承兑信用证

信用证规定开证行对于受益人开立以开证行自己为付款人或以其他银行为付款人的远期汇票，在审单无误后，应承担承兑汇票并于到期日付款责任的信用证。

 

具体做法是：受益人开出以开证行或指定银行为受票人的远期汇票，连同商业单据一起交到信用证指定银行；银行收到汇票和单据后，先验单，如单据符合信用证条款，则在汇票正面写上“承兑”字样并签章，然后将汇票交还受益人（出口商），收进单据。待信用证到期时，受益人再向银行提示汇票要求付款，这是银行才付款。银行付款后无追索权。

延期付款信用证

不需汇票，仅凭受益人交来单据，审核相符确定银行承担延期付款责任起，延长一段时间，及至到期日付款的信用证。

 

    在业务处理上，延期付款信用证与承兑信用证类似，所不同的是受益人不需要出具汇票，只需将符合信用证规定的单据交到指定银行；指定银行在验单无误后收入单据，待信用证到期再行付款。

    延期付款信用证由于没有汇票，也就没有银行承兑，对于受益人来说明显的不利处在于无法象承兑信用证那样去贴现银票。如果受益人急需资金而向银行贷款，银行贷款利率比贴现率高，可见不利于企业对资金的利用。

议付信用证

议付行议付或购买受益人在信用证项下交来的汇票/单据，只要这些汇票、单据与信用证条款相符，就将被开证行正当付款，这种信用证即为议付信用证。

 

    信用证议付的具体操作方法是，受益人开具汇票, 连同单据一起向信用证允许的 银行进行议付，议付银行则在审单后扣除垫付资金的利息，将余款付给受益人。然后议付行将汇票与单据按信用证规定的方法交与开证行索偿。

    议付行是票据的买入者和后手，如果因单据有问题，遭开证行拒付，其有权向受益人追索票款。这是议付行与付款行的本质区别。

    议付信用证下受益人开出的汇票有即期和远期之分。

    即期汇票的情况是：则受益人开立以开证行为付款人、以受益人（背书给议付行）或议付行为收款人的即期汇票，到信用证允许的银行进行交单议付；议付银行审单无误后立即付款，然后将汇票和单据即开证行索偿。

    远期汇票的情况是：则受益人开立远期汇票，到信用证允许的银行交单议付；议付行审单无误后，将汇票、单据寄交开证行承兑，开证行承兑后，寄出"承兑通知书"给议付行或将汇票退给议付行在进口地的代理行保存，等汇票到期时提示开证行付款，款项收妥后汇交出口商。如果出口商要求将银行承兑汇票贴现，则议付行在进口地的代理行可将开证行的承兑汇票送交贴现公司办理贴现，出口商负担贴现息。但是，议付行未买入单据，只是审单和递送单据，并不构成议付。

Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to(to be paid the nominated bank.
议付意指被指定银行在其应获得偿付的银行日或在此之前，通过向受益人预付或者同意向受益人预付款项的方式购买相符提示项下的汇票（汇票付款人为被指定银行以外的银行）及/或单据。
Honour means:
a. to pay at sight if the credit is available by sight payment.
b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment.
c. to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity if the credit is available by acceptance.
兑付意指：
a. 对于即期付款信用证即期付款。
b. 对于延期付款信用证发出延期付款承诺并到期付款。
c. 对于承兑信用证承兑由受益人出具的汇票并到期付款。
Article 7 Issuing Bank Undertaking
第七条 开证行的承诺
a. Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour if the credit is available by:
倘若规定的单据被提交至被指定银行或开证行并构成相符提示，开证行必须按下述信用证所适用的情形予以兑付：
i. sight payment, deferred payment or acceptance with the issuing bank;
i. 由开证行即期付款、延期付款或者承兑；
ii. sight payment with a nominated bank and that nominated bank does not pay;
ii. 由被指定银行即期付款而该被指定银行未予付款；
iii. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity;
iii. 由被指定银行延期付款而该被指定银行未承担其延期付款承诺，或者虽已承担延期付款承诺但到期未予付款；
iv. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity;
iv. 由被指定银行承兑而该被指定银行未予承兑以其为付款人的汇票，或者虽已承兑以其为付款人的汇票但到期未予付款；
v. negotiation with a nominated bank and that nominated bank does not negotiate.
v. 由被指定银行议付而该被指定银行未予议付。
b. An issuing bank is irrevocably bound to honour as of the time it issues the credit.
b. 自信用证开立之时起，开证行即不可撤销地受到兑付责任的约束。
c. An issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the issuing bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased before maturity. An issuing bank's undertaking to reimburse a nominated bank is independent of the issuing bank’s undertaking to the beneficiary.
c. 开证行保证向对于相符提示已经予以兑付或者议付并将单据寄往开证行的被指定银行进行偿付。无论被指定银行是否于到期日前已经对相符提示予以预付或者购买， 对于承兑或延期付款信用证项下相符提示的金额的偿付于到期日进行。开证行偿付被指定银行的承诺独立于开证行对于受益人的承诺。
Article 8 Confirming Bank Undertaking
第八条 保兑行的承诺
a. Provided that the stipulated documents are presented to the confirming bank or to any other nominated bank and that they constitute a complying presentation, the confirming bank must:
a. 倘若规定的单据被提交至保兑行或者任何其他被指定银行并构成相符提示，保兑行必须：
i. honour, if the credit is available by：
i. 兑付，如果信用证适用于：
a. sight payment, deferred payment or acceptance with the confirming bank;
a. 由保兑行即期付款、延期付款或者承兑；
b. sight payment with another nominated bank and that nominated bank does not pay;
b. 由另一家被指定银行即期付款而该被指定银行未予付款；
c. deferred payment with another nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity;
c. 由另一家被指定银行延期付款而该被指定银行未承担其延期付款承诺，或者虽已承担延期付款承诺但到期未予付款；
d. acceptance with another nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity;
d. 由另一家被指定银行承兑而该被指定银行未予承兑以其为付款人的汇票，或者虽已承兑以其为付款人的汇票但到期未予付款；
e. negotiation with another nominated bank and that nominated bank does not negotiate.
e. 由另一家被指定银行议付而该被指定银行未予议付。
ii. negotiate, without recourse无追索权, if the credit is available by negotiation with the confirming bank.
ii. 若信用证由保兑行议付，无追索权地议付。
b. A confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit.
b. 自为信用证加具保兑之时起，保兑行即不可撤销地受到兑付或者议付责任的约束。
c. A confirming bank undertakes to reimburse another nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the confirming bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not another nominated bank prepaid or purchased before maturity. A confirming bank's undertaking to reimburse another nominated bank is independent of the confirming bank’s undertaking to the beneficiary.
c. 保兑行保证向对于相符提示已经予以兑付或者议付并将单据寄往开证行的另一家被指定银行进行偿付。无论另一家被指定银行是否于到期日前已经对相符提示予以预付或者购买， 对于承兑或延期付款信用证项下相符提示的金额的偿付于到期日进行。保兑行偿付另一家被指定银行的承诺独立于保兑行对于受益人的承诺。
d. If a bank is authorized or requested by the issuing bank to confirm a credit but is not prepared to do so, it must inform the issuing bank without delay and may advise the credit without confirmation.
d. 如开证行授权或要求另一家银行对信用证加具保兑，而该银行不准备照办时，它必须不延误地告知开证行并仍可通知此份未经加具保兑的信用证。

谢谢楼上两位的热心解答

议付行是票据的买入者和后手，如果因单据有问题，遭开证行拒付，其有权向受益人追索票款。这是议付行与付款行的本质区别。

一语道破

2楼对议付的解释待商榷.其实议付证可以不出具汇票，如此不能说是买入票据,应该是单据.而汇票也属于单据的一种,即金融单据.

四种LC其实可从两方面分析:

1.是否需要汇票.除了承兑外,其余几种都可以不需要汇票。

2.是否有对受益人追索权.除议付证外,其余都无追索权.(须注意的是有无追索权UCP本身并无规定，但议付在UCP600定义条款中已被认为是融资方式，所以有追索权取决于议付行和受益人之间的协议)