进出口实务与操作(英文版)chapter-6-Trade--Payment--&--Finance-.ppt

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1、Chapter6TradePayment&FinanceProceduresLearningObjectivesnDifferentmethodsofpaymentandthedistributionofriskinvolvedinthemnDefinitionofdraftandthecirculationofdifferenttypesofdraftnProceduresofdocumentarycollectionnThenegotiationofirrevocableletterofcreditnTypesoftradefinancing:factoring,forfaiting,le

2、asingChapterStructureSectionOneFourBasicTermsofPaymentSectionTwoDraftsandAcceptancesSectionThreeDocumentaryCollectionsSectionFourLettersofCreditSectionFiveFinancingInternationalTradeSectionOneFourBasicTermsofPaymentnPaymentandfinancearecentralobligationsandconcernsofbothbuyersandsellersininternation

3、altransactionsnSellersareconcernedthattheywillreceivecertaintyforpaymentforgoodsshippedbeyondthehorizon，andreceivethatpaymentinatimelymannernBuyerswanttoknowthattheywillreceivethegoodstheyhavecommittedtopayfor,andfurtherwanttoensurethatasecurepaymentprocessisneithercumbersomenoradditionallyexpensive

4、nMostoftheformsofpaymentdescribedhereareequallyapplicabletotheflowoffundsunderaservice,licensing,orinvestmentcontractSectionOneFourBasicTermsofPaymentTheexporternWantstominimisetheriskofnon-paymentnWantsfullandpromptpayment,theearlierthebetternConveniencepayment,atownorhomecountrybanknWantsadviceeg.

5、onexport/importlicenses,currencyrestrictionsetcTheimporternWantstoensureon-timedeliverynWantstoensuredeliveryofproductascontracted(qualityetc)nWouldprefertodelaypayment,preferablyuntilgoodsaresold;henceavailabilityofcredit(andfromwhom)isanissuenWantsconvenienceofusinganinterveningthirdpartSectionOne

6、FourBasicTermsofPaymentnTherearefourbasictermsofpaymentusedininternationaltradeRankedinorderfrommostbeneficialtothesellertomostbeneficialtothebuyer，theyarepaymentinadvance,documentarycredits,documentarycollections,openaccount.nImportersandexporterswillweighthemethodsonsuchfactorsasthespeedofpaymentn

7、eededtofeedcashflow,securityandassuranceofpayment,andeaseofclaimingthegoodsSectionOneFourBasicTermsofPaymentSectionOneFourBasicTermsofPaymentnCashinadvancepaymentsaremadeeitherbybankdraftorcheckorthroughawirepaymenttothebankaccountspecifiedbytheseller/exporternGenerally,onlytwocategoriesofsellerscan

8、requirecashinadvanceterms：thosefortunatetohaveuniqueorhigh-demandproducts，andsellersreceivingordersfromunknownbuyersinunstablecountriesSectionOneFourBasicTermsofPayment1.2Documentary(Letterof)CreditnAletterofcreditisabankscommitmenttopaytheselleraspecifiedsumonbehalfofthebuyerunderpreciselydefinedco

9、nditionsThebuyerspecifiescertaindocuments(includingatitledocument)fromthesellerbeforethebankistomakepayment，andthesellerisassuredthatpaymentwillbereceivedafterthegoodsareshippedsolongasthespecifieddocumentsareprovided.nLettersofcreditarethemostcommonformofinternationalpaymentbecausetheyprovideahighd

10、egreeofprotectionforboththebuyerandtheseller.SectionOneFourBasicTermsofPayment1.3DocumentaryCollectionsnAdocumentarycollectionissimilartoaninternationalcashondelivery(COD)Thesellershipsgoodstothebuyerbutsendsthedocuments，includingthebilloflading(titledocument)，throughthebankswithinstructionstoreleas

11、ethemtothebuyeronlyuponpayment.Whenthebuyerobtainsthetitledocuments，hehastherighttotakeownershipoftheshipmentSectionOneFourBasicTermsofPayment1.4OpenAccountnThebuyeragreestopayforthegoodswithinadesignatedtimeaftertheshipment，usuallyin30，60，or90daysTheselleristhustotallyreliantonthebuyersabilityandwi

12、llingnesstopayforgoodsalreadyshippednMultinationalaffiliatesshippingrawmaterialsormerchandisetoeachotherwillnormallydosoonopenaccountterms，althoughtheymightbehesitanttoacceptthesepaymenttermsfromanyotherinternationalcustomer.nInnewtradingrelationshipsitoftenmakessensetostartonmoreconservativetermsan

13、dafterexperienceandgreaterfamiliarity，proceedtodealonmoreliberalterms.SectionTwoDraftsandAcceptances2.1DefinitionnDrafts,orbillsofexchange，astheyarealsoknown，aretheprimarypaymentinstrumentininternationaltrade.Theformaldefinitionofdraftis：Anunconditionalorderinwriting,signedbyaperson(drawer)suchasabu

14、yer，andaddressedtoanotherperson(drawee)，typicallyabank，orderingthedraweetopayastatedsumofmoneytoyetanotherperson(payee)，oftentheseller，ondemandoratafixedordeterminablefuturetimeThemostcommonversionsofdraftsare：(1)sightdraftswhicharepayablewhenpresented，and(2)timedrafts(alsocalledusancedrafts)whichar

15、epayableatafuturefixedspecificdateordeterminable(e.g.,30,60,90days)dateSectionTwoDraftsandAcceptancesnThe“Form”ofDraftandAcceptanceSectionTwoDraftsandAcceptancesSectionTwoDraftsandAcceptances2.2PartiesInvolvedThemainpartiesareasfollows:nDrawerThepartywhoissuesthedraftorbillofexchangenDraweeThepartyw

16、hoisorderedtopaythefundscontemplatedbytheinstrumentnAcceptorAdraweewhohasacceptedtheresponsibilitytopaynPayeeThepartywho,onthefaceofthebill,istoreceivepaymentnEndorserAperson,initiallythepayee,whotransfersthedraftorbillbysignatureendorsementanddeliverytoanotherperson,thatpersonbecominganendorsee；any

17、endorseemaythen，subjecttoanyprecedingrestrictiveendorsement,becomeanendorseraswell.nOtherpartiessuchasholders，holdersinduecourse，bearers，and“avals”maybepresentinatransactionrelatedtodraftsandbillsofexchangeTradeAcceptance$10,000UnitedStatesDollarsNinetydaysafterdateofthisFIRSTofExchange(secondunpaid

18、)ForvaluereceivedPAYTOTHEORDEROF:GLOBALAMERlCANEXPORTSINCTo：BritishImportLtdLondonUKOctober16,2005SectionTwoDraftsandAcceptancesnThewords“FIRSTofExchange(secondunpaid)”areanindicationthatthisdrafthasbeenmadeupwithtwooriginalcopiessentintwodifferentlettersorcourierpackagestotheofficesofBritishImports

19、foracceptanceandlaterreturntoGlobalAmericantoholdtomaturitynThesecondoriginalwillread“SECONDofExchange(firstunpaid).”nTheideaistoensurethatatleastoneofthetwocopiesmakesittoitsdestinationandback,andwheneitheroneispresentedforpayment,theotheroriginalbecomesvoidThenotionissimilartothemultipleoriginalsf

20、oundinbillsofladingSectionTwoDraftsandAcceptances2.3GoverningLawsnIn1882,theUnitedKingdomcodifiedthelawmerchantjurisprudencethenexistinginBritainwithitsBillsofExchangeActCanadaandthenow-formercoloniesoftheBritishEmpirefollowedsuit,asdidtheUnitedStatesinthefirsttwodecadesofthe20thcenturynThecodificat

21、ionofthelawrelatingtobillsofexchangeinU.S.statesisnowfoundaspartoftheUniformCommercialCode,wherethetermdrafthasbeenembeddedSectionTwoDraftsandAcceptancesnBothpromises(promissorynotes)andordersarenegotiableinstruments(iftheymeetformalrequirementsatlaw),butonlyorderscanbeconsideredasdraftsintheUnitedS

22、tatesorasbillsofexchangeintheUnitedKingdomandCommonwealth.nPromissorynoteisawrittenpromisetopayadeterminatesumofmoneymadebetweentwoparties.nChecks，beingordersdrawnonabankand payableondemand,aredistinguishedfromdraftsintheUnitedStatesonthisbasisbytheUCC，whiletheBritishtradition，usingthesamefeatures，t

23、reatsthemasaseparatetypeofbillofexchange.SectionTwoDraftsandAcceptancesnThedifferencebetweenapromissorynoteandabillofexchangeisthatthemakerofanotepromisestopersonallypaythepayeeratherthanorderingathirdpartytodoso.nInEurope，checksareregulatedseparatelyfrombillsofexchangenTheEuropeanexperienceinthehar

24、monizationofrulesrelatedtobillsofexchangedatesfromtheearly1930swiththeGenevaConventionProvidingaUniformLawforBillsofExchangeandPromissoryNotesandtheGenevaConventionProvidingaUniformLawforChequesnTheseconventionsareincorporatedintothelegalsystemsofthestatepartiesandcontinuetoregulatetheirbillsofexcha

25、nge,promissorynotes,andchecksinthosenationsSectionTwoDraftsandAcceptancesCheckNovember2007atParis,FranceThischeckistobePaidtotheOrderofSandraSmith500.ooFiveHundredand/100EurosbytheEx-PatriotBankat100CoursAlber1er75008Paris,France098789_SectionTwoDraftsandAcceptancesnTheGenevaConventionnations,largel

26、yduetotheirdifferentregardforequitableremedies,differfromtheAnglo-AmericancommonlawpracticeinmanysmallbutsignificantrulesnThetreatmentoftheformalrequirementsofdraftsinboththeAnglo-AmericantraditionandtheGenevaConventionregimeisshownbelow.SectionThreeDocumentaryCollectionsnInadocumentarycollection，th

27、esellerpreparesandpresentsdocumentstothebankinmuchthesamewayasforadocumentaryletterofcredit.nHowever,therearetwomajordifferences：(1)thedraftinvolvedisnotdrawnbytheseller(the“drawer”)uponabankforpayment，butratheronthebuyeritself(the“drawee”)，and(2)thesellersbankhasnoobligationtopayuponpresentationbut

28、，moresimply,actsasacollectingorremittingbankonbehalfoftheseller，thusearningacommissionforitsservicesSectionThreeDocumentaryCollections3.1PartiesInvolvedinaDocumentaryCollectionTherearefourmainpartiestoadocumentarycollectiontransaction-theprincipal,theremittingbank,thecollectingbank,thedrawee.Eachpar

29、tymayhaveseveralnamesnThePrincipal(Seller/Exporter/Drawer)Theprincipalisgenerallytheseller/exporteraswellasthepartythatpreparesdocumentation(collectiondocuments)andsubmits(remits)themtohisbank(remittingbank)withacollectionorderforpaymentfromthebuyer(drawee)Theprincipalisalsosometimescalledtheremitte

30、rnTheRemitting(Principals/Sellers/Exporters)BankTheremittingbankreceivesdocumentation(collectiondocuments)fromtheseller(principal)forforwarding(remitting)tothebuyersbank(collecting/presentingbank)alongwithinstructionsforpaymentSectionThreeDocumentaryCollectionsnTheCollectingorRepresenting(Buyers)Ban

31、kThisisthebankthatpresentsthedocumentstothebuyerandcollectscashpayment(paymentofabankdraft)orapromisetopayinthefuture(abillofexchange)fromthebuyer(draweeofthedraft)inexchangeforthedocuments.nTheDrawee(Buyer/Importer)Thedrawee(buyer/importer)isthepartythatmakescashpaymentorsignsadraftaccordingtothete

32、rmsofthecollectionorderinexchangeforthedocumentsfromthepresenting/collectingbankandtakespossessionofthegoodsThedraweeistheoneonwhomadraftisdrawnandwhoowestheindicatedamountSectionThreeDocumentaryCollections3.2BasicDocumentaryCollectionProceduresnThebuyerandselleragreeonthetermsofsaleofgoods：(a)speci

33、fyingadocumentarycollectionasthemeansofpayment，(b)namingacollecting/presentingbank(usuallythebuyersbank)，and(c)listingrequireddocuments.SectionThreeDocumentaryCollectionsSectionThreeDocumentaryCollections3.3TypesofCollectionnCollectionscomeinthreeformsThefirst，acleancollection.Theothertwoformsofcoll

34、ectionare“documentsagainstpayment”and“documentsagainstacceptance”3.3.1DocumentsagainstPaymentnWithrespecttocollections,thesearetheICCUniformRulesofCollection(URC522)，lastrevisedeffectiveJanuaryl,l996，towhichvirtuallyallbanksengagedininternationaloperationsadhere.Theyremainprivaterules,andthereforemu

35、stbespecificallyinvokedbyexpressincorporationintothecollectionorderthatwillaccompanythedraftandtheshippingdocumentsintheirtravelSectionThreeDocumentaryCollectionsnAdocumentsagainstpayment(D/P)collectiondoesasitsnameimplies：thebuyerwillbegiventheshippingdocumentsinreturnforpaymentagainstthedraftnThes

36、ellerpreparesacollectionorder,essentiallyanapplicationformcontainingtheinstructionsforthecollection,incorporatingtheICCURC522rules，andattachestothiscollectionorderalldocumentsrelevanttotheshipment，principallybeingthedraftsoughttobecollected,billoflading,commercialinvoice,customsinvoice,insurancedocu

37、mentation(ifrequired),inspectioncertificates(ifrequired).SectionThreeDocumentaryCollections3.3.2DocumentsagainstAcceptanceThisdocumentarycollectionworksinexactlythesamemannerasdocumentsagainstpaymentbutrelatestotimedraftsandtermbills,forthedraftisyettobeacceptedbythedraweeandwillhaveafixedordetermin

38、ablefuturematuritydateInsteadofpaymentreturningafterthedraftisaccepted,itwillbetheaccepteddraftthatisreturnedtothesellertoawaitmaturityTheriskforthesellerliesinthefactthatitisdependinguponthecreditworthinessofthedrawee,asthegoodswillbegoneifthedraft，onmaturity,isdishonoredbythedraweeSectionThreeDocu

39、mentaryCollections3.4TheColleorionOrdernThecollectionorderisthekeydocumentpreparedbythesellerspecifyingthetermsandconditionsofthedocumentarycollectionItmustbepreparedwithgreatcareandprecisionasthebanksareonlypermittedtoactupontheinstructionsgivenintheorderandnotoninstructionsfrompasttransactionsorve

40、rbalunderstandings1Thepaymentperiodasagreedwiththebuyer2Thenameandaddressofthebuyer3ThebuyersbankSectionThreeDocumentaryCollections4Instructions，ifany，aboutwhattodowiththeacceptedbillofexchange5Notationconcerningpaymentofchargesforthedocumentarycollection6Notation/instructionsforthelodgingofaprotest

41、intheeventofnon-acceptanceornonpayment7InstructionsfornotificationofagentorrepresentativeinthebuyerscountrySectionFourLettersofCredit/DocumentaryCreditsThetermletterofcreditisalsoreferredtomoregenerallyasanL/C，acredit，adocumentarycredit，adocumentaryletterofcredit，oracommercialletterofcredit，allmeani

42、ngthesametypeoffinancialpaymenttransactionItisfoundedonanundertakingbyabanktohonorthesellersdraftoncethesellerhascompliedwiththoseconditionscontainedinthetermsofthecreditTheuseofanL/Cforpaymentmustbeoneofthenegotiatedmattersbetweenthesaleparties,andprovisionforitmustbemadeinthesalecontractitselfSect

43、ionFourLettersofCredit/DocumentaryCreditsnTheL/Cwilldescribeonlythoseitemsthatmustbereflectedontheshipping,insurance，andcustomsdocumentstobeforwardedbytheseller.nThebankisinthebusinessoffacilitatingpayments,notrefereeingtradedisputesnorinspectingshipmentsnBanksdealindocumentsandnotgoods.Banksarenotc

44、oncernedifashipmentisinconformitywiththedocuments,onlythatthedocumentsareinconformitytothewordingofthecredit.SectionFourLettersofCredit/DocumentaryCredits4.1PartiestoaLetterofCreditThemainpartiestoabasicdocumentaryletterofcredittransactionare:nApplicant-thebuyer/importerwhorequestedthatthecreditbeis

45、suednBeneficiary-theseller/exportertowhomthecreditisaddressednIssuingbank-thebank(generallythatofthebuyer/importer)thatissuesthecreditandinsodoingundertakestohonorthelaterclaimforpaymentbythebeneficiaryoncethatbeneficiaryhascompliedwiththetermsofthecreditSectionFourLettersofCredit/DocumentaryCredits

46、nAdvisingbank-abankinthebeneficiarycountry,namedinthecreditbytheissuingbank(usuallyhavingbeeninitiallynominatedbytheseller),towhichthecreditisforwardedTheadvisingbankadvisesthebeneficiaryoftheexistenceofthecreditbutattractsnoliabilityunlessitbecomesaconfirmingbanknConfirmingbank-abank(oftenthatofthe

47、seller/exporter)thataddsitscreditworthinesstothatoftheissuingbank,therebyenhancingthebeneficiarysguaranteeofpaymentoncethatbeneficiaryhascompliedwiththetermsofthecreditSectionFourLettersofCredit/DocumentaryCredits4.2TypesofLettersofCreditnDocumentaryversusStandbyThedocumentaryletterofcreditisusedtoe

48、nsurepaymentagainstshipmentofgoodsorfortheprovisionofservicesAstandbyletterofcredit，incontrast，isnotintendedasameansofpayment,butratherasasellersguaranteeorsecurityforperformanceThesellersrighttodemandpaymentfromthebankthatissuesthestandbycreditarisesonlywhenthebuyerfailstomakepaymentinaccordancewit

49、hitscontractualresponsibilityMostoften，(irrevocable)standbylettersofcreditareofferedasabackuptoanopenaccountarrangementwherebillsareexpectedtobepaidincashontimelybasis，withthestandbyL/CinthebackgroundSectionFourLettersofCredit/DocumentaryCreditsnIrrevocableversusRevocable Anirrevocablecreditisanissu

50、ingbanksundertakingthatitwillmakepayment,providedthetermsandconditionscontainedinthecreditaresatisfied,andthisundertakingcannotbeamendedorcanceledwithouttheconsentofallparties,includingthebeneficiaryThiscomfortisalsoextendedtoanysubsequentendorsersofdraftsdrawnunderthecreditArevocablecredit，ontheoth