terms-of-payment--国际贸易支付方式

1、Chapter 11 International Trade PaymentLearning objectivesnTo learn the basic three instruments of payment bill of exchange, promissory note and cheque. nTo learn the modes of payment in intl trade remittance, collection, letter of credit.nTo be aware of the payment process under different payment me

2、thods.nTo learn the payment clause in a sales contract. Terms of PaymentnTerms of payment define the conditions under which the seller and buyer agree to settle the financial amount of the sales contract. It includes:n Method of payment; n Amount; n Place and date of payment; n Cost relating to the

3、payment. Financial instrumentsnIn intl trade, currencies and bills are two major means of payment. nIt is difficult for the buyer to pay and the seller to deliver the goods face to face. nThey use documents to fulfill their respective obligations, i.e., the seller delivers the goods and is paid agai

4、nst the documents, meanwhile the buyer makes payment and get the goods against the documents. Banks are intermediaries, and bills are instruments of payment. Instruments of Intl Settlement 国际结算工具国际结算工具Bill 票据票据 Cheque 支票支票Promissory Note 本票本票Draft 汇票汇票Currency 货币货币 Instruments of payment1. Bill of e

5、xchange/draft 汇票nBill of Exchange 汇票汇票nA written, dated, and signed three-party instrument containing an unconditional order by a drawer（出票人） that directs a drawee（受票人/付款人） to pay a definite sum of money to or to order of a specified party (payee)（受款人） at a specified future date. Also known as a dra

6、ft.n是出票人签发的，委托付款人在见票时或者在将来可以是出票人签发的，委托付款人在见票时或者在将来可以确定的时间或固定时间无条件支付确定的金额给收款人确定的时间或固定时间无条件支付确定的金额给收款人或者持票人的票据。或者持票人的票据。 Parties of the bill of exchangenDrawer - The party who writes the order and gives directions to another person to make a specific payment of money. He is usually the exporter. nDraw

7、ee/payer - The party to whom the order is addressed and who is to pay the money. He is usually the importer. - He may honor or dishonor the bill. nPayee - The party who is to receive the payment. - If the bill is transferred, he is called the original holder/transferor.Examples of Sight Draft见票即付的汇票

8、格式见票即付的汇票格式Bill of ExchangeNo CZFR-00127 Date 03, July, 1995 , GuangzhouExchange for USD 100,000 D/P At sight pay this first bill of exchange (second exchange being unpaid) to the order of Bank of China Guangzhou Branch the sum of USD one hundred thousand only .To buyer/importer For seller/exporterU

9、nited Kingdom authorized signature Procedure of using bills of exchangenIssue（出票）（出票）: it comprises two acts: (1) to draw a draft and sign it; (2) to deliver it to the payee nPresentment/Presentation（提示）（提示）: the act of taking the bill to the drawee and demanding that he makes the payment or accepts

10、 the bill.nAcceptance（承兑）（承兑）: the act that the drawee writes down the word “accepted”, marks the date and signs his name across the face of the bill. nPayment（付款）（付款）: made when the bill is presented to the drawee and payment of a time bill is made at maturity. A bill is discharged only when paymen

11、t is made in due course.Procedure of using bills of exchangenEndorsement（背书）（背书）: an act of negotiation to sign on the back of a draft to transfer rights in the draft to another. nDemonstrative endorsement: the one which specifies the person to whom, or to whose order, the bill is to be payable, suc

12、h as “pay or to order of”.nRestrictive endorsement: the one which limits the bill for further negotiation, such as “pay only” or “pay non-transfer”. nBlank endorsement: the one which makes the bill payable to bearer and to make delivery and without additional endorsement. Procedure of using bills of

13、 exchangenDishonor and recourse（拒付和追索）（拒付和追索）: a failure or refusal to make acceptance or payment of a bill of exchange when presented to the drawee. When a bill is dishonored either by non-acceptance or by non-payment, the holder may exercise his right of recourse against his prior endorsers and dr

14、awer for payment. Procedure of using bills of exchangeEg. pay to xx Co. only; pay xx Co. or pay to the order of xx Co. Draft bearer (持票人）持票人） asks for payment or acceptanceDrawee (付款人付款人) receives the time draft & is unconditionally obliged to pay at maturity (到期）到期）.Drawee will pay the sight dr

15、aft on presentation and will pay the time draft at maturity on presentation.It is a signature on the back of the draft by which the person to whom the note is payable, transfers it to the bearer or to a specific person. The draft bearer encounters dishonor by non-acceptance (拒绝承兑）拒绝承兑） or non-paymen

16、t（拒绝付款）（拒绝付款）.Draw/Issue( 出票出票)Presentation( 提示提示)Payment （付款）（付款）Endorsement(背书背书)Dishonor& recourse( 拒付和追索拒付和追索)Acceptance( 承兑承兑) payee issue presentdrawer payer/drawee accept, payProcedure of using bill of exchangeTypes of bill of exchangenAccording to the date of payment, draft can be classi

17、fied into:nSight Bill or Demand Draft or Draft at sight (即期汇票)nTime Bill or Usance Bill or Draft after sight (远期汇票) nAccording to different drawer（出票人），（出票人），it can be classified into:nBankers Draft/Bill（银行汇票）: issued by a banker on another bank. nTrade Draft/Bill（商业汇票）: issued by a trader on anothe

18、r trader or on a bank.Types of bill of exchangenAccording to attaching shipping document or not, it can be classified into: nDocumentary Bill（跟单汇票）: accompanied by shipping documents.nClean Bill（光票）: without shipping documents attached.nAccording to different acceptor（承兑人）, it can be classified into

19、: nTraders Acceptance Bill（商业承兑汇票）: drawn on and accepted by a tradernBankers Acceptance Bill（银行承兑汇票）: drawn on and accepted by a banker 2. Promissory Note 本票本票nPromissory note: nA promissory note makes an unconditional promise in writing to pay a sum of money to the other, either at a fixed or dete

20、rminable future time or on demand of the payee, under specific terms. The party who promises to pay is called the maker; the party who is to be paid is the payee. n出票人本人签发给受款人的、保证在见票时或在指定的或可确定的将来某一时间无条件支付一定金额的书面承诺。3. Cheque/check 支票支票nChequenA written order by the drawer or maker, directing a bank t

21、o pay a sum of money at sight unconditionally to the specific person or the check holder.nThree parties: The drawer: the one who draws the cheque, and must be the depositor of the bank; the payee: the one to whom the cheque is to be paid; the drawee: the bank which pays it. drawer/makerpayeedrawee i

22、nstruct payModes of Intl Payment nModes of payment means a series of acts or operations to realize the funds flow from one country to another. Remittance ( (汇款）汇款）Collection（托收）（托收）Letter of Credit （信用证）（信用证）Bank credit 银行信用银行信用Commercial credit 商业信用商业信用Remittance 汇付汇付nIt refers to the transfer of f

23、unds from one party to another among different countries, that is, a bank(the remitting bank 汇出行), at the request of its customer(the remitter 汇款方), transfers a certain sum of money to its overseas branch or correspondent bank(the paying bank/ receiving bank 汇入行) and instructs it to pay to a named p

24、ayee. 指不同国家（地区）间一方向另一方转移资金，指不同国家（地区）间一方向另一方转移资金， 也也就是说，某一银行（汇出行）应其客户的要求，将一定货币就是说，某一银行（汇出行）应其客户的要求，将一定货币金额转移至其海外分行或代理行，指示其付款给某一指定收金额转移至其海外分行或代理行，指示其付款给某一指定收款人。款人。 Procedure of Remittance汇付业务流程汇付业务流程Remitter 汇款方（进口商）汇款方（进口商）Payee/Beneficiary收款方（出口商）收款方（出口商）Paying Bank/Receiving bank汇入行（出口商所汇入行（出口商所在地银

25、行）在地银行）Remitting Bank汇出行（进口商所汇出行（进口商所在地银行）在地银行）goods货物货物委托付款委托付款申申请请书书解解付付汇汇款款Types of Remittance Remittance( (汇付汇付) )Mail Transfer (M/T)(信汇信汇)Telegraphic Transfer (T/T)(电汇电汇)Demand Draft (D/D)(票汇票汇)nMail Transfer, M/T 信汇信汇nA remitting bank issues a payment order（付款委托书） at the request of the remitte

26、r and sends it to the paying bank by mail instructing the paying bank to pay a sum of money to a specified person or a beneficiary. 汇出行根据进口商的指示，以银行信件邮寄指示出口商所在地的汇入行，委托其向出口商或其指定人付款的汇款方式。nCharacteristicsnCheap but slow, seldom usedTypes of Remittance Types of Remittance nTelegraphic Transfer, T/T 电汇电汇n

27、A remitting bank issues a payment order（付款委托书）at the request of the remitter and sends it to the paying bank by cable/telex/SWIFT instructing the paying bank to pay a sum of money to a specified person or a beneficiary. 汇出行根据进口商的指示，以电报/电传/SWIFT等电讯方式指示出口商所在地的汇入行，委托其向出口商或其指定人付款的汇款方式。nCharacteristicsnF

28、ast and safe for exporter to get the money nThe most commonly used type of remittance nDemand Draft, D/D 票汇nImporter buys the bankers draft (银行汇票）from its local bank and sends it to the exporter, so that the exporter can get the payment by presenting the draft to the designated bank. 进口商在本地银行购买银行汇票直

29、接寄给出口商，出口商凭以向汇票上指定的银行收取款项的汇款方式。nCharacteristicsnFlexible to draw moneynConvenient for the exporterTypes of Remittance Collection 托收托收nUpon the delivery of goods, the exporter draws a bill of exchange on the importer for an amount of money, and authorizes his bank to collect payment through his branc

30、h bank or correspondent bank in the country of the importer. Collection 托收托收nThe Drawer/Principal 委托人委托人/出口方出口方: the person who entrusts the collection items to its bank nThe Drawee付款人付款人/进口方进口方 : usually the importer nThe Remitting Bank托收行托收行/出口地银行出口地银行 : the exporters bank which receives the colle

31、ction items from the principal and forwards the draft and/or other documents to its overseas branch or corresponding bank, asking the latter to collect proceeds from the importer nThe Collecting Bank代收行代收行/进口地银行进口地银行 : the bank which receives the collection items from the remitting bank, presents th

32、e draft to the drawee and collects payment from the importer Parties involved in collectionExporter/principalImporter/drawee1 shipment of goods2 submits draft, packing list, bill of lading, etcExporters Bank/Remitting BankImporters Bank/Collecting Bank3transfers documents to importers bank4notifies

33、importer that doc. have been received 5payment6releases doc. 7payment 8payment Procedure of collectionNote: in the case of a time draft, the importer makes a promise to pay, not the actual payment, in step 5Collection ( (托收托收) )clean collection( (光票托收光票托收) )documentary collection ( (跟单托收跟单托收) )Types

34、 of CollectionTypes of CollectionCollection Clean Collection Documentary Collection D/PD/AD/P at sight D/P after sight Types of Collection1. Clean Collection 光票托收光票托收 It means collection of financial documents not accompanied by commercial documents. 指不附带商业单据的金融单据的托收。 Mainly used for small amount tr

35、ansaction, advance payment（预付款）, installment payment（分期付款）, commission and costs of samples etc.2. Documentary Collection 跟单托收跟单托收 It means collection of financial documents accompanied by commercial documents;指附带商业单据的金融单据的托收；Types of Collectiondocumentary collection ( (跟单托收跟单托收) )documents against

36、payment ( (D/P) )付款交单付款交单documents against acceptance ( (D/A) )承兑交单承兑交单nDocuments include financial documents and/or commercial documents Financial documents means bills of exchange, promissory notes, cheques or other similar instruments used for obtaining the payment of money. 金融单据指汇票、本票、支票或者其它用于取得

37、付款的类似凭证。 Commercial documents means invoices, transport documents, documents of title or other similar documents, or any other documents whatsoever, not being financial documents. 商业单据指发票、运输单据、物权凭证或其它类似单据，或除金融单据以外的任何其它单据。Collection 托收托收Documents Against Payment, D/P付款交单付款交单nThe collecting bank may r

38、elease the documents only against immediate payment. It can be classified into D/P At Sight and D/P After Sight. n出口商的交单是以进口商的付款为条件出口商的交单是以进口商的付款为条件。指出。指出口商将汇票连同商业单据委托银行代收款项时，口商将汇票连同商业单据委托银行代收款项时，指示银行只有在进口商付清款项后才能将商业指示银行只有在进口商付清款项后才能将商业单据交给进口商。又可分为即期和远期付款交单据交给进口商。又可分为即期和远期付款交单。单。Types of Collection2

39、. Documentary Collection 跟单托收跟单托收b) Documents Against Acceptance, D/A承兑交单承兑交单nThe collecting bank may release the documents against the buyers acceptance of a draft (for instance, drawn payable 6080 days after sight or due on a definite date). After acceptance, the buyer(importer) gains possession o

40、f the goods before the payment is made. The buyer will make payment when the time draft is mature. n出口商的交单是以进口商在汇票上承兑为条件。出口商的交单是以进口商在汇票上承兑为条件。指指出口商按照合同规定装货后，开具远期汇票连同商出口商按照合同规定装货后，开具远期汇票连同商业单据交当地托收行（寄单行），指示并委托其在业单据交当地托收行（寄单行），指示并委托其在进口地的与其有和约关系的代收行（提示行进口地的与其有和约关系的代收行（提示行)向进口向进口商做出提示，进口商承兑远期汇票，便可领取商业商

41、做出提示，进口商承兑远期汇票，便可领取商业单据、提取货物，待远期汇票到期时再付清货款。单据、提取货物，待远期汇票到期时再付清货款。Types of Collection2. Documentary Collection 跟单托收跟单托收nEg. 出口商于出口商于2004年年9月月10日开出跟单汇票，日开出跟单汇票，9月月17日进口地银日进口地银行收到汇票当天向进口商提示，那么在行收到汇票当天向进口商提示，那么在D/P即期即期 、D/P 30天和天和D/A 30天的情况下，汇票的提示日、承兑日、付款日和单据的天的情况下，汇票的提示日、承兑日、付款日和单据的提交日分别如下：提交日分别如下：9月月1

42、7日日9月月17日日9月月17日日无需承兑无需承兑 No9月月17日日9月月17日日9月月17日日10月月17日日10月月17日日9月月17日日10月月17日日9月月17日日D/A vs. D/PnCollection belongs to commercial credit. nThe banker only functions as a middleman, and his obligation is only to provide services of delivering documents and collect payment. The seller sends goods fi

43、rst, and gets payment later. Whether the seller can get the payment or not is reliable on the buyers credit. The buyer gets financing from the seller. Nature of CollectionLetter of Credit, L/C信用证信用证nA L/C is a conditional written undertaking given by bank on the request of an importer to pay at sigh

44、t or at determinable future date a certain amount of money to the exporter against stipulated documents, provided that the terms and conditions of the credit are complied with. Importer Exporter BankSales Contract Apply for L/CConditional payment promisen A L/C gives the seller reassurance that he w

45、ill receive the payment for the goods when he presents the bank with the necessary shipping documents confirming the shipment of goods within a given time. Letter of Credit, L/C信用证信用证The Characteristics of L/C银行凭单付款，银行凭单付款，不问货物不问货物Case Study 我某公司向国外A商出口货物一批。A商按时开来不可撤销，即期，议付信用证，该证由设在我国境内的外资B银行通知并加以保兑

46、。我公司在货物装运后，将全套合格单据送交B银行议付，收妥货款。但B银行向开证行索偿时，得知开证行因经营不善已宣布破产。于是，B银行要求我公司将议付的货款退还，并建议我方可委托其向A商直接索取货款。问：我公司该如何处理？为什么？ 我公司应拒绝接受B银行的要求。根据UCP600规定，信用证一经保兑，保兑行即与开证行同样承担第一付款责任，保兑付款后，无追索权。因此，我公司应拒绝B银行的要求。【分析分析】Case Study 外国一家外贸公司与我国一家进出口公司订立合同，购买化肥500吨。合同规定，2009年1月30日前开出信用证，2月5日前装船。1月28日买方开来信用证，有效期至2月10日。由于卖方

47、按期装船发生困难，故请买方将装船期延至2月17日并将信用证有效期延长至2月20日，买方回电表示同意，但未通知开证行。2月17日货物装船后，卖方到银行议付时遭到拒绝。问：1）银行是否有权拒付货款？为什么？2）作为卖方律师，应如何处理此事？ 1）银行有权拒付。根据UCP600的规定，信用证虽是根据销售合同开出的，但一经开出就成为独立于销售合同的法律文件。银行只受信用证条款约束，而不受合同的约束。买卖双方达成修改信用证的协议并未通知银行并取得银行同意，信用证条款未改变，银行就只按原信用证条款办事，银行可以拒付。 2）作为卖方律师，当银行拒付时，可依据修改后的合同条款，直接要求买方履行付款义务。【分析

48、分析】【分析分析】信用证项下要求信用证项下要求单证必须相符单证必须相符，否则银行不予议，否则银行不予议付。本案中装运单与信用证不符，所以银行可以付。本案中装运单与信用证不符，所以银行可以拒付。拒付。 某出口公司对美成交女上衣 1000件，合同规定绿色和红色上衣按37搭配，即绿色300件，红色700件。后国外来证上改为红色30%，绿色70%，但该出口公司仍按原合同规定的花色比例装船出口，后信用证遭银行拒付。问：为什么银行拒付？Case StudyApplicant/opener: always the importer; Beneficiary: always the exporter;Open

49、ing/issuing bank: the one which issues a letter of credit at the request of an applicant to the beneficiary; Advising/notifying bank: the corresponding bank of the issuing bank or its head office or subsidiary located in the exporters country. It is to advise the credit to the beneficiary. Parties i

50、nvolved in L/CnNegotiating bank: the bank which buys the sight draft and/or documents presented by the exporter, and then forwards the draft and documents to the opening bank for reimbursement. The advising bank is also the negotiating bank. 议付行是根据开证行在议付信用证中的授权，买进受益议付行是根据开证行在议付信用证中的授权，买进受益人提交的汇票和单据的

51、银行。人提交的汇票和单据的银行。 nPaying bank: the bank that makes payment to the beneficiary against presentation of stipulated documents. It is usually the opening bank but can also be a third designated bank. 是信用证上被开证行指明须履行付款责任是信用证上被开证行指明须履行付款责任的银行的银行,一般为开证行本身或开证行的代理行。一般为开证行本身或开证行的代理行。 Parties involved in L/CnRe

52、imbursing bank: the bank nominated by the issuing bank to honor the claim from the negotiating bank, the paying bank or the accepting bank on behalf of the issuing bank. 偿付行是受开偿付行是受开证行指示或由开证行授权，对信用证的付款行，承兑证行指示或由开证行授权，对信用证的付款行，承兑行、保兑行或议付行进行付款的银行行、保兑行或议付行进行付款的银行 。Parties involved in L/CnConfirming ban

53、k: Sometimes to ensure the payment of the goods, the exporter would ask the importer to require the opening bank to authorize another bank to confirm the payment for L/C. 保兑保兑行是应开证行或信用证受益人的请求行是应开证行或信用证受益人的请求, 在开证行的付在开证行的付款保证之外对信用证进行保证付款的银行。款保证之外对信用证进行保证付款的银行。nThe confirming bank is usually the advis

54、ing bank and is usually in the country of the exporter. It holds itself responsible for the payment of the goods. Thus, two banks hold themselves for the payment of the goods, which is more secure than otherwise. Parties involved in L/CBeneficiary/Exporter 受益人受益人/出口商出口商Advising/Negotiating bank通知通知/

55、议付行议付行出口地银行出口地银行Issuing bank/ Paying bank开证行开证行/付款行付款行进口地银行进口地银行Applicant/Importer开证申请人开证申请人/进口商进口商1 sign the contract5 ship the goods12 takedelivery 11releasedoc.10pay2apply L/C3 issue L/C8 send doc. 9 pay/accept7pay6submitdoc.4adviseThe Procedure of L/C BusinessThe importer and exporter sign a sal

56、es contract and make an agreement on L/C payment. The importer makes application for L/C with his bank. The bank approves the application and issues L/C. The issuing bank advises the documentary credit to the advising bank. The advising bank delivers the L/C to the exporter. The Procedure of L/C Bus

57、iness5. The exporter examine the L/C and ship the goods ordered. 6. The exporter presents the whole set of documents required in accordance with the terms of the letter of credit to the negotiating bank. 7. The negotiating bank buys the exporters draft and makes payment to the exporter. 8. The negot

58、iating bank forwards the documents to the issuing bank.The Procedure of L/C Business9. The issuing bank will perform payment after a thorough checking of the document.10. The issuing bank notifies the importer to make payment for documents. 11. The importer makes payment and receives the documents.

59、12. The importer takes delivery of the goods at dock. The Procedure of L/C BusinessnThe basic steps of L/C include:nIssuance describes the process of the buyers applying for and opening a documentary credit at the issuing bank and the opening banks formal notification of the seller through the advis

60、ing bank. Three basic grouping of steps of L/CnExamine and amendment: after receiving the buyers L/C, the seller should examine and verify it in contrast with the contract. The content of L/C must be consistent with the contract. If there is any discrepancy, amendments are necessary. To amend the L/C, both parties