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1、7.1 Instruments of payment 支付工具7.3 Combination of different modes of payment 不同付款方式的结合7.2 Modes of payment 支付方式 chapter 7 Payment 1.Bill of exchange 汇票2.Promissory note 本票 3.Check 支票6.1 Instruments of payment 支付工具 A bill of exchange is an unconditional order in writing,signed by the person(drawer)su
2、ch as a buyer,and addressed to another person(drawee),typically a bank,requiring the drawee to pay a stated sum of money to another person(payee),often a seller,on demand or at a fixed future time.1.Bill of exchange 汇票A bill of exchange must fulfill the following requirements:the word Exchange or dr
3、aft an unconditional order in writing name and address of the drawee drawer s signature,usually seller s signature date and place of issue name of the payee,usually the seller or its nominated bank.tenor place of payment amount In practice,there are three original parties to a bill of exchange:the d
4、rawer,the drawee and the payee.Generally the drawer is the exporter,the drawee is the importer,and the payee is usually the exporter or the order person of the drawer.(1)Sight Draft/Term Draft Sight Draft(demand draft)The sight draft is most commonly used in international trade.In a sight draft,the
5、payment is on demand or on presentation of the negotiation documents to the paying bank or the importer.Term Draft The term draft，also called time draft or usance draft,is used in a deferred payment arrangement.The payment is on the maturity date determinable in accordance with Types of bill of exch
6、ange the stipulations of the letter of credit(L/C).The maturity date can be at a stated period after sight or after date.(2)Clean Draft/Documentary Draft Clean Draft In a clean draft,no commercial or shipping documents are attached to the draft.The documents are sent together with the goods,directly
7、 to the importer.Documentary Draft In a documentary draft,the commercial or shipping documents are attached to the draft.The importer will be able to receive the commercial or shipping documents from the collecting bank only after he has accepted the draft for payment later or after he has paid the
8、draft.(3)Commercial draft/Bankers draft Commercial draft It is a bill issued by a commercial enterprise on another enterprise or on a bank.Bankers draft It is a draft drawn by a bank on another bank.Both the payer and payee are banks.The usage of a bill of exchange includes such stages:issue present
9、ation/acceptance payment endorsement dishonorHandling a bill of exchange A promissory note is a written note by the maker who promises to pay a specific amount of money at a specific time to a specific payee or bearer.As a promissory note is a promise by the maker(instead of drawer)to pay to the pay
10、ee,there are only two parties concerned,the maker and the payee.2.Promissory note 本票 Promissory notes can be commercial notes,which are issued by firms,or bank notes,which are made by bank.The commercial promissory note can be sight promissory note or time promissory note,but bank promissory note is
11、 only the sight one.In international trade,most of promissory notes are drawn by bankers and commercial promissory notes are rarely used.In using the bankers promissory notes,the importer first needs to buy the promissory note from a bank,and then send it to the exporter for the settlement of paymen
12、t.2.Promissory note 本票 A check is an unconditional order in writing drawn on a bank signed by the drawer,requiring the bank to pay a certain sum of money to or to the order of a payee or to the bearer at sight.So it is also called a demand draft drawn on a bank.The drawer of a check must be a deposi
13、tor that keeps an account current in the paying bank not less than the sum carried on the check,or the check will be dishonored when the holder presents it to the paying bank for payment.This kind of check is called bounced check.3.Check 支票 1.Remittance 汇付6.2 Modes of payment 支付方式 2.Collection 托收3.L
14、etter of Credit 信用证Remittance means the importer on his own initiative remits money to the exporter through a bank or other ways according to the terms and time stipulated in the contract.Parties involved in remittance business Remitter-the importer 1.Remittance 汇付 A remitter is the person who reque
15、sts his bank to remit funds to a beneficiary in a foreign country.A remitter is also called the payer.(1)Parties involved:Payee or beneficiary-the exporter A person who is addressed to receive the remittance is called the payee or beneficiary.The remitting bank-the bank in importers place 1.Remittan
16、ce 汇付 A remitting bank is the bank transferring funds at the request of a remitter to its correspondent or to its branch in another country and instructing the latter to pay a certain amount of money to a beneficiary.The paying bank-the bank in exporters place A paying bank is the bank entrusted by
17、the remitting bank with paying a certain amount of money to beneficiary named in the remittance advice.Mail Transfer(M/T)Under this method,the importer gives money to the remitting bank which in turn issues a trust deed for payment and then sends it to the paying bank in the exporters country,entrus
18、ting it with paying the specific amount to the exporter.The instructions between the banks are sent by ordinary or air mail.The fee of the remittance is cheap but it is a little later for the exporter to receive the payment.(2)Ways of Transfer(2)Telegraphic Transfer(T/T)At the request of the importe
19、r,the remitting bank sends a trust deed for payment by cable or SWIFT directly to the paying bank and entrusts it with paying money to the exporter.The difference between M/T and T/T is that the instructions of T/T are sent by cable instead of airmail.This means that the exporter can receive the mon
20、ey more quickly,but at the same time,the importer has to bear extra costs.It is often used when the remittance amount is large and transfer of funds is limited by time.The only way of authenticating a cable transfer is the test key.In recent years,T/T has become the most common method of remittance.
21、(3)Demand Draft(D/D)The importer buys a bankers demand draft from the bank and then sends it to the exporter.On the basis of the above bank draft,the exporter takes the money from the relative bank in his place.2.Collection 托收 Collection is a payment arrangement by the use of drafts.In this method,t
22、he exporter draws a bill of exchange on the importer for the sum due after the delivery of the goods,with or without relevant shipping documents attached,and asks his bank to arrange for the acceptance or payment of the bill abroad.The bank will carry out his instructions through its branch or a cor
23、respondent bank in the importers place.(1)Principal (2)Drawee (3)The remitting bank (4)The collecting bankParties to the collection arrangement(1)The principal is the party(usually the exporter)who entrusts the handling of a collection to a bank.(2)The drawee is the party(usually the importer)to who
24、m presentation is to be made in accordance with the collection instruction.(3)The remitting bank is a bank authorized by principal to effect the collection from the drawee.Usually it is the exporters bank.(4)The collecting bank is usually the branch or a correspondent bank of remitting bank in impor
25、ters country.It delivers the documents to the importer after receiving the payment under the instruction of remitting bank.Types of collection(1)Clean Collection Clean Collection means collection of financial documents not accompanied by commercial document.(2)Documentary collection Documentary coll
26、ection means collection of a financial documents accompanied by commercial documents,or commercial documents not accompanied by financial documents.Documents against Payment(D/P)Under this payment method,the exporter releases the documents on condition that the importer has made the payment.Accordin
27、g to the time of making payment,D/P can be divided into two types:Documents against Payment at sight (D/P at sight)and Documents against Payment after sight(D/P after sight).D/P at Sight Under D/P at Sight,the exporter issues a sight draft,and then presents it with commercial documents to the import
28、er through the remitting bank and the collecting bank.The importer must make the payment at once upon receiving the sight draft before he can get the commercial documents.D/P after Sight Under D/P after Sight,the exporter issues a time(or usance)draft payable on a specified due date or a certain num
29、ber of days,for example,a draft at 30 days sight,which is then presented to the importer through the remitting bank and the collecting bank.The importer makes acceptance on the draft upon receiving it.When the time is due,the importer obtains the shipping documents from the collecting bank only afte
30、r he pays the money for the goods.Under this method,the commercial documents will be released to the importer on the condition that he has made acceptance on the draft.The exporter issues a time draft,and then presents it along with the commercial documents to the importer through the remitting bank
31、 and the collecting bank after shipment.Documents against Acceptance(D/A)The collecting bank will release the documents to the importer after he has made the acceptance,and the importer will make the payment only at the expiry of the draft.D/A is more risky than D/P for the exporter.Step 1 The expor
32、ter ships goods and obtains the shipping documentsThe process of collection Step 2 The exporter,known as the principal,delivers the following documents to the remitting bank:bill of exchange;shipping documents;a collection order which contains the exporters instructions to the remitting bank.Step 3
33、The remitting bank sends the collection instruction and the documents to the collecting bank.Step 4 If the instructions are D/P,the collecting bank will release the documents to the importer only against payment.If the instructions are D/A,the collecting bank will release the documents against accep
34、tance of the bill of exchange by the importer.Step 5 After the importer makes the payment,the collecting bank will transfer accounts to the remitting bank.Step 6 The remitting bank transfers the account to the principal.Definition of the L/C According to the Uniform Customs and Practice for Document
35、ary Credits,2007 Revision,ICC Publication no.600(“UCP600”),Credit means any arrangement,however named or described,that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a complying presentation.3.Letter of Credit 信用证Letter of Credit belongs to bank credit.As
36、 long as the beneficiary presents the stipulated documents in conformity with the L/C,the issuing bank of the L/C must make the payment firstly.3.Letter of Credit 信用证Features of the L/C Banks deal with documents.In letter of credit business,banks deal with documents,not goods or services or performa
37、nce to which the documents may relate.That means the bank is not responsible for the goods,but only for the documents.If the documents presented are not in conformity with the L/C,the bank will refuse to pay no matter whether the goods shipped agree with those stipulated in the contract.A letter of
38、credit is a self-sufficient document.Letter of credit is opened on the basis of the contract,and independent from the contract once it is opened.The bank is only bound by,responsible for the Credit,and makes payment against documents which are fully in conformity with the Credit.(1)Applicant or open
39、er(importer)(2)Beneficiary(3)Issuing bank or opening bank(4)Advising bank(5)Confirming bank(6)Negotiating bank(7)Paying bank(8)Reimbursing bank Parties to a letter of credit Applicant means the party on whose request the credit is issued.The applicant or the opener is always an importer or a buyer,w
40、ho fills out and signs an application form,requesting the bank to issue a letter of credit in favor of an exporter or a seller abroad.(1)Applicant or opener(importer)Beneficiary means the party in whose favor a credit is issued.The beneficiary is the exporter or the seller in whose favor the credit
41、is issued.If there is a discrepancy between the credit opened and the sales contract,the beneficiary may have the option to accept it or persuade the opener to have it amended so as to be in line with the contract.Once the beneficiary accepts the credit,he must deliver the goods in compliance with t
42、he contract.After shipment,he will present documents to the bank for negotiation.(2)BeneficiaryThe issuing bank is one which issues a letter of credit at the request of an applicant.It undertakes to pay to the beneficiary.When an issuing bank determines that a presentation is complying,it must honor
43、.If the applicant fails to pay after the issuing bank makes payment,the issuing bank has the right to sell the goods and claim against the applicant if the proceeds are not sufficient.(3)Issuing bank or opening bank The advising bank is one which advises or passes the credit to the beneficiary at th
44、e request of the issuing bank.It is located in the place of beneficiary,which is usually the issuing banks branch or correspondent acting as an agent of the opening bank in accordance with the instructions given.(4)Advising bank Confirming bank means the bank that adds its confirmation to a credit u
45、pon the issuing banks authorization or request.Once the confirming bank adds its confirmation on the L/C,it must be responsible for the beneficiary.When a confirming bank determines that a presentation is complying,it must honor or negotiate and forward the documents to the issuing bank.After making
46、 payment,the confirming bank has no recourse right to the beneficiary if the issuing bank goes bankrupt.(5)Confirming bank The negotiating bank is one which negotiates or purchases the draft drawn by the beneficiary on the issuing bank or on other bank as specified in the credit.The negotiating bank
47、 has a right of recourse against the drawer(beneficiary)in the event of dishonor by the issuing bank.(6)Negotiating bank The paying bank is always the drawee of a draft stipulated in the credit or a bank nominated by the issuing bank to make payment under the credit.Sometimes the paying bank is the
48、issuing bank itself.(7)Paying bank Reimbursing bank is the agent of issuing bank.It honors the reimbursement claims of a paying bank or an accepting bank or a negotiating bank under a particular credit in accordance with the instructions or authorization given by the issuing bank.(8)Reimbursing bank
49、 (1)Application (2)Issuing L/C (3)Forwarding the L/C (4)Shipping (5)PresentationThe process of a letter of credit transaction (6)Negotiation(7)Sending documents(8)Payment by the Issuing Bank(9)Payment by the buyer(10)Releasing the documents Importer(applicant for the credit)applies to the issuing ba
50、nk for opening a letter of credit in favor of the exporter(beneficiary)and provides a certain amount of deposit and formality fees.(1)Application The issuing bank issues the letter of credit on the terms specified by the importer in his instructions and forwards it to the advising bank which at the