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1、1. Negotiable instrument :bills of exchange .promissory notes cheques2. Payment techniques: remittances collections. Letters of credit, standby letters of credit, bank guarantees, international factoring , international forfaiting3. Documents: draft, bills of lading, insurance policies, certificates
2、 of origin4. The evolution of international settlement: form cash settlement to non-cash settlement; form direct payment to indirect payment; form simple price terms to complex price terms; form paper documents to electronic documents5. Factors in the payment decision: 1.protection 2.convenience 3.c
3、ost mercial competitiveness6. To illustrate indetail every exporter has to take the following risks into consideration in selecting a payment technique mercial risks 2.financial risks 3.political/country risk 4.risk in control of title to the goods 5.transfer risk7. Open account: on the account term
4、s the importer agrees to pay the exporter at an agreed time and in an agreed manner. Usually, there are no strict contracts or documentation required between the two parties.8. Payment in advance: is certainly the most favorable way of getting paid form the exporters viewpoint, for there is no risk
5、at all . the exporter has immediate or advance use of the money.9. Negotiable instrument laws: the French law , the german law ,the british law.10. china has not participated in the genera convention , either in international trade settlement, china always refers to the genera uniform law although i
6、t has its own negotiable instrument law the negotiable instrument law of the peoples republic of china.11. what is a 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 addressed to pay on demand o
7、r at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer.12. essential items required in a bill of exchange 1. the word”exchange”2. an unconditional order to pay a fixed amount of money3. name and address of the drawer 4.the signature of t
8、he drawer 5.date an place of issue 6. name of payee(restricted order , demonstrative order, payable to bearer) 7.tenor(payable on demand , able at a fixed time after sight, payable at fixed time after date, payable on a fixed future time)8.place of payment 9.a fixed amount of money 10.writing13. cla
9、ssification of bills of exchange : 1. foreign bill an inland bill 2. sight bill and usance bill 3.bankers draft and traders bill 4. bankers acceptance and traders acceptance 5 . clean bill and documentary bill.14. joint and several notes: if a note is made by two or more makers , and the uncondition
10、al promise to pay is expressed as” I promise to pay to the order of .on demand the sum of .”and with the signatures of all the makers , the note is a joint an several note.15. basic parties to a remittance : 1.remitter 2. remitting bank 3. paying bank.16. remitter: also called the payer, is the pers
11、on who requests his bank to remit funds to the payee or beneficiary in a foreign country, a remitter is the importer under the sales contract .17. types of remittance 1.mail transfer(M/T)2. telegraphic transfer(T/T)3 . demand draft(D/D)18. Relationship between the parties:1. the relationship between
12、 the principal(exporter)and the drawee(importer)is bound by the sales contract between them 2 .the relationship between the principal an remitting bank 3. the relationship between the remitting bank and collecting bank.19. clean collection: a clean collection means an arrangement where by the seller
13、 draws only draft(s) on the buyer for the vale of the goods/services and presents drafts to his bank for collectors, a clean collection may represent an underling merchandise or financial transaction . under clean collection ,the payment instrument maybe a cheque or a money order 20. the specific st
14、eps of a direct collection are summarized as follows:1.the exporter and the importer agree to do business by entering into a sales contract 2.the exporter ships. The goods and then prepares the documents specified in the sales contract, among which is the direct collection letter.3. the exporter sen
15、ds the collection letter to the foreign bank by a cornier or express.4. a copy is sent to the exporters bank ,the exporters bank makes a brief data entry for future follow up purposes, and debits the exporters account for its fee. 4. the collecting or presenting bank will follow the instructions in
16、the direct collection letter as if they were received form its codependent bank 5.the collecting or presenting bank presents the drafts and documents for acceptance or payment21. Characteristics of a letter of credit: 1 . A written undertaking on the part of the issuing bank.2. Independent of the sa
17、les contract.3. exclusively dealing dealing with documents 22. Applicant: means the party on whose request the credit is issued, it is the buyer under the sales contract.23. Standby letters of credit originated in the united states in the 1800s, in general, a standby letter of credit represents an u
18、ndertaking by a bank to pay a third party (the beneficiary) upon the failure of the banks customer (the applicant)to perform specifred abligations.24. Irrevocable form : a standby letter of credit is usually issued in an irrevocable form.25. A direct guarantee is issued by the issuing bank directly
19、to the beneficiary and maybe advised though a local bank ,but without any responsibility on the part of the local bank.26. A tender guarantee/blind bond is used to provide an assurance of the intention pay submitting the tender to sign the contract if his tender is accepted. A tender guarantee/bid b
20、ond is usually issued for 3-5% of the contract value.27. A performance guarantee or bond is usually issued for 20 % of the contract value.28. When the seller an the seller and the buyer are in different countries, the service is called international factoring.29. According to the time when the facto
21、r provides the seller with finance, factoring can be divided into maturity factoring.30. Characteristics of forfaiting finance: 1.the forfaiter provides 100% without recourse finance for the exporter.2.the importers payment obligation is guaranteed by a local bank.3. the debit instruments invoive do
22、cuments such as bills of exchange, promissory notes or letters of credit.4. the transaction is conducted on a fixed interest rate basis.31. T/T:safest, remittance is sent to the payee by the bank ,remitter can make full use of the funds, lower the lost of interest. DISADANTAGES; bank cant occupy the
23、 funds; remitter pays extra. Telecommunication fee and commission fee. Cost high. Velocity faster.32. M/T: bank can occupy the customers funds. DIS: slower , maybe delayed or lost. Cost lower. Slower than T/T.33. D/D: remitter neednt inform with drawing the money; after endorsement can be transferred or negotiated; remitting bank can occupy the customers funds. DIS: maybe lost or stolen, slowest.