unit 10 InternationalPayment---

1、Chapter 10 International PaymentRong Peijue Amount of Payment Payment Currency Credit Instruments International Money Transfer TypesPayment MethodsAmount of Payment The actual amount of payment is written in the contract.BUT, it may be adjusted in accordance with “more or less clause”, “the price ad

2、justment clause” or “the exchange clause” (汇兑条款).Additional charges of expenses, additional expenses for special packing should be paid separately. Payment Currency 支付币种Depreciate 贬值Appreciate 升值International Financial Market 国际金融市场Evaluation Currency 估计货币Convertible Currency 可兑换货币Credit Instruments

3、It is a document that has monetary value (货币价值，币值) , or is evidence of a financial transaction. The most commonly used: Bill of Exchange (draft / bill)Promissory Note Check (Cheque)Bill of ExchangeDefinitionEssentials to a bill of exchangeOther items in a bill of exchangeParties to the bills of exch

4、angeActs of a bill of exchangeDefinition of Bill of ExchangeAn unconditional order in writing, addressed by one party (drawer) to another (drawee), signed by the party giving it, requiring the party to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in

5、 money, to or to order of a specified party (payee), or to bearer.是由一人向另一人签发的无条件的书面命令，要求接受命令的人在见票时或在指定的或可以确定的将来某一日期，支付一定的金额给特定的人或其指定的人或持票人。Samples of bills of billsExchange for US $ 236,000.00 Shanghai May 25, 2007汇票金额为：汇票金额为： amount in figure At 30 days sight of this First of exchange (SECOND of th

6、e same tenor and date being unpaid) pay to or to the order of Bank of China the sum of US dollars TWO THOUSAND AND THIRTY-SIX THOUSAND ONLY value received.见此第一联汇票时见此第一联汇票时(与之具有相同到期日和出票日期的第二联与之具有相同到期日和出票日期的第二联不付不付)，30天立即按中国银行的指示付款，总金额为天立即按中国银行的指示付款，总金额为贰拾叁万伍贰拾叁万伍仟元整（仟元整（amount in words） To: J$H Compa

7、ny For: China Machinery & Equipment 85 Mayla Road Import and Export Corp., S. B. New York, USA (Signed) Parties to the Bills of ExchangeThe Drawer 开票人,出票人The Drawee 受票人，付款人 = the PayerThe Payee 收款人，领款人Essentials to a bill of exchangeBills of Exchange Act 1882 of the United Kingdom 1882年英国票据法Unif

8、orm Law on Bills of Exchange and Promissory Notes 1930 of Geneva 日内瓦统一汇票、本票公约法Exchange- 汇票字样Unconditional order in writing 无条件支付命令Issue 出票Business entity 商号，企业单位Tenor 期限Acts of Bill of Exchange To issue (to draw) 出票Presentment (Presentation) 提示Acceptance 承兑Payment 付款Endorsement 背书Dishonor 拒付Recourse

9、 追索To issue 出票Two acts: Draw and sign a draftDeliver it to the payee Restrictive payee 限制性抬头（受款人）-not negotiable To order 指示性抬头-require endorsement -negotiable To bearer 持票人或来人抬头-require no endorsement -negotiable Endorsement 背书An act of negotiation 票据转让的法定程序Four kinds of endorsements:Blank Endorsem

10、ent 空白背书-endorsers signature only Special Endorsement 特殊背书-endorsers & endorsees signatures Restrictive Endorsement 限制性背书Conditional Endorsement 有条件背书-liable only if the condition is fulfilled Languages without recourse 无追索权the subsequent party 后手prior endorser = prior party 前手Presentment / Pres

11、entation 提示The act of taking the bill to the drawee and demanding that he makes the payment or accepts the bill（持票人）将汇票提交给付款人要求承兑或付款的行为。Acceptance 承兑Two acts:(Drawee) Write “accepted” on bill + acceptors signature + date of acceptance (Drawee) Return the accepted bill to the holder of the billAccept

12、or 承兑人At the maturity of the bill 汇票到期日Dishonor & Recourse 拒付和追索权Is the refusal to make payment or accept a bill by the payer when it is presented for payment or acceptance. protest 拒付证书Notary public 公证机关Right of recourse 追索权Bona fide holder 善意持票人Classification of Bill of ExchangeAccording to th

13、e tenor 按照付款时间的不同Sight Draft 即期汇票Time Draft (Usance draft) 远期汇票According to different the Drawer Bankers Draft (Bank Draft) 银行汇票Commercial Draft (traders Bill) 商业汇票According to Shipping Documents attached按照有无随附货运单据Clean Draft 光票或净票、白票Documentary Draft 跟单汇票Finance under Bill of Exchange Discounting 贴

14、现Forfeiting 福费廷 Discounting 贴现The holder of an accepted bill sells the bill to a financial institution at a price less than its face value before it reaches it maturity. Discount house 贴现公司face value 面值，票面价值Net proceeds 净收入Discount interest 贴现利息、Rediscounting 再贴现Promissory Noteis an unconditional pr

15、omise in writing made by one person (the maker) to another (the payee) signed by the maker engaging 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 bearer一个人（出票人）向另一个人（收款人）签发的，保证于见票时或定期或在可以确定的将来的时间，对某人或其指定的人或持票人支付一定金额的无条件的

16、书面承诺。Parties to the Promissory NotesOnly two parties： The maker 出票人 = payerThe payee 受票人Classifications of the Promissory Notes -Sight promissory notes-Time promissory notes-Made by bankers - sight notes-Bankers promissory notes / bankers notes-Cashiers check / cashiers order-Made by commercial firm

17、s - rarely used-Commercial promissory notes / traders notes本票样本Cheque an unconditional order in writing addressed by the customers to a bank signed by that customer authorizing the bank to pay on demand a sum certain in money to or to order of a specified person or bearerA bill of exchange drawn on

18、a banker on demand以银行为付款人的即期汇票，即存款人对银行的无条件支付一定金额的委托或命令。出票人在支票上签发一定的金额，要求受票的银行于见票时立即支付一定金额给特定人或持票人。The drawer must be a depositorThe amount of the check is less than his deposit Certified cheque 保付支票Crossed cheque 划线支票- only be paid to banks instead of individuals Travelers cheque 旅行支票Initial signatu

19、re 初签Countersignature 会签汇票、本票和支票的区别汇票、本票和支票的区别A性质性质当事人当事人付款时间付款时间汇票汇票支票支票本票本票无条件的书无条件的书面支付命令面支付命令无条件的书无条件的书面支付承诺面支付承诺出票人出票人/受款人受款人出票人出票人/付付款人款人/受款人受款人无条件的书无条件的书面支付命令面支付命令只有即期只有即期没有远期没有远期分远期分远期/即期即期远期不承兑远期不承兑分远期分远期/即期即期远期需承兑远期需承兑出票人出票人/付付款人款人/受款人受款人Four Types of Money TransferSWIFT Inter-bank Transfe

20、r SWIFT跨行转账-firmly established as the STANDARD PRACTICE in the world Buyers Cheque 买方支票- risk of dishonor- being slow to clearBankers Draft 银行汇票- more secure than Buyers cheque- costly- risk of lossInternational Money Orders 国际邮政付款-cheaper than Bankers Draft- risk of lossPayment MethodsRemittance 汇付

21、-favorable exchange 顺汇Collection 托收Letter of Credit 信用证-adverse exchange 逆汇Bank Guarantee 银行担保Standby L/C 备用信用证Combination of two or more methods Remittance 汇付Transfer of funds from one party to another among different countries through banks.是指付款人通过银行或其他途径主动将款项汇交收款人。Four parties involved:-Remitter

22、汇款人-The Beneficiary = Payee 受益人，收款人-The Remitting Bank 汇出行-The Paying Bank/Receiving Bank 汇入行-(branch bank of correspondent bank of the remitting bank in the country of the seller )Workflow of Remittance Types of Remittancechiefly used for payment in advance, cash with order, delivery first and paym

23、ent afterwardsthree types Mail Transfer (M/T) 信汇- less expensive, more timeTelegraphic Transfer (T/T) 电汇- more expensive, much soonerDemand Transfer (D/T) 票汇Application of RemittanceOpen account (O/A) 赊账- most attractive to importer- least secure to exporterPayment in advance 预付货款- least attractive

24、to importer - most secure to exporterWe shall find a compromise - the middle way between these two. Bills for Collection and Letters of Credit Collection Parties involved in a collectionWorkflow of collection Types of collectionAttentionsRules for CollectionParties to a CollectionThe Principal 委托人/出

25、口方The Drawee = payer 付款人/进口方 The Remitting Bank 托收行/出口地银行 The Collecting Bank 代收行/进口地银行 The Presenting Bank 提示行the customers representative in case of need 需要时的代理. Workflow of CollectionTypes of Collection Clean Collection 光票托收- drafts only Documentary Collection 跟单托收- draft + shipping documents Doc

26、uments Against Payment (D/P) 付款交单Documents Against Acceptance (D/A) 承兑交单D/P 付款交单Buyer can receive the shipping documents ONLY after he has duly made the payment of the goods.D/P at sight 即期付款交单D/P after sight 远期付款交单D/P at _ days after sight 见票*天付款交单D/P at _ days after bill of lading 提单签发后*天付款交单D/P a

27、t _ days after date of draft 出票后*天付款交单Trust Receipt 信托收据Trust receipt 信托收据- collecting bank is responsible for the payment. D/PT/R 远期付款交单凭信托收据借单- permitted by the principal- principal is responsible for the risk. Languages It is a written document presented by the buyer to the collecting bank by whi

28、ch he expresses his wish to take delivery of the goods, make customs clearance, effect storing and make sales of the goods on behalf of the collecting bank. He also acknowledges that the title of the goods and the sales proceeds belong to the collecting bank and also he is obliged to make the paymen

29、t of the goods at the maturity of the draft. 信托收据是买方向代收行出示的书面文件，其中他申明，他愿意代表代收行交付货物，支付关税，进行储藏并售卖货物。他承认货物所有权和货款属于银行，他有义务在汇票到期日之前支付货款。D/A 承兑交单The buyer can get the shipping documents from the collecting bank after he has duly accepted the draft. ONLY applicable to time draftMuch more risk for the SELLE

30、RAttentionsUse commercial creditBanks do not bear any risksSeller:Needs to have good understanding of the buyers credit statusNot to use if the importing country has strict control over foreign exchangesNot to use if not using marine transportationUnder CIF, shipping documents should be “to order”St

31、ick to the contract and other regulations in timeRules for Collection“Uniform Rules for Collections” 统一跟单托收规则URC522统一跟单托收规则第522号Issued by ICCLetter of Credit 信用证Parties to a L/CApplicant (opener) 开证申请人，或开证人- account party, buyerOpening Bank, Issuing Bank 开证银行- the buyers bankAdvising Bank, Notifying Bank 通知行- the sellers bankBeneficiary 受益人- the seller to whom the credit is addressed N