Unit 10 Terms of Payment 10ppt.pptx
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Unit 10 Terms of Payment 10ppt.pptx
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UNIT,10,LearningObjectivesUnderstandingthemainmodesofpaymentininternationaltradeNegotiatingtermsofpaymentWritingaletteraskingforL/Camendments,国际支付,TermsofPayment,CONTENTSWarm-upPracticeListeningTaskSpeakingTaskReadingTaskWritingTaskFollow-upPractice,Warming-upPractice,Weneedtodiscusssomequestionsaboutwhatwearegoingtolearninthisunit.,Sure,thatllhelpusunderstandbetteraboutwhatweareaskedtodo.,1.Thetermsofpaymentareanimportantpartofthesalescontractbothsellersandbuyersareconcernedabout.Nowstorethewordsandphrasesthatareassociatedwithpaymenttermsandthenexplainordescribetheseterms.,letterofcredit,PaymentTerms,2)Discussthefollowingquestions.,Whatarethemaincontradictionsthatexistbetweensellersandbuyersininternationalpayment?
Whatarebothsellersandbuyersconcernedaboutinnegotiatingpayment?
Whatarethecommonlyusedmethodsofpaymentininternationaltrade?
Canyoutelltheadvantagesanddisadvantagesofeachforbothsellersandbuyers?
IntroductoryRemarks,ThetermsofpaymentareanimportantpartofthebusinesscontractFromthesellerspointofview,thebesttermswouldbefullpaymentincashatthetimeofsale,whilethebuyerswouldprefertohavethegoodsbeforemakingpaymentImportersandexportersareseparatedfromeachotherbythousandsofmilesThisaddstothedifficultiesofcomingtoanagreementonhowpaymentshouldbemadeTheexportersandimportersusuallymeeteachotherhalfwayandagreetopaymentbyletterofcreditopenedbyareliablebankAletterofcreditisabankersguaranteethatpaymentwillbemadeonpresentationofalltherequiredshippingdocuments.Inthisway,thesellersorexportersreceiveaguaranteenotonlyfromthebuyersorimporters,butalsofromabankerthatpaymentwillbemadeondeliveryofthegoodsOntheotherhand,thebuyersorimportersaregiventheguaranteethatthebankerwillnotmakepaymentunlesstheshippingdocumentsarepresented,MainModesofPaymentinInternationalTrade,RemittanceMailTransfer(M/T)TelegraphicTransfer(T/T)DemandDraft(D/D)CollectionCleanBillforCollectionDocumentaryBillforCollectionDocumentagainstPayment(D/P),D/PT/R,
(1)D/Patsight
(2)D/Paftersight2.DocumentagainstAcceptanceIII.LetterofCredit(L/C),UnderstandingLettersofCredit,Doyouknowthat50%ofL/Cdocumentspresentedtobanksarerejected?
Thiscostsyoudearly,inextrabankcharges,yourwastedtimeandthecustomerdissatisfaction.KeyContentsWhatisaletterofcredit?
LearnthedifferencesbetweendifferenttypesofL/Csandwhentousethem.DiscoverwhicharethemostusualtypesofL/C-Sight,DeferredPayment,Transferable,Standby.,Applicant(Importer),Beneficiary(Exporter),1S/C,PayingbankIssuingbank,AdvisingbankNegotiatingbank,8Payingthemoneyfordocuments,2L/Capplication,4,Creditadvice,5Presentingdocumentsfornegotiation,3IssuingL/C,6Recourse7Reimbursement,PerformanceofL/C,DifferentTypesofLettersofCredit,1.AccordingtotheattachingofdocumentsCleancredit2)Documentarycredit2.AccordingtotherevocabilityofcreditRevocablecredit2)Irrevocablecredit3.AccordingtothetransferabilityofcreditTransferablecredit2)Non-transferablecredit4.AccordingtotheaddingofconfirmationConfirmedcredit2)Unconfirmedcredit5.AccordingtothetimeofpaymentSightcredit2)Usanceortimecredit6.Accordingtothemethodofpayment,1)Paymentcredit3)Acceptancecredit,2)Deferredpaymentcredit4)Negotiationcredit,7.Accordingtothecreditamounttobeusedrevolvingly,1)Automatic8.OthercreditsRedclausecredit3)Reciprocalcredit,2)Semi-automatic3)Non-automatic2)Backtobackcredit4)Standbycredit,Identifythefollowinglettersofcredit,DeferredL/Cisacreditavailablebydeferredpayment,underwhichpaymentmustbeeffectedonaspecifiedfuturedate.RedClauseL/Cisonewithaclauseinsertedintothecreditauthorizingthenegotiatingbanktomakeanadvanceoftheamountunderthecredit,wholeorpart,tothebeneficiary.TransferableL/CThebeneficiaryisentitledtoaskthebanktotransferL/Crightspartiallyorwhollytoathirdparty.Thisisusedfordirectfinancingofsupplies,wherethesellingpartyisnotthedirectproducerbutisanintermediary.RevolvingL/CTheunderlyingL/CamountisrenewedduringthelifeoftheL/Caccordingtopre-definedtermsandconditions.Itisadvantageousforcontractswithrepeatedgoodsdeliveries.,SightL/C,RevolvingL/CTransferableL/CCleanL/CDeferredL/CIrrevocableL/C,RedclauseL/CConfirmedL/C,5.CleanL/Cisacreditunderwhichpaymentwillbeeffectedonlyagainstadraftwithoutanyshippingdocumentsattachedtheretoorsometimes,againstadraftwithaninvoicealoneattachedthereto.6.IrrevocableL/Cisacreditthatconstitutesadefiniteundertakingoftheissuingbankandcanbeamendedorcancelledbytheissuingbankonlyonconditionthatallpartiesconcerned.7.ConfirmedL/Cisacreditthatisadvisedtothebeneficiarywithanotherbanksconfirmationaddedthereto.8.SightL/Ccallsforthepresentationofsightdrafts,underwhichthebeneficiary(thedrawer)isentitledtoreceivepaymentatonceonpresentationofhisdrafttothedraweebankortotheissuingbankifdrawnontheissuing,oncetherelevantdocumentshavebeencheckedandfoundtobeinorder.,Advantages&DisadvantagesofaLetterofCredit,AdvantagestotheExporterShiftscreditriskfromtheImportertotheImportersBank(IssuingBank).AnundertakingfromtheIssuingBankthatpaymentwillbemadeundertheLetterofCredit,providedthatyoumeetalltermsandconditionsoftheLetterofCredit.IftheLetterofCreditisnotissuedasagreed,youarenotobligatedtoshipagainstit.DisadvantagestotheExporterDocumentsmustbepreparedinstrictcompliancewiththerequirementsstipulatedintheLetterofCredit.Non-complianceleavesyouexposedtoriskofnon-paymentandremovestheprotectionaffordedbytheIssuingBanksincethefinaldecisiononthedocumentsthenrestswiththeImporter.,AdvantagesandDisadvantagesofDocumentaryCollection,ThemajoradvantageofacashagainstdocumentspaymentmethodfortheBuyeristhelowcost,versusopeningaLetterofCredit.TheadvantagefortheSelleristhathecanreceivefullpaymentpriortoreleasingcontrolofthedocuments,althoughthisisoffsetbytheriskthattheBuyerwill,forsomereason,rejectthedocuments(ortheywillnotbeinorder).Sincethecargowouldalreadybeloaded(togeneratethedocuments),theSellerhaslittlerecourseagainsttheBuyerincaseofnon-payment.ApaymentagainstdocumentsarrangementinvolvesahighleveloftrustbetweentheSellerandtheBuyerandshouldbeadoptedonlybypartieswellknowntoeachother.,RisksinDocumentaryCollections,FortheExporterIfitisasightdraft,theexporterwillreducetheriskofnon-paymentbutwillnoteliminateittotallysincetheimportermaynotbeinapositiontopayforthegoodsormaynotbeabletoprocuresufficientforeignexchangetomakethepayment.Inthiscasetheexportermaybeforcedtoeithercallbackthegoodsornegotiatesaletosomeotherinterestedparty,whichmaybeatareducedrate.Inthecaseoftermdraft,therisktotheexporterishighersincetheforeignbuyerwilltakepossessionofthegoodsandmaynotpayatduedate,forcingthereforetheexportertotryandcollectpaymentfromtheforeignbuyerintheforeignbuyershomecountry.FortheImporterTheimporterfacestheriskofpayingforgoodsofsub-standardqualityorevenwithshortages.Insuchacircumstance,itwouldtakesometimetogetrefundsfromtheexporter.Itcouldalsohappenthattheexporterrefusestomakerefunds,leadingtheimportertolengthylegalproceedings.,WhentouseDocumentaryCollections?
SinceDocumentaryCollectionstransactionsentailsomemeasureoftrust,itisadvisabletousethemechanismwhenthefollowingconditionsapply:
WhentheexporterandimporterhaveawellestablishedrelationshipWhenthereislittleornothreatofatotallossresultingfromthebuyersinabilityorrefusaltopayWhentheforeignpoliticalandeconomicsituationisstableWhenaletterofcreditistooexpensiveornotallowed,ListeningTask,Inthispartyouwilllistentoaconversationaboutmodesofinternationalpayment,andapassageaboutletterofcredit.Trytofinishtheexerciseswhilelistening.Areyouready?
10.1.1Listentothedialogueaboutthemodesofinternationalpaymentsandfillinthetreeaccordingtowhatyouhearinthedialogue.,M/T,T/T,D/D,D/A,D/P,SigThimteL/LC/C,remittance,collection,letterofcredit,ModesofInternationalPayment,IrrevocableL/C,RevolvingL/C,10.1.2Listentothefollowingpassageandfillinthemissingparts.,Aletterofcredit,alsoreferredtoasanL/C,isapaymenttermgenerallyusedforinternationalsalestransactions.Itisbasicallyamechanism,whichallowsimporterstooffersecuretermsofpaymenttoexportersinwhichabank(ormorethanonebank)getsinvolved.Attheveryoutsetonemustunderstandthatlettersofcreditdealindocuments,notgoods.Theideainaninternationaltradetransactionistoshifttheriskfromtheactualbuyertoabank.Thusaletterofcreditisapaymentundertakinggivenbyabanktothesellerandisissuedonbehalfoftheapplicanti.e.thebuyer.Thebuyeristheapplicantandtheselleristhebeneficiary.ThebankthatissuestheL/Cisreferredtoastheissuingbankwhichisgenerallyinthecountryofthebuyer.ThebankthatadvisestheL/Ctotheselleriscalledtheadvisingbankwhichisgenerallyinthecountryoftheseller.Thespecifiedbankmakesthepaymentuponthesuccessfulpresentationoftherequireddocumentsbythesellerwithinthespecifiedtimeframe.Notethatthebankscrutinizesthe“documents”andnotthe“goods”formakingpayment.Thustheprocessworksbo
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