11.6.5.4 “credit available by negotiation”通过议付取得款项
When a credit is available by negotiation,you can get the money under the bill of exchange in advance by transferring(selling)the documents to a bank which is willing to buy the documents at a lower price than the full amount of the credit.This bank is called the negotiating bank,which will in turn transfer(sell)the documents to the issuing bank at the full amount of the bill.This arrangement enables you to get money sooner and the negotiation bank to make a profit.As you can see,negotiating a credit best exemplifies what a transaction of documents is.
Honoring of the bill of exchange is guaranteed by the issuing bank on condition of a complying presentation.However,what if the issuing bank refuses to reimburse based on valid discrepancies which were not identified by the negotiating bank at the time of negotiation?As there isno saying in UCP 600 that the negotiating bank can have recourse to the beneficiary in the event the issuing bank fails to reimburse the negotiating bank,a negotiation can be one with or without recourse to you,depending on the agreement between you and the negotiating bank.But if the negotiating bank is also the confirming bank,the negotiation is without recourse to you.
A credit is available by negotiation in two cases:by a nominated bank,or by any bank.The most common type of negotiation credit allows negotiation by any bank.Rarely is it limited to specified banks.