《国际物流与经营管理》第7章-国际贸易支付课件

,TermsofPayment,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionTermsofPaymentasaMarketingTool,TermsofPayment,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingTool,TermsofPayment,CharacteristicsofInternationalPaymentIssues,ReducedCreditInformationLackofPersonalContactDifficultandExpensiveCollectionsNoEasyLegalRecourseHigherLitigationCostsMistrust,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingTool,TermsofPayment,RisksinInternationalTrade,CountryRiskCountryriskisalsoknownaspoliticalrisk.Theprobabilityofnotgettingpaidbyacreditor,becausethecreditorscountryhas:Insufficientforeignexchangereserves.Politicalriskcanalsomeantheprobabilityofnationalizationofafirmssubsidiarybythehostcountry.,RisksinInternationalTrade,CommercialRiskTheprobabilityofnotgettingpaidbyacreditor,becausethiscreditordoesnothavethefundstopaythedebtorbecausethecreditorrefusestopaythedebt.ExposureTherelativeconsequencesofabad-debtriskforanexporter;theriskofa$50,000losswouldrepresentagreaterexposureforasmallexporterthanforalargeexporter.,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingTool,TermsofPayment,AlternativeTermsofPayment,CashinAdvanceOpenAccountLetterofCreditDocumentaryCollection,AlternativeTermsofPayment,Table7-1:AdvantagesandDisadvantagesofSeveralTermsofPayment,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionTermsofPaymentasaMarketingTool,TermsofPayment,CashinAdvance,DefinitionInaCashinAdvancetransaction,theexporterrequeststhatthecustomerprovidepaymentinadvance,beforeshipmentofthegoodscantakeplace.Itistheultimate“risk-free”alternativefortheexporter.InaCashinAdvancetransaction,theriskiscompletelytransferredtotheimporter.,CashinAdvance,ApplicabilityThismethodisonlyjustifiedinrarecases.Itcouldbeusedwhentheimporterisperceivedasbeingveryhighrisk(commercialorcountryrisk).Itshouldbeavoided.,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionTermsofPaymentasaMarketingTool,TermsofPayment,OpenAccount,DefinitionInanOpenAccounttransaction,theexporterconductsinternationalbusinessinamannersimilartothewayitconductsbusinessdomestically.Theexportershipsthegoods,accompaniedbyaninvoice,andexpectstheimportertopaywithinadefinedtimeperiod(30-60days).,OpenAccount,ApplicabilityTheexporterisconfidentthattheimporterwillpay(e.g.long-standingbusinessrelationship).TheexporteriscompetingwithcompaniesthatofferOpenAccountterms.Theexporterwantstocreategoodwill.Incaseswheretheexporterisunsureoftheimporterscredit,theexportercanusecreditinsurance.,OpenAccount,CreditInsuranceAninsurancepolicyunderwhichcommercialriskiscovered.Theinsurancecompanybearstheriskofnon-paymentbytheimporter,deductingaslightpercentageofthereceivable.Creditinsurancedoesnotcoverpoliticalrisk,unlesstheexporterhasexplicitlyaskedforadditionalpoliticalcoveragethatisobtainedthroughtheEx-ImBank.,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionTermsofPaymentasaMarketingTool,TermsofPayment,LetterofCredit,DefinitionALetterofCreditisadocumentwithwhichtheimportersbankpromisestopaytheexporteriftheimporterdoesnotpay.,LetterofCredit,IssuingBankThebankprovidingtheLetterofCredittotheimporter.Thebankthatwillpaytheexporterwhenitprovidesallthenecessarydocuments,shouldtheimporterbeunabletopay.AdvisingBankThebankthatdetermineswhetherthetermsoftheLetterofCreditofferedbytheIssuingBankareappropriate.TheAdvisingBankisgenerallytheexportersregularbank.Insomecases,theexportersbankwilldelegatethisroletoanotherbankwhichismoreexperiencedininternationaltrade.,LetterofCredit,ApplicantThefirmaskingtheIssuingBankforaLetteraCredit.Usually,theapplicantistheimporter.BeneficiaryThefirmnamedinaLetterofCreditasthefirmtowhichtheissuingbankispromisingpaymentiftheimporterdoesnotpay.Usually,thebeneficiaryofaLetterofCreditistheexporter.,LetterofCredit(Process),IssuanceFirstStep-Negotiationbetweenexporterandimporter.SecondStep-Applicant(Importer)requeststhebanktoopenaLetterofCredit(L/C)onimportersbehalfandnamingexporterasbeneficiary.ThirdStep-IssuingBanksendsthisL/CtoAdvisingBank(ExportersBank).FourthStep-TheAdvisingBanknotifiesthebeneficiarythattheL/Cisacceptable.,LetterofCredit,IssuanceofaLetterofCredit,LetterofCredit(Process),ShipmentFifthStepTheexportershipsthemerchandisetotheimporter.Afteralldocumentsarecollected,theexportersendsthemtotheAdvisingBank,.SixthstepTheAdvisingBankchecksthedocumentsagainstthetermsoftheL/C,andsendsthemtoIssuingBankSeventhstep-Afterreceivingandcheckingthedocuments,theIssuingBanknotifiestheimporter,whousesthemtoclearCustoms.,LetterofCredit(Process),ShipmentUnderaLetterofCredit,LetterofCredit(Process),PaymentEighthStep-ImporterpaysIssuingBank.NinthStep-IssuingBankpaysAdvisingBank.TenthStep-AdvisingBankpaysExporter.,LetterofCredit(Process),PaymentUnderaLetterofCredit,LetterofCredit(Process),Entire(Simplified)ProcessofaLetterofCredit,LetterofCredit,ALetterofCreditis:IrrevocableItcannotbealteredwithouttheexpressconsentofallpartiesinvolved.VirtuallyallLettersofCreditareirrevocable.DocumentaryThebeneficiarymustpresentacertainsetofdocuments(billoflading,invoiceandmiscellaneouscertificates)tothebank.Itispaidondocuments,notthesafearrivalofthegoods.,P185,LetterofCredit,ConfirmedLetterofCreditTheexporterasksabanktoprovideanadditionallevelofpaymentsecuritytoaLetterofCredit.Iftheimporterdoesnotpay,andtheIssuingBankdoesnotpay,theConfirmingBankpays.CorrespondentBankAforeignbankwithwhichadomesticbankhasapreferredbusinessrelationship.,P185-186,LetterofCredit,UCP600UniversalCustomsandPracticeforDocumentaryCredit,2007Revision,InternationalChamberofCommerce.URR725UniformRulesforBank-to-BankReimbursementsunderDocumentaryCredits.,P186-188,LetterofCredit,ApplicabilityLettersofCreditareanoutstandingmeansofmakingsurethattheexporterwillbepaid.LettersofCreditarecostly.LettersofCreditarecumbersome.,P190,AdditionalTypesofLettersofCredit,Stand-ByLettersofCreditTransferableLettersofCreditBack-to-BackLettersofCredit,P190,CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionTermsofPaymentasaMarketingTool,TermsofPayment,DocumentaryCollection,DefinitionItisaprocessbywhichanexporterasksabankto“safeguard”itsinterestsintheforeigncountrybynotreleasingthedocuments.ItisaccompaniedbyaBillofExchange(alsocalledaDraft).,P192,DocumentaryCollection,RemittingBankThebankthatinteractswiththeexporterandwiththePresentingBankintheimportingcountry.ReceivesthedocumentsfromtheexporterandthensendsthemtothePresentingBank.Ithasnoobligationtorenderjudgmentoradviceonthequalityofthepacketofdocuments;itjusttransmitsthemtothePresentingBank.PresentingBankThebankthatinteractswiththeimporteronbehalfoftheexporter.ReceivesthedocumentsfromtheexporterorfromtheRemittingBankandholdsthemuntiltheimportereithersignsadraftorpaystheexporter.FollowstheLetterofInstructionsfromtheExporter.,P192-193,DocumentaryCollection,SightDraftD/PTheRemittingBankisinstructedtoreleasethedocumentsonlywhentheImporterpays.Theimporterhastopay“onsight.”TimeDraftD/PD/ATheRemittingBankisinstructedtoreleasethedocumentsonlyaftertheImporterhassignedtheDraft.APromissoryNotethattheimporterhastopayin30,60,90or180daysafterthedateatwhichitsignstheDraft.Theexporterextendscredittotheimporter.,P193-194,DocumentaryCollection,DateDraftD/PD/ATheRemittingBankisinstructedtoreleasethedocumentsonlyaftertheImporterhassignedtheDraft.APromissoryNotethattheimporterhastopayin30,60,90or180daysafterthedateatwhichthegoodswereshipped(BOLdate).Theexporterextendscredittotheimporter.,P194,DocumentaryCollection,Bank