LETTER OF CREDIT

HPI:

LETTER OF CREDIT

Prof. Hawin, Dina K, Karina Dwi, Veri A Bagian Hukum Dagang, FH UGM

PEMBAYARAN PERDAGANGAN INTERNASIONAL

Advance Payment

(Pembayaran Dimuka)

Open Account

(Perhitungan Kemudian)

Collection

(Wesel Inkaso) LETTER OF CREDIT

Pengaturan LC Uniform Customs and Practices for Commercial

Documentary Credit (UCP):

- UCP 1933

- UCP 1974

- UCP 400 (1983)

- UCP 500 (1993)

- UCP 600 (2007)

Indonesia menjadi negara yang menyetujui berlakunya UCP tanggal 31 Maret 1971.

Sebelum 1971, berlakunya UCP di Indonesia berdasarkan kebiasaan perdagangan (usance).

FH UGM Letter of Credit 3

UCP hanya mengikat kalau ditunjuk.

Apabila UCP bertentangan dengan hukum nasional hukum nasional yang menang.

Klasifikasi:

SKB Dalam Negeri (Domestic Documentary Letter of Credit) – SK Dir BI No. 27/38/Kep/Dir tanggal 30 Juni 1994 jo. SK Dir BI No. 29/150/Kep/Dir tanggal 31 Desember 1996,

SKB Antar Negara (International Documentary Letter of Credit).

Cara-cara pelaksanaan pembayaran dalam negeri: tunai, surat berharga: cek, wesel, surat sanggup/ promes, bilyet giro, surat berharga komersial/ commercial paper, dan LC dalam negeri (SKBDN).


PENGERTIAN L/C

• Letter of Credit is a bank commitment that it will, under certains circumstances, make a payment to the letter’s beneficiary, typically the seller or its bank.

The bank’s statement is credible because of the bank’s international reputation, a reputation that will generally be well understood in the international banking network.

Pengertian LC Letter of Credit surat yang dikeluarkan oleh suatu bank (bank devisa) atas permintaan importir (nasabah/ langganan bank

tersebut) ditujukan kepada eksportir di luar negeri beneficiary

(relasi importir) memberi hak kepada eksportir untuk menarik wesel-

wesel atas importir bersangkutan untuk sejumlah uang yang disebutkan dalam surat itu bank yang bersangkutan menjamin untuk mengaksep

wesel atau menguangkan wesel yang ditarik asal memenuhi syarat-syarat yang tercantum dalam

surat tersebut


PIHAK-PIHAK DALAM L/C

• Opener (applicant)

• Opening bank (issuing bank)

bank devisa tempat importir membuka L/C

• Advising bank

bank koresponden dari issuing bank di negara eksportir

• Beneficiary

• Negotiating bank


1

11

10

9

8

7

6

5

4

3

2

SHIPPING DOCUMENT

12

REIM

BU

RSEM

ENT

REIMBURSEMENT

PROSEDUR L/C

ISSUING BANK ADVISING/CONFIRMING BANK

KETERANGAN 1) Pembeli dan Penjual menandatangani kontrak jual beli dg syarat pembayaran L/C

2) Pembeli minta bank-nya, Issuing Bank” untuk menerbitkan L/C.

3) “Issuing Bank” membuka L/C dan minta bank korespondennya (Advising Bank) untuk memberikan konfirmasi atas L/C.

4) “Advising Bank” memberitahukan kepada penjual bahwa L/C telah dibuka.

5) Penjual menerima L/C dan sesuai dg syarat kontrak dan penjual sanggup memenuhi syarat L/C yang tercantum, penjual menyiapkan pengapalan.

6) Penjual menyampaikan dokumen yang diperlukan kepada Advising Bank.

7) Bank yang ditunjuka memerikasa dokumen dan mencocokkan dengan syarat dalam kredit. Jika cocok melakukan pembayaran.

8) Bank menerima dokumen lalu meneruskan ke Issuing Bank.

9) “Issuing Bank” memeriksa lg, jika cocok dg dokumen yang diisyaratkan dlm L/C, maka Issuing Bank membayar kembali (reimbursement) kepada yang telah melunasi.

10) Dokumen diteruskan ke Pembeli.

11) Issuing Bank menerima pelunasan dari Pembeli.

12) Pembeli meneruskan dokumen pengangkutan kepada kantor pelayaran setempat atau agen pengangkut yang akan menyerahkan barang kepada pembeli

KELEMAHAN CARA LAIN SELAIN L/C

Cara-cara pelaksanaan pembayaran luar negeri (Amir M.S., 1996: 36):

1. Tunai

2. Open account

Kelemahan 1 dan 2 (Amir M.S., 1996: 36):

Pembayaran terlebih dulu oleh importir risiko importir (1)

Eksportir yang lokasinya jauh risiko importir (1)

Bonafiditas eksportir yang tidak diketahui sepenuhnya oleh importir risiko importir (1)

Pengiriman barang terlebih dulu oleh eksportir risiko eksportir besar (2)


KEUNTUNGAN LC Keuntungan LC bagi eksportir (Amir M.S., 1999: 74-77):

Kepastian pembayaran dan menghindari risiko non-payment

Penguangan dokumen bisa langsung dilakukan

Biaya bank relatif kecil

Terhindar dari risiko pembatasan devisa

Kemungkinan memperoleh kredit tanpa bunga

Keuntungan LC bagi importir (Ibid.):

Nama baik dan reputasi bank berpengaruh baik pada bonafiditas importir di mata eksportir

LC sebagai jaminan bagi importir bahwa dokumen akan diterima dalam keadaan lengkap dan utuh untuk diteliti oleh bank

Importir dapat mencantumkan syarat-syarat pengamanan dalam LC


Independence Principle

Prinsip bahwa hubungan hukum masing-masing saling terpisah

Pembeli Bank I Bank I Bank I / II

Penjual Pembeli Bank II Penjual


Pemeriksaan dokumen

Bank harus memeriksa dokumen-dokumen yang diserahkan oleh Penjual.

Standar pemeriksaannya adalah:

“Reasonable care”;

Pada permukaannya/ secara formal saja (appear on their face).


Strict Compliance Doctrine

Prinsip bahwa dokumen-dokumen yang diserahkan oleh Penjual harus sama dengan yang disyaratkan dalam LC.

Bank bisa menolak dokumen dengan alasan:

- Tidak sesuai dengan yang disyaratkan dalam advis kredit.

- Tidak diserahkan tepat waktu (sesuai dengan advis kredit).


Pemeriksaan Dokumen

Strict Compliance Doctrine Standar pemeriksaan.

“Reasonable care” dan “appear on their face”.


Syarat-syarat yang harus dilengkapi dalam Pembukaan LC

Dokumen-dokumen dalam LC

Bill of Lading;

Dokumen pengangkutan lainnya;

Polis Asuransi;

Commercial Invoice;

Certificate of Origin;

dll.


Jenis-jnis L/C

• Menurut sifatnya: oRevocable L/C

dapat dibatalkan kembali kapan saja oleh importir tanpa memerlukan persetujuan eksportir

oIrrevocable L/C

Tidak dapat dibatalkan dan opening bank mengikatkan diri untuk melunasi wesel-wesel yang ditarik dalam jangka waktu berlakunya L/C, kecuali dengan persetujuan semua pihak yang terlibat dalam L/C.

oIrrevocable and Confirmed L/C

tidak dibatalkan sepihak dan mempunyai jaminan pelunasan berganda atas wesel dan atas penyerahan dokumen pengapalan yang diberikan oleh opening bank bersama-sama dengan advising bank.

• UCP 400: pada dasarnya “revocable.”

• UCP 500 dan UCP 600: pada dasarnya “irrevocable.”

Revocable merupakan “pengecualian”.

• Berdasarkan saat pembayaran o Sight L/C

L/C yang jika persyaratan dipenuhi, maka negotiating bank wajib membayar nominal L/C kepada eksportir paling lama dalam 7 hari kerja.

o Usance L/C

Pembayarannya baru dapat dilunasi jika L/C tersebut sudah jatuh tempo yaitu sekian hari dari tanggal pengapalan(tgl BL)

o Red Clause L/C

pembayaran dilakukan oleh negotiating bank kepada eksportir sebelum barang dikapalkan

Lanjutan red clause L/C..

• L/C yang memberikan pembayaran di muka (advanced payment). Beneficiary cukup memberikan kuitansi dan pernyataan untuk memenuhi janji.

• Sisanya bisa dicairkan dengan menyerahkan dokumen-dokumen yang ditentukan dalam L/C.

• Berdasarkan syarat-syaratnya

o open L/C

memberi hak kpd eksportir untuk menegosiasikan dokumen pengapalan melalui bank mana saja yang diinginkannya.

oRestricted L/C

pembatasan negotiating bank

o Documentary L/C

eksportir wajib menyerahkan dokumen pengapalan yang membuktikan pemilikan barang serta dokumen pelengkap lainnya sebagai syarat untuk memperoleh pembayaran.

o Revolving L/C

kredit yang tersedia dapat dipakai ulang tanpa perlu mengadakan perubahan syarat baik dalam bentuk waktu maupun nilai uang.

o Back to back L/C

dapat dibuka lagi oleh eksportir penerimaL/C pertama kepada eksportir kedua dengan menjaminkan L/C yang diterimanya.

L/C yang aman?

• Untuk eksportir?

irrevocable L/C,

sight L/C,

red clause L/C

• Untuk importir?

documentary L/C

What is the UCP?

• UCP refers to the Uniform Customs and Practices for Documentary Credits

• UCP is the internationally recognized set of rules governing the use of letters of credit

• also known as documentary credits. • UCP is written into virtually every letter of

credit and accepted worldwide (although • in the United States UCC Article 5 may often

be written in as the governing law).

UCP 500 and UCP 600

• UCP 500 became effective in 1993.

• UCP 600 became effective in July 1, 2007 is the date on which letters of credit can be governed by UCP 600.

• For existing credits that incorporate the UCP without reference to a specific UCP

• version the credit will still likely need to be amended to reflect it is governed by UCP 600.

• A credit subject to UCP 500 will NOT automatically be subject to UCP 600 unless

• the credit UCP 600 is amended.

What are some of the more

important changes?

• a leaner set of rules, with 38 articles rather than the 49 articles of UCP 500;

• a new section of "Definitions," containing terms such as "honour" and negotiation";

• a replacement of the term "reasonable time" with a definite number of days for

• examining and determining compliance of documents; • a new provision concerning addresses of the beneficiary and

the applicant; • an expanded discussion of "original documents"; • re-drafted transport articles aimed as resolving confusion

over the identification of carriers and agents.

Articles Removed:

• Article 5: Instructions to Issue/Amend Credits • Article 6: Revocable vs. Irrevocable Credits • Article 8: Revocation of a Credit • Article 12: Incomplete or Unclear Instructions • Article 30: Freight Forwarder Transport

Documents • Article 38: Other Documents “Reasonable time” and “without delay” have been DELETED.

Banks are simply allowed five days to examine documents and assert any discrepancies. New Articles 14(b) and 16(d). The UCP 500 allowed a reasonable time not to exceed 7 days. Now, the processing, either making payment of rejecting payment must be made within 5 days only from the presentation of documents.

New definitions

• Confirmation: means a definite undertaking of the confirming bank, in addition to

that of the issuing back, to honour or negotiate a complying presentation.

• Honour: to pay at sight if the credit is available by sight payment to incur a

deferred payment undertaking and pay at maturity if the credit is available by deferred payment to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity if the credit is available by acceptance

• 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 the nominated bank.

Other Changes:

• Articles 6 and 8: Changes to Irrevocable Credits. All credits under UCP 600 are deemed to be irrevocable unless

clearly stated to the contrary. • Article 7: ‘Issuing Bank Undertaking’ has a new clause (b), which states ‘An issuing bank is irrevocably

bound to honour as of the time is issue the credit’. • New Article 10 (c): replaces Article 5 that provided basics re amendment credits and New Article 10( c) provides

that the terms of the original credit remain in force until a beneficiary accepts or rejects amendment and if beneficiary fails to do so presentation of a draft will be deemed to be acceptance. A beneficiary can be deemed to accept an amendment by a presentment alone.

• New Article 12: What constitutes nomination of a bank in a credit. Such nomination authorizes confirming bank

to discount of time payments, including deferred payments. Consistency of documents requirement restated. New Article 14(d) • New Article 14(j): Addresses in the credit do not have to match the addresses in the documents in the shipping

documents or in any other stipulated document exactly but must be in same country as the addresses in the credit. Also , contact details will stated as part of beneficiary’ and applicant will be disregarded except when address of consignee appear they must be as stated in the credit

• New Article 14(k): The Shipper/consignor need not be the beneficiary of the Letter of Credit. • Article 16(c)(iii): allows an issuing bank to refuse documents and then release documents upon obtaining a

waiver of discrepancies. This allows a seller to provide instruction on the remitting schedule on how the discrepant documents should be dealt with when Issuing Bank rejects them.

• Article 17:

‘Original Documents and Copies’ includes a new clause, which states that ‘at least one original of each document stipulated in the credit must be presented’.

a document bearing the word “original” is deemed to be an original.

Changes in Transport Documents:

• New Article 19:

Multimodal transport documents to conform to new SWIFT standard. "In all places where the term "multimodal transport document" is used it also includes the term "combined transport document". In essence, multimodal transport document does not have bear one name or another but to fulfill the conditions set in UCP.

• New Article 20:

Bill of lading now means port-to-port.

• Article 27 Revision:

The word “clean” is no longer required to appear on the transport document even if the credit requires that transport document evidence “clean on board.”

• New Article 35:

provides additional language about lost documents. A bank assumes

no liability for loss when documents are transmitted per the credit terms or when the bank takes the initiative in the choice of delivery.

• Article 38 :

weight of goods to be evidenced on transport documents and declaration of weight/stamp has been completely removed.

• Anything else:

The rules regarding the independence principal and substantial compliance have been shifted about and the language modified but the principals remain the same. A credit remains an independent undertaking of the issuer, separate from the contract between the applicant and beneficiary.Under the UCP 500, banks were not obligated to examine or handle extra documents not required under the credit. That provision is retained in UCP 600: banks are not going to check any extra documents presented by the Letter of Credit drawing.

UCP 500 dan UCP 600

UCP 500 UCP 600

Strict Compliance

Doctrine

Substantial Compliance

(Pasal 14 d)

Bank diberi waktu 7 hari

kerja (Pasal 13b UCP500)

untuk pemeriksaan

dokumen

Bank diberi waktu 5 hari

kerja (Pasal 14b UCP

600)

UCP 500 dan UCP 600

UCP 500 UCP 600

Apabila dokumen tidak

sesuai (discrepant),

Issuing Bank yang

menentukan

penanganannya (Pasal

14)

Pasal 14 UCP 600

memberikan kesempatan

kepada eksportir untuk

memberikan instruksi

sebelumnya kepada bank

apabila terjadi dokumen

yang tidak sesuai.

Persyaratan Material

• Article 5 UCP 500: “In the Documentary Credit operation, all parties … deal with documents

and not with goods…” Article 5 UCP 600: “Banks deal with documents and not with goods, services or

performances to which the documents may relate”.

• Bank tidak bertanggung jawab atas semua syarat meterial. Article 34 UCP 600: “Banks assume no liability or responsibility, to the form, sufficiency,

accuracy, genuineness, falsification or legal effect of any document … nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or the existence of the goods represented by any documents …”

Thank U....