，买方信用证最少应在货物装运期前15天（有时规定30天）开到卖方手中。但在实际业务中，买方往往拖延开证。因此，卖方在以下几种情况下，应及时催促买方开证：
1．如出口合同规定的装运期限较长（例如3个月或6个月），而买方应在我方装运期前的一定时日（例如30天）开立信用证者，则我方应在通知对方预计装运日期的同时，催请对方开证。
2．如果我方根据备货和承运船舶的情况，可以提前装运时，则可商请对方提前开证。
3．即使开证限期未到，但发现客户资信不好，或者市场情况有变，也可催促对方开证。
4．进口商经常迟开证。
一般来说，当交易达成时，买方就有义务在合同规定的时间内通过其往来银行开立信用证。在实践中，习惯做法是在装运期前一个月开立信用证并到达卖方，以便给卖方充足的时间办理装运，如准备货物、预定舱位等。如果买方没有能够及时开立信用证，或买方开立的信用证没有能够及时到达卖方，卖方就必须和买方联系，催开信用证或弄清信用证的下落。撰写这类书信时，注意用词要得体，千万不要使用责怪和厌烦的口吻。应该有礼貌地说明所订货物已经备妥，但有关的信用证却没有收到。如果第一封信函没有回音，可以发第二封信函。这次，仍应克制情绪，但可以适当表示失望的心情。
1、Writing Steps（范文P187）
先看课本P187，简略成两句话，然后再扩展，再后是句型和例句。
其内容有两点：一是说明尚未收到信用证(we haven’t received your relevant / covering L/C)；二是提出催证要求。
由第一个内容可以再扩展一个内容，即在说明未收到信用证之前，先将所涉及的商品名称、合同、确认书名称提及一下，如“with reference to the contract/ the order covering …goods,……”，然后再说自己没收到信用证。
由第二个内容也可以扩展一个内容，即在提出催证请求的时候，先陈述一下理由，主要理由就是装运期临近the shipment date is approaching / drawing near。另外提出催证请求的时候，有以下三个表达方式：首先，是课本范文P187的表达”Please give this matter your immediate attention and expedite the covering L/C so that we can effect shipment without any delay”；第二种表达见P195的例句，其中用到了形容词advisable；第三种将在第三篇范文中出现，用到了动词request。
最后在催证信的末尾，若担心对方置之不理，也可以加一些劝告性或警告性的话语，如：
由于迟开信用证而造成的损失将由你方负责。
这句话有两种翻译方法：You should be responsible for any losses resulting from the delay in establishment of the L/C. 或是参照课本P394第一行，下面再看一个范文：
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Dear Sirs,
Your Order No. AB 153
With regard to your order No. AB 153 for 3,000 metric tons of cotton, we regret up to this date we have received neither the required credit nor any further information from you.
Please note that, as agreed, the terms of payment for the above order are sight Letter of Credit established within 2 weeks upon the arrival of our Sales Confirmation.
We hereby request you to open by cable an irrevocable sight Letter of Credit for the amount of…in our favor, with which we can execute the above order according to the original schedule.
Yours truly
敬启者：
合同第AB153号
有关贵方3000公吨棉花的订单AB153号，我们感到遗憾至今尚未收到信用证，也未听到贵方任何消息。
请注意，上述订单的货款经双方同意是以即期信用证方式支付，而信用证必须在收到我们销货确认后2星期内开出。
我方在此恳请贵方以电报开立金额为……以我方为受益人的不可撤销即期信用证，使我方得以按原定计划执行上述订单。
2、Words & Expressions
（1）urge v. 敦促，催促
我们已经写信敦促制造商加速生产你方的订货。
We have written to urge the manufacturer to speed up production of your order.
一收到贵方来函，我们就联系了银行，催促他们开立信用证。
On receiving your letter, we have contacted our bank and urged them to open the letter of credit.
（2）approach v. 接近，靠近
因为销售季节即将来临，我们希望贵方能够尽早发货。
Since the sales season is approaching, we hope you can deliver the goods as early as possible.
装运期将至，但我们仍未收到你方的装运指示。
The date of shipment is approaching, but we haven’t received your shipping instructions.
（3）covering adj. 有关的，相关的
请注意：我方信用证一到达你处，请即发货。
Please see to it that the goods should be shipped as soon as the covering L/C reaches you.
货物装运以后，我们将缮制出相关单据交到银行进行议付。
After shipment is made, we will make out the covering documents and submit them to the bank for negotiation.
（4）to date 到今天为止，迄今为止
迄今为止，我们未从贵方收到任何消息。 We haven’t received any information from you to date. 标题中提到的货物至今仍未到达我处。The captioned goods have not arrived at our end to date.
（5）rush v. 匆忙，加速
收到贵方来函之后，我们已经通知工厂加快生产你们的产品。
On receiving your letter, we have instructed our factory to rush production of your goods.
我们希望你方速开信用证, 以便我方按时装运。
We wish you will rush the relevant L/C so that we can effect punctual shipment.
（6）enable v. 使能够， 有助于
希望我们优惠的价格有助于贵方为我们的产品找到好的销路。
We hope our favorable prices will enable you to find a good market for our products.
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贵方的合作将使我们能够摆脱目前的困境。
Your cooperation in this respect will enable us to get out of the present difficulty.
（7）conform to 跟……相一致，跟……相符
你方供货的质量应该与我方样品一致。The quality of the products you provide should conform to that of samples.
有关信用证的规定要与合同条款保持一致。The stipulations of the relevant L/C should strictly conform to the terms specified in our contract.
☆ in accordance with: 与…相一致；按照，根据
☆ in exact/full accordance with与…完全一致
☆ in strict/precise accordance with 与…严格一致
货物的质量必须与样品质量严格一致。
The quality of the goods must be in strict accordance with that of the sample.
根据往来电传，很高兴向你方购买了100打棉质床单。
In accordance with faxes exchanged, we are glad to have purchased from you 100 dozen cotton bed-sheets.
（8）subsequent adj. 后来的，随后的
这项规定适用于以后所有的交易。
This regulation applies to all subsequent transactions.
接到贵方的来函之后，我们已经联系了船运公司，询问舱位的情况。
Subsequent to receiving your letter, we have contacted the shipping company, requiring about the shipping space.
（9）foregoing adj. 上述的，前面的
我们希望你方能够接受上述的付款条件。
We hope the foregoing terms of payment will be acceptable to you.
请尽快告知我方，我们订购的货物能否在上述期限内到达我方。
Please let us know at an early date whether the goods we ordered can be shipped within the foregoing time of period.
3、回复：课本范文2
4、练习
Ⅰ. Translate the following terms and expressions:
Into Chinese:
1.with regard to
2.call your attention to the fact that
3.You are requested to do sth
4.enable sb. to do sth.
5.make punctual shipment
6.be in compliance with
7．draw near
8. catch the brisk season
9.prompt attention
10. the goods against Order No.125
KEY:
1.关于
2. 提请你方注意……的事实
3. 要求你方做某事
4. 使某人能够做某事
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5. 按时装运（红色加粗字体需注意，下同）
6.与……相符
7.临近
8.赶上旺销季节
9.立即关注/办理
10.第125号订项下的货物
Into English:
1.有关信用证
2．与……严格一致
3．标题中的销售合同
4．在……号合同项下
5．到目前为止
6. 信用证的随后修改
7.信用证条款
8.务请注意做到…
9.协议草案
10.催开信用证
KEY:
1.covering/relevant/relative L/C
2.be in exact accordance with….
3.captioned Sales Contract
4.under Contract No……….
5.so far
6.subsequent amendment
7.L/C clauses
8.Please see to it that……
9.draft agreement
10.urge for the establishment by L/C
Ⅱ.Translation
1.请注意第FA156号销售合同项下的200公吨冻鱼备妥已久，但至今我们仍未收到你方有关信用证。请速开立，以便我方装运。
Please note that the 200 metric tons of frozen fish under our Sales Contract No.FA156 has long been ready, but so far we have not received the relevant L/C. Please rush the L/C so as to enable us to arrange shipment.
2.若你方未在本月底前开来信用证，延期装运无法避免。
If you fail to open L/C by the end of this month, delay in shipment would be unavoidable.
3.你们有必要尽早开立信用证，以便我们能够按时装运你方订货。
It would be advisable for you to establish the covering L/C as early as possible so as to enable us to make punctual shipment of your order.
4.你们所报货物的规格与我们询盘中的规格不符。
The specifications of the goods you quoted are not in conformity with those in our enquiry.
5.我们已完成按你们的订单出运货物。
We have shipped the goods in exact accordance with your order.
6.此事正在及时处理中，几天内你方即可得到满意答复。
The matter is receiving our immediate attention and we expect to give you a satisfactory reply in a few days.
7.我们要求你方尽快开证，以便我方能装上10号左右到达此地的直达轮。
6
You are requested to expedite the establishment of the L/C so that we may effect shipment by the direct steamer scheduled to arrive here on or about 10th.
8.交货期日益临近，但至今未收到你方有关开证的消息。
The date of delivery is drawing near, but so far we have not heard from you about the establishment of the L/C.
9.由于你们未能及时开立有关第308号售货合同的信用证，我们不得不撤销这份确认书。
Owing to the fact that you have not establishment the L/C in time covering S/C No.308,we have to cancel the Confirmation.
10.请注意做到106号订单项下的货物应分三批按月装运。
Please see to it that the goods under our Order No.106 are shipped in three equal monthly lots.
（三）Asking for amendment and extension of the L/C
Why does the exporter have to amend the L/C:
It is essential for the exporter to do so because a minor difference between the clauses of the L/C and the terms stipulated in the sales contract or sales confirmation , if not discovered or duly amended, may cause the seller much inconvenience because the negotiating bank will refuse to make the payment.
There are times when the exporter fails to get the goods ready for the shipment in time or the importer requests that shipment be postponed for one reason or another. Under such circumstances, the exporter will have to ask for extension of the expiry date as well as the date of shipment of the L/C.
一般而言，展证的要求总是由卖方也就是出口人提出的。因为买方的心情是迫切希望早日收到货物，所以进口人一般是不会主动提出要求展证的。造成出口人要求展证的原因是多方面的：主观上——货源不足，生产事故，运输脱节等；客观上——自然灾害，社会动乱或进口人未能在合同规定的期限内把信用证开到等等。根据责任的不同，采取相应的措辞和语气。但目的都是促使进口人同意展证，从而保证合同的顺利执行。
展延信用证，涉及到两个期限：即装运期和有效期。严格地讲，展证也是一种改证，只不过是修改日期而已。不过，一般习惯上把日期的延长叫展证，而且一般都是由卖方提出的。由于展证就等于改动双方已达成的合同，因此，买方完全有理由拒绝展证，所以要求展证的信一定要注意写得委婉客气。展证信的中心内容：提出具体的展证要求，即要求展延多少天或展延到具体某一天，同时一定要充分说明原因和理由。
改证的程序是：(1)受益人向开证申请人提出，或开证申请人主动提出。(2)开证行将改正通知传递到通知行，转告受益人。(3)受益人认可修改意见。另外，根据《UCP500》规定：收益人可接受的修改通知书只有原证的通知行送来的才行，对同一修改通知中的修改内容不允许部分接受，要幺全接受要幺全拒绝，部分接受修改内容当属无效。开证申请人送来的改证通知书一定不要接受。
1、范文：letter3 and letter 5
先看课本P189，总结出要求改证的信函包括如下部分：确认收到receive―――经检查after checking / going over the L/C clauses―――发现不符find discrepancy―――要求修改，并提出如何修改amend (as follows)―――amend… to read ; amend … as ; delete; increase… ―――结束语，要求尽快修改。
（1） extension: n. 延长，展期
→★ extension of an L/C: 信用证的展期。
每个信用证都规定有装运日期和到期日期，有时卖方未能及时将货物备妥待运，或买方由于这样或那样的理由要求延迟装运，这时卖方将不得不要求买方将信用证中的装运日期和到期日期分别延长，即信用证的展期或信用证的展延。
展延手续费将由你方负担。
Extension commission will be for your account.
由于船被大风耽搁，需要延期15天。
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As the steamer is delayed by storm, an extension of 15 days is required.
我们已与客户联系，要求他们将8982号订单的信用证的有效期延长两周。
We have contacted our customer today asking for a two-week extension of the L/C covering Order No. 8982. extend： vt. 延长，使展期；扩展；给予
◇ extend…to… : 将……延长到……（日期）
要求你方将信用证的装船日期和有效期分别展延至9月底和10月15日。
You are requested to extend the shipment date and the validity of your L/C to the end of September and October 15 respectively.
该信用证于11月30日期满，我们希望你将其有效期延至12月15日。
The L/C expires of November 30th, and we hope you will extend the validity date to December 15th. 请将你信用证展期到七月二十一日。
Please have your letter of credit extended to July 21.
他们打算将业务扩展到邻近国家。
They intend to extend their business to neighboring countries.
兹邀请贵方参加下月初在香港举行的服装小交会。
We would extend our invitation to you to attend the Miniature Garments Fair to be held in Hong Kong early next month.
◇ extend sth. to sb. : 向某人致以或给予……
We extend our thanks to you for your cooperation in this connection.
对你方在这一方面的合作致以谢意。
They extended a warm welcome to her.
他们向她致以热烈欢迎。
（2）discrepancy n. 差异，不同，不符点
卖方应负责退还因重量差异而多收的货款。
The seller is liable for the refund of the extra cost because of the discrepancy in weight.
信用证条款与合同条款有几点不符之处。
There are several discrepancies between the clauses of the L/C and the terms of the contract.
（3）call for 要求
我们的客户要求货物6月份装运。
Our customer calls for the shipment to made during June.
装运指示要求即可装运。
The shipping instruction calls for immediate delivery of the goods.
（4）rather than 而非，而不是 instead of 代替, 而不是
我们希望你们用木箱，而不是用纸箱包装货物。
We would like you to pack the goods in wooden cases rather than cartons.
= We would like you to pack the goods in wooden cases instead of cartons.
买方没有展证，而是要求我们立刻装运。
Rather than extended the L/C, the buyer asked us to ship the goods as scheduled.
= Instead of extending the L/C, the buyer asked us to ship the goods as scheduled.
（5）delete v.t. 删除， 删去
请删除这一条款，因为它跟我们的合同不符。
Please delete this clause, for it doesn't comply with the terms of our contract.
请把“不允许分批装运”从信用证中删除。
We would like to ask you to delete “partial shipment is not allowed” from the L/C.
（6）insert v.t. 插入，加上
请在你方信用证中加上一条“允许转运” 。
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Please insert the clause “Allowing transshipment ” in your L/C.
我们要求你方在数量前加上“大约”字样。
You are required to insert the wording “about ” before the quantity of the goods.
练习：
（1）请将单价从每打RMB32 增加到每打RMB35 ，并把总金额相应增加到RMB 21000，另外在数量前请删除“about”字样。
Please increase the unit price from RMB32 per dozen to RMB35 per dozen and the total amount to RMB21,000. moreover, please delete the wording “about” before the quantity.
（2）请将信用证金额改为28000 英镑，否则，我们将无法议付单据。
You are requested to amend the L/C amount to read 28,000. Otherwise it will be impossible for us to negotiate the shipping documents.
（3）请注意做到在本月内开出信用证并准许转船和分批装运。
Please see to it that the L/C is opened within this month allowing transshipment and partial shipment.
2、改证原因
（1）很遗憾告知，由于信用证的延误，使我们在5月31日之前装运不太可能了，因舱位已6月中旬。 We regret to inform you that the delay in the opening the L/C makes it impossible for us to effect the shipment before May 31, as the shipping space has been fully booked up till mid-June.
（2）由于到达你港的直达船少而稀，因此我方常常不得不在香港转船。
As direct steamers to your port are few and far between, we have to ship via Honkong more often than not. few and far between 稀少
因为开往贵港的直达船稀少，我们不得不经过香港转运。
As direct steamers sailing to your port are few and far between, we have to ship the goods via Hong Kong.
（3）由于没有去你港的直达轮，请修改信用证，允许转船。
As there is no direct steamer to your port, please amend the L/C to allow transshipment.
（4）经审核信用证中条款，我们发现有四条与相关合同规定不符。
After checking the L/C clauses, we found that four clauses do not comply with those stipulated in the relevant contract.
（5）现遗憾地通知你方，我们将上述信用证与有关合同核对时发现金额不足。
We sorry to inform you that upon checking the above credit with the relevant contract, we find the L/C amount is insufficient.
练习：现高兴地通知，你方通过瑞士联合银行开出的有关我方第177号售货确认书的信用证第H－24号刚刚收到。在审阅其中的条款后，我们遗憾地发现某些地方与合同规定的条款不符。
We are pleased to inform you that L/C NO. H-24 Issued by the Union Bank of Switzerland for our S/C No. 177 has just been received. However, on examining (going through) the clauses, we regretfully find that certain points are not in conformity with the terms stipulated in the contract.
3、练习：信用证展期
我们遗憾地告诉你方， 直到今天我方才收到你方有关上述售货确认书的信用证。在所述确认书上清楚地规定有关信用证应不迟于8月底到达我处。虽然你方信用证到达的期限已过，但鉴于我们之间的长期友好关系，我们仍愿装运你方订货。然而，由于信用证迟到，我们不能按售货确认书所定间装运货物。 因此， 需将信用证展期如下：
（1）将装运期延期至10月底
（2）将信用证有效期展至11月15日。
请注意我们要求在9月30日之前收到信用证修改收。否则，我们无法如期装运货物。
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期盼及早收到你方信用证修改通知书。
SPECIMEN：EXTENDING VALIDITY OF THE L/C
Dear Sirs:
RE:EXTENDING VALIDITY OF THE L/C
We regret to say that we have not received your L/C related to above mentioned sales Confirmation until today. It is stipulated clearly in the Sales Confirmation that the relevant L/C must reach to us not later than the end of Aug Although the reaching time of the L/C is overdue, we would like still to ship your goods in view of long-standing friend relationship between us . However , we can not make shipment of your goods within the time stipulated in the Sales Confirmation owing to the delay of the L/C, Therefore, the /C needs to be extended as follows.
(1)l\\time of shipment will be extended to the end of Oct
(2)Validity of the L/C will be extended to NOv15,
Your kind attention is invited to the fact that we must receive your L/C amendment before Sept 30.Otherwise, we will not be able to effect the shipment in time Looking forward to receiving your L/C amendment early we remain.
Yours truly
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