国贸第十一章.docx

国贸第十一章.docx

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国贸第十一章

Chapter11InternationalPayment

11.1InstrumentsofPayment

11.1.1BillsofExchange

1.Definitionofbillofexchange

Abillofexchange（draft）isabillsignedbythedrawer,requitingtheentrustedpayer（drawee）tomakeunconditionalpaymentinafixedamountatthesightofthebilloronafixeddatetothepayeeortheholder.

2.Contentsofabillofexchange

Althoughthedraftsusedininternationalsettlementaredifferentincontentsandforms,mostcountriesrequirebylawthatadraftshallbearcertainessentialitems,suchasWordsdenoting"draft"or"billofexchange",Commissiononunconditionalpayment,Theamountofmoneyfixed,Nameofthepayer,Nameofthepayee,DateofdraftandSignatureofthedrawer.

Adraftlackingoneoftheessentialitemslistedabovewillbedeemedinvalid.

3.Actsofabillofexchange

1）Drawing

Thedrawingofadraftreferstotheactofadrawertosignadraftanddeliverittothepayee.

2）Presentation

Presentationreferstotheactoftheholdertopresentthedrafttothepayeranddemandforpaymentorthepledgeofthepayertopay.Accordingly,therearetwotypesofpresentation:

PresentationforpaymentandPresentationforacceptance.

3）Acceptance

Acceptancereferstoapromiseofadraft'spayertopaytheactualamountofdraftwhenthedraftisdue.

4）Endorsement

Endorsementreferstotherecordingofitemsconcernedonthebacksideofadraftorontheallongetothedraftwithasignatureorsealputtotherecord.Adraftcouldbetransferredbyendorsement.Theendorseristhetransferorandtheendorseeisthetransferee.

5）Dishonorandrecourses

Dishonorreferstotherefusalofpaymentoracceptancetoadraftbytheacceptororpayer.Whenadraftisdishonored,theholdermayexercisetherightofrecourseagainsttheendorser,drawerorotherdebtorsofthedraft.

Indishonoringadraft,theacceptororpayershallproducecertificatesofdishonororthestatementonthegroundforprotest.Iftheacceptororpayerhasfailedtoproducethecertificateofdishonororthestatementonthegroundforprotest,heshallbearallthecivilresponsibilitiesarisingtherefrom,andthentheholdercouldobtainsuchacertificatefromanotaryapprobatedbylocallaw.

Ifaholderisunabletopresentcertificatesofdishonor,thestatementonthegroundforprotestorprovideotherlegalcertificateswithintheprescribedtimelimit,heshalllosetherightofrecourseagainstthepriorholder.Buttheacceptororpayershallcontinuetoundertaketheliabilitiestotheholder.

4.Typesofbillofexchange

1）Bankdraft&commercialdraft

Accordingtothedrawersofthedrafts,therearebankdraftswhicharedrawnbybanksandcommercialdrafts,arealsocalledtradedrafts,whicharedrawnbytraders.

2）Cleandraft&documentarydraft

Ifthecommercialdocumentsareattachedtoadraftwhenusedininternationalsettlement,itisadocumentarydraft.Otherwiseitwillbeacleandraft.

3）Sightdraft&timedraft

Accordingtothetimeofpayment,sightdraftsandtimedraftscouldbedefinedrespectively.Sightdraft,sometimesisalsocalleddemanddraft,isadraftpayableondemandoratsightoronpresentation.Timedraft,alsocalledusancedraft,isadraftpayableatafixedordeterminablefuturetime.Forexample,itmaybeexpressedinthefollowingthreeways:

"at30daysaftersight","at60daysafterdate",or"onAug.8,2008".

4）Banker'sacceptancedraft&trader'sacceptancedraft

Timedraftshavingbeenacceptedcouldbedividedintobanker'sacceptancedraftandtrader'sacceptancedraft.Theformerisatimedraftdrawnonabankandacceptedbythebank.Thelatterisatimedraftdrawnonatraderandacceptedbyhim.

Banker'sacceptancedraftsaremorewelcomeininternationalfinancialmarketbecausethebanksseemtobemorecreditablethanthetraders.

11.1.2PromissoryNote

1.Definitionofpromissorynote

Apromissorynoteisaninstrumentwrittenandissuedbyadrawer,promisingtopayunconditionallyafixedamountofmoneytoapayeeorholderatthesightoftheinstrument.

Thepromissorynotescommonlyusedininternationalsettlementarethebanknoteswhicharedrawnbythebanks.

2.Contentsofapromissorynote

Apromissorynotegenerallyhasthefollowingprincipalitems:

Thewordsindicating"PromissoryNote",Unconditionalpromisetopay,Amountofmoneyfixed,Nameofthepayee,Dateofissue,Signatureofthedrawer.

3.Differencesbetweenabillofexchangeandapromissorynote

Thenatureofapromissorynotehasmuchincommonwiththatofabillofexchange.However,therearesomeimportantdifferencesbetweenthetwoinstrumentsasfollows:

~Apromissorynoteisapromisetopaytothepayeebythedrawerhimself,whereasabillofexchangeisanorderthatismadebythedrawertoorderthedraweetopay.

~Thereareonlytowpartiestoapromissorynote,namelythedrawerandthepayee,whereasthreepartiestoabillofexchange,namelythedrawer,thedraweeandthepayee.

~Apromissorynotehasanoriginalnoteonly,whereasabillofexchangemaybedrawnwiththesecondeventhethirdexchangeinadditiontotheoriginalone.

11.1.3Check

1.Definitionofcheck

Acheckisaninstrumentissuedbyadrawer,atthesightofwhichthecheckdepositbankorotherfinancialinstitutionsunconditionallypaythefixedamounttothepayeeorholder.

Insomecountries,acheckisdeemedasasightdraftwhichispayablebyabankanddrawnbyadepositorofthebank.

Theamountofthecheckissuedbythedrawershallnotexceedtheactualamountdepositedinthebankbythedraweratthetimeofpayment.Iftheamountofthecheckissuedbythedrawerhasexceededtheactualamountdepositedbyhimatthetimeofpayment,thecheckisadishonorablecheck,whichisstrictlyforbidden.

2.Contentsofacheck

Acheckgenerallyrecordsthefollowingprincipalitems:

wordsdenoting"check",commissiontopayunconditionally,amountfixed,nameofthepayee,dateofissue,signatureofthedrawer.

11.2Remittance

11.2.1BasicPointsforRemittance

1.Definitionofremittance

Remittancereferstothetransferoffundsthroughbanksfromonepartytoanother.Ininternationalsettlement,abankinonecountry（theremittingbank）,attherequestofitscustomer（theremitter）,transfersacertainsumofmoneytoitsoverseasbranchorcorrespondentbank（thepayingbank）inanothercountryandinstructsittopaytothenamedpayee.

2.Partiesrelatedtoaremittance

Accordingtothedefinition,therearefourpartiesrelatedtoaremittanceasfollows:

1）Remitter

Aremitteristhepersonorfirmwhorequestshisbanktoremitfundsfromhisaccounttosomeoneinaforeigncountry.Ininternationaltrade,heisthebuyerwhoisobligedtopayforthegoods.

2）Payee

Apayeeisthepersonorfirmwhoisaddressedtoreceivetheremittance.Ininternationaltrade,heisthesellerwhohasthefighttoreceivepayment.

3）Remittingbank

Aremittingbankisthebankremittingfundsattherequestofaremittertoitsbranchoritscorrespondentbankinthepayee'scountryandinstructingthelattertopaytothepayee.Theremittingbankisusuallytheremitter'sdepositingbank.

4）Payingbank

Apayingbankisthebankinthepayee'scountrywhichisentrustedbytheremittingbanktopaytothepayee.Itisusuallythebranchorcorrespondentbankoftheremittingbanl<.

3.Remittanceprocedure

First,theremittershallgototheremittingbanktofillouttheapplicationforremittanceandpaythefundandcharges.Thentheremittingbankwillinstructthepayingbanktopaythefundtothepayeeaccordingtotheapplicationfilledoutbytheremitter.Afterreceivingtheinstruction,thepayingbankwillpaytothepayeeandsettleaccountswiththeremittingbank.

11.2.2MethodsofRemittances

Therearethreemethodsofremittancesaccordingtothedifferentwaysoftransfer:

mailtransfer（M/T）,telegraphictransfer（T/T）,remittancebybanker'sdemanddraft（D/D）.

1.M/T

Mailtransfermeanstheremittancebyairmail.Theremittingbanksendsamailtransferadviceorapaymentordertothepayingbankbyairmail.

2.T/T

Telegraphictransferreferstotheremittancebycable,telexorSWIFT.Theremittingbanksendsthepaymentorderorinstructiontothepayingbankbytelegraphicmeans.

3.D/D

Remittancebybanker'sdemanddraftismuchdifferentfromtheabovetwo.Theremittingbankdrawsademanddraftonthepayingbankattherequestofremitter,andtheremitterhimselfsendsthisdrafttothepayeeandthepayeethen.presentsthisdrafttothepayingbankforpayment.

T/Tisthefastestmethodofremittancewiththehighestcharge.M/TandD/DareslowerandcheaperthanT/T.Ininternationalsettlement,remittanceismostlyusedinadvancepaymentoropenaccounttransactionssuchascashondelivery,ortopayoddmentsandcommissionsinparticular.

Becausetheremittanceistobeinitiatedbythebuyer,thesellerwillbepassiveandrisky.Sotheselleroftenrefusestoberemittedthepayment.Therefore,remittanceisnotappliedwidelyininternationaltrade.

11.3Collection

11.3.1BasicPointsforCollection

1.Definitionofcollection

Acollectionmeansthatthecreditorentrustsabanktocollectpaymentfromthedebtor.Ininternationaltrade,thecreditoristhesellerandthedebtoristhebuyer.Thesellerentrusthisbanktocollectthepaymentfromthebuyerthroughthebank'sbranchorcorrespondentbankinthebuyer'scountry.

2.Partiesrelatedtoacollection

1）Principal

Theprincipalisthecreditorentrustingthehandlingofacollectiontoabank.Ininternationaltrade,heisusuallythesellerofasalestransaction.

2）