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1、Module 7 International Trading Business,Project 20 Practice in International Payment,Objectives,understand the functions of major negotiable instruments as well as functions and processes of different modes of payment .,2. find ways to improve your English skills and performance on how to describe a
2、nd Discuss about International Payment.,3. master the basic words and expressions about general description of International Payment.,Contents,Lead-in,What are the common negotiable instruments and modes of payment in international trade according to your knowledge? The two classes of negotiable ins
3、truments are: promissory notes and bills of exchange. The major modes of payment are: T/T payment in advance Letter of credit D/P (document against payment) Open Account Mixed Payments,Activity 1 -Words & Terms,Learn the new words and terms.,Activity 1 -Task 1,The two classes of negotiable instrumen
4、ts are promissory notes and bills of exchange. (1) promissory notes: Common type is a bank note payable to bearer on demand. A person i.e. maker (drawer)s promise to pay the payee (beneficiary) a specific amount on a specified date without any condition. (2) bills of exchange: A written order by the
5、 drawer to the drawee to pay money to the payee Common type is the cheque, a bill of exchange drawn on a banker and payable on demand.,Activity 2 -Task 1 How to Make Payment ?,3. It takes 3-4 days for us to receive the wire transfer made from anywhere in the world.,2. T/T payment in advance presents
6、 risk to the importer if the supplier is not an honest one.,1. It is used when the sample and small quantity shipments are transported by air.,T/T payment in advance,Letter of credit - a letter written by the importers bank to the exporter. - includes applicant (the importer), beneficiary, opening b
7、ank, negotiating bank, specification and quantity of the goods, amount of money, loading port and destination port, shipment date, the validity date of the L/C, terms and conditions and the documents required by the importers.,The L/C payment procedure,L/C is to be confirmed the payment process,D/P
8、(document against payment) - exporter makes shipment and sends the shipping documents to the exporters bank for collection. - bank then sends the shipping documents along with a collection letter to the importers bank, who then sends a collection notice to the importer. - importer makes payment upon
9、 receiving the notice, and only after payment does the importer receive the original shipping documents with which you take the physical possession of the goods.,Process of D/P,Open Account - the exporter simply bills the customer, who is expected to pay under agreed terms at a future date. - but th
10、e absence of documents and banking channels might make it difficult to pursue the legal enforcement of claims. - receivables may be harder to finance,Mixed Payments - when the goods are required to be customized - difficulties with cash flow - without available funds to prepay freight and other pre-shipment expenses,Summary,1. negotiable instruments promissory notes and bills of exchange 2. modes of payment T/T payment in advance Letter of credit D/P (document against payment) Open Account Mixed Payments,Homework,Thank You !,
