商务英语综合教程IV第三版Unit5.docx

商务英语综合教程IV第三版Unit5.docx

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商务英语综合教程IV第三版Unit5

Unit5BankingandPayment

RelatedInformation

Asbeingpaidinfullandontimeisoftheutmostconcerntoexporters,thelevelofriskinextendingcreditisamajorconsideration.Thereareseveralwaysinwhichtheexportercanreceivepaymentwhensellinghisproductsabroad,dependingonhowtrustworthyheconsidersthebuyertobe.Typicallywithdomesticsales,ifthebuyerhasgoodcredit,salesaremadeonopenaccount;ifnot,cashinadvanceisrequired.Forexportsales,thesewaysarenottheonlycommonmethods.Listedinorderfrommostsecurefortheexportertotheleastsecure,thebasicmethodsofpaymentare:

Cashinadvance;

Documentaryletterofcredit;

Documentarycollectionordraft;

Openaccount;

Otherpaymentmechanisms,suchasconsignmentsales.

CashinAdvance

Receivingpaymentbycashinadvanceoftheshipmentmightseemideal.Inthissituation,theexporterisrelievedofcollectionproblemsandhasimmediateuseofthemoney.Awiretransferiscommonlyusedandhastheadvantageofbeingalmostimmediate.Paymentbycheckmayresultinacollectiondelayofuptosixweeks.Therefore,thismethodmaydefeattheoriginalintentionofreceivingpaymentbeforetheshipment.

LetterofCredit

ALetterofcreditisadocumentissuedbyabank（issuingbank）statingitscommitmenttopaysomeoneastatedamountofmoneyonbehalfofabuyersolongasthesellermeetsveryspecifictermsandconditions.Lettersofcreditaremoreformallycalleddocumentarylettersofcredit.

Beforepayment,thebankresponsibleformakingpaymentonbehalfofthebuyerverifiesthatalldocumentsareexactlyasrequiredbytheletterofcredit.

Ifanexporterisunfamiliarwiththecreditriskoftheforeignbank,orifthereisconcernaboutthepoliticaloreconomicriskassociatedwiththecountryinwhichthebankislocated,itisadvisedthataletterofcreditissuedbyaforeignbankbe“confirmed”byalocalbankintheexporter’scountry.Thismeansthatthelocalbankaddsitspledgetopaytothatoftheforeignbank.Lettersofcreditthatarenotconfirmedarecalled“advised”lettersofcredit.Thelocaldepartmentofcommercedistrictofficeoraninternationalbankerwillhelpexportersdeterminewhetheraconfirmedoradvisedletterofcreditisappropriateforaparticulartransaction.

1.TypesofLetterofCredit

①Irrevocable/Revocable:

Aletterofcreditthatcannotbeamendedorcancelledwithoutpriormutualconsentofallpartiestothecreditisirrevocable.Suchaletterofcreditguaranteespaymentbythebanktotheseller/exportersolongasallthetermsandconditionsofthecredithavebeenmet.Thisisthemostpopularformofletterofcredit.

Arevocableletterisonethatcanbecancelledoralteredbythedrawee（buyer）afterithasbeenissuedbythedrawee’sbank.Revocablelettersofcreditarerarelyusedbecauseofsecurityconcerns.

②Confirmed/Unconfirmed

Aconfirmedletterofcreditiswhenasecondguaranteeisaddedtothedocumentbyanotherbank.Theadvisingbank,thebranchorthecorrespondentthroughwhichtheissuingbankroutestheletterofcredit,addsitsundertakingandcommitmenttopaytotheletterofcredit.Thisconfirmationmeansthattheseller/beneficiarymayalsolooktothecreditworthinessoftheconfirmingbankforpaymentassurance.TheirrevocableandconfirmedletterofcreditisthemostpopularformofletterofcreditinChineseinternationalexport.

Anunconfirmedletterofcreditiswhenthedocumentbearstheguaranteeoftheissuingbankalone.Theadvisingbankmerelyinformstheexporterofthetermsandconditionsoftheletterofcredit,withoutaddingitsobligationtopay.Theexporterassumesthepaymentriskoftheissuingbank,whichistypicallylocatedinaforeigncountry.

③TransferableL/C

AtransferableL/Creferstoaletterofcreditthatcanberedirectedattheseller’srequest.Theseareusedwhenanexportbrokerisinvolved.Onceallconditionsontheletterofcreditaremet,thebroker’sbankreceivesthepayment,takesouthiscommission,andcompletesthetransactionasnegotiated.

④Sight/TimeL/C

Asightletterofcreditrequirespaymenttobemadeuponpresentationofthespecifieddocumentswhileatimeletterofcreditstatesthatpaymentisduewithinacertaintime（usually30,60,90,or180days）.

Changesmadetoaletterofcreditarecalledamendments.Thefeeschargedbythebanksinvolvedinamendingtheletterofcreditmaybepaideitherbythebuyerortheseller,buttheletterofcreditshouldspecifywhichpartyisresponsible.Sincechangesarecostlyandtimeconsuming,everyeffortshouldbemadetogettheletterofcreditrightthefirsttime.

Anexporterisusuallynotpaiduntiltheadvisingorconfirmingbankreceivesthefundsfromtheissuingbank.Toexpeditethereceiptoffunds,wiretransfersmaybeused.Bankpracticesvary,however,andtheexportermaybeabletoreceivefundsbydiscountingtheletterofcreditatthebank,whichinvolvespayingafeetothebankforthisservice.Exportersshouldconsultwiththeirinternationalbankersaboutbankpolicyontheseissues.

2.L/CPaymentProcedure

①TheimporterappliestoopenanL/CtothesellerthroughabankwhocanopentheL/C.

②Theissuing（opening）bankissuestheL/C,sendingittotheadvisingbankbyairmailor（morecommonly）electronicmeanssuchSWIFT（SocietyforWorldwideInterbankFinancialTelecommunications）.TheadvisingbankwillinformtheexporteroftheestablishmentoftheL/C.

③TheexporterwillcheckallthetermsandconditionslistedintheL/C.Ifalltermsandconditionsareasagreed,theexporterwillarrangetheshipmentwithinthetimespecifiedintheL/C.

④Afterthegoodsareloadedonboardtheshipwithoutanydamage,thecaptainwillissuethecleanbillofladingtotheexporter.

⑤Theexporterwilldrawadraftfortheinvoicevalueandsendsitaccompaniedbythecleanbillofladingandotherrelevantdocumentstotheexporter’sbank（negotiatingbank）togatherthepayment.Onlywithacleanbillofladingcanyouclaimtheownershipofthegoods.

⑥Thenegotiatingbankwillsendthedraftwiththecleanbillofladingandrelevantdocumentstotheopeningbank.

⑦Theopeningbankwillinformtheimporterthatalldocumentsarereceived

⑧Theimporterwillgotothebanktomakethepaymenttogetthecleanbillofladingandrelevantdocuments.Withallofthesedocuments,theimportercancleartheimportcustomsandpickupthegoodsafterthegoodsarriveonthedestinationseaport.

⑨Theopeningbankwillcredittheproceedstotheexporter’saccountthroughthenegotiatingbank.

Lead-in

1.Listening

Passage1

1.C2.D

TapeScript:

Althoughthetypeofservicesofferedbyabankdependsuponthetypeofabankandthecountry,servicesprovidedusuallyinclude:

1.Lendingoutmoneytocompaniesandindividuals

2.Issuingcheckingandsavingaccounts

3.Cashingchecks

4.Facilitatingmoneytransactionssuchaswiringtransferandcashierchecks

5.Issuecreditcards,ATMcards,anddebitcards

6.Storageofvaluables,particularlyinasafedepositbox

Passage2

1.C2.B

TapeScript:

Ifyoupayforimportsinadvance,youriskfindsthatthegoodsneverturnup,orarefaulty.Recoveringyourmoneyorgettingcompensationcanbeverytimeconsumingandexpensive,andmayevenproveimpossible.

Youcanprotectyourselfbyusingsuitablepaymentterms.Itisnotuncommontoasksupplierstoofferyoucredit.

Suppliersmaypreferyoutouseadocumentarycollection.Thispaymentmethodhelpsprotectthemifyoufailtopayafterdelivery.Yourbankcanadviseyouonwhatisinvolved.

Inmanycases,thesuppliermaywantyoutousealetterofcredit.Thisisthegeneralpracticeininternationaltradeiftheordersizeislargeenough.

2.SpotDictation

TapeScript:

1.dealwithreliablesuppliers

2.assessproductquality

3.Investigatingsuppliers’managementsystemscanhelpreassureyou

4.whomistreattheiremployees.

5.outsourceanyworktosubcontractors

6.Enforcingyourcontractualrights

TextA

LanguageStudy

1.paymentn.

①theactofpayingorthestateofbeingpaid支付,偿还

◆HeproposedapaymentbyT/T.

◆Wewillmakepaymentwhenthedraftispresentedtous.

②theamountpaid支付的款项

◆Wereceivedthepaymentintime.

payvi.&vt.支付，付款;偿还，

payern.支付者,付款人

payeen.收款人,领款人

2.consignementn.

①theactofconsigning委托,寄售的行为

◆Wecanconcludethedealonconsignement.

◆Consignmentprovidesthatpaymentismadeonlyoncompletedsales.

②somethingconsigned交付、寄售的东西

◆ItisexpectedthattheconsignmentwillbereadyforshipmentintheearlypartofAugust.

◆TheconsignmentwillleaveTianjinbys.s.“Eastwind”.

consignv.交付，寄售

consigneen.受托人，收货人

consignorn.委托者,发货人,寄件人,交付人

3.clear

①vt.tosettleadebt结清，付清

◆Theaccountshallbeclearedupbeforetheendofeachyear.

②vt.&vi.tocomplywithcustomsandharborrequirementsindischargingacargoorinleavingorenteringaport办理结关手续

◆Goodsgoingthroughclearingshallbeinspected.

clearancen.结关；结算，清算

4.draw

①vt.&vi.touse（acheck,forexample）whenpaying开支票使用支票等付款

◆Wearedrawingonyouatsightforthevalueofyourlastpurchase.

◆Youcandrawonusa60-daysdraft.

②vt.towithdraw（money）提取（钱）

◆Youcandrawthemoneyoutatanytimeyoulike.

drawingsn.用汇票支付的金额

drawern.开票人开立汇票索款的人

draween.（支票、汇票等的）付款人

5.honour

vt.topayortoaccept承兑，兑现

◆Thebuyershallhonourthedraftwhenitispresentedtohim.

◆Thedraftishonouredwhenitisdue.

dishonourvt.不兑现，不承兑

6.negotiablea.

①transferablefromonepersontoanother可转让的,可流通的，可议付的

◆Thesellershallsendthreeneg