The letter of credit is the bank instrument that assures the person selling merchandise of payment if he makes the agreed-upon shipment. On the other hand, it also assures the buyer that he is not required to pay until the seller ships the goods. It is thus a catalyst that provides the buyer and the seller with mutual protection in dealing with each other. 　　
　　信用证是银行对销售商品者已装运订购的出口货物承担付款保证的信用工具。另一方面，它还向买方保证，直到卖方装运货物才需付款。因此，正是这种催化剂，它在购货方和销货方的交易过程中对双方都提供相互的保护作用。
　　An international trading transaction begins when a buyer and a seller sign a contract that records all the elements of the transaction. Having worked out an agreement, the buyer and seller must arrange payment. The buyer will want possession before paying, and the seller will want payment before making delivery. Since each party often has an incomplete knowledge of the other, there is a certain caution to their dealings. 　　
　　当买方和卖方签署了记录所有交易要素的合同时，一笔国际间的交易业务就开始了。签订好协议，买方和卖方就支付货款事项做出安排。买方想在付款前拥有货物，卖方想在交货前获得货款，由于一方常常对另一方并不十分了解，所以对彼此的交易存有戒心。
　　 At this point, the letter of credit can be extremely useful. The buyer requests his bank to issue a letter of credit in favor of the seller. The letter says, in essence, to the seller: we, the bank, promise that we will pay you when you submit certain documents evidencing that you have made the agreed-upon shipment.
　　The bank has thus substituted its credit for that of the buyer. The letter of credit also protects the buyer, for he knows that he will not be called upon for payment by his bank until the evidence shows that the shipment has actually been effected. 　　
　　就这个问题而言，信用证非常有用。买方要求其开户行开出以卖方为受益人的信用证，信用证对销售方主要说明：“当你提供有关单据证明你已经装运购货方所订购的货物时，我们银行同意付款”。这样，银行以自己的信用代替了买方的信用。该信用证还保护了买方，因为他知道，只到有证据表明货物确已装运时银行才会要他付款。
　　 New Words单词
　　 credit信用
　　 instrument n.工具, 手段
　　 assure vt.保证, 担保
　　 merchandise n.商品, 货物
　　 catalyst n.催化剂
　　 mutual a.相互的, 共有的
　　 transaction n. 办理, 交易,
　　 element n.要素
　　 agreement n.协定, 协议
　　 possession n.拥有, 占有
　　 delivery n.交付, 交货
　　 knowledge n.知道；了解
　　 caution n.小心, 谨慎
　　 issue vt.放出, 发行
　　 submit vt.提交, 递交
　　 evidence vt.显示；证明
　　 effect vt.招致, 实现, 达到
　　 substitute v.代替, 替换
　　 Phrases and Expressions短语与词组
　　 letter of credit信用证
　　 bank instrument银行信用工具
　　 work out制订
　　 make delivery交货
　　 has a knowledge of….知道…；了解…
　　 in favor of…以…为受益人；以…为收款人
　　 in essence本质上；实质的：
　　 substitute…for…以…替代
　　 called upon要求
　　 effect shipment办理装运
　　 Notes注解：
　　 1.The letter of credit is the bank instrument that assures the
　　 person selling merchandise of payment if he makes the
　　 agreed-upon shipment.信用证是银行对销售商品者已装运订购的出口货物承担付款保证的信用工具。
　　 (1)此句是一个并列复合句，其中包含一个由从属连词if引导的条件状语从句的主从复合句，在主句中又包含一个由关系代词that引导的定语从句。
　　 (2)letter of credit信用证
　　 credit n.reputation for solvency and integrity entitling a
　　 person to be trusted in buying or
　　 borrowing信用：给予某人的证明，其在买入或借款时可以信任的在清偿能力和诚实上的声誉
　　 例：You should have no trouble getting the loan if your credit
　　 is good.
　　 如果你信誉良好，要取得这笔贷款就没有什么问题了。
　　 (3)(that) assures the person selling merchandise of
　　 payment对销售商品者…承担付款保证
　　 ①assure…(of)…:to cause to feel sure使确信
　　 例：assured her of his devotion.
　　 使她确信他的挚爱
　　 ②to inform positively, as to remove doubt向…保证：告知确实如此，以解除怀疑：
　　 例：assured us that the train would be on time.
　　 向我们保证火车将会准时到达
　　 (4)makes the agreed-upon shipment装运订购的出口货物
　　 agreed-upon是复合词，做定语，修饰shipment，意为“双方同意的”。
　　 2.It is thus a catalyst that provides the buyer and the seller
　　 with mutual protection in dealing with each
　　 other.因此，正是这种催化剂，它在购货方和销货方的交易过程中对双方都提供相互的保护作用。
　　 (1)此句是一种强调句型，It is + 强调部分 + that…。
　　 (2)provides the buyer and the seller with mutual
　　 protection对双方都提供相互的保护作用
　　 provide…with…为…提供…
　　 (3)in dealing with each other“在相互交易过程中”，是介词短语，在句中作状语。
　　 deal (with)…:to behave in a specified way toward another or
　　 others; have transactions对待，交易：以一特定的方式与对待他人；打交道
　　 例：deal honestly with competitors.
　　 诚实地对待竞争者
　　 3.The letter says, in essence, to the seller: we, the bank,
　　 promise that we will pay you when you submit certain documents
　　 evidencing that you have made the agreed-upon
　　 shipment.信用证对销售方主要说明：“当你提供有关单据证明你已经装运购货方所订购的货物时，我们银行同意付款”。
　　 (1)此句是一个并列复合句，其中包含两个宾语从句，即(promise) that…，(evidencing)
　　 that…；第一个宾语从句中又包含一个由从属连词when引导的时间状语从句的主从复合句；而evidencing
　　 that…是动名词引导的从句，在句中做后置定语，修饰前面的名词documents。
　　 (2)The letter says to the seller信用证向卖方表明
　　 say v.①to indicate; show指示；显示
　　 例：The clock says half past two.
　　 现在时间是两点半。
　　 ②To give nonverbal expression to; signify or
　　 embody象征：用非语言方式来表达；表明或体现
　　 例：It was an act that said “devotion.”
　　 那个行为是象征“信仰”上的皈依。
　　 (3)evidence vt.①to indicate clearly; exemplify or
　　 prove显示：明确清楚地指出；例证或证明
　　 ②to support by testimony; attest证明：用证据证明，证实
　　 4.The letter of credit also protects the buyer, for he knows
　　 that he will not be called upon for payment by his bank until
　　 the evidence shows that the shipment has actually been
　　 effected.该信用证还保护了买方，因为他知道，只到有证据表明货物确已装运时银行才会要他付款。
　　 (1)此句是一个并列复合句，其中包含一个由并列连词for引导的表示原因的并列句，即for he
　　 knows…；而在并列句中又包含两个由that引导的宾语从句，即he knows that …和the evidence
　　 shows that…；还包含一个由从属连词until引导的时间状语从句的主从复合句。
　　 (2)called upon for payment要求付款
　　call upon…:to order; require命令；要求
　　 例：I call upon you to tell the truth.我要求你说真话。