国际结算双语教材英语版.docx

1、国际结算双语教材英语版Introduction to International Settlement International political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.The international settlement involves both tangible and intangible trades, foreign investments, funds borrowed from or lent

2、 to other countries and so forth. To be more specific, international payments and settlements can also be necessary financial activities rendered from commercial payments, payments for the services rendered, payments between governments, and the transfer of funds among countries.1.1 Definition Inter

3、national payments and settlements are financial activities conducted among different countries in which either payments are effected or funds are transferred from one country to another for the purpose of settling accounts, debts, claims, etc.1.2 Types of International Settlement Usually internation

4、al settlement is divided into three broad categories: remittance, collection and letter of credit. Negotiable instruments, however, ways of international settlement and documents used in the international settlement sometimes constitute the framework of international settlement. For example, the fol

5、lowing payment terms can be read in the sales contracts. （1）The supplier agrees that the buyer will effect payments under the term of T/T against receipt of B/L by fax.(2) Hong Kong suppliers agree that the buyer will effect payments under the term of CAD(Cash against Documents).(3) Only in case of

6、new suppliers and first order to them, the buyer might agree to effect payments under L/C termsThe L/C charges on the buyers side will be born by the buyer and the L/C charges on suppliers side will be born by the supplier. The Bill of Lading is made out to order and notify the buyer.(4) In case tha

7、t the supplier still insist on L/C terms even after the first order, the supplier agree to take over all L/C charges on him as well as the buyers side. In those cases we request a Bill of Lading. 1.3History and Development of International SettlementTracing back the history of international settleme

8、nt, the medium of exchange originated from coins. Later on, commercial drafts and other credit instruments emerged and became popular to meet the needs of the constantly increasing business activities in both geographical regions and volume of the international trade.Depending on the creditability o

9、f financial institutions, both buyers and sellers are usually willing to complete their settlement through banks respectively, and a financial arrangement could be reached then. Therefore, many banks have focused on their business of international settlement and trade finance.Most of the internation

10、al payments originate from transactions in the world trade. With the enormous amount of international trade activities, the volume of the international settlement has reached trillions of US dollars nowadays. Banks; as a result, are focusing more and more on the development of the business because i

11、t is a major resource of profit.1.4 International Customs and Practices The International Chamber of Commerce is the world business organization. It is the only representative body that speaks with authority on behalf of enterprises from all services in every part of the world.（1）International Pract

12、ices concerning Bills: Bill of Exchange Act, 1882, Jeva Uniform Bill Act.(2) International Practices concerning Settlement：(Uniform Rules for Collection, ICC Publication No: 522), Uniform Customs and Practice for Commercial Documentary Credits,1993 Revision, ICC Publication No. 500). (3) Internation

13、al Practices concerning Documents: Hague Rules, Hamburg Rules, International Convention Concerning the Transport of Goods by Rail, Agreement on International Rail-Road through Transport of Goods, Uniform Rules for a Combined Transport Documents, Institute Cargo Clauses, ICC, International Rules for

14、Interpretation of Trade Terms, Incoterms2000 and UNCITRAL Arbitration Rule.Instruments2.1General IntroductionBills of Exchange, cheques, and promissory notes are all known as negotiable instruments. It is a fundamental principle of property law that we cannot obtain a better title than that possesse

15、d by the person from whom we received it. There is always the risk that that person has no title to the property because he has stolen it or obtained it from some other person who got improperly. The true owner, on discovering the property and proving his right to it, can demand the property be rest

16、ored to him. Our remedy is to look for the person from which we received the property and try to get our money back. That person will in turn claim from his immediate transferor, this tracing right goes on up to the unfortunate one who bought the property from the thief.2.2 Bills of Exchange2.2.1 De

17、finitionA Bill of Exchange (draft) is a commercial instrument. It is an unconditional order in writing, addressed by one person to another，signed by the person giving it，requiring the person to whom it is addressed to pay on demand，or at a fixed or determinable future time，a sum certain in money，to

18、or to the order of a specified person or to the bearer A typical Bill of Exchange is drawn in this manner(see Specimen 2.1） Note:An unconditional order in writing.Addressed by one person (the drawer).To another (the drawee).Signed by the person giving it.Requiring the person to whom it is addressed.

19、、To pay.On demand or at a fixed or determinable future time.A sum certain in money:To or to the order of a specified person or the bearer.2.2.2 Liability on Bills of ExchangeThe liability on a Bill of Exchange is by signature only: no signature, no liability. In another words, no person is liable as

20、 drawer, endorser or acceptor of a bill who has not signed.2.2.3 Endorsement of Bills of ExchangeFor many commercial contracts, the benefits of the contract may be transferred from one person to another. With a Bill of Exchange, this transfer is effected by delivery, or by endorsement and delivery.

21、Endorsement is a signature and a signature must be the same with the transferors name as stated on the bill. It is normally on the back of the document. There are four types of endorsement: blank, special, restrictive or conditional.2 2.4 Acceptance of Bills of ExchangeThe drawee has no liability on

22、 the bill until he signs the bill in ,such a way as to signify acceptance of liability to pay the money stated on the bill. The acceptance of a bill is the signification by the drawee of his assent to the order of the drawer. An acceptance is invalid unless it complies with the following conditions,

23、 namely:（1）It must be written on the bill and signed by the drawee. The mere signature of the drawee, without additional words, is sufficient. (2) It must not express that the drawee will perform his promise by any other means than the payment of money. Acceptance may be made before signature by the

24、 drawer. It may also be accepted when overdue or when previously by non-acceptance or non-payment.2.2.5 Holders of Bills of Exchange.A holder for value is the holder of bill for which value has been given: he is a holder for value as regards all parties prior to himself. Once value is given for a bi

25、ll, the-holder giving value and all subsequent holders are holders for value. A holder for value has the right of transferability conferred upon him by the common law. He has exactly the same rights together, with faults and failings, if any, of the person who transferred the bill to him.2.2.6Duties

26、 of Holders of a Bill of ExchangeA Bill of Exchange holder must do two things：present the bill for acceptance and present the bill for payment. The holder must carry out his duties. Alternatively, he can transfer the bill to another person, within a reasonable time of receiving the bill.Presenting t

27、he bill for acceptance is personal. The bill is presented to the drawee personally for acceptance, wherever he is. In so doing, the holder gains an extra signature and thereby an extra liability on the bill. If the drawee refuses to accept the bill, the bill is then dishonored by non-acceptance and

28、the holder can immediately sue all prior parties to the bill.Presentment for payment is local, meaning that the bill must be presented at the right place whether or not the person liable on the bill is at that place. The right place is the place stated on the bill as being the place of payment, othe

29、rwise the bill should be presented at the place of business or the place of the drawee/acceptor. The payment should be presented during business hours.2.2.7 Liability of Drawers，Drawees and Endorsers（1）Liability of DrawersBy drawing the bill the drawer commits himself to the following:a. That it wil

30、l be duly accepted or paid on presentment, andb. That if it is dishonored he will compensate the holder or any endorser for any loss suffered. (2) Liability of DraweesBefore acceptance, the drawee is not liable to any holder (though he may be personally liable to the drawer if he dishonors a bill pr

31、operly drawn upon him).After acceptance, the drawee becomes the person primarily liable on the bill, and engages that he will pay the bill according to the terms of his acceptance. (3) Liability of EndorsersAny person who endorses a bill makes a commitment that it will be duly paid upon presentment.

32、 If the bill is dishonored he will compensate the holder who is compelled to pay it.2.2.8 Dishonor of Bills of ExchangeIf a bill is dishonored by non-acceptance or non-payment, the holder must inform all prior parties that the bill has been dishonored. If such notice has not been given within a reasonable time, all prior parties except the person primarily liable on the bill will cease to be liable to the holder. The person primarily liable on the bill is the drawer. Once the bill is accepted, the acceptor assumes primary liability.2.3 Ch