Chapter 7 Terms of Payment

1、Unit 9Terms of PaymentLead-in In international trade payment is often complicated.It plays an important role in the procession of trade.All activities will mean nothing without guarantee of payment. Various ways of payment are in use in import and export trade.The letter of credit is the most genera

2、lly used mode of payment in international trade. Bills 国际贸易中使用的票据主要有国际贸易中使用的票据主要有 汇票（汇票（Draft ,Bill of Exchange Draft ,Bill of Exchange ） 、 本票（本票（Promissory Note Promissory Note ） 和支票（和支票（Check,ChequeCheck,Cheque ） ， 其中以使用汇票为主。其中以使用汇票为主。Useful expressions about draftdrawer 出票人出票人 drawee 受票人受票人bank d

3、raft 银行汇票；银行汇票；trade draft 商业汇票；商业汇票； clean draft 光票；光票；documentary draft 跟单汇票；跟单汇票；sight draft 即期汇票即期汇票 time/usance draft 远期汇票远期汇票 draw 出票出票 presentation 提示提示(单据单据),交单交单 acceptance 承兑承兑 payment付款付款endorsement 背书背书 dishonor 拒付拒付recourse 追索追索honor a draft 承付汇票承付汇票(包括对汇票的提示包括对汇票的提示,承兑承兑和付款环节和付款环节)Your

4、 draft will be honored upon presentation.Methods of payment in international trade：1、 Remittance（汇付（汇付）*Open Account (O/A) 赊账（贸易）；记账交易；赊购；赊账（贸易）；记账交易；赊购；赊销赊销 This is the least secure method of trading for sellers, but the most attractive to buyers. It can only be used when sellers are confident that

5、 payment will be received. *Advance Payment 预付预付 This is the most secure method of trading for sellers but the least attractive to buyers. telegraphic transfer ,T/T 电汇 mail transfer ,M/T 信汇 demand draft, D/D 票汇2、 Collection （托收（托收） This method is more secure than open account but less so than a lett

6、er of credit. There is no guarantee of payment from the bank although it is involved. *Documents against Payment (D/P) 付款交单付款交单 D/P at sight Upon presentation, the Buyer shall pay against documentary draft drawn by the Seller at sight. The shipping documents are to be delivered against payment only.

7、 D/P after sight The Buyer shall duly accept the documentary draft drawn by the Seller at 30 days sight upon first presentation and make payment on its maturity. The shipping documents are to be delivered against payment only. The Buyer shall pay against documentary draft drawn by the Seller *Docume

8、nts against Acceptance (D/A) 承兑交单承兑交单 The Buyer shall duly accept the documentary draft drawn by the Seller atdays sight upon presentation and make payment on its maturity. The shipping documents are to be delivered against acceptance. The buyer shall duly accept the documentary draft drawn by the S

9、eller upon presentation and make payment atdays after the date of B/L. The shipping documents are to be delivered against acceptance. 3、 Letter of Credit（信用证（信用证） The main advantage of a letter of credit is providing security to both the exporter and the importer but it is expensive. The buyer shall

10、 open through a bank acceptable to the Seller an irrevocable sight L/C/ or L/C at days sight to reach the Sellerdays before the month of shipment, and remain valid for negotiation in China until 21st day after the time of shipment. Useful expressions about L/C*irrevocable letter of credit不可撤销的的信用证不可

11、撤销的的信用证 *unconfirmed/ confirmed letter of credit不可保兑不可保兑/保兑的信用证保兑的信用证*sight L/C即期信用证即期信用证 usance credit/time credit/term credit 远期信用证远期信用证 *documentary/ clean L/C跟单跟单/光票信用证光票信用证 *standby Letter of Credit备用信用证备用信用证*applicant 开证申请人开证申请人*beneficiary 受益人受益人*opening/issuing bank 开证行开证行*advising/notifying

12、 bank 通知行通知行*negotiating bank 议付行议付行*paying/drawee bank 付款行付款行*confirming bank 保兑行保兑行 to order 凭指定凭指定,空白抬头空白抬头 to ones order/to the order of sb. 以某人为抬头以某人为抬头 blank endorsed/endorsement in blank 空白背空白背书书 endorsement in full 记名式背书记名式背书 freight paid运费已付运费已付/freight prepaid运费预付运费预付 freight collect/freig

13、ht to collect/freight to be collected 运费到付运费到付Banks Bank of China中国银行中国银行 Citi Bank (National city Bank of New York ) 花旗银行花旗银行 HSBC (Hong Kong and Shanghai Bank Corporation) 汇丰银行汇丰银行 Standard Chartered Bank 渣打银行渣打银行 Specimen Letter 1：Requesting payment by D/A Dear Sirs Re: Your new product, Smart ch

14、oice Thank you for your letter of May 8 concerning your new product, Smart Choice. We are interested in your product and wish to discuss further about it. We noticed that you require payment by letter of credit. However we would like to propose payment by D/A for this first order, as this is a new p

15、roduct and we are not able to make purchase on our own account. We hope to place substantial orders once the demand for this product has been ascertained. We believe our proposal is a reasonable way to test the market and hope you will be willing to cooperate with us. Yours faithfully Specimen Lette

16、r 2 ：Refusing payment by D/A Dear Sirs Subject: Your proposal for making payment by D/A We were glad to learn from your letter of May 15 that you are interested in Smart Choice. We also noticed that you wish to make payment by D/A. We have considered your proposal but regret to say that we cannot ac

17、cept it, as we do not have sufficient credit information to offer you D/A terms at present. However in order to help you push the sales of our new product, we are prepared to accept payment by D/P at sight. This is the best thing we can do. Please supply two bank references. We have already conclude

18、d business with several buyers from Europe and North America. We are pleased to inform you that Smart Choice is getting popular on the market. We have even received some repeat orders. We hope this will encourage you to place an order with us. We are looking forward to receiving your order soon. You

19、rs faithfully Pay v. 1.付（款，费用，索赔）付（款，费用，索赔）(1)We trust youll pay our draft on presentation.(2)If this change is effected, well have to pay rather heavy expense.2.值得，合算值得，合算Pay in advance 预付 Pay in cash 付现金 Pay by check 支票付款 pay in installments 分期付款 Pay on delivery 货到付款 It does not pay to buy in smal

20、l quantities. 小量购买不合算。 Payable adj. 应付的，可支付的应付的，可支付的1.The account payable is USD640.2.We enclose Credit Note No.150 for the amount payable to you. payment n. U支付支付; C支付的款支付的款 terms of payment 或 payment terms 付款条件 monthly payments of US $300 每月付款300美元1.We are sending you herewith Cheque No.448 issued

21、 by Bank of China,Tianjin for GBP3,540.00 in payment of your Invoice No.53.2.We have received your cheque for USD4,800.00 in payment for the Carpets ordered by you.in payment of 表示付某种费用的款，如发票、佣金表示付某种费用的款，如发票、佣金等。等。in payment for表示付某种具体实物的款，如商品、表示付某种具体实物的款，如商品、样品、广告等。样品、广告等。 draw v. draw a draft/bill

22、 on sb. ：开立以某人为付款人的汇票draw on sb for ：for 后接开出的款数draw a draft on sb. for an amount against sthdraw on sb at sight for an amount sthPlease draw on us for the amount of your invoice.请按发票金额开立以我方为付款人的汇票。We have drawn a clean draft on you for the balance of GBP90.根据根据向某人开出若干金额之汇票向某人开出若干金额之汇票to accept a dr

23、aft 承兑汇票承兑汇票to honor a draft 承付汇票承付汇票to dishonor a draft 拒付汇票拒付汇票draw against1.As agreed, we will draw on you at sight against your purchase of a sample lot.2.We have drawn a sight draft on you against the documents for the amount of invoice through the Bank of Asia.我我们已根据这些单据通过亚洲银行向你方开们已根据这些单据通过亚洲银

24、行向你方开立了发票金额的即期汇票立了发票金额的即期汇票 60 days L/C 见票后见票后60天议付的信用证天议付的信用证(1)信用证是可数的普通名词，单数为信用证是可数的普通名词，单数为(a) Letter of Credit, 复数为复数为letters of credit;商业书信中常用商业书信中常用大写缩写，单数为大写缩写，单数为(an) L/C,复数为复数为Ls/C；有时也；有时也用用credit一词表示，复数一词表示，复数credits.(2)即期信用证即期信用证 L/C available by draft at sight或或 L/C payable against draf

25、t at sight,也可以用也可以用L/C available by (payable against) sight draft,商业商业书信常简称书信常简称 sight L/C远期信用证远期信用证usance L/C 或或time L/C或或term L/C,见票后多少天议付的说法：见票后多少天议付的说法：凭凭30天远期汇票付款的信用证天远期汇票付款的信用证L/C available by draft at 30 days after sightUsance/time/term L/C at 30 days after sightUsance/time/term L/C at 30 day

26、s30 days Usance/time/term L/C Specimen Letter 3 ：Dear sirs“Chrysanthemum” Brand Vacuum Cleaner We received your letter of Dec. 29, 1988 and appreciate your intention to promote the sales of our vacuum cleaner in your country. We regret that we are unable to consider your request for payment on D/A t

27、erms. As a rule, we ask for payment by L/C. But, in view of our friendly relations, we will, as an exceptional case, accept payment for your trial order on D/P basis. In other words we will draw on you by documentary draft at sight, through our bank, on collection basis, without L/C. We hope the abo

28、ve payment terms will be acceptable to you and expect to receive your trial order in due course. We look forward to your early reply. Sincerely yours We received your letter of Dec. 29, 1988 and appreciate your intention to promote the sales of our vacuum cleaner in your country. 贵方1988年12月29日来函已收到，

29、对贵方在本国努力推销我方真空吸尘器深表感谢。promote the sales of推销推销 =(pushsales) Chinese foreign trade corporations also make use of the international fairs as channels to display and promote the sales of Chinese products. 中国的外贸公司，也利用国际博览会作为展出和推销中国产品的渠道。 It would be impossible for us to push any sales at such a price. 按

30、这种价格，我方无法推销。 We regret that we are unable to consider your request for payment on D/A terms. As a rule, we ask for payment by L/C. 很遗憾，我方不能考虑贵方以承兑交单的方式付款的要求。通常，我方要求以信用证来付款。 payment on D/A terms承兑交单的付款方式 D/A (documents against acceptance)承兑交单 这属于托收方式。由出口商开具汇票（draft)连同装运单据通过银行托收。进口商只须承兑汇票即可取得单证，待汇票到期时

31、再付款。采用这种方式，出口商所担风险较大。如果进口上取得货运单据后，到期拒不付款，出口商要遭受货款两空的损失。只有出口商非常信任进口商资信的情况下才能使用。 But, in view of our friendly relations, we will, as an exceptional case, accept payment for your trial order on D/P basis. In other words we will draw on you by documentary draft at sight, through our bank, on collection

32、basis, without L/C. 但，鉴于贵我双方之间的友好关系，作为例外，我方愿接受贵方以付款交单方式来支付的试订单，换句话说，我方将不用信用证而是通过我方银行凭即期跟单汇票以托收的方式向贵方收款。in view of 鉴于鉴于 In view of the increased demand for our products, we wish to appoint an agent. 鉴于对我方产品的需求有所增加，我方想委派一家代理商。 In view of the fact that all other customers have accepted this price, we c

33、annot reduce it any further. 鉴于其他客户皆已接受此价格，我方不能再降价。 D/P (documents against payment)付款交单 进口商不开信用证，由出口商开出汇票连同装运单证通过银行向进口商收款，进口商必须付清货款才能取得单证。按支付时间的不同，付款交单又可分即期付款交单(D/P at sight) 和远期付款交单(D/P after sight)。这种方式属于托收(collection)。如果日后进口商到期拒付，则与银行无关，应由出口商自己承担风险。其性质与承兑交单差不多，应谨慎。 We hope the above payment terms

34、 will be acceptable to you and expect to receive your trial order in due course. We look forward to your early reply. 希望以上付款方式能为贵方接受并盼及时收到贵方试定单。 盼早复。 in due course (of time) = in due time = duly在适当的时候（常常指没有耽误的意思） We have received your Sales Confirmation No. 2002 in due course. 我方已及时收到贵方第2002号售货确认书。

35、If you find any stipulations therein disagreeable, please advise us in due time. 如对其中任何规定有异议，请及时告知。 付款方式信函的写作步骤及常见表达方式付款方式信函的写作步骤及常见表达方式1.提示合同或相关的货物提示合同或相关的货物 We refer you to Contract No. Refering to With regard to our contract ofWith reference to the contract of 2.提出具体付款的方式和理由提出具体付款的方式和理由As we shal

36、l be glad if youAs you know,we suggest thatOwing to , we would appreciate it if you3.表示希望对方同意的愿望表示希望对方同意的愿望We wish you can accommodate us in this respect.We hope to receive your favorable reply.1. Choice of Terms of Payment1) payment by L/C用信用证付款We adopt payment by L/C.我们采用信用证付款方式。2) Under (on)terms

37、按方式We regret that we are unable to consider your request for payment under D/A terms.对你方要求以承兑交单方式付款一事，我们歉难考虑。Sentence Patterns 3) onbasis 按方式 We are prepared to accept payment for your trial order on D/P basis. 对你方这批试订购的货物，我们准备接受付款交单方式付款。 Sentence Patterns 4) to make an exception (or: as an exceptio

38、nal case)破例 In view of our long business relation, we will make an exception to our rules and accept L/C at 30 days (after) sight. As an exceptional case, we accept payment for your initial order on D/A basis.Sentence Patterns 5) as a special accommodation 作为特殊照顾 As a special accommodation, we agree

39、 to your proposal and accept payment by D/P at sight, but this should not be regarded as a precedent. 作为特殊照顾，我们同意你方建议接受即期付款交单，但是这不应视为先例。 In order to pave the way for your pushing the sale for our products in your market, we agree to payment for this transaction under D/A terms.Sentence Patterns 6) t

40、o be applicable D/P is applicable only if the amount involved for each transaction is less than $1,000. D/A payment is not applicable to your case.Sentence Patterns7) to remitby In order to save a lot of expenses on opening the letter of credit, we will remit you the full amount by T/T when the good

41、s purchased by us are ready for shipment and the freight space is booked.Sentence Patterns2. Establishment of L/C 1)to arrange to open an L/C安排开立信用证 We enclose an application form for documentary credit and shall be glad if you will arrange to open for our account an irrevocable letter of credit for

42、 $40,000 in favor of ABC company, the credit to be valid until June 15. 兹附寄跟单信用证申请表一份，请开立以ABC公司为受益人，金额为4万美元的不可撤销之信用证，有效期至6月15日止，由我方付款。Sentence Patterns2) to establish (open) an L/C throughbank 通过银行开立信用证 We write to inform you that we have today established with Chemical Bank an irrevocable documenta

43、ry L/C in your favor for the amount of $52,000 covering 1,000 sets of TV. Sentence Patterns3) to be confirmed by 由保兑 This L/C will be confirmed by the First Commercial Bank and they will accept draft on them at sixty days after sight for the amount of your invoice.Sentence Patterns 4) to draw (a dra

44、ft) on sb. 向某人开立汇票 You have authority to draw a 60 days draft on our bank against this credit for the amount of your invoice. You are authorized to draw on us at 30 days against this credit for the amount of your invoice after shipment is made.Sentence Patterns5) to be accompanied by 附有 Your draft m

45、ust be accompanied by the following documents. Sentence PatternsLanguage summaryA. about draft1.We have this day drawn the following bill of exchange on your firm, No.223, USD500,000, payable at sight.2.We have drawn on you today against this consignment for USD500,000 at sixty days sight.3.Owing to

46、 the serious depression of trade now prevailing, we shall be unable to meet our acceptance for USD1,500,which mature for payment on the 28th Oct.B. About payment1.All drafts drawn in accordance with the terms in the credit will be duly honored.2.Having difficulty in opening Ls/C,our buyers request y

47、ou to book their orders on D/P basis.3.We will specially grant you a draft at 90 days under D/A.Exercises Choose the correct word:1.Your request for payment ( ) L/C at sight is unacceptable. by2.We will open an irrevocable L/C to pay ( ) the goods covered by the S/C No.682. for 3.As instructed, we w

48、ill draw ( ) you a sight draft for collection through the Bank of China. on4. We will instruct our bank to issue an L/C ( ) favour of your company. in5.We regret ( ) unable to accept your terms of payment as mentioned in your last mail. being6.Payment is sometimes made by means of ( ) through banks

49、under the terms of D/P or D/A. collection7.Under the terms of L/C or collection, a ( ) is usually drawn by the exporter. draft8.Payment should be made upon the ( ) of shipping documents under D/P terms. presentation9.we will draw you a draft ( ) 30 days after sight. at10.we can ( ) bills at any time

50、 before the L/C expires. negotiateTranslate the following sentences1. 我们的付款方式，一般是以保兑的，不可我们的付款方式，一般是以保兑的，不可撤销的，以我公司为受益人的，按发票金撤销的，以我公司为受益人的，按发票金额见票即付的信用证支付。该信用证应通额见票即付的信用证支付。该信用证应通过我们认可的银行开出。过我们认可的银行开出。 Our usual mode of payment is by confirmed irrevocable letter of credit available by draft at sight

51、for the full amount of the invoice value to be established in our favor through a bank acceptable to us.2. 为了你方在你市场推销我方产品铺平道路，为了你方在你市场推销我方产品铺平道路，我方将接受即期付款交单方式付款，以示我方将接受即期付款交单方式付款，以示特别照顾。特别照顾。In order to pave the way for your pushing the sale of our products in your market, we will accept the payment

52、 by D/P at sight as a special accommodation.3.我方通常所使用的结算方式是保兑的、不可撤销的即期信用证，随附的运输单据交装运港所在地的议付行议付。 Our usual terms of payment are by a confirmed, irrevocable letter of credit available by draft at sight, accompanied by shipping documents which are to be presented to the negotiating bank at the port of loading. 4.对这次交易,我们例外同意用信用证方式付款,但对以后的交易,我们要求更有利的付款条件,也就是付款交单. For this transaction, we exceptionally agree to make payment by L/C. But for future transactions, we would ask for more favorable paym