进出口实务7

ChapterSevenInternationalPayments2LearningobjectivesAfterlearningthischapteryouwillbeableto:identifythekeyissuesinhandlinginternationalpaymentsunderstandtheuseofpayinginstruments,especiallythebillofexchangedefinethethreebasictermsofpaymentcompareandcontrastthecharacteristicsoftermsofpaymentidentifythemajorpartiesinvolvedindifferentpaymentmethodsstatethestagesinvolvedinusingaletterofcreditexplainthevariationsofdocumentarycreditestablishabasicunderstandingofexportfinancing37.1IssuesInConcernWhowillbearthecreditrisk?Inwhatcurrencythepaymentwouldbemade?Whatarethecostsofeachmethodofpayment?Whatmightbethepoliticalorlegalrisks?4DeterminantFactorsofPaymentNatureofmerchandiseIndustrynorms/practicesDistancebetweenbuyerandsellerPotentialcurrencyfluctuationPolitical&economicstabilityRelationshipbetweenbuyerandseller5InternationalPaymentCreditinstrumentsBillofExchange/Draft汇票PromissoryNote本票Check支票TermsofpaymentRemittance汇付Collection托收LetterofCredit信用证6Differencesbetweenpaymentinstrumentsandpaymenttermspaymentinstruments---Financialdocumentswhichcanbeusedindifferentmannersservingspecificpayingpurposepaymentterms---AseriesofactivitiesoroperationsfacilitatingthemovementoffundsfromonedestinationtotheotherInternationalPayment77.2PayingInstrument:Draft/BillofExchange汇票Definition:Adraftisanunconditionalwrittenorderaddressedbyonepersontoanother,singedbythepersongivingit,requiringtheaddressedpersontopayatsightoratafixedfuturetimethesumofmoneyclearlyspecified,tothepayeeortohisorder.8ThreepartiesconcernedA:ThedrawerNormallytheexporterFillinthecontentofabillofexchangeandsignhisnameB:Thedrawee/payerThepartytowhomB/EisaddressedIfsightdraft,makepaymentIftimedraft,acceptthedraftandpaywhentheamountisdueUnderL/C–thebankUndercollection–theimporterC:Thepayee/beneficiaryThepartywhoissupposedtoreceivethepaymentusuallytheexporterorthebankatwhichthedrawerhashisaccountPresentB/Etothepayerforpaymentoracceptance9ThreepartiesconcernedDrawer(Exporter)Payee(Exporter/Exporter’sbank)Drawee/Payer(Importer/Importer’sbank)BillofexchangeMoney10ThecontentofaB/E(Specimen7.1-7.4)Thewordsof“BillofExchange”or“Draft”ThedateandplaceofissuanceofdraftAspecificsumwhichshallbeexactlythesamewiththatindicatedonexportinvoiceThetenor,thatis,theperiodofcreditIfnotstipulated,regardedasSightdraftThenameofthedraweeThenameandsignatureofthedrawerThenameofthepayeeororderorbearerTheendorsementofthepayeewhenapplicable11ProcedureofaB/EpracticeIssuance出票TheactofthedrawerissuingadrafttothedraweePresentation示票TheactofthepayeeorthebearerpresentingthedrafttothepayerforpaymentoracceptanceTworesults:beinghonoredordishonored12ProcedureofaB/EpracticePayment付款---DrafthonoredbypaymentForsightdraft,thepayerpaystothepayeeaspecifiedsumofmoneyindicatedonthedraftatpresentation.13ProcedureofaB/EpracticeAcceptance承兑---DrafthonoredbyacceptanceTheactofthepayermakingacceptancebycross-signingonthefaceofthebillandpromisingtopayonorbeforetheexpirydateofatime/usancedraftAnacceptedbillshallbereturnedtothepresentingparty14ProcedureofaB/EpracticeDiscount贴现AnaccepteddraftisnegotiableIftheholderwantstogetmoneybeforematuredate,thedraftcanbediscountedbyadiscountingbankattheprevailingdiscountrateItisthesaleofanacceptedtimebillforlessthanitsfacevaluebeforeitsmaturitydate.Endorsement背书Theactofthetransferorintransferringadrafttothetransfereebymakingasignatureonthebackofthedraft15ProcedureofaB/EpracticeDishonor拒付TherefusalofthedraweeorpayertomakepaymentoracceptanceofadulypresenteddraftHoldercanrecoursethedrawerforpaymentToexercisehisrightofrecourse,thebillholderneedstopresentaCertificateofProtest(拒付证明）fromanotarypublicDraftwiththeword“withoutrecourse”canhardlybediscounted16TypesofdraftCleandraftvs.documentarydraft光票与跟单汇票Banker’sDraftvs.Commercialdraft银行汇票与商业汇票Sightdraftvs.timedraft即期汇票与远期汇票17CleanDraftvs.DocumentaryDraftCleanDraftistheonewhichisusedwithoutthecompanyofanycommercialdocumentsEg.Banker’sDraftDocumentaryDraftistheonethatcallsfortheattachmentofrelevantcommercialdocuments.PopularininternationaltradeEg.CommercialDraft18Banker’sDraftvs.CommercialDraftBanker’sDraftisanorderfromonebank(thedrawer)toanother(thedrawee)withwhomitnormallymaintainsacorrespondentrelationship,topaytoanamedperson(thepayee)aspecifiedsumofmoneyondemand.CommercialDraftisanorderfromafirmorindividual(thedrawer)toanotherfirm,individualorbank(thedrawee)topaytoanamedperson(thepayee)aspecifiedsumofmoneyondemand.19SightDraftvs.TimeDraftSightdraftistheonethatispayableonsightofthedocumentsoftitleoronfirstpresentationofthetitledocuments.Normallyusedwhentheexporterwishestoretaintitletothegoodsuntilitreachesitsdestinationandpaymentismade.Bearingthewordingas“atsightofthisbillofexchange,payto…”Notbankcredit,thereforehigherrisksTimedraft(usancedraft,termdraft)istheonethatispayableinaspecifiednumberofdaysaftersight,afterthedateofissuanceoracceptance,oratafixedfuturetime.Bearingthewordingas“at30/45/60/90dayssightofthisbillofexchange,payto….”Incaseofdishonor,theexport