国际结算双语教学（英文部分） 全套课件

INTERNATIONAL SETTLEMENT岳华 杨来科 编著立信会计出版社,Contents,CHAPTER 1 INTRODUCTIONCHAPTER 2 BILLS OF EXCHANGECHAPTER 3 PROMISSORY NOTE AND CHEQUESCHAPTER 4 REMITTANCE AND COLLECTIONS40CHAPTER 5 FORFEITING AND FACTORINGCHAPTER 6 LETTER OF CREDIT,CHAPTER 7 GUARANTEES AND STANDBY LETTER OF CREDITCHAPTER 8 DOCUMENTARY BILL AND INVOICECHAPTER 9 TRANSPORT DOCUMENTCHAPTER 10 INSURANCE AND OTHER DOCUMENTSCHARPTER 11 NONTRADE PAYMENTS AND SETTLEMENTSCHAPTER 12 CYBERPAYMENTS,CHAPTER 1 INTRODUCTION,1.1 Concept of international payments1.2 Traditional payment methods1.3 Factors in the payment decision1.4 Decision making and payment methods1.5 International trade payment risks,1.1 Concept of international payments,International payments are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, claims, etc. emerged in the course of political, economic or cultural contacts among them.To be more specific, international payments may arise from:（1） Commercial settlements, that is, trade payment.（2） Payments for the services rendered.（3） Payments between governments.（4） Transfer of funds among countries.（5） OthersOther international payments such as overseas remittances, educational expenses, inheritance, etc.,1.2 Traditional payment methodsThere are four traditional methods of effecting payment for the international sale of goods, and a number of interesting and effective alternatives.they have been the accepted international payment techniques for over 100 years. They are practiced in domestic trade as well as in international trade. The four traditional payment methods used in international trade are: cash in advance, open account, letter of credit, documentary collection.,1.3 Factors in the payment decision,（1） The credit standing of the buyer. （2） The amount involved.（3） Availability of foreign exchange in the buyers country（4） Types of exchange controls in the buyers country（5） Political conditions in the buyers country（6） Type of merchandise to be shipped. （7） Customs in the trade. （8） Market conditions: a buyers or sellers market. （9） Payment terms offered by competitors.,1.3.1 Credit cardMany international sales are for moderate amounts: replacements, repairs, restocking, and parts orders. 1.3.2 ConsignmentConsignment is a business practice used for the development of a market or disposal of excess goods. Consignment is the practice of delivering your product to the buyers place of business, placing the goods under the buyers control, and requiring payment only after the goods have been sold. Consignment is less certain as to timing of payment than open account. The consignee in a consignment sale is not to be confused with the consignee on a bill of lading.,1.3.3 Cash in advanceCash in advance is selfexplanatory. Under this payment term, the exporter requires that the buyer pay for the goods either at the time of the order or prior to loading onto an inland carrier under a combined transport bill of lading, or prior to loading on the ocean carrier under a port to port bill of lading.For the buyer, this option is expensive and unattractive. The document evidencing the transaction is the commercial invoice.1.3.4 Letter of creditThe letter of credit has been the traditional instrument for payment in international trade transactions for decades. they （L/C） remain the single most important payment method.,1.3.5Documentary collection The last of the traditional payment methods for international transactions is the documentary collection“The handling by banks of documents, in accordance with instructions received, in order to:i. obtain payment and/or acceptance, orii deliver documents against payment and/or against acceptance, oriii. deliver documents on other terms and conditions.”1.3.6 Open accountOpen account is an arrangement between exporter and importer， whereby the goods are manufactured and delivered before payment is required. Open account sales transactions are evidenced only by the invoice. Because there is no evidence of indebtedness by the buyer,1.4 Decision making and payment methods,Some exporters have no option, so the decision criteria are quite simple.Some exporters do not use any deliberative or analytical process to make a term of payment decision.This analytical process includes some form of evaluation of some or all of the following issues:（1） What are the corporate marketing and sales objectives for this （each） market?（2） What is the credit standing of the buyer?（3） What risk does the country impose?（4） What is our corporate appetite for risk?（5） What are traditional payment terms for our products, our industry?（6） What is the cost structure of our company?,1.5 International trade payment risks,（1） Exchange risk Exchange risk does not directly exist if the U.S. exporter sells in USD. （2） Transfer risk Transfer risk is the risk that payment will not be made due to the buyers inability to obtain USD and transfer them to the seller. （3） Political risksPolitical risks are usually post shipment risks.（4） Dealing with country risk. A number of services are available to assist companies in analyzing political and economic risks by market, country，or region. （5） Risk factors to analyze Regardless of the service used （internal or external）, exporters and companies that are active internationally should look at most or all of the following factors in evaluating the business risks associated with any particular country or region,Key wordsInternational payments, Open account, ConsignmentQuestions1 What are the factors in the payment decision?2 What are the international trade payments risks?,CHAPTER 2BILLS OF EXCHANGE,2.1 Definitions of bills of exchange2.2 Parties to bills of exchange2.3 Requirements of bills of exchange2.4 Acts of bills of exchange2.5 Application of bills of exchange in financing2.6 Classification of bills of exchange,2.1 Definitions of bills of exchange,As defined in the Bills of Exchange Act 1882 of the United Kingdom, a bill of exchange is unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person on whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person，or to bearer.,2.2 Parties to bills of exchange,2.2.1 Basic parties（1） The drawer. The drawer is the party who draws and signs a draft on the drawee and delivers it to the payee. He is a debtor to the draft. （2） The drawee/payer. The drawee is the party on whom the bill is drawn and he is the party to honor the bill at the order of the drawer. （3） The payee. The payee is the party to receive payment. 2.2.2Other parties（1） Acceptor An acceptor is the party who sign on a Time Bill with his assent to the order given by the drawer.（2） Endorser An endorser is a payee or a holder who signs his name on the back of a bill for the purpose of negotiation（3） Endorsee An endorsee is the party to whom the instrument is transferred（4） Holder A holder is a party who is in possession of the instrument. A holder can be the payee/ bearer or the endorsee.（5） Guarantor A guarantor is another third party who guarantees the acceptance and the payment of a bill of exchange.,2.3 Requirements of bills of exchange,In conformity with the Uniform Law on Bills of Exchange and Promissory Notes 1930 of Geneva, a bill of exchange must fulfill the following requirements: The word “Exchange” An unconditional order Place and date of issue Time of payment Amount Name of the drawee and place of payment Name of the payee Drawers name and signatur,（1） The word “Exchange” The word “Exchange” should be indicated on a bill of exchange（2） An unconditional order in writing A bill of exchange must be an unconditional order in writing （including “printed” and “typewritten”）. （3） Date and place of issueThe issuing date of a bill of exchange is a legal requirement.（4） Tenor A bill of exchange may be payable on demand or at a fixed or determinable future timeA Payable on demanda.B Payable at a future timea（5） Amount The amount must be expressed as a sum certain in money both in words and in figuresThe amount payable may be paid：a with interestb by state installmentsc or according to an indicated rate of exchange（6） Drawee and place of paymentDrawee and place of payment must be reasonably clear and definite（7） Name of the payee Unless a bill of exchange is payable to bearer; the payee must be named with reasonable certainty（8） Drawer and his signatureThe drawers signature serves as a means of authenticating a bill of exchange.,2.4 Acts of bills of exchange,2.4.1 IssueTo issue a draft comprises two acts to be performed by the drawer. One is to draw and sign a draft, the other is to deliver it to the payee. Delivery means transfer of possession of the draft from one person to another. 2.4.2 Endorsement（1） Special endorsementIt is also called an endorsement in full（2） Blank endorsement or endorsement in blank It is also called a general endorsement.（3） Restrictive endorsementRestrictive endorsement is an endorsement which is prohibited further transfer of the draft（4） Conditional endorsement A conditional endorsement is a special endorsement adding some words thereto that create a condition bound to be met before the special endorsee is entitled to receive payment.（5） Endorsement for collection Endorsement for collection is an endorsement with the purpose of collection,2.4.3 Presentment A draft must be duly presented for payment if it is a sight bill or duly presented for acceptance first and then presented for payment at maturity if it is a time bill. 2.4.4 AcceptanceAcceptance of a bill of exchange is a signification by the drawee of his assent to the order given by the drawer.A valid acceptance require: The word “accepted” must be followed by the signature of drawee without additional words is also justified. It must not be expressed that the drawee will carry out his promise by any other means than the payment of money.How should the time for acceptance be treated? Acceptance is generally to be made at a reasonable hour on a business day subsequent to the presentment of the bill before it is overdue. Acceptance is also to be made immediately after the bill has been dishonored by a nonacceptance. When a bill payable after sight is first dishonored, by nonacceptance and then accepted by the drawee, the holder, in the absence of any dissent, is entitled to treat the bill as accepted as of the date of first presentment to the drawee for acceptance,.Acceptance can be divided into general acceptance and qualified acceptance.（1） General acceptanceA general acceptance is an acceptance by which the acceptor assents without qualification to the order given by the drawer. This is the most usual acceptance.（2） Qualified acceptanceA qualified acceptance is an acceptance by which the acceptor varies in express words the specified terms on the bill. a Conditional acceptanceA conditional acceptance is one by which the payment to be made by the acceptor will depend on the fulfillment of some condition as statedb Partial acceptancePartial acceptance is one by which the acceptor will pay only part of the amount for which the bill is drawn.c Local acceptanceIt is an acceptance by which the acceptor will effect payment only at a particular specified place.d Qualified acceptance as to timeIt is another kind of a qualified acceptance.,2.4.5 PaymentAct of payment is performed when a bill of exchange is paid. 2.4.6 Dishonor and notice of dishonorAct of dishonor is a failure or refusal to make acceptance on or payment of a bill of exchange when presented.2.4.7 ProtestProtest is a written statement under seal drawn up find signed, by a Notary Public or other authorized person for the purpose of giving evidence that a bill of exchange has been presented by him for acceptance or for payment but dishonored. 2.4.8 Right of recourseThe term “recourse” is used to signify the right of a holder of a bid of exchange to compel his prior endorsers to perform their legal obligations by effecting the payment, thereof if dishonored by the drawee or by the acceptor.,2.4.9 Acceptance for honor supra protest Acceptance for honour supra protest is an act performed by the acceptor for honor, who accepts the bill supra protest, for the honor of any party liable thereon for the person for whose account the bi1l drawn. A bill may be accepted for honor. 2.4.10 Payment for honor supra protest Payment for honor supra protest is an act similar to acceptance for honor supra protest in the sense that it vindicates the honor of a party liable on a bill of exchange.2.4.11 GuaranteeAct of guarantee is performed by a third party called guarantor,who engages that the bill will be paid on presentation if it is a sight bill or accepted on presentation and paid at maturity if it is a time bill.,2.5 Application of bills of exchange in financing,2.5.1 Discounting of a bill of exchangeDiscounting of bill is to sell a time bill，already accepted by the drawee but not yet fallen due, to a financial institution at a price less than its face value.The process of discounting a bill of exchange is as follows: issue a bill, present it for acceptance accept it discount it pay the amount （i.e.less than the face value） present it for payment at maturity pay the face value.,2.5.2Accommodating of a bill of exchange,1,5,2,3,4,6,7,The procedure of accommodating of a bill of exchange The trader draws a time bill on an accepting house payable to himself and presents the bill to the drawee for acceptance. The accepting house accepts the bill and returns it to the payee. Before maturity, the payee discounts （sells） the bill to the discount house. The discount house discounts （buys） the bill and makes the payment to the payee at an amount less than the face value of the bill. The trader provides funds to the accepting house just before maturity so that the drawee can honor the bill at maturity. At maturity, the discount house, as the new holder of the bill, presents the bill to the accepting house for payment. The drawee makes payment to the discount house at the face value,2.6 Classification of bills of exchange,（1） According to the tenor:a Sight bill: It is a bill payable on demand or at sight or on presentation.b Time bill or usance bill: It is a bill payable at a fixed or determinable future time（2） According to the drawer:a Bankers draft or bank draft: It is a draft drawn by a bank on another bank.b Trade bill: It is a bill issued by a trader on another trader or on a bank.（3） According to the acceptor:a Bankers acceptance bill: It is a time bill drawn on a bank and accepted by this bank. b Traders acceptance bill: It is a time bill drawn on a trader and accepted by him,（4） According to the currency denominated:a Local currency bill: It is a bill on which the amount is denominated in local currency.b Foreign currency bill: It is a bill on which the amount is denominated in foreign currency.（5） According to the place of issue and place of payment: a Inland bill or domestic bill: It is a bill drawn and payable in the same country. b Foreign bill: It is a bill drawn in one country and payable in another country.（6） According to whether or not the shipping documents are attached:a Clean bill: It is a bill without shipping documents attached thereto.b Documentary bill: It is a bill with shipping documents attached thereto,Key wordsBills of exchange，Endorsement， Acceptance， Payment， Dishonour， Protest， Acceptance for honour， Supra protest， Recourse， Discounting of a bill of exchange，Clean billQuestions1. What is a bill of exchange?2. What are the requirements of a bill of exchange?,CHAPTER 3PROMISSORY NOTE ANDCHEQUES,3.1 Promissory note3.2 Cheques,3.1 Promissory note,3.1.1 Definitions and requirements of a promissory noteAs defined in the Bills of Exchange Act 1882 of the United Kingdom, a promissory note is an unconditional promise in writing made by one person（the maker）to another（the payee or the holder） signed by the maker engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person of bearer. a promissory note must fulfill the following requirements: The word “Promissory Note” An unconditional promise to pay Payee or his order Makers signature Date and place of issue Period of payment A certain amount of money. Place of payment.,3.1.2 Difference between a bill of exchange and a promissory noteThe nature of a promissory note has much in common with that of a bill of exchange. However, there is some difference between these two instruments, which lies in:（1） A promissory note is a promise to pay, whereas a bill of exchange is an order to pay（2） There are only two parties to a promissory note, namely the maker and the payee （or the holder in the case of a bearer note）, whereas there are three parties to a bill of exchange, namely the drawer, the drawee and the payee（3） The maker is primarily liable on a promissory note, whereas the drawer is primarily liable, if it is a sight bill and the acceptor becomes primarily liable，if it is a time bill（4） When issued，promissory note has an original note only, whereas a bill of exchange may be either a sole bill on a bill in a set，i.e. a bill drawn with second of exchange and third of exchange in addition to the original one.,3.1.3 Major forms of promissory notes（1） Traders note Traders