INTERNATIONALPAYMENT1ChapterFive

InternationalPayment

國際支付INTERNATIONALPAYMENT2Chapter5-frameworkINTERNATIONALPAYMENT3重點內(nèi)容LetterofcreditModesofInternationalpaymentexercisesandassignmentFinancialinstrumentsINTERNATIONALPAYMENT4Issuingbank,advisingbank,negotiatingbankBeneficiary,Issuance,Presentation,acceptance,discountingEndorsementKeywordsDrawer,drawee,payer,payeeDishonor,protest5Issuance,principal,Demanddraft,TestkeyOpenaccountKeywordsCollectingbank,remittingbankRemittanceadvice,remittanceorderINTERNATIONALPAYMENT56Applicant,beneficiary

Clean/documentary

L/C,revocableandirrevocable

L/C;Confirmed/unconfirmed

L/C,transferable/untransferable

L/C;Sight/usance

L/C,Revolving

L/C,redclause

L/C……KeywordsOpeningbank,issuingbank,advisingbank,notifyingbank,Negotiatingbank,payingbank,DraweebankDiscrepancy,amendmentofL/CINTERNATIONALPAYMENT6INTERNATIONALPAYMENT7FinancialInstrument(支付工具)INTERNATIONALPAYMENT81.Draft(BillofExchange/bill)1.1definitionAdraftisanunconditionalorderinwriting,signedandaddressedbythedrawertothedrawee,requiringthedraweetopaythepayeeacertainsumofmoneyatsightoratafixedordeterminablefuturetime.

FinancialInstrument----draftINTERNATIONALPAYMENT91.2ThePartiesinvolvedinDraftsDrawer(出票人）:theexporterusuallyDrawee（付款人):theimporter

or

theL/CissuingbankusuallyPayee(收款人）:theexporter’sbankusuallyDrawerDrawee(Payer)PayeerequeststopayDiagram6-1FinancialInstrument----draftINTERNATIONALPAYMENT101.3Thecontentofabillofexchange:

①TheissuingbankofL/C（開證行名稱）②ThenumberofL/C(信用證號)③TheissuingdateofL/C(開證日期)④Theinterestrateofthebillofexchange(匯票利率)⑤Thenumberofthebillofexchange(匯票號碼)⑥Theamountofthebillofexchangeinfigures

(用數(shù)字表示的匯票金額)FinancialInstrument----draftINTERNATIONALPAYMENT11⑦Thedrawingdateofthebillofexchange(出票日期)⑧Thepaymentdateofthebillofexchange(付款期限)⑨Thepayee(收款人)⑩Theamountofthebillofexchangeinwords

(用文字表示的匯票金額)⑾Thedrawee(付款人)⑿Thedrawer(出票人)FinancialInstrument----draftINTERNATIONALPAYMENT12BillofExchange

DrawnunderBankofChina,NewYorkIrrevocableL/CNo.3988248DatedApr.24th,2007Payablewithinterest@4.8%perannum

No.SD008ExchangeforUS$879,000.00ShenzhenChinaJun.26th,2007At30dayssightofthisFIRSTofExchange(Secondofexchangebeingunpaid)PaytotheorderofBankofChina,ShenzhenthesumofUnitedStatesdollarsEIGHTHUNDREDANDSEVENTYNINETHOUSANDONLY

To:ABCCompanyNEWYORKShenzhenSaiDaElectronicU.S.AExportingandImportingCo.Ltd.FinancialInstrument----draftINTERNATIONALPAYMENT134）TypesofbillofexchangeClassificationCriteriaTypesDescriptionDifferentdrawer&draweesBanker’sdraft(銀行匯票)BoththedrawerandthedraweearebanksCommercialdraft(商業(yè)匯票)Thedrawerisacommercialorganization,thedraweecanbeeitheracommercialorganizationorbankFinancialInstrument----draftINTERNATIONALPAYMENT144）TypesofbillofexchangeClassificationCriteriaTypesDescriptionWhetherdocumentsareattachedCleandraft(光票)Noshippingdocumentsareattachedtothedraft.Documentarydraft(跟單匯票)Theshippingdocumentsareattachedtothedraft.FinancialInstrument----draftINTERNATIONALPAYMENT154）TypesofbillofexchangeClassificationCriteriaTypesDescriptionDifferenttimeofpaymentSightdraft(即期匯票)Thepayermustpaywhenthebillofexchangeispresented(提示).TimedraftTermdraftUsancedraft（遠(yuǎn)期匯票）Thepayermustpayatafixedfuturetime.a.At90daysaftersightb.At180daysafterdate(出票后若干天)c.At150daysafterdateofB/Ld.AtJune14thFinancialInstrument----draftINTERNATIONALPAYMENT164）TypesofbillofexchangeClassificationCriteriaTypesDescriptionWhoacceptsthetermdraftcommercialacceptancedraft(商業(yè)承兌匯票).Atermdraftisacceptedbytheimporterwhenitispresented.banker’sacceptancedraft(銀行承兌匯票).Atermdraftisacceptedbythebank.whenitispresentedFinancialInstrument----draftINTERNATIONALPAYMENT175）ThecirculationofdraftDraftissuingPresentationforacceptanceAcceptancePresentationforpaymentPaymentSightdraftTimedraftDiagram10-2DiscountFinancialInstrument----draftINTERNATIONALPAYMENT18Draftissuing（出票）

Thedraweristodrawandsignadraftanddeliverittothepayee.

Presentation(提示):

Theholderofthebillofexchangetakesthebilltothedraweeanddemandsthathemakethepaymentoracceptthebill.Acceptance(承兌)：Acceptancereferstotheactofthedraweeinwritingtheword“accepted”onthebill,signinghisnameanddatinghisacceptance.Itrepresentsaformalpromisebythedraweetopaythebillwhenitmature.Discounting:aholderofanacceptedbillsellsthebilltoafinancialinstitutionatapricelessthanitsfacevaluebeforeitreachesitsmaturity.FinancialInstrument----draftINTERNATIONALPAYMENT196)thenegotiabilityofbillofexchangeThedraweecanbemadeouttodifferentorders:①Restrictiveorder（限制性抬頭）“PaytoTridentCo.only”or“PaytoTridentCo.notnegotiable”②Indicativeorder（指示性抬頭）“PaytotheorderofTridentCo.”“PayTridentCo.totheorder”Thiskindofbillofexchangecouldbenegotiatedbyendorsement③Bearerorder（持票人抬頭）“Paybearer”FinancialInstrument----draftINTERNATIONALPAYMENT206)thenegotiabilityofbillofexchangeEndorsement(背書)Ablankendorsement(空白背書)Aspecialendorsement（特別背書）FinancialInstrument----draftINTERNATIONALPAYMENT216)thenegotiabilityofbillofexchange(匯票的流動性)Dishonor(拒付)meansthepayerrefusestopayoracceptthebillwhenitispresentedforpaymentoracceptance.Whendishonored,theholderhashisrightofrecourse(追索權(quán))againstthepriorendorser.EndorserEndorsee1Endorsee2PayerrecourserecourserecourseDiagram10-3FinancialInstrument----draftNext-promissorynoteINTERNATIONALPAYMENT221)definition

Thepromissorynoteisanunconditionalpromisetopayacertainsumofmoneytothepayee,toorder,ortothebearerondemandoratafixedordeterminablefuturetime.本票是出票人簽發(fā)的，承諾自己在見票時無條件支付確定的金額給收款人或持票人的票據(jù)。FinancialInstrument----promissorynoteINTERNATIONALPAYMENT23Diagram10-4DrawerofthepromissorynotePayeeofthepromissorynotepromisestopayAcashier’sorder(banker’spromissorynote,i.e.thedrawerofthepromissorynoteisabank)isusedmorefrequentlyinChina.FinancialInstrument----promissorynoteINTERNATIONALPAYMENT24Acheckisanunconditionalorderinwritingaddressedbythedrawertoabanksignedbythatdrawerauthorizingthebanktopayondemandaspecifiedsumofmoneytoortotheorderofanamedpersonortobearer.

FinancialInstrument----checkINTERNATIONALPAYMENT25Thefollowingtableshowsthedifferencebetweenthethreepaymentinstruments:BillofExchangePromissoryNoteCheckDrawerPayerPrincipalPartiesInvolvedNumberofCopiesTenor(支付時間)ApplicableAreasFinancialInstruments

INTERNATIONALPAYMENT26thedifferencesamongthethreepaymentinstruments:BillofExchangePromissoryNoteCheckDrawerabank(banker’sdraft)acommercialorganization(commercialdraft)abank(casher’sorder)acommercialorganization(commercialpromissorynote)adepositor(儲戶)Payerabank(banker’sdraft)acommercialorganizationorabank(commercialdraft)abank(casher’sorder)acommercialorganization(commercialpromissorynote)abankPrincipalPartiesInvolvedThree:drawer,draweeandpayeeTwo:drawerandpayeeThree:drawer,bankandpayeeNumberofCopiesGenerallytwooriginalsOnesingleoriginalOnesingleoriginalTenorSightortimeSightortimeSightApplica-bleAreasWidelyusedininternationaltradeDomesticandinternationalLocalcityordomesticareasFinancialInstruments

INTERNATIONALPAYMENT27匯票本票支票作用支付、信用兩種作用支付、信用兩種作用僅有支付作用性質(zhì)出票人給予付款人無條件支付命令，兩者之間不必先有資金關(guān)系出票人約定自己付款是一種無條件付款承諾出票人和付款人之間先有資金關(guān)系，支票只是一種取款的憑證基本當(dāng)事人出票人、收款人、付款人出票人、收款人出票人、收款人、付款人主債務(wù)人承兌前是受票人，承兌后是承兌人出票人銀行常用種類即期和遠(yuǎn)期遠(yuǎn)期匯票需經(jīng)過承兌手續(xù)商業(yè)匯票和銀行匯票銀行本票（在我國，銀行本票都是即期的）見票即付只有銀行支票份數(shù)一是兩份，有副本一張正本，沒有副本一張正本，沒有副本匯票、本票、支票的異同表FinancialInstruments

INTERNATIONALPAYMENT28II.ModesofPayment:(國際貿(mào)易的支付方式)ModesofPaymentRemittance(匯付)Collection（托收）LetterofCredit(信用證)BankGuaranteeModesofpayments

INTERNATIONALPAYMENT291.Remittance(匯付)1)DefinitionRemittancemeansthatpaymentismadethroughbanktransfer.Thebuyertaketheinitiativetoremitmoneytotheseller.2)Partiesinvolved:①theremitter(匯款人)②theremittingbank（匯出行）③thepayingbank（匯入行）④thebeneficiary(payee/theremittee)（收款人）Modesofpayments--remittance

INTERNATIONALPAYMENT301.Remittance(匯付)1)TypesofRemittanceModesofpayments

Modesofpayments--remittance

INTERNATIONALPAYMENT31MailTransfer（M/T）信匯TelegraphicTransfer(T/T)電匯

Modesofpayments--remittance

INTERNATIONALPAYMENT32TheprocessofM/TandT/TRemitter（Importer）Payee(Exporter)RemittingBankPayingBank1.SalesContract2.FillintheapplicationforM/TorT/T,andmakepayment3.MakePayment4.MakePaymentModesofpayments--remittance

INTERNATIONALPAYMENT33匯款人收款人匯出行匯入行①合同②電/信匯申請書交款、付費③回單④電/信匯通知⑤匯款通知⑥收據(jù)⑦解付⑧付訖借記通知電匯與信匯方式的操作程序Modesofpayments--remittance

INTERNATIONALPAYMENT34DemandDraft(D/D)票匯

Theyareputintheformofadraftdrawnbytheimporter’sbankonitsbranchorcorrespondentbankintheexporter’scountry.Theimportermaymailthedrafttotheexporter,whoobtainsthemoneyfromthebranchorcorrespondentbankonproducingthedraft.

Modesofpayments--remittance

INTERNATIONALPAYMENT35RemitterPayeeRemittingBankPayingBank1.SalesContract2.FillintheapplicationforD/D,andmakepayment3.Drawasightbillofexchange,orapromissorynoteoracheck4.NotifyofD/D5.Deliverthebill6.Presentthebill7.Makepayment8.NotifyofthepaymentTheprocessofD/DModesofpayments--remittance

INTERNATIONALPAYMENT36匯款人收款人匯出行匯入行①合同②票匯申請書交款、付費③銀行即期匯票④票匯通知書⑥銀行即期匯票⑦解付⑧付訖借記通知票匯方式的操作程序⑤銀行即期匯票Modesofpayments--remittance

INTERNATIONALPAYMENT372）UsageofRemittance①Paymentinadvance(預(yù)付貨款)②Openaccount（公開賬戶/賒銷）Modesofpayments--remittance

INTERNATIONALPAYMENT383）ThecomparisonoftheM/T,T/TandD/DD/Dexpensive,butistheslowestformoftransmissionandthecustomershouldalsobeartheriskoftheft,destructionorlossofthedraftintransitbyairmail.Butitistransferable.M/TMoreexpensive,thespeedofthetransferisslowT/TThemostexpensive,butitsspeedcouldsavesubstantialinterestpaymentsometimes.(widelyused)Modesofpayments--remittance

INTERNATIONALPAYMENT39AdvantagesandDisadvantagesofRemittanceAdvantages:a.T/Tisbeneficialtotheseller.b.Theprocedureissimple.c.Thesettlementexpenseislow.Disadvantages:a.Veryriskyb.UnbalancedcapitalburdenModesofpayments--remittance

INTERNATIONALPAYMENT401）DefinitionUndercollection,theexportertakestheinitiativetocollectthepaymentfromthebuyer.Uponthedeliveryofthegoods,theexporterdrawsabillofexchangeontheimporterforthesumdue,

withorwithoutrelevantshippingdocumentsattached,andauthorizeshisbanktoeffectthecollectionofthepaymentthroughhisbranchbankorcorrespondentbankinthecountryoftheimporter.Modesofpayments--collection

INTERNATIONALPAYMENT412）Partiesinvolved①Principal(委托人)②RemittingBank(托收行或寄單行)③CollectingBank(代收行)④Drawee/Payer（付款人）Modesofpayments--collection

INTERNATIONALPAYMENT423）TypesofCollectionModesofpayments--collection

INTERNATIONALPAYMENT43

DocumentsagainstPayment(D/P)付款交單

①D/Patsight(即期付款交單)Ifthebillofexchangeisdrawnatsight,i.e.itisasightdraft,theimporterhastomakepaymentimmediatelyatthesightofthebill,andatthesametime,obtainsthedocuments.

②D/Paftersight（遠(yuǎn)期付款交單）Whenthetimebillispresentedtotheimporterbythecollectingbank,paymentisnotmadeuntilthetimebillfallsdue.Modesofpayments--collection

INTERNATIONALPAYMENT44Principle（Exporter）Drawee（Importer）RemittingBank（匯付行、托收行）CollectingBank（代收行）1.SalesContract2.Fullsetofdocuments8.MakePayment3.Fullsetofdocuments4.Presentationforpayment6.Releasingdocuments7.Notifyofthepayment5.PaymentModesofpayments--collection

INTERNATIONALPAYMENT45出口商進(jìn)口商托收行代收行①合同②即期匯票，全套貨運單據(jù)⑧通知結(jié)匯③單據(jù)④提示付款⑤解付⑥全套貨運單據(jù)⑦收訖通知即期付款交單的操作程序Modesofpayments--collection

INTERNATIONALPAYMENT46Principle（Exporter）Drawee（Importer）RemittingBankCollectingBank1.SalesContract2.Fullsetofdocumentsincludingbillofexchangeaftersight10.MakePayment3.Fullsetofdocuments4.PresentationforAcceptance

8.Releasingdocuments

9.NotifyofthepaymentTheprocessofD/PafterSight5.Acceptance6.PresentationforPayment7.PaymentModesofpayments--collection

INTERNATIONALPAYMENT47出口商進(jìn)口商托收行代收行①合同②遠(yuǎn)期匯票及單據(jù)⑩通知結(jié)匯③遠(yuǎn)期匯票及單據(jù)④提示承兌⑤承兌匯票⑥付款提示⑨收訖通知⑦付清貨款⑧全套貨運單據(jù)遠(yuǎn)期付款交單的操作程序Modesofpayments--collection

INTERNATIONALPAYMENT48Principle（Exporter）Drawee（Importer）RemittingBankCollectingBank1.SalesContract2.Fullsetofdocumentsincludingbillofexchangeaftersight10.MakePayment3.Fullsetofdocuments4.PresentationforAcceptance8.Payment9.NotifyofthepaymentTheprocessofD/A5.Acceptance6.Releasingdocuments7.PresentationforPaymentDocumentsAgainstAcceptance(D/A)Modesofpayments--collection

INTERNATIONALPAYMENT49出口商進(jìn)口商托收行代收行①合同②遠(yuǎn)期匯票等⑩通知結(jié)匯③遠(yuǎn)期匯票及單據(jù)④提示承兌⑤承兌匯票⑥交單，保留匯票⑨收訖通知承兌交單的操作程序⑦付款提示⑧付清貨款Modesofpayments--collection

INTERNATIONALPAYMENT50Asfarastheseller’sbenefitisconcerned,amongD/Patsight,D/PaftersightandD/A,whichpaymentisbest?Whichisnotrecommended?Why?Modesofpayments--collection

NB:托收的性質(zhì)托收的性質(zhì)屬于商業(yè)信用，銀行辦理托收業(yè)務(wù)時，只是按照委托人的指示辦事，既無檢查運輸單據(jù)是否齊全或正確的義務(wù)，也無承擔(dān)必須付款的義務(wù)，出口方收款的保障完全取決于進(jìn)口方的信用。INTERNATIONALPAYMENT514）TheadvantagesanddisadvantagesofCollectionAdvantages:a.Theownershipofthegoodsbelongstotheselleruntilthebuyerpayoracceptedthedraft.b.ThebuyergetspartialfinancinginD/PaftersightandcompletefinancinginD/A.c.Thesettlementexpenseisrelativelylow.Disadvantages:Exporter’sRisksinCollection①Nonpayment(拒絕付款)②Non-acceptanceofDraft（拒絕承兌匯票）③NonpaymentofTradeAcceptance(商業(yè)承兌后不付款)Modesofpayments--collection

INTERNATIONALPAYMENT521）DefinitionAletterofcredit(L/C)isapaymentundertaking(承諾)givenbyabanktothesellerandisissuedonbehalfoftheapplicant.Modesofpayments—letterofcredit

Let’sreadasampleINTERNATIONALPAYMENT532）MajorPartiesinvolvedinaLetterofCreditApplicant（開證申請人）

OpeningBank,IssuingBank(開證銀行)

AdvisingBank,NotifyingBank(通知銀行)Beneficiary(受益人)

NegotiatingBank(議付銀行)

PayingBank,DraweeBank(付款銀行)Modesofpayments—letterofcredit

INTERNATIONALPAYMENT54開證申請人受益人進(jìn)口國出口國開證行通知行議付行付款行2。申請開證1。訂立合同4。通知5。審證、交單、議付3。開證ProceduresofL/C6。索償7。償付8。付款贖單Modesofpayments—letterofcredit

INTERNATIONALPAYMENT55Applicant（importer）beneficiary（exporter）①contract②application⑨notifyingpayment③issueL/C④noticeofL/C⑤documents&negotiation⑥paymentPayingbank(issuingbank)Notifyingbank(negotiatingbank)⑦documents&reimbursement⑧reimbursement⑩paymentagainstdocumentsModesofpayments—letterofcredit

INTERNATIONALPAYMENT564）thecharacteristicsofL/C（信用證的特點）p120

a.L/CisBank’scredit.b.L/Cisafileindependentofsalescontract.c.UnderL/C,thetradebecomesadocumentstransaction.

Modesofpayments—letterofcredit

INTERNATIONALPAYMENT57Modesofpayments—letterofcredit

INTERNATIONALPAYMENT58Modesofpayments—letterofcredit

INTERNATIONALPAYMENT594）theContentofL/COntheTop(theissuingbank,L/CNo,Beneficiary,typeofL/C,amountofL/C,theexpirydateetc.)對信用證本身的說明Aboutbillofexchange(drawer,drawee,typeofbillofexchange,amountetc.)對匯票的說明Aboutbasicdocuments(CommercialInvoice,B/L,Insurancepolicy)

對貨運單據(jù)的說明Aboutadditionaldocuments(CertificateofOrigin,CertificateofInspection,ExportLicenseetc.)對附加單據(jù)的說明AboutShipping(transshipment,partialshipment,timeofshipmentetc.)對運輸單據(jù)的說明Others其他事項“Unlessotherwiseexpresslystated,thisCreditissubjecttotheUniformCustomsandPracticeforDocumentaryCredits,1993Revision,InternationalChamberofCommercePublicationNo.500.”(P123)“本證受《跟單信用證統(tǒng)一慣例》1993年修訂本，國際商會第500號出版物的約束。”Modesofpayments—letterofcredit

INTERNATIONALPAYMENT605)CheckingtheIncomingL/C(審證)TheexportermustchecktheL/CthoroughlytoensurethatthetermsandconditionsstipulatedintheL/Carecorrectandconformtothesalescontract.

Adiscrepancy(不符點)isatermorconditionofL/Cthatisnotcompliedwithsalescontract.Modesofpayments—letterofcredit

INTERNATIONALPAYMENT616)AmendmentsofL/C（改證）amendmentadvice修改通知書(adviceof

amendment)Modesofpayments—letterofcredit

INTERNATIONALPAYMENT627）TypesofL/C

1.CleanL/Cvs.DocumentaryL/C2.RevocableL/Cvs.IrrevocableL/C3.ConfirmedL/Cvs.UnconfirmedL/C

4.TransferableL/Cvs.Non-transferableL/C5.SightL/Cvs.UsanceL/C6.RevolvingLetterofCredit7.RedclauseL/C,back-to-backL/C……Modesofpayments—letterofcredit

INTERNATIONALPAYMENT638)AdvantagesandDisadvantagesofL/CAdvantages:a.Thesellerandthebuyerarebothprotected.b.Forbuyer,thegoodswillconformtotheagreement.c.Forseller,thegoodswillbepaidfor.Disadvantages:a.Ambiguousexpressionsornegligencemaybringlosstotherelatedparty.b.Bothpartiesmaysufferfromthefraudulentact.c.ThebuyerneedstopayservicefeeforopeningofL/C.

Modesofpayments—letterofcredit

INTERNATIONALPAYMENT644.LetterofGuarantee,BankGuarantee,L/G(銀行保證函)

Abankguaranteeisanundertakingbyabanktosettleadebtintheeventthatthedebtorfailstomakepayment.

銀行保函是銀行替代進(jìn)口方向?qū)Ψ介_立的以對方為受益人的保證承擔(dān)付款、簽訂合同和履行合同的書面文件。Modesofpayments—letterofguarantee

INTERNATIONALPAYMENT655.ExamplesofTermsofPaymentinContract1.UponfirstpresentationtheBuyersshallpayagainstdocumentarydraftdrawnbytheSellersatsight.Theshippingdocumentsaretobedeliveredagainstpaymentonly.2.ByIrrevocableLetterofCreditavailablebySeller’sdocumentarydraftatsight,tobevalidfornegotiationinChinauntil15daysafterdateofshipment.TheL/CmustreachtheSellers30daysbeforethecontractedmonthofshipment.3.AllthepaymentshallbemadeintheUScurrencybytheBuyertotheSellerbytelegraphictransfertotheSeller’sdesignatedaccountswiththebanksinChina.Modesofpayments—letterofcredit

INTERNATIONALPAYMENT66I.Defineorexplainthefollowingterms:1.Remittance2.Collection3.LetterofCredit4.M/T5.D/D6.D/Patsight7.D/Paftersight8.D/A9.DocumentaryL/C10.IrrevocableL/C11.ConfirmedL/C

12.UsanceL/C13.RevolvingL/C14.LetterofGuarantee15.T/TII.Questions:1.Pleasecomparethreetypesofremittance:M/T,T/TandD/D.2.Asfarastheseller’sbenefitisconcerned,amongD/Patsight,D/PaftersightandD/A,whichpaymentisbest?Whichisnotrecommended?Why?3.What’stheadvantagesanddisadvantagesamongremittance,collectionandL/C?(課堂作業(yè))Internationalpayments—reviewandexercises

Issuingbank,advisingbank,negotiatingbankBeneficiary,Issuance,Presentation,acceptance,discountingEndorsementKeywordsDrawer,drawee,payer,payeeDishonor,protestINTERNATIONALPAYMENT67INTERNATIONALPAYMENT681.Thewriterofadraftisthedrawerandthedraftisoftenacceptedbytheexporter.2.Inthecaseofadeferredpaymentcredit,thereisnoneedtodrawadraft.3.ThebankhastherightofrefusingtopayifthedocumentsarepresentedlaterthanthevalidityofL/C.4.Thedocumentarybillisabillaccompaniedbythecontractbetweenthedrawerandthedrawee.Internationalpayments—reviewandexercises

INTERNATIONALPAYMENT695.Ifthepaymentistobemade“30days’sight”,itmeansthatthepaymentwillhavetobemade30daysaftertheissuingofthisdraft.6.Exportersalwaysinsistonpaymentbycashinadvancewhentheyaretradingwitholdcustomers.7.Unlikethebillofexchange,thepromissorynotehastwoparties:themakerandthepayee.8.Theissuingbankbearstheprimeliabilityforpaymentintheletterofcredit.Internationalpayments—reviewandexercises

INTERNATIONALPAYMENT709.InL/Csettlement,banker’snegotiationismerelybasedonL/Canddocumentsinsteadofcontractsandgoods.10.Banksdealindocumentsinsteadofgoods,therefore,theyareonlyconcernedthatdocumentspresentedappearontheirfacetocomplywiththetermsandconditionsofthedocumentarycredits.11.Sofar,documentarycreditsarethemostidealmethodofpaymenttoprovidesecurityforbothbuyersandsellers.Therefore,inwhateverconditions,L/Cshouldbethefirstconsiderationinthemethodofpaymentfortransactions.12.Aletterofcreditisaconditionalundertakingtomakepaymentinthecaseofconformity.Internationalpayments—reviewandexercises

INTERNATIONALPAYMENT7113.Afterissuanceoftheletterofcredit,theissuingbankmayrefusepaymentiftheapplicantbecomesbankrupt.14.Inanydisputesoverthetermsandconditionsofacredit,internationallawwillbereferredtoforinterpretation.15.Confirmationtocreditmaybegivenbyanadvisingbankattherequestoftheissuingbank.16.TheL/Cshouldarriveatthesellerseveraldaysbeforethetimeofshipment.Internationalpayments—reviewandexercises

INTERNATIONALPAYMENT7217.Inadocumentarycredit,termssuchas“divisible”,“assignable”,and“transmissible”carrythesamemeaningandhavethesameeffectastheterm“transferable”andareinterchangeablyusedwithsuchaterm.18.Whenaletterofcreditisconfirmed,alloftherisksarethenbornebytheconfirmingbankfreeofcharge.19.AnL/CisanirrevocableoneifitdoesnotstipulatewhetheritisirrevocableorrevocableaccordingtoUCP600.Internationalpayments—reviewandexercises

INTERNATIONALPAYMENT7320.Theissuingbankshouldbelocatedintheimporter’scountry,whiletheadvisingbankshouldbelocatedinexporter’scountry.21.Generallyspeaking,itisnecessaryforthebuyertoclearlyspecifyaperiodofvalidityoftheL/CwhenapplyingfortheopeningofL/C.22.Thepayeeandthedrawerofadraftusedininternationaltrademustbethesameperson,thatis,exporter.23.UnderthetermsofD/A,itisthebankinexporter’scountrywhomakesacceptancetothedraftanddeliversdocumentstotheimporter.Internationalpayments—reviewandexercises

INTERNATIONALPAYMENT741.Whichoneofthefollowingisnotthemeansofremittance?_____A.L/GB.M/TC.T/TD.D/D2.T/Tmeans__________.A.mailtransferB.telegraphictransferC.demanddraftD.letterofcredit3.Whichmeansofinternationalpaymentisakindofbankcredit?__________A.RemittanceB.CollectionC.L/CD.D/DInternationalpayments—reviewandexercises

INTERNATIONALPAYMENT754.WhichL/Cmeansdoubleguaranteeforthebeneficiary?__________A.RevocableL/CB.DocumentaryL/CC.ConfirmedL/CD.TransferableL/C5.Thereisadraftwhosedraweranddraweearebothbankers.Whichoneisitinthefollowings?________A.CommercialDraftB.Banker’sDraftC.CleanDraftD.DocumentaryDraft6.ACheckisakindof____drawnonabanker.A.sightdraftB.timedraftC.sightpromissorynoteD.timepromissorynoteInternationalpayments—reviewandexercises

INTERNATIONALPAYMENT767.D/Patsightmeans__________.A.documentagainstpaymentaftersightB.documentagainstpaymentatsightC.documentarycollectionD.documentagainstacceptance8.Astotheseller,theriskofD/P,D/AandL/Ccanbearranged(fromgreattosmall)asfollowings:__________.A.D/A,D/PandL/CB.L/C,D/PandD/AC.D/P,D/AandL/CD.D/A,L/CandD/P9.Ininternationaltrade,aL/Ciscommonlyusedforthepaymentofthepurchaseprice.It’smadebyt