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1、Unit 9 Terms of Payment 支付条款Key pointsnIntroductionnRemittance; collection; letter of creditnWriting guidenExamplesnWords and phrasesnhomework1. introductionnWith the rapid development of international trade, terms of payment play more and more important roles in international settlement.The exporte
2、r normally expects to receive payment immediately after delivery of the goods, meanwhile, the importer expects that he will be able to pay off the trade debt only after the goods are sold. So, choosing appropriate terms of payment will be beneficial to exporter and importer.2. three categoriesn2.1 R
3、emittance 汇付 The remitting bank(汇出行，进口地银行）at the request of a remitter(importer/payer,汇款 人） , sends the required funds to a payee(exporter/beneficiary,收款人）through the paying bank(汇入行/解付行，出口地银 行）. It is based on commercial credit(商业信 用）.Three different ways of remittance:1) T/T (Telegraphic Transfer)
4、 电汇, through bank , safest/fastest/most expensive 2）M/T （Mail Transfer）信汇, through bank, safer/slower/more expensive 3）D/D （Demand Draft）票汇, through payer himself ,safe/slowest/least expensiven2.2 Collection 托收nThe application of collection is set out in URC522, the Uniform Rules for Collection, ver
5、sion no.522.nIt is an arrangement whereby the seller draws a draft( 汇票）, and /or shipping documents(B/L，invoice ，packing list, etc.)are forwarded to his bank, authorizing it to collect the money from the buyer through its correspondent bank. It is based on commercial credit.Two kinds of collectionnC
6、lean collection(光票托收） With financial instruments only ,such as bills of exchange, receipts, checks, etc., other documents are sent directly by the export to the importer.nDocumentary cellection(跟单托收） Only when the draft drawn with the shipping documents is paid or accepted, will the documents be rel
7、eased to the importer. Documentary collection is classified as follows:D/P ( Document against Payment）The collecting bank is allowed to release the documents to the drawee only against full and immediate payment. D/P falls into two categories:nD/P at sight 即期托收 Upon first presentation,the buyer shal
8、l pay against documentary draft drawn by the seller at sight.The shipping documents are to be released against payment only.nD/P after days sight 远期托收 After the first presenting for acceptance,when the accepted draft matures, the seller presents it for payment, then releasing documents to buyer.nD/A
9、 (Document against Acceptance)承兑交 单 The collecting bank is allowed to release the documents to the drawee only against the acceptance of a draft. The exporter faces the most risks. Attention: Prefer D/P sight rather than D/P afer sight; Prefer D/P rather than D/A; Prefer bank credit rather than comm
10、ercial credit.2.3 Letter of Credit 信用证nA L/C is a written undertaking by the issuing bank(for the importer) to the beneficiary(the exporter), under which the bank undertakes to pay the beneficiary the money within a designated time period and against any stipulated terms and documents. Most of inter
11、national trades make use of this method. It is based on bank credit.nThe cost of L/C is very expensive, especially for the importer, which has to pay deposits to the issuing bank for opening the L/C.Types of L/CnDocumentary L/C 跟单信用证nClean L/C 光票信用证（不附单据；预付 ）nIrrevocable/revocable 不可撤销/可撤销nConfirmed
12、/Unconfirmed 保兑/不保兑信用 证nSight payment L/C 即期信用证nDeferred payment L/C 延期信用证nTransferable/non-transferable转让/不可转让nPartial/impartial 可分批/不可分批Besides the three traditional terms, the following can also be used.nFactoring 保付代理nForfeiting 福费廷（账期出口票据贴现融 资）3. Writing GuidenUnderstand your companys preferenc
13、e(L/C; T/T; D/P)nExpress the terms of payment clearly and accurately. ( collection: D/P or D/A)nUse the proper words to change the payment terms. (give some advice politely and give the reason for the change)4. example: Changing the terms of paymentDear Mr. Li,Thank you for your email of March 20, 2
14、009.We appreciate your cooperation in quotation, but we also advise you to make some adjustments of your terms of payment.On your sight L/C basis, from the moment of credit issuance to the time to collect from our customers, the tie-up of our funds lasts for about three months. It really constrains
15、our marketing capacity. Moreover, you might be aware of the increasing banking fees here, which is now putting an extremely heavy burden on our finance.Consequently, we ask for your cooperation in dealing with the problem. Specifically, we request that you grant us D/P at sight. If you need the refe
16、rence, we will be glad to offer you.Your prompt and positive consideration of this request would help a great deal. Yours sincerely,Purchasing Manager5. Words and expressionsThe unpaid balance:未付余额Correspondent 代理行；往来行Usance L/C 远期信用证In favor of 以为受益人Payment at maturity 到期付款Tie-up of the fund 资金冻结Financial instruments 金融票据Draw a draft/bill on sb.开立以某人为付款人汇票9. Full set clean
