國(guó)際貿(mào)易實(shí)務(wù)(英文版)(第二版)7International-Payment

國(guó)際貿(mào)易實(shí)務(wù)(英文版)(第二版)7International_Payment第一頁(yè)，共56頁(yè)。LearningobjectivesAfterlearningthischapteryouwillbeableto:identifythekeyissuesinhandlinginternationalpaymentsunderstandtheuseofpayinginstruments,especiallythebillofexchange2definethethreebasictermsofpaymentcompareandcontrastthecharacteristicsoftermsofpaymentidentifythemajorpartiesinvolvedindifferentpaymentmethodsstatethestagesinvolvedinusingaletterofcreditexplainthevariationsofdocumentarycreditestablishabasicunderstandingofexportfinancing2第二頁(yè)，共56頁(yè)。7.1IssuesInConcernWhowillbearthecreditrisk?Inwhatcurrencythepaymentwouldbemade?Whatarethecostsofeachmethodofpayment?Whatmightbethepoliticalorlegalrisks?3第三頁(yè)，共56頁(yè)。DeterminantFactorsofPaymentNatureofmerchandiseIndustrynorms/practicesDistancebetweenbuyerandsellerPotentialcurrencyfluctuationPolitical&economicstabilityRelationshipbetweenbuyerandseller4第四頁(yè)，共56頁(yè)。InternationalPaymentCreditinstrumentsBillofExchange/Draft匯票PromissoryNote本票Check支票TermsofpaymentRemittance匯付Collection托收LetterofCredit信用證5第五頁(yè)，共56頁(yè)。Differencesbetweenpaymentinstrumentsandpaymenttermspaymentinstruments---Financialdocumentswhichcanbeusedindifferentmannersservingspecificpayingpurposepaymentterms---AseriesofactivitiesoroperationsfacilitatingthemovementoffundsfromonedestinationtotheotherInternationalPayment6第六頁(yè)，共56頁(yè)。7.2PayingInstrument:

Draft/BillofExchange匯票Definition:

Adraftisanunconditionalwrittenorderaddressedbyonepersontoanother,singedbythepersongivingit,requiringtheaddressedpersontopayatsightoratafixedfuturetimethesumofmoneyclearlyspecified,tothepayeeortohisorder.7第七頁(yè)，共56頁(yè)。ThreepartiesconcernedA:ThedrawerNormallytheexporterFillinthecontentofabillofexchangeandsignhisnameB:Thedrawee/payerThepartytowhomB/EisaddressedIfsightdraft,makepaymentIftimedraft,acceptthedraftandpaywhentheamountisdueUnderL/C–thebankUndercollection–theimporterC:Thepayee/beneficiaryThepartywhoissupposedtoreceivethepaymentusuallytheexporterorthebankatwhichthedrawerhashisaccountPresentB/Etothepayerforpaymentoracceptance8第八頁(yè)，共56頁(yè)。Threepartiesconcerned9第九頁(yè)，共56頁(yè)。ThecontentofaB/E(Specimen7.1-7.4)Thewordsof“BillofExchange”or“Draft”ThedateandplaceofissuanceofdraftAspecificsumwhichshallbeexactlythesamewiththatindicatedonexportinvoiceThetenor,thatis,theperiodofcreditIfnotstipulated,regardedasSightdraftThenameofthedraweeThenameandsignatureofthedrawerThenameofthepayeeororderorbearerTheendorsementofthepayeewhenapplicable

10第十頁(yè)，共56頁(yè)。ProcedureofaB/EpracticeIssuance出票TheactofthedrawerissuingadrafttothedraweePresentation示票TheactofthepayeeorthebearerpresentingthedrafttothepayerforpaymentoracceptanceTworesults:beinghonoredordishonored11第十一頁(yè)，共56頁(yè)。ProcedureofaB/EpracticePayment付款---DrafthonoredbypaymentForsightdraft,thepayerpaystothepayeeaspecifiedsumofmoneyindicatedonthedraftatpresentation.12第十二頁(yè)，共56頁(yè)。ProcedureofaB/EpracticeAcceptance承兌---DrafthonoredbyacceptanceTheactofthepayermakingacceptancebycross-signingonthefaceofthebillandpromisingtopayonorbeforetheexpirydateofatime/usancedraftAnacceptedbillshallbereturnedtothepresentingparty13第十三頁(yè)，共56頁(yè)。ProcedureofaB/EpracticeDiscount貼現(xiàn)AnaccepteddraftisnegotiableIftheholderwantstogetmoneybeforematuredate,thedraftcanbediscountedbyadiscountingbankattheprevailingdiscountrateItisthesaleofanacceptedtimebillforlessthanitsfacevaluebeforeitsmaturitydate.

Endorsement背書Theactofthetransferorintransferringadrafttothetransfereebymakingasignatureonthebackofthedraft14第十四頁(yè)，共56頁(yè)。ProcedureofaB/EpracticeDishonor拒付TherefusalofthedraweeorpayertomakepaymentoracceptanceofadulypresenteddraftHoldercanrecoursethedrawerforpaymentToexercisehisrightofrecourse,thebillholderneedstopresentaCertificateofProtest(拒付證明）fromanotarypublicDraftwiththeword“withoutrecourse”canhardlybediscounted15第十五頁(yè)，共56頁(yè)。TypesofdraftCleandraftvs.documentarydraft 光票與跟單匯票Banker’sDraftvs.Commercialdraft 銀行匯票與商業(yè)匯票Sightdraftvs.timedraft 即期匯票與遠(yuǎn)期匯票16第十六頁(yè)，共56頁(yè)。CleanDraftvs.DocumentaryDraftCleanDraftistheonewhichisusedwithoutthecompanyofanycommercialdocuments Eg.Banker’sDraftDocumentaryDraftistheonethatcallsfortheattachmentofrelevantcommercialdocuments.Popularininternationaltrade Eg.CommercialDraft17第十七頁(yè)，共56頁(yè)。Banker’sDraftvs.CommercialDraftBanker’sDraftisanorderfromonebank(thedrawer)toanother(thedrawee)withwhomitnormallymaintainsacorrespondentrelationship,topaytoanamedperson(thepayee)aspecifiedsumofmoneyondemand.CommercialDraftisanorderfromafirmorindividual(thedrawer)toanotherfirm,individualorbank(thedrawee)topaytoanamedperson(thepayee)aspecifiedsumofmoneyondemand.18第十八頁(yè)，共56頁(yè)。SightDraftvs.TimeDraft

Sightdraftistheonethatispayableonsightofthedocumentsoftitleoronfirstpresentationofthetitledocuments.Normallyusedwhentheexporterwishestoretaintitletothegoodsuntilitreachesitsdestinationandpaymentismade.Bearingthewordingas“atsightofthisbillofexchange,payto…”Notbankcredit,thereforehigherrisksTimedraft(usancedraft,termdraft)istheonethatispayableinaspecifiednumberofdaysaftersight,afterthedateofissuanceoracceptance,oratafixedfuturetime.Bearingthewordingas“at30/45/60/90dayssightofthisbillofexchange,payto….”Incaseofdishonor,theexporterortheforeignbankcansueforthemoneyonthebasisofdocumentarydraftalone19第十九頁(yè)，共56頁(yè)。7.3.1RemittanceDefinition

Afterconclusionofabusinesstransaction,thedebtorinstructshisbanktosend(remit)thetransactionamounttohiscreditorinexportcountry.Itisthedebtorwhotakesinitiativetosendthepayableamounttohiscreditor.20第二十頁(yè)，共56頁(yè)。ProcedureofremittanceandpartiesinvolvedFirst,theremitter(theimporter)appliesforaremittance.Todosotheimporterneedstohavesufficientfundsinhisaccountinthebank.Theremittingbankeitherissuesaremittanceinstructionto,ordrawsadrafton,oneofitsoverseasbranchesorcorrespondentbanksintheexporter’scountry.Whentheoverseasbranchorcorrespondentbankreceivestheremittanceinstruction,itbecomesthepayingbankandwillcreditthepayee’s(theexporter’s)accountwiththerelevantamountaccordingly.Intheeventofusingademanddraft,theremittingbankwillgivethedrafttotheimporterandtheimporterwillthenprovidethedrafttotheexporterbyhisownway.Oncetheexporterreceivesthedraft,hecanpresentittothenominatedpayingbankforthewithdrawalofpayment.21第二十一頁(yè)，共56頁(yè)。ProcedureofremittanceTheimporter/theremitterTheexporter/theremitteeTheremittingbankThepayingbank1.Submitapplicationa2.Issuetheremittanceinstruction(telex,SWIFT)b2.Drawadraftonpayingbank(normallyademanddraft)a3/b5.Makepaymentb4.Presentthedraftb3.Surrenderthedraft22第二十二頁(yè)，共56頁(yè)。TypesofremittanceThreetypesofremittanceMailtransfer(M/T)信匯bymaillowercharges,butslowTelegraphictransfer(T/T)電匯bytelecommunicationsystem(telexortelegraphorswift).Faster,safer,butmoreexpensiveBanker’sDemandDraft(D/D)票匯Imp.buysacheckfromabankinimp.countryandsendstotheexp.Lowestcharge,slowestTransferable23第二十三頁(yè)，共56頁(yè)。7.3.2Collection托收Definitionanarrangementwherebythesellerdrawsadraftonthebuyerandauthorizesitsbanktocollect.

Ameansofpaymentensuringthatthegoodsarehandedovertothebuyeronlywhenhepaystheamountshownonabillorwhenheacceptsthebillandcommitstopaybyaspecifieddate.PartiesinvolvedDrawer/exporter/principal委托人Drawee/importer/payer付款人Remittingbank（托收行）inexportingcountryCollectingbank（代收行）intheimportingcountry24第二十四頁(yè)，共56頁(yè)。ProcedureofDocumentaryCollectionExportercollectingshippingdocuments;ExporterdrawingaB/Eonimporter;Exportersubmittingalldocumentswithcompleteinstructionsforcollectiontoalocalbank(remittingbank)andinstructingthebanktoeffectcollectionforhim;RemittingbankforwardingB/Ewithotherdocumentstoitscorrespondentbank(collectingbank)intheimporter’scountrypassingonexactlytheinstructionsreceivedfromexporterCollectingbank/presentingbankpresentingbillanddocumentstoimporter;Collectingbank/presentingbankreleasingdocumentstotheimporteruponreceiptofpaymentsoracceptancefromimporter;Collectingbankremittingpaymentstoremittingbank;Remittingbankcreditingpaymenttoprincipal(exporter)’saccount.25第二十五頁(yè)，共56頁(yè)。ProcedureofDocumentaryCollectionandPartiesInvolvedDrawer(seller)Remittingbank(drawer’sbank)Drawee(buyer)Collectingbank(drawee’sbank)1.Contract2.Goods3.Application+Documents+Draft4.Adviceoftermsofcollection+documents+draft5.Adviseofcollection9.Payment8.Payment6.Payment/Acceptance7.Documentsreleased26第二十六頁(yè)，共56頁(yè)。TypesofCollectionDocumentaryCollectionDocumentsagainstPayment(D/P)付款交單thecollectingbankreleasesthedocumentstotheimporteronlyuponfullandimmediatecashpayment.

DocumentsagainstAcceptance(D/A)承兌交單Ifaperiodofcredittotheimporterisagreedupon,ausancebillwillbeusedThedocumentswillbereleasedagainstacceptancebytheimporter.CleanCollection光票托收–withoutthecompanyofcommercialdocuments27第二十七頁(yè)，共56頁(yè)。7.3.3LetterofCreditDefinition

Thewrittenpromiseofabank,undertakenonbehalfofabuyer,topayasellertheamountspecifiedinthecreditprovidedthesellercomplieswiththetermsandconditionssetforthinthecreditFeaturesBankcreditSecurityofpaymenttoexporterEnsureimporterreceivegoodsasordered(paymentreleasedonlyiftitledocumentsarereceived)Careonlyfordocuments,notforactualtransactionofthegoods28第二十八頁(yè)，共56頁(yè)。ContentofL/C(SeeSpecimen7.9)Name&addressofopeningbankDateofissuanceofL/CNumberofL/CCreditamountDescriptionofcargoTypeofL/CName&addressofthepartiesconcernedDocumentsprovidedDetailsofshipmentValidityperiodforL/CSettlementinstructionsFeesclausesSpecialclause,ifany29第二十九頁(yè)，共56頁(yè)。ProcedureofL/CAftersigningthesalescontractwiththeseller,thebuyer(theapplicant)willpresenttohislocalbank(theissuingbank)thecontract,anapplicationletterandotherdocumentsrequiredfortheopeningofanL/C.Theissuingbankthenissuestheletterofcredittooneofitsbranchesorcorrespondentbanksintheseller’scountry(theadvisingbank)iftheapplicantcomplieswithalltheconditionsrequired.Theadvisingbankwillnotifythesellerofthearrivalofthecredit.Oncepayinganadvisingfee,theseller(thebeneficiary)receivestheoriginalofthedocumentarycredit.Hehastoexaminethecreditcloselybeforeheacceptsit.30第三十頁(yè)，共56頁(yè)。IssuingBank/Buyer’sBankSeller/BeneficiaryL/CApplicationBuyer/ApplicantAdvisingBankLetterofCreditL/CAdviceContract(1)(2)(3)(4)OpeninganL/C31第三十一頁(yè)，共56頁(yè)。Methodsofsettlement

SettlementbysightpaymentSettlementbydeferredpaymentSettlementbyacceptanceSettlementbynegotiation32第三十二頁(yè)，共56頁(yè)。SettlementbySightPaymentDocsreleasedBuyer/ApplicantSeller/BeneficiaryIssuingBank/Buyer’sBankPresentingBankDocsDocsGoods(5)(10)(7)(6)Payment(9)Payment(8)Payment(11)33第三十三頁(yè)，共56頁(yè)。SettlementbyDeferredPaymentDocsreleasedBuyer/ApplicantSeller/BeneficiaryIssuingBank/Buyer’sBankPresentingBankDocsDocsGoods(5)(8)(7)(6)Payment(10)Payment(9)Payment(11)34第三十四頁(yè)，共56頁(yè)。SettlementbyAcceptanceDocsBuyer/ApplicantSeller/BeneficiaryIssuingBank/Buyer’sBankPresentingBankDraft&DocsDraft&DocsGoods(5)(7)(6)Payment(11)Payment(8)Payment(9)DraftdrawnonAcceptancenotice(12)(10)35第三十五頁(yè)，共56頁(yè)。SettlementbyNegotiationDocsReleasedBuyer/ApplicantSeller/BeneficiaryIssuingBank/Buyer’sBankNegotiatingBankDraft&DocsDraft&DocsGoods(5)(11)(8)(6)Payment/Acceptance(7)Payment/Acceptance(9)Payment(10)Draftdrawnon36第三十六頁(yè)，共56頁(yè)。TypesofLetterofCredit

1.Revocablevs.IrrevocableCreditRevocablecredit可撤銷的信用證AnL/Cwhichcanbeamendedorcancelledbytheissuingbankwithoutpriornoticeofthebeneficiary.unfavorabletotheexporterthereforenotwidelyemployedThecancellationcanbemadebeforethedatetheL/Cexpires.Otherwise,theopeningbankshallreimbursethenegotiationbankorpaymentbankifthepaymentiseffectedbythembeforereceiptofthenoticeofcancellation.Irrevocablecredit不可撤銷的信用證AnL/Cwhichcannotbecancelledoramendedwithouttheagreementofthebeneficiary(theexporter)andallotherparties.Givesassuranceofpayment,butlessflexibletochangecredittermAccordingtoUCP600,ifthewordingofrevocableorirrevocablenotfoundonthecredit,thiscreditshallbedeemedasirrevocable37第三十七頁(yè)，共56頁(yè)。TypesofLetterofCredit

2.Confirmedvs.UnconfirmedCreditConfirmedcredit已保兌信用證AnL/Cthatabank,otherthantheissuingbank,undertakestohonorthecreditissuedbyaddingitsconfirmationConfirmingbanksignsunderthestatement,“Weherebyaddourconfirmationtothiscredit”.Confirmingbankwillbeliableforpaymentincaseofdefaultbytheissuingbank.Itshouldbeanirrevocablecredit.DoubleinsuranceofpaymentUnconfirmedcredit未保兌信用證AnL/Cwhichdoesnotindicatetheundertakingtoeffectpaymentbyanyotherbank,excepttheissuingbank38第三十八頁(yè)，共56頁(yè)。TypesofLetterofCredit

3.Sightvs.UsanceCreditSightcredit即期信用證AnL/Cunderwhichtheopeningbankwillimmediatelyeffectpaymentuponpresentationofalldocumentsaslongasthedocumentsareinaccordancewithtermsincredit.Usance/termcredit遠(yuǎn)期信用證AnL/Cwhichindicatesthatpaymentwillnotbemadeatthedateofreceiptofdocumentsuntilthematuritydatespecifiedinthecreditprovidedthatallthedocumentspresentedareinaccordancewiththecredit.39第三十九頁(yè)，共56頁(yè)。TypesofLetterofCredit

4.Straightvs.OpenCreditStraightcredit限制議付信用證AnL/Cthatisavailabletothebeneficiarybypresentationofdocumentstotheissuingbank.BeneficiarypresentingdocumentsdirectlytotheissuingbankratherthantoanyotherbankInpractice,thebeneficiarynormallypresentsdocumentstoanominatedlocalbankknownasnegotiationbankOpencredit自由議付信用證AlsofreenegotiablecreditTheissuingbankcommitstohonoringdraftsanddocumentsheldbythirdpartiesaslongasthedocumentscomplywiththecredit.40第四十頁(yè)，共56頁(yè)。TypesofLetterofCredit5.Transferablevs.Non-transferablecreditTransferrablecredit可轉(zhuǎn)讓信用證Underwhichthebeneficiaryisentitledtoinstructtheadvisingbanktotransferhisrights,inwholeorinpart,toanotherparty.UsedespeciallywhentheexporterisnotthedirectmanufacturerbutamiddlemerchantTransferor–theprime/firstbeneficiary;transferee–thesecondbeneficiaryAcreditmuststateclearlythatitis“transferable”AtransferableL/Ccanbetransferredonceonly,namely,fromfirstbeneficiarytosecondbeneficiary(ies).Wherethereareseveralsecondbeneficiariesinvolved,thecreditmustpermitpartialshipments.Non-transferablecredit不可轉(zhuǎn)讓信用證AnL/Cunderwhichthebeneficiaryisnotentitledtotransferhisrights,inwholeorinpart,toanotherparty.41第四十一頁(yè)，共56頁(yè)。TypesofLetterofCredit6.RevolvingCredit可循環(huán)信用證Arevolvingcreditobligestheissuingbanktorestorethecredittotheoriginalamountafterithasbeenutilized,withouttheneedforamendment.

Usedespeciallyforongoingtransactions.42第四十二頁(yè)，共56頁(yè)。TypesofLetterofCredit7.ReciprocalCredit對(duì)開信用證Areciprocalcreditisacountercreditunderwhichtheapplicantofafirstcreditbecomesthebeneficiaryofthesecondreciprocalcredit,whilethebeneficiaryofthefirstcreditbecomestheapplicantofthesecondreciprocalcredit.Itisoftenusedinbartertransactions,tradeofprocessingincomingmaterials,countertradeorcompensationtrade.43第四十三頁(yè)，共56頁(yè)。TypesofLetterofCredit8.BacktoBackCredit背對(duì)背信用證Creditpaymentarrangementinwhichadocumentarycreditisusedasthe“backup”forissuinganewcreditMainlyusedbymiddlepersonsThefirstcreditmustbeirrevocableandnon-transferable44第四十四頁(yè)，共56頁(yè)。TypesofLetterofCredit9.RedClause/AnticipatoryCredit紅條款/預(yù)支信用證Ananticipatorycreditauthorizestheadvisingbanktomakeadvancestothebeneficiarybeforehispresentationofdocumentsrequired.Theapplicantisbearingtheliabilityofrepaymentincaseofthebeneficiary’sfailureofpresentingdocumentsforsettlement.45第四十五頁(yè)，共56頁(yè)。TypesofLetterofCredit10.StandbyCredit備用信用證Astandbycreditisacleancreditthatguaranteesthepaymentforapossibleunfulfilledobligationonthepartoftheapplicant.ItissimilartoaLetterofGuarantee.46第四十六頁(yè)，共56頁(yè)。LetterofCreditCharacteristics–Itscontentshouldcomplywiththesalescontract,butonceopenedthecreditwillexistindependentfromthecontract.Itprovidesahighlevelofprotectionandsecuritytobothbuyersandsellersengagedininternationaltrade.Thesellerisassuredthatpaymentwillbemadebyapartyindependentofthebuyersolongasthetermsandconditionsofthecreditaremet.Thebuyerisassuredthatpaymentwillbereleasedtotheselleronlyafterthebankhasreceivedthetitledocumentscalledforinthecredit.Banksonlydealwithdocuments,notinvolvedinanydetailoftheactualtransaction.47第四十七頁(yè)，共56頁(yè)。LetterofCreditGovernedbyUniformCustomsandPracticeforDocumentaryCredits600(UCP600)48第四十八頁(yè)，共56頁(yè)。7.7LetterofGuarantee(L/G)Definition

LetterofGuaranteeisanirrevocableundertakingbywhichtheissuerholdsitselffinanciallyliablefortheconsequencesofnon-performanceoftheobligationsbyathirdpartytowardsthebeneficiary.49第四十九頁(yè)，共56頁(yè)。BothsellerandbuyercanbethebeneficiaryofanL/GTwokindsofL/G:creditL/GandpaymentL/GWidelyusedintradeofcommodityandserviceEssentialrequirementsofanL/G:IrrevocableUnconditionalFullytran