1、Chapter 11 International Trade PaymentLearning objectivesnTo learn the basic three instruments of payment bill of exchange, promissory note and cheque. nTo learn the modes of payment in intl trade remittance, collection, letter of credit.nTo be aware of the payment process under different payment me

2、thods.nTo learn the payment clause in a sales contract. Terms of PaymentnTerms of payment define the conditions under which the seller and buyer agree to settle the financial amount of the sales contract. It includes:n Method of payment; n Amount; n Place and date of payment; n Cost relating to the

3、payment. Financial instrumentsnIn intl trade, currencies and bills are two major means of payment. nIt is difficult for the buyer to pay and the seller to deliver the goods face to face. nThey use documents to fulfill their respective obligations, i.e., the seller delivers the goods and is paid agai

4、nst the documents, meanwhile the buyer makes payment and get the goods against the documents. Banks are intermediaries, and bills are instruments of payment. Instruments of Intl Settlement 國際結算工具國際結算工具Bill 票據票據 Cheque 支票支票Promissory Note 本票本票Draft 匯票匯票Currency 貨幣貨幣 Instruments of payment1. Bill of e

5、xchange/draft 匯票nBill of Exchange 匯票匯票nA written, dated, and signed three-party instrument containing an unconditional order by a drawer（出票人） that directs a drawee（受票人/付款人） to pay a definite sum of money to or to order of a specified party (payee)（受款人） at a specified future date. Also known as a dra

6、ft.n是出票人簽發的，委托付款人在見票時或者在將來可以是出票人簽發的，委托付款人在見票時或者在將來可以確定的時間或固定時間無條件支付確定的金額給收款人確定的時間或固定時間無條件支付確定的金額給收款人或者持票人的票據。或者持票人的票據。 Parties of the bill of exchangenDrawer - The party who writes the order and gives directions to another person to make a specific payment of money. He is usually the exporter. nDraw

7、ee/payer - The party to whom the order is addressed and who is to pay the money. He is usually the importer. - He may honor or dishonor the bill. nPayee - The party who is to receive the payment. - If the bill is transferred, he is called the original holder/transferor.Examples of Sight Draft見票即付的匯票

8、格式見票即付的匯票格式Bill of ExchangeNo CZFR-00127 Date 03, July, 1995 , GuangzhouExchange for USD 100,000 D/P At sight pay this first bill of exchange (second exchange being unpaid) to the order of Bank of China Guangzhou Branch the sum of USD one hundred thousand only .To buyer/importer For seller/exporterU

9、nited Kingdom authorized signature Procedure of using bills of exchangenIssue（出票）（出票）: it comprises two acts: (1) to draw a draft and sign it; (2) to deliver it to the payee nPresentment/Presentation（提示）（提示）: the act of taking the bill to the drawee and demanding that he makes the payment or accepts

10、 the bill.nAcceptance（承兌）（承兌）: the act that the drawee writes down the word “accepted”, marks the date and signs his name across the face of the bill. nPayment（付款）（付款）: made when the bill is presented to the drawee and payment of a time bill is made at maturity. A bill is discharged only when paymen

11、t is made in due course.Procedure of using bills of exchangenEndorsement（背書）（背書）: an act of negotiation to sign on the back of a draft to transfer rights in the draft to another. nDemonstrative endorsement: the one which specifies the person to whom, or to whose order, the bill is to be payable, suc

12、h as “pay or to order of”.nRestrictive endorsement: the one which limits the bill for further negotiation, such as “pay only” or “pay non-transfer”. nBlank endorsement: the one which makes the bill payable to bearer and to make delivery and without additional endorsement. Procedure of using bills of

13、 exchangenDishonor and recourse（拒付和追索）（拒付和追索）: a failure or refusal to make acceptance or payment of a bill of exchange when presented to the drawee. When a bill is dishonored either by non-acceptance or by non-payment, the holder may exercise his right of recourse against his prior endorsers and dr

14、awer for payment. Procedure of using bills of exchangeEg. pay to xx Co. only; pay xx Co. or pay to the order of xx Co. Draft bearer (持票人）持票人） asks for payment or acceptanceDrawee (付款人付款人) receives the time draft & is unconditionally obliged to pay at maturity (到期）到期）.Drawee will pay the sight draft

15、on presentation and will pay the time draft at maturity on presentation.It is a signature on the back of the draft by which the person to whom the note is payable, transfers it to the bearer or to a specific person. The draft bearer encounters dishonor by non-acceptance (拒絕承兌）拒絕承兌） or non-payment（拒絕

16、付款）（拒絕付款）.Draw/Issue( 出票出票)Presentation( 提示提示)Payment （付款）（付款）Endorsement(背書背書)Dishonor& recourse( 拒付和追索拒付和追索)Acceptance( 承兌承兌) payee issue presentdrawer payer/drawee accept, payProcedure of using bill of exchangeTypes of bill of exchangenAccording to the date of payment, draft can be classified int

17、o:nSight Bill or Demand Draft or Draft at sight (即期匯票)nTime Bill or Usance Bill or Draft after sight (遠期匯票) nAccording to different drawer（出票人），（出票人），it can be classified into:nBankers Draft/Bill（銀行匯票）: issued by a banker on another bank. nTrade Draft/Bill（商業匯票）: issued by a trader on another trader

18、 or on a bank.Types of bill of exchangenAccording to attaching shipping document or not, it can be classified into: nDocumentary Bill（跟單匯票）: accompanied by shipping documents.nClean Bill（光票）: without shipping documents attached.nAccording to different acceptor（承兌人）, it can be classified into: nTrade

19、rs Acceptance Bill（商業承兌匯票）: drawn on and accepted by a tradernBankers Acceptance Bill（銀行承兌匯票）: drawn on and accepted by a banker 2. Promissory Note 本票本票nPromissory note: nA promissory note makes an unconditional promise in writing to pay a sum of money to the other, either at a fixed or determinable

20、 future time or on demand of the payee, under specific terms. The party who promises to pay is called the maker; the party who is to be paid is the payee. n出票人本人簽發給受款人的、保證在見票時或在指定的或可確定的將來某一時間無條件支付一定金額的書面承諾。3. Cheque/check 支票支票nChequenA written order by the drawer or maker, directing a bank to pay a

21、sum of money at sight unconditionally to the specific person or the check holder.nThree parties: The drawer: the one who draws the cheque, and must be the depositor of the bank; the payee: the one to whom the cheque is to be paid; the drawee: the bank which pays it. drawer/makerpayeedrawee instruct

22、payModes of Intl Payment nModes of payment means a series of acts or operations to realize the funds flow from one country to another. Remittance ( (匯款）匯款）Collection（托收）（托收）Letter of Credit （信用證）（信用證）Bank credit 銀行信用銀行信用Commercial credit 商業信用商業信用Remittance 匯付匯付nIt refers to the transfer of funds fro

23、m one party to another among different countries, that is, a bank(the remitting bank 匯出行), at the request of its customer(the remitter 匯款方), transfers a certain sum of money to its overseas branch or correspondent bank(the paying bank/ receiving bank 匯入行) and instructs it to pay to a named payee. 指不

24、同國家（地區）間一方向另一方轉移資金，指不同國家（地區）間一方向另一方轉移資金， 也也就是說，某一銀行（匯出行）應其客戶的要求，將一定貨幣就是說，某一銀行（匯出行）應其客戶的要求，將一定貨幣金額轉移至其海外分行或代理行，指示其付款給某一指定收金額轉移至其海外分行或代理行，指示其付款給某一指定收款人。款人。 Procedure of Remittance匯付業務流程匯付業務流程Remitter 匯款方（進口商）匯款方（進口商）Payee/Beneficiary收款方（出口商）收款方（出口商）Paying Bank/Receiving bank匯入行（出口商所匯入行（出口商所在地銀行）在地銀行）R

25、emitting Bank匯出行（進口商所匯出行（進口商所在地銀行）在地銀行）goods貨物貨物委托付款委托付款申申請請書書解解付付匯匯款款Types of Remittance Remittance( (匯付匯付) )Mail Transfer (M/T)(信匯信匯)Telegraphic Transfer (T/T)(電匯電匯)Demand Draft (D/D)(票匯票匯)nMail Transfer, M/T 信匯信匯nA remitting bank issues a payment order（付款委托書） at the request of the remitter and se

26、nds it to the paying bank by mail instructing the paying bank to pay a sum of money to a specified person or a beneficiary. 匯出行根據進口商的指示，以銀行信件郵寄指示出口商所在地的匯入行，委托其向出口商或其指定人付款的匯款方式。nCharacteristicsnCheap but slow, seldom usedTypes of Remittance Types of Remittance nTelegraphic Transfer, T/T 電匯電匯nA remitt

27、ing bank issues a payment order（付款委托書）at the request of the remitter and sends it to the paying bank by cable/telex/SWIFT instructing the paying bank to pay a sum of money to a specified person or a beneficiary. 匯出行根據進口商的指示，以電報/電傳/SWIFT等電訊方式指示出口商所在地的匯入行，委托其向出口商或其指定人付款的匯款方式。nCharacteristicsnFast and

28、safe for exporter to get the money nThe most commonly used type of remittance nDemand Draft, D/D 票匯nImporter buys the bankers draft (銀行匯票）from its local bank and sends it to the exporter, so that the exporter can get the payment by presenting the draft to the designated bank. 進口商在本地銀行購買銀行匯票直接寄給出口商，出

29、口商憑以向匯票上指定的銀行收取款項的匯款方式。nCharacteristicsnFlexible to draw moneynConvenient for the exporterTypes of Remittance Collection 托收托收nUpon the delivery of goods, the exporter draws a bill of exchange on the importer for an amount of money, and authorizes his bank to collect payment through his branch bank o

30、r correspondent bank in the country of the importer. Collection 托收托收nThe Drawer/Principal 委托人委托人/出口方出口方: the person who entrusts the collection items to its bank nThe Drawee付款人付款人/進口方進口方 : usually the importer nThe Remitting Bank托收行托收行/出口地銀行出口地銀行 : the exporters bank which receives the collection it

31、ems from the principal and forwards the draft and/or other documents to its overseas branch or corresponding bank, asking the latter to collect proceeds from the importer nThe Collecting Bank代收行代收行/進口地銀行進口地銀行 : the bank which receives the collection items from the remitting bank, presents the draft

32、to the drawee and collects payment from the importer Parties involved in collectionExporter/principalImporter/drawee1 shipment of goods2 submits draft, packing list, bill of lading, etcExporters Bank/Remitting BankImporters Bank/Collecting Bank3transfers documents to importers bank4notifies importer

33、 that doc. have been received 5payment6releases doc. 7payment 8payment Procedure of collectionNote: in the case of a time draft, the importer makes a promise to pay, not the actual payment, in step 5Collection ( (托收托收) )clean collection( (光票托收光票托收) )documentary collection ( (跟單托收跟單托收) )Types of Coll

34、ectionTypes of CollectionCollection Clean Collection Documentary Collection D/PD/AD/P at sight D/P after sight Types of Collection1. Clean Collection 光票托收光票托收 It means collection of financial documents not accompanied by commercial documents. 指不附帶商業單據的金融單據的托收。 Mainly used for small amount transactio

35、n, advance payment（預付款）, installment payment（分期付款）, commission and costs of samples etc.2. Documentary Collection 跟單托收跟單托收 It means collection of financial documents accompanied by commercial documents;指附帶商業單據的金融單據的托收；Types of Collectiondocumentary collection ( (跟單托收跟單托收) )documents against payment

36、( (D/P) )付款交單付款交單documents against acceptance ( (D/A) )承兌交單承兌交單nDocuments include financial documents and/or commercial documents Financial documents means bills of exchange, promissory notes, cheques or other similar instruments used for obtaining the payment of money. 金融單據指匯票、本票、支票或者其它用于取得付款的類似憑證。

37、 Commercial documents means invoices, transport documents, documents of title or other similar documents, or any other documents whatsoever, not being financial documents. 商業單據指發票、運輸單據、物權憑證或其它類似單據，或除金融單據以外的任何其它單據。Collection 托收托收a) Documents Against Payment, D/P付款交單付款交單nThe collecting bank may releas

38、e the documents only against immediate payment. It can be classified into D/P At Sight and D/P After Sight. n出口商的交單是以進口商的付款為條件出口商的交單是以進口商的付款為條件。指出。指出口商將匯票連同商業單據委托銀行代收款項時，口商將匯票連同商業單據委托銀行代收款項時，指示銀行只有在進口商付清款項后才能將商業指示銀行只有在進口商付清款項后才能將商業單據交給進口商。又可分為即期和遠期付款交單據交給進口商。又可分為即期和遠期付款交單。單。Types of Collection2. Doc

39、umentary Collection 跟單托收跟單托收b) Documents Against Acceptance, D/A承兌交單承兌交單nThe collecting bank may release the documents against the buyers acceptance of a draft (for instance, drawn payable 6080 days after sight or due on a definite date). After acceptance, the buyer(importer) gains possession of the

40、 goods before the payment is made. The buyer will make payment when the time draft is mature. n出口商的交單是以進口商在匯票上承兌為條件。出口商的交單是以進口商在匯票上承兌為條件。指指出口商按照合同規定裝貨后，開具遠期匯票連同商出口商按照合同規定裝貨后，開具遠期匯票連同商業單據交當地托收行（寄單行），指示并委托其在業單據交當地托收行（寄單行），指示并委托其在進口地的與其有和約關系的代收行（提示行進口地的與其有和約關系的代收行（提示行)向進口向進口商做出提示，進口商承兌遠期匯票，便可領取商業商做出提示，

41、進口商承兌遠期匯票，便可領取商業單據、提取貨物，待遠期匯票到期時再付清貨款。單據、提取貨物，待遠期匯票到期時再付清貨款。Types of Collection2. Documentary Collection 跟單托收跟單托收nEg. 出口商于出口商于2004年年9月月10日開出跟單匯票，日開出跟單匯票，9月月17日進口地銀日進口地銀行收到匯票當天向進口商提示，那么在行收到匯票當天向進口商提示，那么在D/P即期即期 、D/P 30天和天和D/A 30天的情況下，匯票的提示日、承兌日、付款日和單據的天的情況下，匯票的提示日、承兌日、付款日和單據的提交日分別如下：提交日分別如下：Date of P

42、resentation提示日提示日Date of Acceptance承兌日承兌日Date of Payment付款日付款日Date of Documents Releasing交單日交單日 D/P即期即期D/P 30天天D/A 30天天9月月17日日9月月17日日9月月17日日無需承兌無需承兌 No9月月17日日9月月17日日9月月17日日10月月17日日10月月17日日9月月17日日10月月17日日9月月17日日D/A vs. D/PnCollection belongs to commercial credit. nThe banker only functions as a middl

43、eman, and his obligation is only to provide services of delivering documents and collect payment. The seller sends goods first, and gets payment later. Whether the seller can get the payment or not is reliable on the buyers credit. The buyer gets financing from the seller. Nature of CollectionLetter

44、 of Credit, L/C信用證信用證nA L/C is a conditional written undertaking given by bank on the request of an importer to pay at sight or at determinable future date a certain amount of money to the exporter against stipulated documents, provided that the terms and conditions of the credit are complied with.

45、Importer Exporter BankSales Contract Apply for L/CConditional payment promisen A L/C gives the seller reassurance that he will receive the payment for the goods when he presents the bank with the necessary shipping documents confirming the shipment of goods within a given time. Letter of Credit, L/C

46、信用證信用證L/C belongs to bankers credit while collection belongs to commercial credit. 信用證屬于銀行信用，而托收屬于商業信用。信用證屬于銀行信用，而托收屬于商業信用。Based on the sales contract, but once opened, L/C is independent from the sales contract. 一經開出，信用證就成為獨立于買賣合同之外的另一種契約，不受買賣合同一經開出，信用證就成為獨立于買賣合同之外的另一種契約，不受買賣合同的約束。的約束。 In L/C busin

47、ess, banks are only bound by the credit, and make payment against documents which are fully in conformity with the credit. 信用證交易中，銀行受信用證條款信用證交易中，銀行受信用證條款約束，僅憑與信用證規定相符單據付款。約束，僅憑與信用證規定相符單據付款。The Characteristics of L/C銀行憑單付款，銀行憑單付款，不問貨物不問貨物Case Study 我某公司向國外A商出口貨物一批。A商按時開來不可撤銷，即期，議付信用證，該證由設在我國境內的外資B銀行通

48、知并加以保兌。我公司在貨物裝運后，將全套合格單據送交B銀行議付，收妥貨款。但B銀行向開證行索償時，得知開證行因經營不善已宣布破產。于是，B銀行要求我公司將議付的貨款退還，并建議我方可委托其向A商直接索取貨款。問：我公司該如何處理？為什么？ 我公司應拒絕接受B銀行的要求。根據UCP600規定，信用證一經保兌，保兌行即與開證行同樣承擔第一付款責任，保兌付款后，無追索權。因此，我公司應拒絕B銀行的要求。【分析分析】Case Study 外國一家外貿公司與我國一家進出口公司訂立合同，購買化肥500噸。合同規定，2009年1月30日前開出信用證，2月5日前裝船。1月28日買方開來信用證，有效期至2月10

49、日。由于賣方按期裝船發生困難，故請買方將裝船期延至2月17日并將信用證有效期延長至2月20日，買方回電表示同意，但未通知開證行。2月17日貨物裝船后，賣方到銀行議付時遭到拒絕。問：1）銀行是否有權拒付貨款？為什么？2）作為賣方律師，應如何處理此事？ 1）銀行有權拒付。根據UCP600的規定，信用證雖是根據銷售合同開出的，但一經開出就成為獨立于銷售合同的法律文件。銀行只受信用證條款約束，而不受合同的約束。買賣雙方達成修改信用證的協議并未通知銀行并取得銀行同意，信用證條款未改變，銀行就只按原信用證條款辦事，銀行可以拒付。 2）作為賣方律師，當銀行拒付時，可依據修改后的合同條款，直接要求買方履行付款

50、義務。【分析分析】【分析分析】信用證項下要求信用證項下要求單證必須相符單證必須相符，否則銀行不予議，否則銀行不予議付。本案中裝運單與信用證不符，所以銀行可以付。本案中裝運單與信用證不符，所以銀行可以拒付。拒付。 某出口公司對美成交女上衣 1000件，合同規定綠色和紅色上衣按37搭配，即綠色300件，紅色700件。后國外來證上改為紅色30%，綠色70%，但該出口公司仍按原合同規定的花色比例裝船出口，后信用證遭銀行拒付。問：為什么銀行拒付？Case Study Applicant/opener: always the importer; Beneficiary: always the export

51、er; Opening/issuing bank: the one which issues a letter of credit at the request of an applicant to the beneficiary; Advising/notifying bank: the corresponding bank of the issuing bank or its head office or subsidiary located in the exporters country. It is to advise the credit to the beneficiary. P

52、arties involved in L/CnNegotiating bank: the bank which buys the sight draft and/or documents presented by the exporter, and then forwards the draft and documents to the opening bank for reimbursement. The advising bank is also the negotiating bank. 議付行是根據開證行在議付信用證中的授權，買進受益議付行是根據開證行在議付信用證中的授權，買進受益人提

53、交的匯票和單據的銀行。人提交的匯票和單據的銀行。 nPaying bank: the bank that makes payment to the beneficiary against presentation of stipulated documents. It is usually the opening bank but can also be a third designated bank. 是信用證上被開證行指明須履行付款責任是信用證上被開證行指明須履行付款責任的銀行的銀行,一般為開證行本身或開證行的代理行。一般為開證行本身或開證行的代理行。 Parties involved i

54、n L/CnReimbursing bank: the bank nominated by the issuing bank to honor the claim from the negotiating bank, the paying bank or the accepting bank on behalf of the issuing bank. 償付行是受開償付行是受開證行指示或由開證行授權，對信用證的付款行，承兌證行指示或由開證行授權，對信用證的付款行，承兌行、保兌行或議付行進行付款的銀行行、保兌行或議付行進行付款的銀行 。Parties involved in L/CnConfir

55、ming bank: Sometimes to ensure the payment of the goods, the exporter would ask the importer to require the opening bank to authorize another bank to confirm the payment for L/C. 保兌保兌行是應開證行或信用證受益人的請求行是應開證行或信用證受益人的請求, 在開證行的付在開證行的付款保證之外對信用證進行保證付款的銀行。款保證之外對信用證進行保證付款的銀行。nThe confirming bank is usually t

56、he advising bank and is usually in the country of the exporter. It holds itself responsible for the payment of the goods. Thus, two banks hold themselves for the payment of the goods, which is more secure than otherwise. Parties involved in L/CBeneficiary/Exporter 受益人受益人/出口商出口商Advising/Negotiating b

57、ank通知通知/議付行議付行出口地銀行出口地銀行Issuing bank/ Paying bank開證行開證行/付款行付款行進口地銀行進口地銀行Applicant/Importer開證申請人開證申請人/進口商進口商1 sign the contract5 ship the goods12 takedelivery 11releasedoc.10pay2apply L/C3 issue L/C8 send doc. 9 pay/accept7pay6submitdoc.4adviseThe Procedure of L/C Business1. The importer and exporter

58、 sign a sales contract and make an agreement on L/C payment. 2. The importer makes application for L/C with his bank. The bank approves the application and issues L/C. 3. The issuing bank advises the documentary credit to the advising bank. 4. The advising bank delivers the L/C to the exporter. The

59、Procedure of L/C Business5. The exporter examine the L/C and ship the goods ordered. 6. The exporter presents the whole set of documents required in accordance with the terms of the letter of credit to the negotiating bank. 7. The negotiating bank buys the exporters draft and makes payment to the ex

60、porter. 8. The negotiating bank forwards the documents to the issuing bank.The Procedure of L/C Business9. The issuing bank will perform payment after a thorough checking of the document.10. The issuing bank notifies the importer to make payment for documents. 11. The importer makes payment and rece