商貿(mào)英語(王玉環(huán)_賴艷_主編)課件習(xí)題答案Chapter_7

1、Chapter Seven新編外貿(mào)英語教程新編外貿(mào)英語教程International PaymentContentsTeaching ObjectivesText AnalysisSpecimen LettersChapter SevenSkill TrainingExercises新編外貿(mào)英語教程 Teaching ObjectivesUpon completion of this chapter, you willnRecognize the major payment instruments in international tradenUnderstand major methods

2、of payment in international trade nFamiliarize the general process of using Letter of Credit and Documentary Collection and the respective involving partiesnLearn to write letters for negotiating terms of payment Text AnalysisnIntroduction to the Chaptern7.1 Nature of International Paymentn7.2 Instr

3、uments of International Payment 7.2.1 Draft 7.2.2 Promissory Note 7.2.3 Check n7.3 Methods of International Payment 7.3.1 Cash in Advance 7.3.2 Documentary Letter of Credit 7.3.3 Documentary Collection 7.3.4 Open Account Introduction to the Chapterl Focus of the chapteruMajor payment instruments: dr

4、aft, promissory note and checkuFour methods of payment: cash in advance, documentary collection, documentary L/C and open accountl Teaching methods Theoretical illustration & practical application of negotiating and accepting terms of payment 7.1 Nature of International Payment Generally, intern

5、ational payment arrangements are much more complicated and difficult than that for domestic transactions for the following reasons. u First, the payment arrangements are international, which involve longer distance and much more procedures. uSecond, settling an international payment needs longer tim

6、e. uThird, different regulations and systems of law further complicate the arrangements.u Fourth, the monetary and financial matters are different in different countries and different methods are used. In international trade, payment can be effected by various means: drafts (or bills of exchange), p

7、romissory notes, checks (or cheques), credit cards, cash, etc. uCash: with higher risks & much inconvenience, so seldom used except for some small transactions, such as in the Sino-Russia frontier trade. uCredit cards: not widely used either, because verification with and approval from the credi

8、t card company can be inconvenient and time-consuming when a cards credit limit is exceeded.uNon-cash payments: universally adopted all over the world, commonly used ones including drafts, promissory notes and cheques.7.2 Instruments of International Payment7.2.1 DraftDefinition Drafts have been use

9、d as the most common instrument of payment in international trade. A is an unconditional order in writing signed by one party ( ) requesting a second party ( / ) to make payment in lawful money immediately or at a determinable future time to a third party ( ). In the context of international trade,

10、the drawer and payee is usually the seller and the drawee and payer is usually the buyer. 匯票（Bill of Exchange）是由出票人(賣方)簽發(fā)的，要求付款人（受票人，買方）在見票時或在一定期限內(nèi)，向收款人或持票人（通常為賣方）無條件支付一定款項的票據(jù)。匯票是國際結(jié)算中使用最廣泛的一種信用工具。 draft or bill of exchange匯票drawer 出票人drawee payerpayee付款人受票人受款人7.2.1 DraftFigure 7-2 Sample Draft7.2.1

11、 Draft Basic Items of a Draft The forms of drafts might be different, but thecontents are basically the same as listed below. date and place of issuance 發(fā)出時間和地點 time of payment 付款時間 name of payee 受款人姓名 currency and amount 幣種和金額 credit reference 信用參考 name of drawee/payer 受票人/付款人姓名 drawers name and si

12、gnature 開票人姓名及簽名7.2.1 Draft Types of Draftsu According to the drawer: 1) : is one that is drawn by a firm or an exporter. The drawee can be a firm, an exporter, or a bank. A commercial draft is commonly used in international trade in settlement of payment. 2) : drawn by one bank on another bank. It

13、is used in settling payment obligations between banks.u According to the time of payment: 1) is one that payable on presentation, that is, the drawee should immediately pay the amount on the draft drawn on him. 2) is one that is payable in a specified number of days after 1) its date of issuance; 2)

14、 its date of acceptance; 3) the date of B/L or at a fixed future date. The specified number of days is called the “usance period”.匯票期限，匯票兌現(xiàn)期商業(yè)匯票sight drafttime or usance draft遠(yuǎn)期匯票bankers draft銀行匯票commercial draft即期匯票7.2.1 Draft u According to whether having attached shipping documents： 1） ： is one t

15、hat is paid without the presentation of any other documents attached. A bankers draft is usually clean. 2） is one that should be paid only when certain documents have been attached to and presented together with the draft. Commercial drafts are usually documentary. The most important document is bil

16、l of lading that represents the title to the goods. The above-mentioned types of drafts are not mutually exclusive. One draft can be documentary, commercial and usance at the same time.clean draftsdocumentary drafts光票跟單匯票7.2.1 DraftUse of Drafts: procedure Issuance is the process of making out a dra

17、ft, in which the drawer fills in the items of a draft. Presentation means the holder of the draft lets the drawee sight the draft for payment or acceptance. Payment or acceptance is up to whether the draft is a sight draft or a time draft. Acceptance occurs when the draft presented is a time or usan

18、ce draft. After the presentation, the drawee fulfills his obligation of payment by putting the word “accepted”, his signature and the date of acceptance on the face of the draft. The accepted draft will be paid when it is at maturity upon re-presentation of the holder. Payment occurs when a sight dr

19、aft is presented. Upon presentation, the drawee will pay the amount on the draft immediately. Dishonor occurs when the drawee refuses or is unable to pay or accept a draft. This draft is then called a “dishonored bill”.Issuance PresentationAcceptancePaymentDishonor出票提示承兌Issuance支付拒付 7.2.1 Draft7.2.2

20、 Promissory Note Definition A is an unconditional promise in writing made by one person (the maker) to another (the payee/the ) signed by the maker engaging to pay on demand or at a fixed or determinable future time a sum of money to or to the order of a specified person or to bearer. 英國票據(jù)法關(guān)于本票的定義是：

21、本票是一人向另一人簽發(fā)的，保證即期或定期或在可以確定的將來的時間，對某人或其指定人或執(zhí)票來人支付一定金額的無條件書面承諾。 promissory note本票 holder持票人 7.2.2 Promissory Note 本票的必要項目本票的必要項目（1）寫明其為“本票”字樣；（2）無條件支付承諾；（3）收款人或其指定人（未寫明者，視同來人本票）（4）出票人簽字；（5）出票日期或地點（未載明出票地點者，出票人名字旁的 地點視為出票地）；（6）付款期限（未載明付款期限者，視為見票即付）（7）一定金額；（8）付款地點（未載明付款地點者，出票地視為付款地） 本票的種類本票的種類（1）銀行本票 是由

22、銀行簽發(fā)的本票，不記名，其流動性與現(xiàn)鈔無異，見票即付。（2）商業(yè)本票 是由工商企業(yè)或個人簽發(fā)的一般本票，有即期和遠(yuǎn)期之分。 Figure 7-4 Sample Promissory NotesPromissory Note London, May 20, 1999US$ 3,000.On the 20th September 20th , 1999 fixed by the promissory note we promise to pay or order the sum of three thousand U.S. dollars only. For and on behalf of YY

23、Y (Signed) 7.2.3 Check Definition A is an unconditional order in writing addressed by the customer (drawer) to a bank (drawee) signed by the customer authorizing the bank to pay on demanding a specified sum of money to or to the order of a named person or to bearer (payee). Features of a checku A ch

24、eck is a special kind of draft with the drawee is always a bank with which the drawer has an account.銀行通常為受票人，開票人在該行有賬戶u A check is always paid upon presentation, that is, it can be regarded as a sight draft. If the drawer wants to write a check now but does not want the payee to collect the money i

25、mmediately, the drawer can postdate the check. 見票即付u A check can be made to order, to bearer, crossed with two parallel lines for account deposit only, or certified by a bank that is going to pay. If a check is issued by a bank, it is called a bankers demand draft. 銀行即期匯票 check支票 Figure 7-5 Flowchar

26、t of Using Check Customer (Drawer) Bank (Drawee)Bearer (Payee)authorize pay upon presentation Figure 7-6 Sample Checks Cheque for US$3,000 Shanghai, May 5, 1999Pay to the order of John Smith the sum of three thousand U.S dollar.To: Bank of China Shanghai, China For China National Arts & Crafts I

27、mport and Export Corp. Shanghai Branch (Signed) Methods of payment in international trade reflect the extent to which the seller requires a guarantee of payment before he or she loses control of the goods. In other words, different method of payment suggests different grade of security of payment. T

28、here are four general methods of payment applied in international sale of goods. Ranked by preference of the exporter from the least to the most risk, they are Cash in Advance, Letters of Credit, Documentary Collection and Open Account. 7.3 Methods of International Payment 7.3.1 Cash in Advance Defi

29、nition means the seller is paid when the buyer places his order or the goods are ready for shipment to the buyer, and thus represents the least risk to the seller. Cash in advance terms is normally used when goods are in heavy demand or goods are custom-made to the buyers specification and under nor

30、mal trade practices.Cash in advance預(yù)付現(xiàn)金7.3.1 Cash in Advance Cash in Advance can be divided into three types: means the importer pays for the goods when he places the order with the exporter. Under cash with order, the seller does not need to finance manufacturing or getting the goods to be sold and

31、 faces no risk in payment. This is particularly beneficial to the seller for his own funds will not be tied up in the production and shipment, but represents a high risk of loss to the buyer as it is possible that the seller does not ship the goods at all or does not ship the goods as ordered. With

32、this arrangement, the importer pays when the exporter has got the goods ready for shipment.1. Cash with order裝運前付現(xiàn)2. Cash Payment before Shipment 訂貨付現(xiàn)7.3.1 Cash in Advance 3. Remittance Definition means the transfer of money from one party to another party through banks of different countries, that

33、is, a bank (the remitting bank) at the request of its customer (the remitter), transfers a certain sum of money to its overseas branch or (the paying bank) , instructing them to pay to a named person or corporation (the payee or beneficiary) domiciled in that country. In international trade, this is

34、 the simplest way to transfer funds, by which the seller delivers the goods directly to the buyer, and the buyer remits money to the seller through the bank.匯付correspondent bankRemittance代理行，往來行，通知行7.3.1 Cash in Advance Parties related to a remittance : This is the person who requests his bank to re

35、mit funds to a beneficiary in a foreign country. He is also the payer. Payee or : This is the person who is addressed to receive the proceeds of remittance. This is the bank transferring funds at the request of a remitter to its correspondent or its branch in another country and instructing the latt

36、er to pay a certain sum of money to a beneficiary. Paying bank: This is the bank entrusted to by the remitting bank to pay a certain amount of money to a beneficiary named in theRemitterbenfri: 受益人，收款人beneficiary匯款人Remitting bank : 匯款單，領(lǐng)款通知書remittance advice.托收行，匯出行7.3.1 Cash in Advance Ways of tran

37、sferring Money in Remittance First, telegraphic transfer ( ) is a method of transferring funds by telecommunication system such as telex or cable. The advantage of TT is the fast speed for a payment can be effected within two or three banking days. The disadvantage is the relatively high cost. Membe

38、rs of Society for Worldwide Interbank Financial Telecommunication (SWIFT) are able to transfer funds within their own telecommunication system at a much lower cost. This has made TT very popular as most international banks are now SWIFT members. Second, mail transfer ( )the transfer can be made betw

39、een banks by mail. It is slow and involves much more paper work. So it is rarely used in transferring funds. Table 7-7 Flow Chart of TT and MT Third, remittance by bankers demand draft ( )the transfer can be made by a draft that is sold to its customer by a bank instructing another branch bank to pa

40、y upon presentation a certain amount to the payee as specified on the draft. It is a cheaper but slower method of transferring funds since the purchaser of the draft must mail it to the beneficiary for him to get the funds from a local bank. Table 7-8 Flow Chart of DDTT電匯MT票匯DD信匯Table 7-7 Flow Chart

41、 of TT and MTTable 7-8 Flow Chart of DD票匯7.3.2 Documentary Letter of Credit Definition is a written undertaking by a bank given to the seller at the request, or in accordance with the instruction of the buyer to effect payment up to a stated sum of money, within a prescribed time limit and against s

42、tipulated documents. 當(dāng)買方從國外進口貨物時，向本國銀行申請開具向賣方（或信用證的受益方）付款的信用證，賣方根據(jù)銷售合同規(guī)定的運輸方式，將能夠證明貨物已經(jīng)出運而且符 合信用證要求的文件交與銀行議付。證明貨物出運的主要單據(jù)是提單，除此之外還有一些雙方約定的單據(jù)，如原產(chǎn)地證明、商業(yè)發(fā)標(biāo)、保險單等。 Documentary Letter of Credit跟單信用證7.3.2 Documentary Letter of CreditParties to a Credit : This is the party at whose request a bank is to issue

43、 a credit. It is usually the importer. The applicant is also called the opener. : This is the party in whose favor the credit is to be issued and who must comply with the terms and conditions of the credit in order to be entitled to receive its proceeds. This is normally the exporter. : This is the

44、bank that opens the credit at the request of the applicant. : This is the bank in the exporters location which is requested by the issuing bank to notify the credit to the beneficiary. : This is the bank which adds its own undertaking to that of the issuing bank. It is normally in the beneficiarys l

45、ocation and very often the advising bank itself. : This is the bank that makes payment to the beneficiary against presentation of stipulated documents. : This is the bank nominated in the credit to accept a usance bill of exchange drawn on it. : This is the bank that negotiates or discounts the bene

46、ficiarys bill of exchange. : This is the bank which sends the documents to the issuing bank. ApplicantBeneficiaryIssuing bankAdvising bankConfirming bankPaying bankAccepting bankNegotiating bankRemitting bank開證申請人受益人開證行通知行保兌行支付行承兌行議付行寄單行7.3.2 Documentary Letter of Credit General Process of Using Doc

47、umentary L/C The buyer and the seller conclude a sales contract providing for payment by documentary credit. The importer, as the applicant, instructs his bank the issuing bank, to issue a credit in favor of the seller. The issuing bank asks another bank, usually in the country of the seller, to adv

48、ise or confirm the credit. The advising or confirming bank informs the seller in whose favor the credit has been issued. As soon as the seller receives the credit and is satisfied with the terms and conditions, he is in a position to load the goods and dispatch them. The seller then sends the docume

49、nts evidencing the shipment to the bank where the credit is available. 7.3.2 Documentary Letter of Credit The bank checks the documents against the credit. If the documents meet the requirements of the credit, the bank will pay, accept, or negotiate, according to the terms of the credit. The bank, i

50、f other than the issuing bank, sends the documents to the issuing bank. The issuing bank checks the documents and, if they meet the credit requirements, effects payment in accordance with the terms of the credit. The issuing bank releases the documents upon buyers payment or acceptance of the amount

51、 shown on a draft, or upon other terms agreed between the buyer and the issuing bank. The buyer sends the transport documents to the carrier who will then proceed to deliver the goods. 7.3.2 Documentary Letter of Credit Table 7-9 General procedure of using an L/C 7.3.3 Documentary Collection Definit

52、ion is a means of ensuring that goods (title documents) are only handed over to the buyer (by a bank) when the amount shown on a bill of exchange is paid or accepted. Collection is the process wherein a bank, in accordance with the sellers instruction, handles documents in order to deliver to the bu

53、yer against payment, acceptance, or on other terms and conditions. And therefore, documentary collection requires the seller to forward collection instructions, appropriate documents and the sellers draft through the banking system to the buyers bank. Banks act as intermediaries, protecting the inte

54、rests of both parties. 在國際支付中，跟單托收是托收的一種，它是指銀行受出口商委托，憑匯票、發(fā)票、提單、保險單等商業(yè)單據(jù)向進口商收取貨款的結(jié)算方式，賣方以買方為付款人開立匯票，委托銀行代其向買方收取貨款。 Documentary collection跟單托收7.3.3 Documentary Collection Parties to a Documentary Collection : This is the party who entrusts the collection items to his bank. He is also called drawer or

55、creditor of the buyer. In practice, it is usually the seller or the exporter. : This is the party to whom the collection items are to be presented for acceptance or payment. He is also called drawee and debtor of the seller. It is usually the buyer or the importer. : This is the bank to which the dr

56、awer entrusts the collection items. Upon receipt of the collection items from the exporter, the bank forwards them to the collecting bank, in accordance with the collection instruction given by the principal. : This is the bank entrusted by the remitting bank to present the collection items to the d

57、rawee. This is also the bank presenting the documents to the buyer that is called presenting bank. It is often the remitting banks overseas branch or correspondent bank. Principal PayerRemitting bankCollecting bank委托人付款人托收行代收行7.3.3 Documentary Collection General procedures of using documentary colle

58、ction The seller and the buyer agree to use documentary collection in the contract. The seller effects shipment of the contracted merchandise and obtains B/L from the shipping company. The seller (principal/drawer) draws a draft on the buyer (drawee) and forwards to his bank (remitting bank) the dra

59、ft, other documents and a collection order (see Appendix) containing the terms and conditions for the release of documents to the buyer. The remitting bank completes its own collection order addressed to the buyers bank (presenting/collecting bank). This collection order will contain the same instru

60、ctions as the sellers collection order. The remitting banks collection order is then sent to the buyers bank, along with other documents. The collecting bank will present the draft and other documents to the buyer for immediate payment or acceptance. Documents will be released according to the terms and condit