外贸函电,付款术语Unit10 Terms of payment (1).ppt

1、International Settlement,Content,1 Instruments of Payment Draft Promissory Note Cheque 2 Modes(方式) of Payment Remittance（汇寄） Collection L/C 3 Payment Clause in S/C,Kinds of currency,1. Currency of the importing country Currency of the exporting country Currency of the a third country USD, Japanese y

2、en, pound sterling, EURO, etc. 2. According to changing status of exchange rate Hard currency: (with stable exchange rate and has a tendency of going up)-convertible Soft currency: (exchange rate is not stable and has tendency of going down)-inconvertible,Section I Instrument of Payment,Instrument o

3、f payment is a document that has monetary value, or is a financial transaction. Bill of Exchange Promissory Note Check,1) Definition of Bill of Exchange “an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addresse

4、d 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”. Draw- presentation-acceptance-payment/endorsement/ dishonor-recourse. Drafts are negotiable instruments and may be sold.,Bill of exchange,Three parties: Dr

5、awer Drawee Payee,An Example of a Draft,Drawn under Bank of China, London Irrevocable L/C No.2003056 Dated Jan.10,2005 Payable with interest 5.2% per annum No. 20042 EXCHANGE for HK$236,000.00 China Shanghai at 30days sight of this FIRST Exchange (Second of Exchange being unpaid) pay to the order of

6、 Bank of China the sum of Hongkong dollars TWO HUNDRED AND THIRTY-SIX THOUSAND ONLY TO: J demand draft),Other Types of Bill,Clean Bill Documentary Bill Bankers Acceptance Draft Commercial Acceptance Draft Bankers Bill Commercial Draft,中国建设银行汇票样本,An Example of a Bankers Draft,An Example of a Commerci

7、al Draft,Stages in Handling a Bill of Exchange,Issue,Presentation,Acceptance承兑,Discount贴现,Dishonor and Recourse,Payment,Endorsement,Endorsement,Endorsement is done when the payee has signed his name on the back of bill. It might be: Specified endorsement记名背书 Blank endorsement Restrictive endorsement

8、限制性背书-non-negotiable Eg: Pay to the order of Peter Richards - (subsequent party) (signed) Thomas Stanford - (prior party) Without recourse追索 Pay to Peter Richards Pay to Peter Richards only,Commercial Acceptance Bill and Bankers Acceptance Bill time commercial bill commercial firm to another commerc

9、ial firm commercial firm or bank to bank,Promissory Note 本票,A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, or to the order, of a specified person

10、 or to bearer. Draft: drawer, drawee/payer and payee Promissory note: drawer/payer and payee,commercial promissory notes- sight or time bank promissory notes- sight.,本票样本,Cheque (Check),A check is an unconditional order in writing drawn on a banker signed by the drawer, requiring the banker to pay o

11、n demand a sum certain in money to or to the order of a specified person or to bearer. The payer of a check is the drawer of the check A cheque drawn on a bank overseas cannot be readily negotiated by the exporter If the exporters bank were prepared to negotiate it for him then he would receive paym

12、ent right away but at the cost of the discountFailing this the exporter would have to ask his bank to collect the cheque for him and this would be both time-consuming and relatively expensive,中国建设银行现金支票样本,Section 2 Payment Methods,Remittance Collection Letter of Credit,1. Remittance,Remittance refer

13、s to transfer of funds from one party to another among different countries though banks. T/T Telegraphic Transfer M/T Mail Transfer D/D Remittance by Bankers Demand Draft及付汇票,Workflow of M/T Cash with order; Delivery first and payment afterwards; Small quantity of goods; Commission; Sundry charges,2

14、. Collection,Collection is the presentation for payment of an obligation Clean Collection Documentary Collection D/P - Document against Payment付款交单 D/P at sight D/P after sight D/A Document against Acceptance承兑交单,Workflow of D/P at sight,合同：即期付款交单（D/P）,Workflow of D/P after sight,合同：远期付款交单（D/P）,Work

15、flow of D/A,合同：承兑交单（D/A）,L/C,Definition of L/CLetter of credit is a payment mechanism, which allows importers/buyers to offer secure terms of payment to exporters/sellers in which a bank gets involved.,Guaranty of payment,Issued by Bank,Conditioned payment,At the request of the Buyer,the doctrine of

16、 strict compliance,Workflow of L/C,合同：信用证方式,Documentary Credit,Revocable Documentary Credit Irrevocable Documentary Credit Confirmed Irrevocable Credit Sight Payment Credit/Negotiation Credit议付 Deferred Payment Credit/Acceptance Credit承兑 Transferable Credit Non-transferable Credit Revolving Credit循环

17、信用证 Reciprocal Credit对开 Anticipatory Credit预支信用证,Parties involved in L/C 1. Applicant（Opener) 2. Beneficiary 3. Opening BankS 4. Paying Bank 5. Confirming Bank 6. Advising Bank,Notifying Bank 7. Negotiating Bank,Characteristics of L/C,(1) L/C is an independent instrument compared to contract, and no

18、t affected by contract. (2) The bank bears responsibility of First Payment. (3) The bank bears responsibility of the documents not the commodity itself. - “Document Business” (4) L/C is an agreement among the bankers, beneficiary, opener and all other parties concerned and all parties concerned will

19、 be bound by the term on L/C.,The Basic Contents of L/C,1.Nature and kinds of L/C 2.Parties concerned 3.L/C amount 4.Time of Shipment, validity, expiring place 5.Port of Shipment, port of destination, mode of transportation, partial shipment and transshipment. 6.Description of cargo: name of commodi

20、ty, quality, specification, quantity(weight), packing, price. 7.Shipping documents. 8.Special clauses. 9.Guaranteeing wording for payment of issuing bank.,Exercise 1,A. Read the bill of exchange below and answer questions. TWO COPIES No. 80W5069-2 Date: 4th DEC. 2008 EXCHANGE FOR USD63,162.00 At 90 DAYS sight of this FIRST OF EXCHANGE (second of the same tenor and date unp