Chapter 9: Payment of Purchase Price 货款的支付 School of International Economics
Payment of Purchase Price n Settlement of purchase price 货款的 结算 Collection and payment of foreign exchange 外汇的收付 n Time, mode, place and currency of payment School of International Economics
Payment of Purchase Price A. Instrument of payment B. Modes of Payment C. D. Combination of different modes of Payment Terms of payment in the contract School of International Economics
A. Instrument of payment 支付 具 n Instrument of payment 支付 具 1. Currency 货币 2. Bill 票据 School of International Economics
A. Instrument of payment 支付 具 1. Currency 货币 ① Currency of the seller’s country ② Currency of the buyer’s country ③ Currency of a third country School of International Economics
A. Instrument of payment 支付 具 n Choosing Currency ① ② Convertibility and stability of the currency 货币的可兑换性和稳定性 Tendency of fluctuation of the currency School of International Economics
A. Instrument of payment 支付 具 2. Bill 票据 a. Bill of Exchange b. Promissory Note c. Cheque or Check School of International Economics
A. Instrument of payment 支付 具 a. Bill of Exchange (Draft) 汇票 Ø Is an unconditional order in writing, addressed by one person (drawer) to another (drawee), signed by the person giving it, requiring the person to whom it is addressed (drawee or payer) to pay on demand, or at a fixed or determinable further time, a sum certain in money to, or to the order of, a specified person, or to any bearer (payee). School of International Economics
A. Instrument of payment 支付 具 a. Bill of Exchange (Draft) 汇票 是由一个人向另一个人签发的，要求对方（ 接受命令的人）即期或定期或在可以确定的 将来时间，向某人或其指定的人或持票人支 付一定金额的无条件的书面支付命令。 School of International Economics
a. Bill of Exchange (Draft) 汇票 n Parties to a Bill of Exchange ① Drawer 出票人: the person who draws the bill n ② Drawee or payer 受票人或付款人 : the person who is to pay the money n ③ Exporter or his bank Importer or the appointed bank under L/C Payee 收款人: the person who is to receive the money n Drawer, exporter or his appointed bank, bearer of the bill School of International Economics
a. Bill of Exchange (Draft) 汇票 n Basic Contents of A Draft 汇票的内容 ① ② ③ ④ ⑤ ⑥ ⑦ Indicate: bill of exchange 表明“汇票”的字样 An unconditional order in writing 无条件支付的 委托 A sum certain in money 确定的金额 The name of drawee or payer 付款人名称 The name of Payee 收款人名称 Date of the bill of exchange drawn 出票日期 Signature of the drawer 出票人签章 School of International Economics
Specimen Bill of Exchange 汇票标本 No. 9340 £. Stg. 100 London, 15 th July, 1995 On demand pay to John Wood or bearer the sum of One Hundred Pound (English Currency) only. (Signed) Thomas Jones To: Mr. James Arthur Manchester School of International Economics
a. Bill of Exchange (Draft) 汇票 n Classification of Bills of Exchange ① Commercial bill and banker’s bill ② Clean bill and documentary bill ③ Sight (demand) bill and time (usance) bill ④ Commercial acceptance bill and banker’s acceptance bill School of International Economics
a. Bill of Exchange (Draft) 汇票 ① Commercial bill and banker’s bill ① ② Commercial bill (商业汇票): the drawer is a commercial firm Banker’s bill (银行汇票): the drawer is a bank School of International Economics
Classification of Bills of Exchange ② Clean bill and documentary bill Ø Ø Clean bill (光票): when no shipping documents are accompanied with it. Documentary bill (跟单汇票): which is accompanied with shipping documents n Such as: B/L, Commercial Invoice, Packing List, Insurance Policy, Inspection Certificate etc. School of International Economics
Classification of Bills of Exchange ② Clean bill and documentary bill Ø 光票（Clean Draft），指不附带商业单据的汇票。 n Ø 银行汇票多是光票。 跟单汇票（Documentary Draft），指附有包括 运输单据在内的商业单据的汇票。 n 跟单汇票多是商业汇票。 School of International Economics
a. Bill of Exchange (Draft) 汇票 ③ Sight (demand) bill and time (usance) bill Ø Ø Sight (demand) bill (即期汇票): the draft is payable at sight on presentation. Time (usance) bill (远期汇票): the drawee is required to pay the bill at a later date. n Require: acceptance before payment School of International Economics
a. Bill of Exchange (Draft) 汇票 ③ Sight (demand) bill and time (usance) bill Ø Ø 即期汇票（sight bill, demand bill）指持票人向 付款人提示后对方立即付款，又称见票即付汇票。 远期汇票（time bill, usance bill）是在出票一定 期限后或特定日期付款。 School of International Economics
a. Bill of Exchange (Draft) 汇票 n Time (Usance) Bill 远期汇票 ① ② ③ ④ ⑤ payable certain days after sight 见票后若干天付款 payable certain days after the date of draft 出票后 若干天付款 payable certain days after the date of B/L 提单签 发日后若干天付款 payable certain days after the fixed date 固定日期 后若干天付款 payable certain days after the date of arrival of goods School of International Economics
a. Bill of Exchange (Draft) 汇票 ④ Commercial Acceptance Bill and Banker’s Acceptance Bill Ø Ø Commercial acceptance bill (商业承兑汇票): in time commercial bills, when the drawer is a commercial firm and the drawee is another commercial firm, the bill after acceptance by the drawee Banker’s acceptance bill (银行承兑汇票): when the drawer is a commercial firm or a bank and the drawee is a bank, the bill after acceptance by the bank School of International Economics
a. Bill of Exchange (Draft) 汇票 ④ Commercial Acceptance Bill and Banker’s Acceptance Bill Ø Ø 商业承兑汇票(Commercial acceptance bill): 远 期的商业汇票，经企业或个人承兑后，称为商业 承兑汇票。 银行承兑汇票(Banker’s acceptance bill): 远期的 商业汇票，经银行承兑后，称为银行承兑汇票。 n 银行承兑后成为该汇票的主债务人，所以银行承兑汇 票是一种银行信用。 School of International Economics
a. Bill of Exchange (Draft) 汇票 n General Procedures in Handling A Bill of Exchange (Draft) ① Drawing ② Presentation ③ Acceptance ④ Payment ⑤ Endorsement ⑥ Protesting School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) Drawing （Issue）出票 ① Ø Ø Ø Means the act of the drawer in filling up the bill of exchange with particulars as to the name of the drawee, the amount payable, the date of payment and name of payee, and after signature, the drawer may present the bill to the drawee through the medium of the payee or a banker. 出票是指出票人在汇票上填写付款人、付款金额、 付款日期和地点以及受款人等项目，经签字交给 受票人的行为. School of International Economics
Drawing （Issue）出票 n Three ways to stipulate the payee ① Restrictive payee ② To order ③ To bearer School of International Economics
Drawing （Issue）出票 ① Restrictive payee 限制性抬头 Ø Such as “pay ABC Co. Ltd. only” or “pay ABC Co. Ltd. , not negotiable” (不准流 通) Ø Can not be negotiated or transferred to another party. (不能流通转让) School of International Economics
Drawing （Issue）出票 ② To order 指示性抬头 Ø Such as “pay ABC Co. Ltd. or Order” or “pay to the order of ABC Co. Ltd. ” Ø Can be negotiated or transferred to another party after endorsement by the payee or the amount may be collected by the payee himself. School of International Economics
Drawing （Issue）出票 ③ To bearer 持票人或来人抬头 Ø Such as “pay to bearer” or “pay to ABC Co. Ltd. or bearer” Ø Ø Does not need the endorsement by another party and can be negotiated or transferred merely by delivery. 无须由持票人背书，仅凭交付汇票即可转让。 School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) ② Presentation 提示 Ø Refers to the act of the holder of the bill of exchange presenting the bill to the drawee, asking the latter either to pay or to accept the bill. n Ø The drawee’s receiving or seeing the bill is called “sight”. 付款人看到汇票叫“见票”。 提示是持票人将汇票提交付款人要求承兑或付 款的行为， School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) Acceptance 承兑 ③ Ø Means the act of the drawee to show his responsibility by accepting the usance bill for payment at a fixed future date by writing the word “accepted”, marking the date of acceptance and signing on the face of the bill. n Ø The drawee “the Acceptor” “承兑人” 承兑是指付款人对远期汇票表示承担到期付款责 任的行为。付款人在汇票上写明“承兑”字样，注明 承兑日期，并由付款人签字，交还持票人。 School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) ④ Payment 付款 Ø Means the act of the drawee or the acceptor to pay the amount of the bill of exchange to the holder of the bill. n Ø The holder of the bill must present the bill of exchange. 是指付款人或承兑人向持票人清偿汇票金额的 行为。 School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) Endorsement 背书 ⑤ Ø In the case of a “to order” bill of exchange, endorsement is needed in the procedure of negotiation or transfer by the payee by signing his name on the back of the bill n n Ø Blank endorsement 空白背书 – bear or holder Full endorsement 记名背书 – transferee, endorsee 受让人（被背书人) 背书是转让汇票权利的一种手续，就是由汇标抬头人 在汇票背面签上自己的名字，或再加上受让人（被背 书人）的名字，并把汇票交给受让人的行为。 School of International Economics
Endorsement 背书 Discount 贴现 n Ø Ø The bank or discount company concerned may “discount” the bill by paying immediate cash for the bill at a little less than its face amount, i. e. , after deducting charges and interest based on the current rate of discount, and then, will in the due date of the bill collect the full amount from the acceptor. 在金融市场上，最常见的背书转让为汇票的贴现，即 远期汇票经承兑后，尚未到期，持票人背书后，由银 行或贴现公司作为受让人。从票面金额中扣减按贴现 率结算的贴息后，将余款付给持票人。 School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) ⑥ Protesting 拒付 Ø Ø When a bill has been duly presented for acceptance or payment and the acceptance or payment has been refused, the bill is said to be dishonoured. 持票人向付款人提示汇票要求承兑或付款时， 付款人拒绝承兑或拒绝付款，均称拒付。 School of International Economics
General Procedures in Handling A Bill of Exchange (Draft) ⑥ Protesting 拒付 Ø The holder has an immediate right to take action against all parties to the bill --- the right of recourse (追索权 ). ① ② The holder must give a formal notice of dishonour (发出拒付通知) to all the parties he wishes to make liable. The holder should apply for a letter of protest (拒绝证书) from the notary public. School of International Economics
2. Bill 票据 Promissory Note 本票 b. Ø Ø Is an unconditional promise in writing made by one person to another 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 a order of, a specified person or to a bearer. 一个人向另一个人签发的，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书面承诺. School of International Economics
2. Bill 票据 n Kinds of Promissory Note ① Commercial promissory note n Sight or Time n ② No “Acceptance” Banker’s promissory note n Sight School of International Economics
2. Bill 票据 Cheque (Check) 支票 c. Ø Ø Ø Is an unconditional order in writing drawn on a banker signed by drawer, requiring the banker to pay on demand a sum certain in money to, or to the order of specified person or to a bearer. “A bill of exchange drawn on a bank payable 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。 School of International Economics
2. Bill 票据 c. Cheque (Check) 支票 Ø Rubber check 空头支票(橡皮支票): A check returned by a bank because of insufficient funds in the account on which it is drawn. Ø Crossed cheque (划线支票): when two parallel lines are drawn across it. School of International Economics
汇票、本票和支票的区别 n A 性质 当事人 付款时间 汇票 无条件的书 出票人/付 分远期/即期 Bill of Exchange 面支付命令 款人/受款人 远期需承兑 or Draft 无条件的书 Promissory Note 面支付承诺 本票 出票人/ 受款人 无条件的书 出票人/付 Cheque or Check 面支付命令 款人/受款人 支票 School of International Economics 分远期/即期 远期不承兑 只有即期 没有远期
B. Modes of Payment Main Modes of Payment: n I. Remittance II. Collection III. Letter of Credit IV. Letter of Guarantee School of International Economics
B. Modes of Payment Remittance 汇付(又称汇款) I. Ø Ø Means that the buyer remits money to the seller through a bank on his own initiative. 是指付款人主动通过银行或其他 途径，将货款汇交收款人。 School of International Economics
I. Remittance 汇付(又称汇款) Parties in Remittance n 1. 2. 3. 4. Remitter (汇款人): usu. importer Payee or Beneficiary (收款人) : usu. exporter Remitting Bank (汇出行): usu. importer’s bank Paying Bank (汇入行): usu. exporter’s bank School of International Economics
I. Remittance 汇付(又称汇款) Kinds of Remittance n 1. Mail Transfer (M/T) 2. Telegraphic Transfer (T/T) 3. Demand Draft (D/D) School of International Economics
I. Remittance 汇付(又称汇款) Mail Transfer (M/T) 信汇 1. Ø Ø The buyer gives money to a local bank which sends a trust deed (信托书) for payment to its correspondent bank at the seller’s end by mail and entrusts it with the task to pay money to the seller. 汇出行应汇款人的申请，将信汇委托书寄 给汇入行，授权解付一定金额给收款人。 School of International Economics
I. Remittance 汇付(又称汇款) Telegraphic Transfer (T/T) 电汇 2. Ø Ø At the request of the buyer, a local bank sends a trust deed (信托书) for payment by cable directly to its correspondent bank at the seller’s end and entrusts the work to it to pay money to the seller. 汇出行应汇款人的申请，拍发加押电报或 电传给在另一国家的分行或代理行（汇入 行），指示它解付一定金额给收款人。 School of International Economics
I. Remittance 汇付(又称汇款) Demand Draft (D/D) （Remittance by Banker’s Demand Draft）票汇 3. Ø Ø The buyer buys a draft from a local bank and sends it by mail to the seller, the seller or his appointed person can collect money from the relative bank at his end against the draft sent by the buyer. 票汇是以银行即期汇票为支付 具的一种汇付方式。 由汇出行应汇款人的申请，开立以其代理行或账户行 为付款人，列明汇款人所指定的收款人名称的银行即 期汇票，交由汇款人自行寄给收款人。由收款人凭票 向汇票上的付款人（银行）取款。 School of International Economics
I. Remittance 汇付(又称汇款) Use of Remittance n Payment in Advance 预付货款 1. n 2. 3. Cash with Order (C. W. O. ) 定货付现 Cash on Delivery (C. O. D. )交货付 现, 货到付款 Open Account Trade 记帐交易 School of International Economics
Process of Remittance —— under T/T，M/T 收款人 n A Exporter ④ ⑤ ⑥ ⑦ 合 同 汇款人 Importer Paying Bank ③ ① ② Remitting Bank
汇付的流程说明 ① 电汇申请书 ② 回单 ③ 电汇款通知 ④ 汇款通知 ⑤ 收据 ⑥ 付款 ⑦ 付讫借记 School of International Economics
B. Modes of Payment Collection 托收 II. Ø Ø The exporter draws a bill and asks his bank to arrange for the acceptance or payment of the bill overseas, and the bank will carry his task through its own branch office abroad or a correspondent bank. This procedure is termed as collection of proceeds of sales. 托收是指债权人（出口人）出具汇票, 委托银行向 债务人（进口人）收取货款的一种支付方式。 School of International Economics
II. Collection 托收 Parties in Collection n 1. The principal or exporter 委托人 2. The remitting bank 托收行 3. The collecting bank 代收行 4. The payer or importer 付款人 School of International Economics
II. Collection 托收 Kinds of Collection n 1. Collection on clean bill 2. Collection on documentary bill School of International Economics
Kinds of Collection on Clean Bill 光票托 收 1. Means that the exporter collects the purchase price against the draft only, without any shipping documents attached thereto. Ø n Usu. Used in collecting balance (余额) under L/C, advance, commission and costs of samples. School of International Economics
Kinds of Collection on Documentary Bill 跟单托收 2. Means that the exporter collects the purchase price against the documentary bill. Ø ① Documents against payment (D/P) ② Documents against acceptance (D/A) School of International Economics
Documentary Collection 跟单托收 Documents Against Payment (D/P) 付款交单 ① Calls for actual payment against the transfer of shipping documents. n a) D/P at sight b) D/P after sight School of International Economics
① Documents Against Payment D/P at sight 即期付款交单 a) Ø Ø After shipment of the goods, the exporter shall draw a sight bill of exchange, and send it as well as shipping documents to a local bank, through which and whose correspondent bank the documentary draft is presented to the importer. The importer shall pay against the documentary draft drawn by the seller at sight. 出口方按合同规定日期发货后，开具即期汇票, 连同全 套货运单据，委托银行向进口方提示，进口方见票（和 单据）后立即付款。银行在其付清货款后交出货运单据。 School of International Economics
Process of D/P at Sight Exporter n n Importer ① A A ② ⑤ ④ ⑧ Remitting Bank ③ ⑦ Collecting Bank
① Documents Against Payment D/P after sight 远期付款交单 b) Ø Ø After shipment of the goods, the exporter shall draw a usance bill of exchange, and send it as well as shipping documents to a local bank, through which and whose correspondent bank the documentary draft is presented to the importer. The importer shall accept the usance draft, and make payment on the due date of the usance bill. 出口方按合同规定日期发货后，开具远期汇票连同全套 货运单据，委托银行向进口人提示，进口方审单无误后 在汇票上承兑，于汇票到期日付清货款，然后从银行处 取得货运单据。 School of International Economics
Process of D/P after Sight Exporter n n Importer ① A A ② ⑤ ④ ⑧ Remitting Bank ③ ⑦ Collecting Bank
b) D/P after sight 远期付款交单 Trust Receipts (T/R) 信托收据 n Ø Ø Is a written guaranty provided by the importer to the collecting bank for the purpose of borrowing B/L from the latter, in which the importer declares that he will take delivery of the goods, declare to the customs, store the goods, take out insurance on and push sales of the goods as the consignee of the collecting bank, 代收银行的受托人 and acknowledge the title to the goods and proceeds of the sale belonging to the collecting bank and will guarantee to of International Economicson the date due. School make payment
b) D/P after sight 远期付款交单 Trust Receipts (T/R) 信托收据 n Ø 所谓信托收据，是进口方借单时提供的一 种书面信用担保文件，表示愿意以银行受 托人身份代为提货、报关、存仓、保险、 出售，并承认货物所有权仍归银行。货物 售出后所得货款应于汇票到期时交银行。 School of International Economics
D/P after sight 远期付款交单 n “D／P， T／R” (付款交单，凭信托收据借 单) Ø Ø 指出口人指示代收行借单，主动授权银行凭信托 收据借单给进口人，那么进口人在承兑汇票后可 以凭信托收据先行借单提货。 这种托收方式的性质与承兑交单差不多。如果进 口人在汇票到期时拒付，则与银行无关，应由出 口人自己承担风险。 School of International Economics
Documentary Collection 跟单托收 Documents Against Acceptance (D/A) 承兑交单 ② Calls for delivery of documents against acceptance of the draft drawn by the exporter. n n D/A is always after sight School of International Economics
Process of D/A Exporter n n Importer ① A A ② ⑤ ④ ⑧ Remitting Bank ③ ⑦ Collecting Bank
托收程序示意图的说明 ① 合同规定采取托收方式 ② 按期装运制作汇票及有关单据，填具托收委托 书送银行 ③ 托收行将有关单据寄交代收行并说明委托书中 的各项指示 ④ 代收行根据指示向进口人提示汇票 ⑤ ⑥如为D/P即期，进口人付款赎单， 如为D/P远期，先办承兑，到期赎单， 如为D/A承兑取单，到期付款 ⑦代收行收款后通知托收行收妥转帐 ⑧托收行将货款交出口人 School of International Economics
B. Modes of Payment III. Letter of Credit 1. Feature of L/C 2. Parties relating to L/C 3. Procedure of L/C 4. Contents of L/C 5. Kinds of L/C School of International Economics
B. Modes of Payment III. Ø Letter of Credit the expressions "Documentary Credit (s)" and "Standby Letter(s) of Credit" (hereinafter referred to as "Credit (s) "), mean any arrangement, however named or described, whereby a bank(the "Issuing Bank") acting at the request and on the instructions of a customer (the "Applicant") or on its own behalf, School of International Economics
B. Modes of Payment III. Letter of Credit i) is to make a payment to or to the order of a third party(the "Beneficiary"), or is to accept and pay bills of exchange (Draft(s)) drawn by the Beneficiary, or ii) authorises another bank to effect such payment, or to accept and pay such bills of exchange (Draft(s)), or iii) authorises another bank to negotiate, against stipulated document(s), provided that the terms and c onditions of the Credit are complied with School of International Economics
B. Modes of Payment III. Letter of Credit 《跟单信用证统一惯例》对信用证有如下的定义：“跟单 信用证”和“备用信用证”（以下统称“信用证”），意指一 项约定，不论其如何命名或描述，系指一家银行（“开 征行”）应其客户（“申请人” 的要求和指示或以其自身 的名义，在与信用证条款相符的条件下，凭规定的单据： 1. 向第三者(“受益人”）或其指定人付款，或承兑并支付 受益人出具的汇票，或 2. 授权另一家银行付款，或承兑并支付该汇票，或 3. 授权另一家银行议付。” School of International Economics
III. Letter of Credit Feature of Letter of Credit 1. ① ② ③ L/C is a credit of the bank. Credits, by their nature, are separate transactions from the sales or other contract(s) on which they may be based. Documents business. School of International Economics
III. Letter of Credit 2. Parties relating to L/C 1. 开证申请人（Applicant） 2. 开证银行（Opening Bank, Issuing Bank） 3. 通知银行（Advising Bank, Notifying Bank） 4. 受益人（Beneficiary） 5. 议付银行（Negotiating Bank） 6. 付款银行（Paying Bank, Drawee Bank） School of International Economics
III. Letter of Credit Parties relating to L/C 2. ① ② Applicant (开证申请人): who applies to the bank for issuance of a letter of credit. The originating bank or opening bank or issuing bank (开证银行): which is the bank receiving the application from the applicant to issue the L/C and will be responsible for payment. School of International Economics
III. Letter of Credit Parties relating to L/C 2. ③ ④ The advising bank or correspondent bank (通知银行): which is a bank at the place where the exporter resides and may usually be a branch of the issuing bank or its correspondent. The advising bank hands the L/C to the exporter under the instructions from the issuing bank. The beneficiary (受益人): who is empowered to. School of International Economics use the L/C.
III. Letter of Credit Parties relating to L/C 2. ⑤ ⑥ The negotiating bank (议付银行): which is a bank ready to accept or discount the documentary bill drawn by the beneficiary under L/C. The paying bank (付款银行): which is a bank responsible for the payment specified in the L/C. School of International Economics
3. Procedure of L/C n 开证申请人 （进口人） A n n A A ① 信用证受益 人（出口人） ② ⑤ ④ 付款行开证行 ③ ⑦ ⑧ ⑥ 通知行议付行
信用证程序示意图的说明 ① ② ③ ④ ⑤ ⑥ ⑦ ⑧ ⑨ ⑩ A 合同规定支付方式为信用证 进口人填制开证申请书，交纳押金和手续费，要求开证行开 出以出口人为受益人的信用证 开证行开出信用证并寄交通知行 通知行核对印鉴后交给出口人 出口人按信用证装船、制做单据, 在有效期内送交议付行议付 议付行审单后, 按汇票金额扣除利息垫付货款给出口人 议付行将汇票单据寄开证行或付款行审单后付款给议付行 开证行通知进口人付款赎单 School of International Economics n n A
III. Letter of Credit Contents of L/C 4. 1. Description of L/C: kind, validity, expiry date etc. 2. Description of the goods to be shipped 3. Description of the shipment 4. Description of the documents for payment 5. Any special requirements 6. Clauses covering the responsibility of payment by the issuing bank in favor of the beneficiary School of International Economics
5. Kinds of L/C Revocable L/C and Irrevocable L/C ① n n Revocable L/C (可撤销信用证) : Means that the opening bank may amend or revoke the credit before negotiation, acceptance or payment without agreement of the beneficiary. Irrevocable L/C (不可撤销信用证): Means that once the L/C is opened, without agreement of the beneficiary, the opening bank cannot amend or revoke the L/C within its validity. School of International Economics
5. Kinds of L/C Documentary L/C and Clean L/C ② n n Documentary L/C (跟单信用证) : Means that the bill of exchange drawn by the seller should be accompanied with shipping documents. Clean L/C (光票信用证): If the bill of exchange is a clean bill, the L/C is called a clean L/C. School of International Economics
5. Kinds of L/C Confirmed L/C and Unconfirmed L/C ③ Confirmed L/C (保兑信用证) : An irrevocable L/C confirmed by another bank named by the opening bank n n n Confirming bank (保兑行) : the bank authorized or requested by the opening bank to confirm the L/C Unconfirmed L/C (不保兑信用证): the L/C drawn by the opening bank is not confirmed by another bank. School of International Economics
5. Kinds of L/C Sight L/C and Usance L/C ④ Sight L/C (即期信用证) : Stipulates that the beneficiary may collect the purchase price from the bank against a sight draft. n Usance L/C (远期信用证): Stipulates that the beneficiary may collect the purchase price from the bank against a usance draft. n Buyer’s usance L/C: （Usance Credit Payable at Sight）假远期信用证 n n beneficiary: payment at sight n Applicant: payment after. Economics School of International sight
5. Kinds of L/C Transferable L/C 可转让信用证 ⑤ Allows the beneficiary to transfer the amount partly or wholly of the letter of credit to one or more than one parties, i. e. , the second beneficiary. n n n The first beneficiary: middleman or broker The second beneficiary: the actual suppliers of the goods School of International Economics
5. Kinds of L/C Revolving L/C 循环信用证 ⑥ n The buyer gives the bank standing instructions to arrange for a revolving credit in favour of the exporter, which at no time shall exceed a fixed maximum. School of International Economics
5. Kinds of L/C Reciprocal L/C 对开信用证 ⑦ When the two parties conclude a transaction in which they act as importers and exporters mutually and the trades are related and equal or almost equal, the two parties open Ls/C in favor of each other. So the two Ls/C are conditioned on each other. n n Usu. in: compensation trade, barter trade, processing with supplied materials 一般用于补偿贸 易、易货贸易和对外加 装配业务 School of International Economics
5. Kinds of L/C Back to Back L/C 背对背信用证 ⑧ The exporter sends the L/C established by the importer in his favor to a bank as sole security (抵押), requiring the local bank to reopen an L/C in favor of the actual exporter. n n n Original Letter of Credit, (Prime Letter of Credit) ( 原信用证，亦称主信用证) Back-to-Back Letter of credit (Subsidiary Letter of Credit) (背靠背信用证，亦称附属信用证) School of International Economics
5. Kinds of L/C Anticipatory credit (Packing credit) 预支信用证, 打包信用证 ⑨ The opening bank allows the beneficiary to collect the purchase price against the draft or other evidence, but he must give a receipt and an undertaking to present the required shipping documents within the validity of the credit. n a) Clean payment credit b) Partial payment credit School of International Economics
⑧ Anticipatory credit (Packing credit) 预支信用证, 打包信用证 Clean payment credit and Partial payment credit n Clean payment credit 全部预支信用证: means that the importer pays in advance the whole amount under the L/C n Partial payment credit 部分预支信用证 n n The red clause credit n The green clause credit School of International Economics
⑧ Anticipatory credit (Packing credit) 预支信用证, 打包信用证 Red Clause Credit and Green Clause Credit n n n Red clause credit: 红色条款信用证 collect the partial purchase price against a declaration for shipping documents to be sent afterwards and a sight draft and the bank will pay off the balance against shipping documents after shipment. Green clause credit: 绿色条款信用证 store the goods in the customs warehouse in the place of export, collect the partial purchase price against a godown warrant (仓库证明) or warehouse receipt. School of International Economics
5. Kinds of L/C Standby credit (Commercial paper credit) 备用信用证 ，商业票据信用证 ⑩ A guaranty issued by the opening bank on behalf of the applicant declaring that the bank will undertake certain obligations. n n Used in making payment, guaranteeing to perform a contract, making repayment for loan, and fulfilling other agreed obligations. School of International Economics
B. Modes of Payment Difference between standby L/C and common L/C n ① ② The L/C is usu. Used in specific trade, while the standby L/C is used only in the case of non -performance of duty by the applicant Documents presented are different. School of International Economics
信用证的种类 跟单信用证 V. S. 光票信用证 保兑信用证 V. S. 不保兑信用证 可转让信用证 V. S. 不可转让信用证 对开信用证 预支信用证 不可撤销信用证 V. S. 可撤销信用证 即期信用证 V. S. 远期信用证 循环信用证 背对背信用证 付款信用证、承兑 信用证、议付信用证 备用信用证
B. Modes of Payment Letter of Guarantee 保证函 IV. Is a written document issued by the bank on behalf of the importer or exporter in favor of the latter or the former guaranteeing to undertake payment, conclusion or performance of a contract, etc. n 1. 2. L/G for performance of import and export contract L/G for bid and loan School of International Economics
IV. Letter of Guarantee 保证函 L/G for performance of import and export contract 1. L/G for performance of import contract 进 口履约保函 ① n Such as: import of equipment, compensation trade, etc L/G for performance of export contract 出口 履约保函 ② n Such as: Important export business, plant export guarantee School of International Economics
IV. Letter of Guarantee 保证函 L/G for bid 投标保函 2. n A kind of guaranty issued by the bank to the inviter for tender (招标人) on behalf of the bidder which guarantees that the bidder (投标 人) will not withdraw the bid halfway or amend the bidding conditions unilaterally (单方面的) and will not refuse to sign a contract and pay performance bond (履约保证金) after winning the bid, otherwise the bank shall be responsible for making compensation for losses sustained by the inviter for Economics School of International tender.
B. Modes of Payment Difference between bank L/G and L/C n ① ② ③ Under L/C: issuing bank: as the first payer Under bank L/G: issuing bank: the second payer Under L/C: issuing bank: handles business, not contract Under L/G: opening bank: handles business according to the contract Under L/C: beneficiary can get accommodation through negotiation Under L/G: beneficiary can School ofdo through negotiation. not International Economics
B. Modes of Payment Difference between L/G and standby L/C n ① ② Under L/G: opening bank: subsidiary payer Under standby L/C: opened in the favor of the beneficiary The opening bank of L/G is likely to be involved in the contract disputes, while under standby L/C, the opening bank has nothing to do with the contract. School of International Economics
Payment of Purchase Price Combination of Different Modes of Payment C. 1. Combination of Remittance and L/C 2. Combination of L/C and Collection 3. Combination of Remittance and L/G School of International Economics
C. Combination of Different Modes of Payment Combination of Remittance and L/C 1. Partial amount is paid by L/C, the balance is settled by remittance. n n Example: the business of ore 矿砂 School of International Economics
C. Combination of Different Modes of Payment Combination of L/C and Collection 2. Partial amount is paid by L/C, the balance is settled by collection. n The exporter will draw two drafts n a) b) The amount under L/C paid against a clean draft The full set of shipping documents attached to the sight draft or time draft under collection School of International Economics
C. Combination of Different Modes of Payment Combination of Remittance and L/G 3. 5% - 10% of the value of the goods is paid by remittance, the remaining amount is settled through progressive payment or deferred payment against the L/G issued by the bank. n n Such as: full sets of equipment, big machinery, etc. School of International Economics
C. Combination of Different Modes of Payment Progressive Payment (Payment By Installments) 分期付款 n Ø Means that the importer pays the purchase price periodically according to the processes of production and delivery. School of International Economics
C. Combination of Different Modes of Payment Deferred Payment 延期付款 n Ø Means that the importer should pay a deposit (押金) first, then according to the processes of production and delivery, pay a certain amount of the purchase price periodically. School of International Economics
C. Combination of Different Modes of Payment Difference Between Progressive Payment and Deferred Payment n 1. 2. Progressive payment is also called cash on spot delivery, while under the deferred payment, the importer shall undertake the interest. The transfer of the title to the goods is different. School of International Economics
D: Terms of Payment in the contract 1. 2. 3. 4. 5. 6. Stipulation of Remittance Stipulation of Collection Stipulation of L/C Combination of L/C and Collection Combination of L/C and Remittance Combination of Remittance and L/G School of International Economics
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