進(jìn)出口業(yè)務(wù)教程 課件 Chapter10 Negotiable Instruments

PracticalCourseforImport&ExportBusiness

NegotiableInstrumentsChapterTenSection1.BillofexchangeSection2.MakingabillofexchangeCONTENTSSection3.PromissorynoteandcheckSection4.ExercisesSection1Ininternationaltrade,paymentcanbemadebynegotiableinstruments.Anegotiableinstrumentisaspecializedtypeofcontractforthepaymentofmoneywhichisunconditionalandcapableoftransferbynegotiation.Thenegotiableinstrumentsasreferredinthisunitincludethebillofexchange,thepromissorynoteandcheck.10.1BillofexchangeIndocumentarytransactions,sellersmakeawrittendemanduponeitherabankorthebuyertopayfortheshipmentofgoods.Thisdemandaccompaniesthedocumentationpackagethesellerpresentstothebank.Suchaformalwrittendemandforpaymentiscalled“BillofExchange”or“Draft”,whichisalwaysusedintheforeigntrade.Adraftinvolvesthreeparties:thedrawer(usuallythepersonwhomakes,signsanddeliversit),thedrawee(thepersononwhomthedraftisdrawn)andthepayee(thepersontowhomthemoneyistobepaid).Usuallythedrawerandthepayeearethesameperson.Thecontentofadraftmustbeinconformitywiththatoftherelativecontract.Section

ONEAbillofexchange(draft)isusuallydrawnintwosets,whicharedispatchedseparatelysothatifthereisanydelayinthereceiptofthefirstcopyofthebill,thesecondcopycanbepresented.Usuallythistakestheformof:“At…sightoftheFIRSTBillofexchange(SECONDbeingunpaid)”andthedraweemustbecarefultoacceptonlyonecopyofthebill.10.1.1WhatisabillofexchangeAbillofexchangeisanunconditionalorderinwritingpreparedbyoneparty(thedrawer)andaddressedtoanother(thedrawee)directingthedraweetopayaspecifiedsumofmoneytoorderofathirdperson(thepayee),ortothebearer,ondemandoratafixedanddeterminablefuturetime.10.1.2PartiestoabillofexchangeTherearethreepartiestoabillofexchange:thedrawer/creditor,thedrawee/payerandthepayee.10.1.2.1DrawerThedraweristheonewhoissuesthebillofexchange,throughwhichheinvitesthedraweetopaythesumofmoneyspecified.Thedraweristhefirstpartyofthedraft.Incertaintransaction,thedrawerisnormallythesupplier,thesellerortheexporter.Thepayeeisthepersontowhomthedraweehastopayontheduedate.Thepayeecanbethedrawerhimselforathirdpartytowhomhemightowemoney.10.1.2.2DraweeThedrawee/payeristheoneuponwhomthedraftisdrawn.Inotherwords,heisthepersonwhohastopaythesumofmoneyontheduedate.Andhemusthavealiabilitytowardsthedrawer.Itisquiteusualthatthedraweeisthebuyerortheimporterinatransaction.Ifthedraweeacceptsthetimebillofexchangebywritinghisnameortheword“accepted”togetherwithhisnameandthedateonthebill,henowbecomestheacceptor.Byacceptingthebill,theacceptoracceptstheobligationtopayitwhenthebillmatures.10.1.2.3PayeeThepayeeistheholderortheendorseeofadraftthatisinpossessionofitorthebearerofit.Theholderisnormallythepersonwhoislegallyentitledtothebillofexchange.Theendorseristhepersonwhoendorsesabillofexchange.Hewritessuchwordsas“PayBankofChina”onthebackofabillofexchangeandsignshisnametotransferthebill.Usually,theselleristhefirstendorser.10.1.2.4OtherpartiesTheacceptoristhepartywhosignsonatimebillwithhisassenttotheordergivenbythedrawer.Theendorserisapayeeoraholderwhosignshisnameonthebackofabillforthepurposeofnegotiation.Theendorseeisthepersontowhomabillofexchangeisendorsedbytheendorser.Iftheendorseeendorsesthebillofexchangetoanotherperson,theendorseewillbecomeasubsequentendorser.Aholderisapartywhoisinpossessionoftheinstrument.Aholdercanbethepayee/bearerortheendorsee.Aguarantorisanotherthirdpartywhoguaranteestheacceptanceandthepaymentofabillofexchange.10.1.3ClassificationofbillsofexchangeOnthebasisofdifferentcriteria,billsofexchangemaybeclassifiedintothesightortimebill,thedocumentaryornon-documentarybill,commercialacceptanceorthebanker’sbill,etc.1)Accordingtothetender,thebillofexchangecanbedividedintothesightbill(demandbill)andthetimebill(usancebill).Asightbillofexchangeisadraftthatispayablewhenpresented.Asightbillofexchangeisusedinthecasewheretheexporterwantstosellgoodstotheimporterforimmediatepayment.Atimeorusancebillofexchangeisadraftpayableatafuturefixed(specific)dateoradeterminablefuturedate.2)Accordingtowhethercommercialdocumentsareaccompaniedornot,wehavethedocumentarybillandthenon-documentarybill(cleanbill).Adocumentarybillofexchangeisonethatshouldbepaidonlywhencertaindocumentshavebeenattachedtoandpresentedtogetherwiththebillofexchange.Theaccompanieddocumentsareacommercialinvoice,abilloflading,aninsurancepolicyandsoon.Adocumentarybillofexchangeisoftenusedininternationaltrade.Acleanbillofexchangeisonethathasnodocumentsattachedandisusuallyhandedtoabankforcollectioninaforeigncountry.Suchadraftmaybedrawnformanypurposes,amongwhicharethecollectionofanopenaccount,thesaleofstocksandbonds,thepaymentforservices,andothertransactionsthatariseininternationaltradebutforwhichnoshippingdocumentsexist.Bankdraftsareusuallycleandrafts.3)Accordingtodifferentacceptors,thebillofexchangecanbedividedintothecommercialacceptancebillandthebanker’sacceptancebill.Acommercialacceptancebillofexchangeisacommercialtimedraftthatisacceptedbycommercialfirms.Boththedrawerandtheacceptorarecommercialfirms,soacommercialacceptancebillofexchangebasesonthecommercialcredit.Abanker’sacceptancebillofexchangeisatimedraftdrawnbyabusinessfirmthatisacceptedbythebank.Abank,onceithasacceptedadraft,caneitherholdthepaperuntilmaturityorsellitinthemoneymarket.Theacceptingbankassumessomerisk,althoughinmostcasesthecreditriskisminimal,asbanksgenerallydealonlywithtoleratedcompanies.4)Accordingtodifferentdrawers,thebillofexchangecanbedividedintothecommercialbillandthebanker’sbill.Acommercialbillofexchangeisdrawnbyacommercialfirmonanothercommercialfirmorbank.Acommercialbillofexchangeisoftenusedininternationaltrade.Abanker’sbillofexchangeisdrawnbyonebankonanotherbank.Itisusedinsettlingpaymentobligationsbetweenbanks.10.1.4TheessentialsofabillofexchangeAbillofexchangeisanimportantsecurity.Onlybillsofexchangethathavethestatutoryformalrequirementsandspecifythestatutoryitemsshallhavelegaleffect.Relevantmattersinclude:from177—17910.1.5ActsofabillofexchangeTheactsofabillofexchangerefertothelegalactscarriedouttobeartheobligationstoadraft.Theactsofabillofexchangeincludedrawing,presentation,acceptance,payment,endorsement,dishonorandrecourse,amongwhichtodrawisthemainact.From179--18410.1.6Proceduresofaccommodatingabillofexchange1)Thetraderdrawsatimebillonanacceptinghousepayabletohimselfandpresentsthebilltothedraweeforacceptance.2)Theacceptinghouseacceptsthebillandreturnsittothepayee.3)Beforematurity,thepayeediscounts(sells)thebilltothediscounthouse.4)Thediscounthousediscounts(buys)thebillandmakesthepaymenttothepayeeatanamountlessthanthefacevalueofthebill.5)Thetraderprovidesfundstotheacceptinghousejustbeforematuritysothatthedraweecanhonorthebillatmaturity.6)Atmaturity,thediscounthouse,asthenewholderofthebill,presentsthebilltotheacceptinghouseforpayment.7)Thedraweemakespaymenttothediscounthouseatthefacevalue.10.1.7TheGeneraltermsofabillofexchangeusedintheL/C1)Thedraftisdrawnonusat30days’sightfor100%oftheinvoicevalue.2)Thedraftisdrawnonourbank(payingbank)atsight.3)Alldraftsmustbemarked“DrawnundertheRoyalBankofCanada,MontrealL/CNo.×××dated×××andCitiBankTokyoCreditNo.×××dated×××”.4)Thedraftat90days’sight,weareauthorizedtopaytheinterestattherateof9%p.a.(perannum)forthefullinvoicevalue.5)Thedraftisdrawnunder…includingtheinterestofUSD500atrateof10%perannumfromdatehereoftothematuritydate.Section210.2.2AbillofexchangeundercollectionThebillofexchange(draft)undercollectionisbasicallythesameasthebillofexchangeundertheletterofcredit.Section310.3PromissorynoteandcheckApromissorynoteissometimesusedininternationalbusinessespeciallywhenthesettlementismadebymeansofremittance.AccordingtoBillsofExchangeAct(1882—theUnitedKingdom),apromissorynoteisanunconditionalpromiseinwritingmadebyonepersontoanothersignedbythemaker,engagingtopayondemandoratafixedordeterminablefuturetime,asumcertaininmoney,ortotheorderofaspecifiedpersonortothebearer.Apromissorynoteisanegotiableinstrumentsignedandissuedbythemaker