如A 与B之间进行补偿贸易，A申请开立以B 为受益人的信用证，同时B申请开立以A为 受益人的信用证，后开的信用证，即第二 证，称为回头证，与先开的信用证金额大 致相等。同时，信用证一般加列下列条款：
“This is a reciprocal credit against XX Bank Credit No. XX favoring XX covering shipment of XX ”.
2. Back-to-back documentary credit
A back-to-back credit may be used when the credit issued in favor of the exporter (the middleman) is not transferable or though transferable it does not meet his requirements. The exporter ,namely ,the beneficiary of the first credit, offer it as a security to the advising bank or his banker for the issuance of a second credit. In other words, the two credits are put “back-to -back”, the one being issued on the security of the other.
With back-to-back documentary credit, the second credit should be worded so as to produce the documents (apart from the commercial invoice) required by the primary credit, and to produce them within time limits set by the primary credit, in order that the primary beneficiary under the first credit may be able to present his documents within the time limits of the first credit.
对开信用证一般要规定生效条款,主要有两种 规定方式:
1.This credit shall not be available unless and until the reciprocal credit is established by XX bank in favor of XX for a sum of XX covering shipment from XX to XX . This reciprocal credit in effect shall advise by from XX bank to beneficiary.
(5)non-cumulative revolving( 不可积累循环) function clause: The unused balance of each shipment is not
cumulative to the following shipment.
循பைடு நூலகம்信用证的补充及练习
循环信用证是指信用证的部分或全部金额被 使用以后可以回复到原金额再被利用的信 用证。与一般信用证相比，它多一个循环 条款。
4. The amount of this credit USD400 000 shall be renewable automatically twice after date of payment, thus making an aggregate amount of USD800 000.
5. Should the issuing bank not advise stopping renewal within 7 days after each negotiation, the unused balance of this credit shall be increased to the original amount on the 8th day after each negotiation.
半自动循环是指受益人按规定装运、交单。 支取信用证金额后在一定时间开证行未提 出中止循环的通知，信用证自动恢复到原 金额。
被动循环是指受益人每次支取信用证金额后，
需等待开证行的通知，只有在收到开证行 的通知后信用证才可恢复至原金额。
练习：
1.The amount of this letter of credit USD 100 000 is revolving on a monthly basis for the first time in XXX, for the last time in XX maximum amount payable under this credit USD 800 000.
进出口双方若订立长期销售合约，需要均衡 地分批装运货物时，为了节省开证手续费 和保证金，进口商可以申请开立循环信用 证。
信用证通常以时间或金额为循环基础，据此 循环信用证分为按时间循环信用证和按金 额循环信用证。
按时间循环信用证是指受益人在一定时间内 可支取信用证规定的金额，支取后，在下 次一定时间内仍可以支取的信用证。
2. The amount of this credit is revolving on a monthly non-cumulative basis for six times commending May 18,2006.
3.Amount of this credit USD100 000, revolving 5 times to maximum USD600 000.
Types of revolving credit: (1) Automatic revolving credit (自动循环) Function clause: 1))the total amount of this credit shall be restored
automatically after date of negotiation. 2)) notice of revolving Function clause:
Chapter 6 (4)
6.2.6 according to special function clause
1. Revolving credit Definition: One by which ,under the terms and conditions
thereof, the amount is renewed or reinstated without specific amendments to the documentary credit being required.
按时间循环信用证根据每期信用证余额处理 方式的不同，可以分为不可积累循环信用 证和可积累循环信用证。
不可积累是指受益人在规定循环期限内可支 取的信用证金额有余额，该余额不可转移 到下一期使用。
可积累是指受益人上一期未使用完的信用证 金额，可以转移到下一期使用。
按金额循环信用证是指在信用证金额议付后， 仍恢复到原金额，可以再次支取，直到用 完规定的总金额。
按恢复的方式不同，可以分为自动循环信用 证(Automatic revolving credit )，半自动循环 信用证(semi-automatic revolving credit)以及 被动循环信用证(non-automatic revolving credit)。
自动循环是指受益人按照期限装运、交单、 支取信用证金额后，不需要等待开证行通 知，信用证金额自动恢复到原金额，即信 用证金额用完后自动恢复。
(4) Cumulative revolving(可积累循环)
Function clause:
Per… calendar months cumulative commencing with 15th March ,2006,revolving on the first business day of each successive month and ending with 15th december 2006.
6. The amount of this credit shall be renewable after each negotiation only upon receipt of issuing bank’s notice stating that the credit might be renewable.
(3) Periodic revolving
Function clause:
Should the negotiating bank not be advised of stopping renewal within …days after each negotiation ,the unused balance of this credit shall be increased to the original amount.
In other words, they are both importers and
exporters at the same time.
对开信用证是主要用于易货贸易的一种支付 方式。在易货交易中，双方都因担心对方 只享受权利不履行相应的义务而要求对方 开立信用证，第一张信用证的受益人就是 第二张信用证的申请人，第一张信用证的 通知行往往就是第二张证的开证行，反之 亦然。
3. Reciprocal credit
A reciprocal credit is usually concerned with a barter transaction. It is in all respects similar to an ordinary commercial credit except that the opener of the original credit may become the position of the beneficiary of the reciprocal credit, while the beneficiary of the original credit may become the opener of the reciprocal credit.