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1、Module 10 Terms of Payment,Textile Garment English Correspondence 纺织服装英语函电,化学工业出版社,Contents,Introduction,1,Modes of Payment,2,Writing Strategy,3,Specimen Letters,4,Expressions for Payment,5,Learning Objectives,学习目标 To comprehend the significance of payment in business; To learn about various means o
2、f payment; To master the typical sentences and expressions in terms of payment; To learn how to write the letter about payment.,Introduction,Payment is among the most important factors of international trade. An exporter may negotiate excellent terms and conditions in a transaction, but no internati
3、onal transactions can be said to be successful until payment has been effected for the goods delivered overseas, and the proceeds have been safely credited to the exporters account. Compared with domestic trade, international trade payment means the settlement of claims and debts or the transfer of
4、money by certain method of transmission is carried out in international trade. Payment in international trade is much more complicated and difficult for the following reasons:, Long distance and more procedures are involved. Long time is needed in international payments. Different regulations and sy
5、stems of law are applied in different countries. Different financial systems are adopted in different countries. Larger risks are involved due to the fluctuation of exchange rate and different language. So business people adopt various payment terms depending on how much risk is involved. The follow
6、ing are the basic methods of payment introduced in the order from the safest to the least safe.,Modes of Payment,(1)Letter of Credit ( abbreviated as L/C) 信用证 A letter of Credit is a letter written by the importers bank to the exporter, verifying the banks promise to pay the beneficiary (exporter) u
7、pon presentation of documents relating to the dispatch of the goods, if the importer fails to effect payment. Thus it is protective of the exporters interest. On the other hand, it protects the importers interests, too, because the importer receives the guarantee from the bank that the exporter will
8、 not be paid until the goods ordered have truly been dispatched and all the documents relating to the goods are in order. The documents mainly include the Contract between the exporter and importer, Bill of Lading, Insurance Policy, Inspection Certificate, etc. The disadvantage of this method of pay
9、ment is the cost, which is to be borne by the importer for opening an L/C, that is usually higher than other means of payment, and it takes a longer time.,(2)Bill of exchange (or draft) 汇票 A bill of exchange is also called a draft, which is an unconditional order in writing, usually drawn and signed
10、 by the exporter (drawer), requiring the importer (drawee) to pay on demand, or at a fixed future time, a certain sum of money to the person specified. A bill of exchange is either a sight or a term bill. In foreign trade the bill of exchange is mostly a documentary bill, which falls into two catego
11、ries: a.Documents against payment (D/P) The exporter makes shipment and sends the shipping documents to the exporters bank for collection. The bank then sends the shipping documents along with a bill of exchange to the importers bank, which then sends,the bill of exchange to the importer, who has to
12、 make payment immediately upon receiving the bill of exchange. b.Document against acceptance (D/A) Under the D/P term, the importer does not have to pay immediately when the documents are presented. Instead, the importer has to accept the bill of exchange to signify his formal commitment to pay on t
13、he due date. Thus, the accepted bill of exchange is paid by the importer on the day, which may be 30, 60, or 90 days later, as originally agreed upon with the seller.,(3)Remittance 汇付 This mode of payment means that the payer (usually the buyer) remits a certain sum of money in accordance with the p
14、arties agreement to the payee (usually the seller) through a bank. This method is carried out in three ways. a. Telegraphic transfer (T/T) 电汇 At the request of the remitter, effected by cable or telex sent by a remitting bank to a paying bank instructing the latter to pay a certain sum in money to t
15、he payee. The method is very similar to that of mail transfer except the trust deed is sent by cable or telex. Nowadays faxes or e-mails are widely used to effect payment in international trade.,b. Mail transfer (M/T) 信汇 When mail transfer is adopted, at the request of the remitter, the remitting ba
16、nk issues a trust deed for payment, then sends it to paying bank by mail, and entrusts the latter to notify and pay a certain amount of money to the payee. c.Demand draft (D/D) 票汇 Under the payment method, entrusted by the remitter, the remitting bank draws a Bankers Demand Draft on the paying bank on behalf of the remitter to pay a certain sum in money to the payee. This method is fast and of low cost, but is least safe since the payer does not have any guara
