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1、Payment,Question for discussion,What are the commonly practiced ways of payment in international trade now?,1. If classified by time,1. payment in advance (先付款后交货) 2. payment on credit or deferred payment (先交货，后付款，或称延期付款) 3. installment （分期付款） 4. cash on delivery (COD) (一手交钱一手交货，或称货到付款),1. payment i
2、n advance (先付款后交货),E.g. Cash with Order (CWO), also called Payment with Order (PWO) or Cash in Advance (CIA) 订货付款，预付货款 Payment is made when placing an order. Actually, 100% CWO is rarely seen in international trade. Usually, only a certain part of the proceeds（收益） needs to be paid in advance.,2. pay
3、ment on credit or deferred payment (先交货，后付款，或称延期付款),E.g. L/C (信用证) and Collections （托收）,3. installment （分期付款）,This kind of terms of payment is applicable to big transactions such as machinery equipment etc. which involve a great amount of money. If the installment period is as long as 5 to 10 years,
4、 it is usually stipulated in the contract that in the first one to three years, the buyer need not make any payment. This particular period is called “Grace period”(宽限期).,4. cash on delivery (COD) (一手交钱一手交货，或称货到付款),This kind of terms of payment is generally made in local transaction and seldom seen
5、in international trading practice.,Some important ways of payment,1. Remittance 汇付,In this way, the proceeds are remitted directly from the importer to the supplier.Remittance: Mail Transfer (M/T) 信汇Telegraphic Transfer (T/T)电汇Demand Draft (D/D)票汇,2. Collection 托收,What is collection? After the goods
6、 have been shipped, the exporter may send all the shipping documents to the importer and ask him to pay for the goods. This is usually done through a bank.,Collection: Clean collection:光票托收Documentary collection: 跟单托收D/P D/A：承兑交单 The importer needs to accept formally the drafts drawn by the exporter
7、 first, and then the bank hands over the shipping documents to the importer while the importer need not make the payment at the same time.,3. Commercial letter of credit （L/C） 信用证,A written promise made by a bank that it will make payment for the goods shipped. Guarantee for both exporter and import
8、er: The most favored one,Types of L/C,1) Revocable L/C and irrevocable L/C（可撤销vs. 不可撤销） Revocable L/C: can be withdrawn or amended by the opening bank any time before the negotiation or acceptance or payment is effected. Irrevocable L/C: can not be withdrawn or amended by the opening bank without th
9、e agreement of the beneficiary.,2). Documentary L/C and clean L/C,Documentary L/C （跟单信用证）: requires the seller to draw documentary draft upon the buyer. Clean L/C （光票信用证）: requires the seller to draw a clean draft. when the beneficiary draws a documentary draft, he should attach all shipping documen
10、ts required. For clean draft, no shipping documents are needed to be attached.,3) Confirmed L/C and unconfirmed L/C （保兑的vs.不保兑的）,Confirmed L/C: two banks hold themselves responsible for the payment of the goods, more secure. Unconfirmed: not confirmed,信用证的用途,信用证是银行用以保证买方或进口方有支付能力的凭证. 在国际贸易活动中，买卖双方可能
11、互不信任，买方担心预付款后，卖方不按合同要求发货；卖方也担心在发货或提交货运单据后买方不付款。因此需要两家银行做为买卖双方的保证人，代为收款交单，以银行信用代替商业信用。银行在这一活动中所使用的工具就是信用证。 可见，信用证是银行有条件保证付款的证书，成为国际贸易活动中常见的结算方式。按照这种结算方式的一般规定，买方先将货款交存银行，由银行开立信用证，通知异地卖方开户银行转告卖方，卖方按合同和信用证规定的条款发货，银行代买方付款。,申请条件？,如果企业在银行已开设公司帐户,并操作过一段时间业务(具体多长时间,视每个银行不同，一般银行需要看公司在银行的交易记录是否良好),如果该公司帐户操作良好的
12、话,并在公司帐号存有100%的保证金,银行就可以开同等金额的信用证。,Draft/Bill of exchange (汇票),A note written by one person asking another to pay a certain amount of money to a third person.Drawer/maker: the person who writes the draft Drawee/payer: the one who must make payment Payee/beneficiary: the one who receives the payment.
13、,Factoring 保付代理,Sale of a firms accounts receivable to a financial institution called factor at a discount. Purpose: fastest way, interest rate. Advantages: simple, fast, does not create debt. 卖方（供应商）与保理商间存在一种契约关系，根据该契约，卖方将基于其与买方（债务人）现在或将来订立的货物销售/服务合同所产生的应收帐款转让给保理商，由保理商为其提供下列至少一项的服务：信用风险控制与 坏账担保、贸易融
14、资、应收帐款的催收或销售分户账管理。,保付代理,避免出口收汇风险的方法保理，是保付代理(Factoring)的简称，也叫保收代理，是保理商（通常是银行或金融机构）向出口人提供进口人的资信调查，承担的信用风险担保应收帐款的催收和追偿、资金融通和财务管理的一种综合性财务服务。具体做法是：出口人事先与保理商签订保理协议，根据协议，出口人按买卖合同规定发货后，有关运输单据径直寄交进口人，而将应收帐款的单据卖给保理商，由保理商通过其在进口地的代理人负责向进口人收款，保理商收到货款后，扣除一定的手续费，将货款交给出口人。,Buyer notifies seller买方通知卖方信用证已开立,Dear Mr.
15、 Mathews,Re: Open L/C for youWe are glad to inform you that we have now opened an irrevocable letter of credit through the Bank of Boston, Massachusetts, U.S.A. for U.S.$.in your favor.Please make sure that the payment is effected within September, since punctual delivery is one of the important con
16、siderations in dealing with our market.We are awaiting your Shipping Advice.Yours faithfully,Urging Establishment of L/C 催开信用证,Dear Mrs. Langton,Re: Your Order No.456 for Color TVWith reference to our faxes dated the 20th of April and the 18th of May, requesting you to establish the L/C covering the
17、 above mentioned order, we regret having received no news from you up till now.We wish to remind you that it was agreed, when placing the order, that you would establish the required L/C upon receipt of our Confirmation. Needless to say, we are placed in a very embarrassing situation now that one month has elapsed and nothing whatsoever has been heard from you. As the goods have been ready for shipment for quite some time, it behooves you to take immediate action, particularly since we cannot think of any valid reason for further delaying the opening of the credit.Yours truly,
