《国际结算补充》PPT课件

《《国际结算补充》PPT课件》由会员分享，可在线阅读，更多相关《《国际结算补充》PPT课件（163页珍藏版）》请在金锄头文库上搜索。

1、Prerequisite courses (先修课程)：Finance (金融学)、 International Finance (国际金融学)、International Trade (国际贸易学)Prescribed text book (教材)：International Settlement，蔣琴儿、秦定主编,国际结算理论实务案例( 双语教材), 清华大学出版 社,2007.3版。国际结算,贺瑛主编，复旦大学出版社，2006.5版。Other Reference（其他参考资料）： International Settlement (Reference forFinancial Engl

2、ish Certificate Test, FECT) 苏宗祥，景乃权，张林森编著：国际结算（第三版），中国金融出版社，2004.11。 International Business(Fifth Edition),Michael R.Czinkota，机械工业出版社,2003.4版Subject Content (教学内容 )第一讲（topic 1）第二讲（topic 2）第三讲（topic 3）阶段练习 Quiz 1第四讲（topic 4）第五讲（topic 5）第六讲（topic 6）第七讲（topic 7）阶段练习 Quiz 2第八讲（topic 8）第九讲（topic 9）第十讲（to

3、pic 10）总复习（Review）国际结算概述 Introduction国际结算票据 Instruments汇款与托收结算方式 Remittance & Collection第一三讲 Topic 1-3跟单信用证结算方式 Documentary L/C银行保函与备用信用证结算方式 Bankers Letterof Guarantee & Stand-by L/C传统贸易结算融资 Traditional Trade Finance国际结算法律环境 Incoterms, UCP600第四七讲 Topic 4-7国际结算单据 Documents国际保理和福费廷 Factoring & Forfei

4、ting国际支付清算体系 Clearing Systems课程综述、答疑 Summary & consultationTopic 1 IntroductionInternational Settlement Most internationalpaymentsoriginate fromboth visible tradeand invisibletrade transactionsTransfer ofInvestmentproceedsForeign affairsCultureintercourseForeign trade ofgoods / servicesCapitalmoveme

5、ntCreditors RightsDebt ObligationsUsecertainMonetaryInstrumentsNarrowly speaking, international settlementfocuses on payment for goods, i.e. settlement for visible trade (贸易结算)Widely speaking, international settlement alsoconsists of the following business, including settlement for tributary cost, n

6、on-visible tradeand financial transaction, etc.(贸易从属费用、非有形商品贸易结算、金融交易结算等) Four main changes that are found duringthe evolution of international tradepayments and settlements:国际结算的历史发展进程From cash settlement to non-cash settlement从现金结算发展到非现金结算 资金票据化From payment for goods to payment against documents从凭

7、货付款发展到凭单付款 货物单据化、履约证书化From payment between buyers and sellers to payments effectedthrough foreign exchange banks从交易方直接结算发展到通过银行结算银行核心化，结算体系化From simple settlement to settlement associated with trade financingand even comprehensive services从单纯结算发展到与贸易融资相结合 服务多样化1.choice of currency (国际结算货币条件 )currenc

8、y of exportimporta third countryTerms and Conditionsconsidered in Settlement2.decision of timing(国际结算的时间条件) payment in advance (预付货款) payment after arrival of goods (货到付款) deferred payment (延期付款)3.choice of method (国际结算的方式)按结算工具及其使用方法划分，可分为Remittance（汇款）、 Collection（托收）、Letter of Credit（信用证）；按信用工具传递

9、与资金转移方向划分，分为Remittance（顺汇)、 Honor of Draft (逆汇）；按信用关系的性质，分为商业信用方式(commercial credit)，包括汇款和托收；银行信用方式(bank credit)，主要是信用证，其他包括Travellers Check(旅行支票)、Credit Card (信用卡)等等。International settlement system国际结算制度 Definition：国际结算制度是指一个国家根据本国的外汇管理要求所制定的对外结算的总制度，包括结算方式、方法、工具及结算业务的操作秩序等。 Type：multi-national sys

10、tem(多边结算制度)vs.bilateral system(双边结算制度)Topic 2 Credit Instruments used insettlement of trade(贸易结算中的信用工具)Credit instruments most commonly usedin international trade payments andsettlements are bills of exchange (汇票), promissory notes (本票), checks (支票).They are also known as negotiableinstruments (流通票据

11、).2. 1 Introduction to NegotiableInstruments (票据概述) Nature of a negotiable instrument(票据本质) an unconditional order or promise inwriting to pay a sum certain in money;addressed by one person to another;payable to bearer or to order; payable ondemand or at a definite future time. Attributes of negotia

12、ble instruments 票据特征1right to be paid (设权性 )2requisite in form (要式性)3subject to written clause (文义性)4non-causative (无因性)5negotiability (流通性)6holders claim (债权性)7demand for certain sum of money only (货币性)8. presentment (提示性)9. right of recourse (可追索性)10.returnability (返还性) Functions of a negotiable i

13、nstrument 票据作用1.2.3.4.5.means/ tool of payment /settlement (结算作用)proof of credit relation (信用作用)negotiable instrument (流通作用)offset of debt obligation (抵偿作用)means of financing (融资作用)Examplert woolBusinessmanin UKBusinessmanin Spainexpo10,000Businessmanin France10,000exportwine根据题意所示，英国商人可通过开立一张汇票向西班牙

14、商人索偿；同时，他又负有向法国商人支付另一笔货款的义务（法过商人也会开立汇票向英国商人索汇）。然而，两笔结算业务可以合二为一。那么，如何利用票据的作用来达到这个效果呢？Law for negotiable instruments： anglo-american law system (英美法系)Bills of Exchange Act, 1882(英国1882年票据法)Uniform Commercial Code(美国18971952年统一商法典) continental law system (大陆法系 )Uniform Law for Bills of Exchange Promiss

15、ary Notes,1930日内瓦统一汇票、本票法公约(1930年)日内瓦统一支票法公约1931 International Convention of negotiableinstruments(draft)国际流通票据公约（草案） Law of the Peoples Republic of China onNegotiable Instruments中华人民共和国票据法我国的第一部票据法于 1995年 5月 10日由全国人大常委会通过，并于 1996年 1月1日起实施。2004年8月28日，经全国人民代表大会常务委员会通过，对中华人民共和国票据法进行了修正，使其更适应新形势下经济生活的需

16、要 Parties to a negotiable instrument(票据当事人) Immediate parties (基本当事人)the drawer, drawee and payee. Remote parties (附属当事人)Holder (holder for value, holder in duecourse), acceptor, endorser, endorsee,acceptor for honor, guarantor and payerfor honorActs of instrument (票据行为)分类示意图：广义票据行为票据行为准票据行为主票据行为出票附

17、属票据行为背书承兑保证保付参加承兑提示付款拒付划线追索涂销参加付款2. 2 Bills of ExchangeA bill of exchange is an unconditional order inwriting. Addressed by one person (the drawer)to another (the drawee), signed by the persongiving it, requiring the person to whom it isaddressed (the drawee, who when he signsbecomes the acceptor) t

18、o pay on demand, or ata fixed or determinable future time, a sumcertain in money, to or to the order of a specifiedperson, or to bearer (the payee). Bills of Exchange Act, 1882 of theUnited Kingdom Essentials of a bill of exchange (要项)(1) The word “Exchange”;(2) An unconditional order in writing;(3)

19、 Name and address of the drawee;(4) Drawers signature(s);(5) Date and place of issue;(6) Name or business entity of the payee;(7) Tenor；(期限)(8) Place of payment;(9) AmountSpecimenMarch 5th, 2006ACCEPTEDExchange for USD15,000.00Shanghai.March 20th, 2006At 90 days after sight pay to Bank of ChinaPayab

20、le atShanghai Branch or order the sum of fifteen thousandCity Bank,US dollars only for value received.N.Y. BranchTo: City Bank, N.Y. BranchN.Y., USAFor Shanghai Textiles Import& Export Company Limited(authorized signature) Acts of a bill of exchange (汇票行为)(1) Issuance (出票)(2) Endorsement (背书) Blank

21、endorsement Special endorsement Restrictive endorsement Conditional endorsementSpecimenJack Smith Pay David Horn, Jack Smith Pay David Horn, not transferable-1Pay Bank for collection of the bill-2Pay David Horn after the goods arrive, Jack Smith(3) Presentment (提示)(4) Acceptance (承兑)(5) Payment (付款)

22、(6) Dishonor (退票) Example of general acceptance:Accepted (承兑字样)Jack Smith (承兑人签章)Sep. 20，2007 (承兑日期) Example of qualified acceptance :Accepted to pay at on 另行指定付款地点或时间Accepted to pay % of the face value仅承兑部分付款Accepted to pay provided 有条件付款(7) Notice of dishonor (退票通知)(8) Protest (作成拒绝证书) Right of re

23、course (追索权)(9) Acceptance for honor (参加承兑)(10) Payment for honor (参加付款)(11) Guarantee (保证)(12) Discounting (贴现) Classification of bill of exchange (汇票种类)(1) According to drawer: Bankers draft / bank draft Traders bill / trade bill(2) According to the acceptor: Traders acceptance bill Bankers accept

24、ance bill(3) According to the tenor: Sight bill Term bill, time bill, tenor bill or usance bill(4) According to whether commercial documents are attached thereto: Clean bill Documentary bill2. 3. Promissory NoteA promissory note is an unconditionalpromise in writing made by one person(the maker) to

25、another (the payee or theholder) signed by the maker engaging topay on demand or at a fixed ordeterminable future time a sum certain inmoney to or to the order of a specifiedperson or bearer. Essentials to a promissory note(1) The words “promissory note” clearlyindicated;(2) An unconditional promise

26、 to pay;(3) Name of the payee or his order;(4) Makers signature;(5) Place and the date of issue;(6) Period of payment;(7) A certain amount of money;(8) Place of payment.SpecimenPromissory Note GBP60,000.00LondonOct 22nd, 2005At ninety days after date we promise to pay to theorder of Moore Cooper Com

27、pany the sum of sixtythousand sterling pounds only for value received.Payable at our main office,No., Street,London, UKHarvey Furniture Co., LtdJason ClerkGeneral Manager Characteristics of a promissory note(1) It is an unconditional promise in writing;(2)The basic parties：the maker and thepayee.(3)

28、 There is no need to accept theinstrument. In all cases the maker is theprimarily liable party.(4) When issued, a promissory note hasone original note only. The main use of Promissory Notes Promissory notes issued by banks for remittance Promissory notes issued byimporters to grant payments made ini

29、nstallments lasting for quite longperiods under transactions of capitalgoods for large amount of money.2. 4. CheckA check is an unconditional order inwriting addressed by the customer (thedrawer) to a bank (the drawee) signed bythat customer authorizing the bank to payon demand a specified sum of mo

30、ney to orto the order of a named person or tobearer (the payee). Essentials to a check(1) The word “check” clearly indicated;(2) An unconditional order in writing;(3) Name of the paying bank;(4) Drawers signature;(5) Place and date of issue;(6) Address of the paying bank;(7) A sum certain in money;(

31、8) Name of the payee.SpecimenNo.333888Check for USD7,500.00LondonFeb 28th, 2004Midland BankLondonPay to Philip & Sons Company or order the sum ofseven thousand and five hundred US dollars only.For Eupa Chemical Material Co., Ltd(Signature) Characteristics of a check(1) A check must be unconditional;

32、(2) A check must be drawn on a bank;(3) A sum certain in money;(4) A check must be signed by the drawer，andthe drawer is the party primarily liable;(5) A check need not be accepted;(6) A check is payable only on demand;(7) A check is drawn only in form of a soleinstrument, but not in a full set. Cla

33、ssifications of checks(1) Crossed checksGeneral crossingSpecial crossingSpecimen_& Co._not negotiable_A/C payee, not negotiable_A/C payeeSpecimen_ Bank_ Bank, A/C payee_ Bank, not negotiable(2) Open check(3) Certified check(4) Bankers check(5) Check payable to order(6) Check payable to bearerThinkin

34、g over the following questions：What are the essentials of a draftp-notecheck?What is meant by a documentary bill?What are the conditions for one beingqualified as a holder in due course?What is meant by qualified acceptance ?How many immediate parties are there ina draftpromissory note? What are the

35、y? What is the important difference between the billof exchange and the promissory note? Please tell the conditions for paying bankshonour cheques. Which details must be checked before debiting acheque from the customers account? Please tell the difference between crossedcheque and open cheque.Topic

36、 3 Methods of settlement Remittance & Collection (汇款与托收) Key factors to determine the payment method: The business relationship between the sellerand the buyer; The nature of the merchandise; Industry norms; The distance between the buyer and theseller; The potential for currency fluctuation Politic

37、al and economic stability in both thebuyer and the sellers country.3. 1. Remittance Remittance means the cross-border directtransfer of funds by banks. The remittingbank pays a predetermined amount on therequest of remitter (obligor/importer)through the foreign correspondent bank oragent bank (payin

38、g bank) topayee/beneficiary (obligee/ exporter) . the buyer on his own initiative remitsmoney to the seller through a bank . Three basic ways for a bank to transferfunds for its client from the home countryto abroad. mail transfer remittance, MT 信汇 telegraphic transfer , TT 电汇 demand draft. DD 票汇 Re

39、mittance by airmail- Mail Transfer (M/T)Remitter/importer(1)Handing overapplication andfund by a check(2)Turningback the stubRemitting bankPayee/exporter(4)Advising(5)Signing a(6) receiptPaying(3)Posting M/T advice(or payment order)Paying bank(7)Posting Debit memo Remittance by cable / telex / SWIFT

40、 -Telegraphic Transfer (T/T)T/T is exactly the same as a mailtransfer, except that instructions from theremitting bank to the paying bank aretransmitted by cable / telex / SWIFTinstead of by airmail. SWIFT (Society for Worldwide Inter-bankFinancial Telecommunication) is aBrussels-based society owned

41、 by memberbanks, which was launched in May 1973.SWIFT is computer-based and designedto promote the speedy transfer ofinternational funds. In 1991 it connectedmore than 3 700 end-users. Its features are: (1) safety, (2) high speed,(3) low expense, and (4) automation. Remittance by bankers demand draf

42、t (D/D)The remitting bank at the request of theclient draws a bankers draft on its overseasbranch or its correspondent abroadordering the latter to pay on demand thestated amount to the holder of the draft.It is often used when the client wants totransfer the funds to his beneficiary himself.Remitte

43、r(2)Issuingdraft(1)Applicationand fundRemitting bank(3)Mailing bank draft(4)Mailing the stub(7)Debit memoPayee(5)Handingover draft(6)Verifyingand payingPaying bank Practice of remittance in trade settlement：(1) Payment in advanceThe importer may pay the exporter atsome agreed stage prior todispatch/

44、delivery of goods by using any ofthe following means of remittance throughbanks: M/T, T/T, D/D SWIFT message oran international money order.(2) Open Account (O/A)Open account business is also calledpayment after arrival of goods, underwhich the exporter sends shippingdocuments to the buyer who remit

45、s in duecourse or at agreed intervals the agreedprice through bank by M/T, T/T or D/D. Conclusion:These two methods are not popularlyused in international trade settlementbecause of the risk involved for either theimporters or the exporters.Remittance is so risky that it isincidentally used for smal

46、l percentage ofthe contract, and commonly used to paycommissions, advertisements andmiscellaneous expenses.3. 2. CollectionCollection means the mechanism for handlingfinancial and commercial documents by banks inaccordance with instruction from principal inorder to: obtain payment and/or acceptance;

47、 deliver documents against payment and/oragainst acceptance, or deliver documents on other terms andconditions.Collection is a settlement type of reverseremittance on commercial credit basis. Four main parties to a collectiontransaction： the principal (seller / exporter / drawer) the remitting bank

48、(principals / sellers /exporters bank) the collecting or presenting bank the drawee (buyer / importer) Types of Collection ：(1) Clean Collection 光票托收Clean collection means collection offinancial documents not accompanied bycommercial documents.In most cases the financial document isa draft only; in

49、other cases it may be acheck, promissory note, certificate ofdeposit issued by foreign banks, savingspassbook issued by foreign banks or postoffices and so on.(2) Documentary Collection 跟单托收Documentary collection means collection offinancial documents accompanied bycommercial documents, or commercia

50、ldocuments not accompanied by financialdocuments.The necessary commercial document is thetitle document, such as the bill of lading. Acollection with commercial documents other thana title document (such as invoice and so on) isalso a clean collection.(8) Releasing documentsExporter(Principal)Import

51、erinstruction attachedwith full set ofdocuments(5) Forwarding instructions and documentspayment(10) D/P(14) D/A(Drawee)(7)Acceptance Payment(12)Payingafterdays(11)deliveringgoods(6)presentationD/A D/PCreditmemo (advice)(9) D/P(13) D/A(1) specifying collection typein sales contract(2) loading goods o

52、n board(3) obtaining B/L & otherdocuments(4) collectionTransportCo.CollectingbankRemittingbank Collection InstructionsAll documents sent for collection must beaccompanied by collection instructions. Sincebanks act only as an agent, they effect what thedrawer instructs. Releasing DocumentsDepending o

53、n the tenor of payment of the draft,the principal instructs the collecting bank torelease the title documents to the importeragainst payment of a sight draft (i.e. D/P) oracceptance of a time draft (D/A) .Both D/P and D/A are documentary collections.DP 付款交单条件In D/P terms the collecting bank hands ov

54、erthe title document to the importer only upon a fulland immediate cash payment to the sight draft.DA 承兑交单条件In D/A terms the collecting bank can hand overthe title document to the importer as soon as hesigns on the attached usance bill with thewording “Accepted” at the bank promising to payat a late

55、r date (usually 30, 60 or 90 days). Thecollecting bank holds the accepted draft andwaits to maturity date to present it to importer forpayment.DP is considerably safer for theexporter.DA offers less security (even with risk)to the exporter.Usance D/P or Document againstPayment of time draft, or acce

56、ptance D/P-This is a hybrid of D/P and D/A. Anexporter stipulates that title documents areto be released only on payment of anaccepted draft. It is safer to exporter thanD/A. The advantages of collection The exporter can avoid the risk oflosing goods in D/P, or obtaining anassurance in D/ A The impo

57、rter gets partial financing inD/P and complete financing in D/A. The settlement expense is relatively low(only a little more than remittance). The exporters risks in collection Non-acceptance of draft Nonpayment of trade acceptance Lack of foreign exchange (FX) for FXrestrictionIn order to minimize

58、disputes betweenexporters and importers, the ICC hasestablished “Uniform Rules for Collection,ICC Publication No. 322” (URC). Thecurrent valid version is ICC Publication No.522 in 1995. 托收统一规则Thinking over the following questions：What is meant by a mailtelegraphic transfer?What is meant by a remitta

59、nce by demanddraft ?What is the difference between T/T and D/D?Please tell the procedures for M/T and D/D.What are the usual methods ofpayment to settle internationaltrade transactions?Please tell the difference betweendocumentary collection and clean collection.How many parties are there in a docum

60、entarycollection? What are they?Why the exporter is in no better position underD/A than under O/A (open account) terms?How can the exporter reduce the risk with D/Acollection?What should the presenting bank do when aninward collection is dishonoured?Topic 4 Documentary Letter ofCredit （L/C）跟单信用证A le

61、tter of credit is a settlement meanson bank credit.Documentary Credit means anyarrangement acting at the request and onthe instructions of a customer (theapplicant) to pay a determinable sum,provided that the terms and conditions arecomplied with according to the documents. Characteristics of a lett

62、er of credit: The L/C proves a relationship (acontract) between exporter and bank. AL/C places a banks credit instead of acommercial credit. The issuing bank takes primary liabilitiesfor payment, provided the documentspresented are in compliance with theterms and conditions of the credit. L/C serves

63、 as self-sufficient instrument.A credit by its nature is a separatetransaction from the sales contract orother contracts L/C follows pure documents principle.The bank deals with only documents, butnot the goods, services or performance towhich the documents may relate. Functions of L/C L/C may minim

64、ize the risks of defaults inforeign trade, provide more security forboth parties. The documentary credit achieves acommercially acceptable compromisebetween the conflicting interests of buyerand seller by matching time of payment forthe goods with the time of their delivery. L/C may provide financin

65、g facilities forboth parties in foreign trade. Parties to a documentary credit: Applicant 申请人 Issuing bank 开证行Confirming bankPaying bank Reimbursing bank保兑行付款行偿付行 Advising bank Transmitting bankNegotiating bank 通支行转递行议付行 Beneficiary 受益人(9)Check documents & pay/negotiate(4)Advise/transmit L/C(8)Prese

66、nt documents(13)Redeem documents(12)Payment advice(2)Apply to issue L/CBeneficiary(exporter)Applicant(importer)Comfirming bank Advising/Paying bank tansmittingNegotiating bank bankIssuing bank(5)Check L/C &dispatch goodsInsurance Co.Inspect Bureau(3)Issue L/C(14)Delivery(10)Transmit documents & reim

67、bursement(11)Check documents & pay(1)Contract(7)Dispatch notice(6)Loading & Assemb-Ling documentsTransport Co. Process of a documentaru credit: Application for L/CCash Collateral Issuance of L/CL/C by airmailtelecommunications AdvisingTransmitting L/C Dispatching goods by the beneficiary Preparing t

68、he full set of documents Presentation of documents Examining documentstake the documents and effect the paymentrejectthe documents with listed full points of discrepanciesnegotiating the documents with recourse to thebeneficiary Forms of issuing L/C Standard form set by ICC SWIFT form Usual letter f

69、orm Elements of L/C Revocability of L/C Confirmation of L/C Validity datesDate and place of expiry, Latest date of shipment,Presentation date after loading specific requirements for goods anddocuments instructions for reimbursement Types of terms in L/C(1) Sight payment credit 即期付款信用证(2) Deferred pa

70、yment credit 迟期付款信用证(3) Usance L/C or acceptance credit远期信用证承兑信用证(4) Negotiable L/C 议付信用证(5) Red Clause L/C and Anticipatory L/C红条款信用证预支信用证(6) Transferable L/C 可转让信用证(7) Back-to-back L/C 背对背信用证(8) Revolving credit 可循环信用证credit revolving around timecredit revolving around value(9) Reciprocal L/C对开信用证

71、Thinking over the following questions： What are the attributes of a documentary letterof credit? What are the functions of documentary LC? What is the relationship between the underlyingcontract and the credit? Please tell the process of documentary credit. What are the responsibilities of the issui

72、ng bankunder the L/C? What is the difference between negotiating bankand reimbursing bank? What is meant by a red clause documentarycredit? What is meant by a revolving L/C ? Please tell the difference between transferableL/C and back-to-back L/C.Topic 5. Bank GuaranteeBond andStand-by Letters of Cr

73、edit 银行保函备用信用证5.1 The role of bonds in international tradeIn international trade, importers andexporters often face similar problems. Anexporter might find it difficult to assess hisimporters willingness and ability to pay,while the importer might not be sure thatthe exporter intends to perform his

74、side ofthe contract or has necessary financialand technological resources to do so. The term “guarantee” is frequently used to meanany transaction in which one person offerssecurity for anothers obligations. This includesnot only surety bond, promise of payment andpayment undertaking but also such d

75、evice asletter of comfort, which is morally binding only. The bankers letter of guarantee used ininternational trade, however, are normally“Demand Guarantees” in which thecommitment made by the guarantor is legallyindependent of the underlying commercialcontract. The common element in all guaranteea

76、rrangements is that the guarantor undertakesto be answerable for the payment of a debt orthe fulfillment of an obligation in the event ofdefault by the party primarily responsible. However, the guarantor bank has no obligationto supply goods or perform work on theprincipals behalf.The obligation of

77、a guarantor is limited to thepayment of a sum of money in the event ofdefault by the seller. Thus the basic function of a guarantee isto provide security. But it also hasadvantages with regard to liquidity,because it obviates the need for a blockedcash deposit.Main parties envolved in Guarantee busi

78、ness guarantor (bank) Principal / Applicant (exporter) Beneficiary (importer)Other parties Advising bank Confirming bank Counter guarantor (the exporter may be askedto provide counter indemnity )the bond1. Exporter appliesfor a bond2. Guarantor (a bankor an insurancecompany) issues thebond to the bu

79、yer&Exporter providescounter indemnity tothe guarantor5.2 The flowing chart of Bonds4. Bonds expiredwithout paymentYES3.Does theexporter fulfill NO 4. The buyer callshiscontractualobligations? 5. The guarantor paysunder the bond & debit theexporters account underthe counter indemnity5.3 Types of gua

80、rantee/bonds “On demand” vs. “Conditional” bonds见索即付保函 条件保函The commitment made by the guarantor in DemandGuarantee is legally independent of the underlyingcommercial contract. The guarantor is to undertakeprimary obligation. While issuer of conditional bondundertakes secondary and accessory obligati

81、on.On demand bonds are much popularly used thanconditional bonds nowadays. URDG provides thegeneral guidelines for practice of “Demand Guarantee”.Tender or Bid BondsPerformance BondsAdvance Payment BondsWarranty or Maintenance BondsRetention Bonds5.4. Stand-by Letters of CreditA standby letter of cr

82、edit, which functionsas a bankers gurantee but takes the formsimilar as a commercial letter of credit, is apromise by the issuing bank to honor thebeneficiarys presentation of the document(s)specified in the letter of credit.Usually, the practice of SBLC is regulatedby UCP rules.The document(s) pres

83、ented to the issuerunder a standby letter of credit aretypically very different from the documentspresented under a commercial letter ofcredit.Usually only written claim statementaccompanied with financial document isrequired.Thinking over the following questions： Keep in mind the definition of each

84、important bond. Please tell the procedure for issuing bonds. What are the problems which bonds causefor exporters? What are the precautions that an exportercan take when he is required to providebonds?Topic 6. International Trade Finance Trade finance refers to a facility in fundarrangement for buye

85、rs or sellers. Internationaltrade finance is a financial service under theinternational trade settlement provided bybanks for importers and exporters. Thisbusiness is put into main business scope ofwestern commercial banks and becomes atarget for tough competition in the banking fielddue to its lowe

86、r risk and cost.6.1. Import Trade Finance Letter of Credit Issuance and InwardBills1. Letter of Credit Issuance 开证融资2. Inward Bills (Imported Bill Purchased)进口押汇 Shipping Guarantee 提货担保 Trust Receipts (T/Rs) 信托收据6.2. Export Trade Finance Anticipatory Credits预支信用证 Packing Loan打包贷款 Export Bills Purcha

87、sed出口押汇 Bill Discount票据贴现Topic 7. Incoterms 2000 & UCP6007.1 The 13 Incoterms Incoterms set out the obligations of the seller Any obligation which does not appear in aparticular Incoterm must be theresponsibility of the buyer Group E, F, C, DE组启运EXWExWorks工厂交货F组主运费未付FOBFreeOnBoardFASFreeAlongsideShi

88、pFCAFreeCarrier装运港船上交货装运港船边交货货交承运人C组主运费已付CIFCostInsuranceandFreightCFRCostandFreightCPTCarriagePaidToCIPCarriageInsurancePaidTo成本、保险费加运费成本加运费运费付至运保费付至D组到达DAFDeliveredAtFrontierDESDeliveredExShipDEQDeliveredExQuayDDUDeliveredDutyUnpaidDDPDeliveredDutyPaid边境交货目的港船上交货目的港码头交货未完税交货完税后交货？How Incoterms aff

89、ect the documentswhich exporters must make & present？ FOB C&F (CFR), CIF, CPT, CIP, DDU, DDP7.2. UCP 600The Uniform Customs and Practice forDocumentary Credits, 2007 Revision, ICCPublication no. 600 (“UCP”) are rules thatapply to any documentary credit (“credit”)(including, to the extent to which th

90、ey maybe applicable, any standby letter of credit)when the text of the credit expresslyindicates that it is subject to these rules.They are binding on all parties theretounless expressly modified or excluded bythe credit.Article 1 Application of UCPArticle 2 DefinitionsArticle 3 InterpretationsArtic

91、le 4 Credits v. ContractsArticle 5 Documents v. Goods, Services orPerformance Article 6 Availability, Expiry Date andPlace for Presentation Article 7 Issuing Bank Undertaking Article 8 Confirming Bank Undertaking Article 9 Advising of Credits andAmendments Article 10 Amendments Article 11 Teletransm

92、itted and Pre-Advised Credits and Amendments Article 12 Nomination Article 13 Bank-to-Bank ReimbursementArrangements Article 14 Standard for Examination ofDocuments Article 15 Complying Presentation Article 16 Discrepant Documents, Waiverand Notice Article 17 Original Documents and Copies Article 18

93、 Commercial Invoice Article 19 Transport Document Covering atLeast Two Different Modes of Transport Article 20 Bill of Lading Article 21 Non-Negotiable Sea Waybill Article 22 Charter Party Bill of Lading Article 23 Air Transport Document Article 24 Road, Rail or Inland WaterwayTransport Documents Ar

94、ticle 25 Courier Receipt, Post Receipt orCertificate of Posting Article 26 On Deck, Shippers Load andCount, “Said by Shipper to Contain” andCharges Additional to Freight Article 27 Clean Transport Document Article 28 Insurance Document andCoverage Article 29 Extension of Expiry Date or LastDay for P

95、resentation Article 30 Tolerance in Credit Amount,Quantity and Unit Prices Article 31 Partial Drawings or Shipments Article 32 Installment Drawings orShipments Article 33 Hours of Presentation Article 34 Disclaimer on Effectiveness ofDocuments Article 35 Disclaimer on Transmission andTranslation Art

96、icle 36 Force Majeure Article 37 Disclaimer for Acts of anInstructed Party Article 38 Transferable Credits Article 39 Assignment of ProceedsTopic 8. Commercial documents Documents made by sellerbeneficiary：commercial invoice, packing list, weight memo,measurement list, etc Documents issued by carrie

97、r or insurancecompany：transportation document, parcel post receipt,insurance document, etc Documents issued by administrationauthority or functional institution：certificate of origin, exportimport license,inspection certificate, certificate of value, etc Other special documents or requiredevidences：

98、customs invoice, consular invoice, carbon copy,certificate of shipment, beneficiarys declaration,receipt of registered mail, etcBasic documents are： Commercial Invoice 商业发票 Transportation documents 货运单据 Insurance documents 保险单据Accessory documents refer to Other documents except forthe above three on

99、es8.1.Commercial InvoiceA commercial invoice, issued by theexporter, is both an evidence ofdispatchment of goods and an importdemonstration showing detailsbreakdown of the goods as well as themonetary amount due.Functions of invoice：evidence of sellers performance of hisside of the transaction contr

100、act,certificate of claimingeffectingpayment for goods and book-keeping,certificate of declaration and calculationbase of custom dutytariff,substitute for draft,evidence for insurance claim when thegoods has been damaged.Categories of invoice：1commercial invoice2custom invoice （combined certificateof

101、 value and origin）海关发票(价值产地联合证明)3consular invoice 领事发票4manufacturers invoice 制造商发票5proforma invoice 形式发票(informal invoice)6certified / swear invoice 证实/宣誓发票Content of invoice：（see specimen）1heading2body3Complementary ClauseCommercial Invoices under a L/C (1) Name and address of export company should

102、 bethe same as the beneficiary stated in the credits.Invoices of a transferable credit can be issued by thesecond beneficiary. (2) Drawee of invoice should be the applicant, withthe name & address conforming to the credit. (3) A “Pro-forma” or “Provisional” invoice is notacceptable. (4) Description

103、of the goods should be identical tothat in the credit.Note, General terms of goods can be used in other documentsbut with no contradiction to the credit. (5) Details of the goods, prices and terms asmentioned in the credit should be included in theinvoice. (6) Any other information indicated in thei

104、nvoice, such as shipping marks, quantities,transportation information should be exactly thesame as they are in the credit. (7) Value of the invoice should not exceed theavailable balance of the credit, unless otherwisestipulated in the credit or there is a toleranceclause. (8) The invoice should cov

105、er the completeshipment as required by the credit, if no partialshipment is allowed. (9) If signature of invoice is required by thecredit, the invoice should be signed.Something to say： About partial shipmentPartial shipment means a large amount ofexport goods are involved in onetransaction and are

106、shipped in several lotsby several carriers onto different means ofconveyance.Note，transport documents indicatingthat shipment has been made by the samemeans of conveyance and for the samejourney with the same destination will notbe regarded as covering partial shipment,even if the transport document

107、s indicatedifferent dates of shipment and/or differentports of loading, places of taking in charge,or discharge. About transshipmentTransshipment means unloading andreloading from one vessel to anothervessel in the course of ocean carriagefrom the port of loading to the port ofdischarge stipulated i

108、n the credit.8.2. OceanMarine Bill of Lading (B/L)海运提单An ocean bill of lading is issued by thecarrier or his agent to the shipper. It actsas an evidence of receipt for shipment ofgoods or goods loaded on board, withdetailed information about shipper andconsignee, the port of loading anddischargedest

109、ination, contractual rightsand liabilities of the parties envolved.Functions of negotiable bill of lading：1receipt of goods2evidence of contract for transportation3document of title 物权凭证Information on B/L：on the facesee specimenon the backCategories of bill of lading：shipped on board B/L 已装船提单vs.rec

110、eived for shipment B/L 备运提单？How to change a received for shipmentBL into a shipped on board BLdirect B/L 直达提单transshipment B/L 转运提单through B/L 联运提单named consignee B/L, straight B/L 记名提单，直交提单vs.order B/L 指示式提单 Note：An order bill of lading is a negotiabledocument. Any transferee for value whotakes pos

111、session of an endorsed bill oflading obtains a valid title to it, providedthat the transferor had a valid title in thefirst place. So the title of the goods can betransferred in the form of endorsing a B/L.不记名提单经持有人背书可转让物权清洁提单clean B/Lvs.uncleandirty B/L肮脏提单班轮提单liner B/Lvs.charter party B/L 租船提单1) v

112、oyage charter2) time charternormal B/L, fresh B/L 正常提单stale B/L 过期(迟期)提单anti-dated B/L 倒签提单long form B/L 全式提单vs.short form B/L 简式提单.on board B/L 舱内货提单vs.on deck B/L 舱面货提单container B/L 集装箱提单unitization transport(货物成组化运输) ：containerpallet (集装箱 / 托盘 )FCL- full container load (整箱货)LCL- less container lo

113、ad (拼箱货)CY - container yard (集装箱堆场)CFS- container freight station (集装箱货栈)Note！According to UCP600, B/Ls attached with “”are regard to be unqualified documents and aregenerally unacceptable under a L/C unlessotherwise specified in the terms and conditionsof the L/C.8.3. Other Transport DocumentsNote！

114、The following transport documents arenot regarded as document of title unlessspecially bined transport document (CTD)multi-modal transport document (MTD)联合运单多式运单forwarder B/L 运输行提单railway bill (RWB) 铁路运单airway bill (AWB) 航空运单post parcel receipt (PPR) 邮包收据courierexpedite delivery service receipt！ Any

115、one of the above four documentsusually is made out to a named consignee.8.4. Insurance DocumentGoods being shippedmay suffer from damagesat different degree orhundred-percent destructiondue to all kinds of risks includingnatural disasters or unexpected accidents.Marine natural disasters usually refe

116、r tostorm, thunderbolt, seaquake, earthquake,cyclone, typhoon, tide, maelstrom, gulf,etc.Accidents during shipping period usuallyrefer to fire, explosion, strandingrunning aground, striking a rockreef,collision, etc.Generally, an underwriter or insurancecompany or his agent will be responsibleto com

117、pensate the loss for the owner atthe cost of agreed premium for specifiedvalue of the goods covered by stipulatedmarine risks.8.4.1 Introduction of lossaverage of goodsduring marine transportation1 total loss (全损)1） actual total loss (实际全损)2） constructive total loss (推定全损)3)partial total loss (部分全损)

118、2 partial loss (部分损失)1） general average (共同海损)2） particular average (单独海损)3. Charges in relation to risk avoidance and loss ofgoods covered under insurance contract1) salvage charge (救助费用)-with respect to general average“No cure, No pay. (无效果，无报酬)”2) sue and labour charge (施救费用)- with respect to par

119、ticular average4. Marine Transportation Risks1) Basic Risks（基本险别，可单独投保的）- FPA (free from particular average，平安险)- WPAWA ( with particular average，水渍险)！FPA ？相对免赔率 （franchise）绝对免赔率（excess deductible）IOP（Irrespective of Percentage ）- AR （All Risks，一切险）！WPA+？2) Additional risks (附加险,不可单独投保的)- extraneous

120、 risks (一般附加险)- special additional risks (特殊附加险)5. Insurance Clause1) Institute Cargo Clauses（I.C.C，伦敦协会货物条款）2) China Insurance Clauses（C.I.C，中国保险条款）Generally，ICC (A)ICC (B)ICC (C)CICARCICWACICFPA8.4.2. Categories of Insurance Documents1insurance policy 保险单 the insured must be clearly specified2insu

121、rance certificate保险凭证 simplified insurance policy，has samelegal effectiveness as the former3cover note 暂保单4floating policy 浮动保单5general policy / blanket policy 总括预约保单6open policy/insurance declaration 开口保单8.5.Other documents1 Certificate of Origin (产地证明)Generalized System of PreferencesCertificate o

122、f Origin (普惠制产地证)2 Inspection Certificate of (检验证书)3 Packing List ( P/L，装箱单)Weight Memo ( W/M，重量单)Measurement List ( M/L，尺码单)4 Import / Export License (进出口许可证)8.6. Documents Examination under L/CFull set of documents may consist of thefollowing：Draft (if is required)InvoiceB/L, or other transportati

123、on documentPacking listWeight MemoInsurance policycertificateCertificate of OriginInspection Certificate(s)，and so onKeys in checking documentsAs to each of these documents there arespecial points should be paid attention to. Bill of Exchange Commercial Invoice Bill of lading Insurance PolicyOne oth

124、er important thing, i.e. Understanding about important clauses set in.Thinking over the following questions： What are the functions of a commercialinvoice? What is meant by a cleandirty bill oflading? What are the functions of a bill of lading? What particular information does acommercial invoice in

125、clude? What are qualified types of bill of ladingwhich are generally accpted under a letterof credit? In what respect does W.A differ from FPA? What particular information does aninsurance policy generally include? What is the special stipulation in UCP forthe description of goods respectively in an

126、invoice and other documents ?Topic 9. Factoring & Forfeiting保理 & 包买9.1. FactoringFactoring is a settlement method possibly accompaniedwith some function of financing and other comprehensiveservices.“Factoring contract” means a contract concludedbetween the supplier and the factor pursuant to which t

127、hesupplier may assign to the factor receivables and thefactor is to perform financing for the seller, maintenance ofaccounts, collection of receivables and protection againstdefault in payment by the buyers. The notice of theassignment of the receivables is to be given in writing tothe debtors. “fac

128、tor”, refers to a financial institutionwho purchases outright the accountsreceivable of a firm.It may be a commercial finance companythat engages solely in the factoring ofreceivables as an old-line factor or it maybe a division of a commercial bank.Factoring is most common in industries suchas text

129、iles, toys and furniture manufacturing.Nowadays factoring may consist of eitherof the following or comprehensiveservices such as collecting accounts receivable for sellers financing against pledging of accountsreceivable credit-worthiness investigation management /book-keeping of salesaccount, etcFu

130、nctions of FactoringFinanceSales Ledger AdministrationCollection of account receivables (A/R)Credit CoverInternational Factoring Operation 1) The negotiation stage 2) Evaluation of risk 3) Assignment of export invoice 4) A/R collection & import factors obligationto pay 5) Normal payment process when

131、 IFspayment obligation is removed 6) Settlement of commission and termination9.2. ForfeitingForfeiting is the term generally used todenote the purchase of obligations fallingdue at some future date, arising fromdeliveries of goods without recourse to anyprevious holder of the obligation.Simply speak

132、ing, forfeiting is thebusiness of discounting medium-termpromissory notes or drafts related to aninternational trade transaction. The saidinstrument is guaranteed by an importersbank ensuring the holder thereof that theimporter will pay it at maturity.Forfeiting is usually used for transaction ofcap

133、ital goods with installment maturities from sixmonths to five or six years.Risks in Forfaiting The risks of export finance connectedwith any type of cross-border financingare usually defined as political, transfer ,commercial and currency risks. Basicrules to cover risks are as follows: Covering the

134、 commercial risks. Covering the transfer risks. Covering the currency risksDifference between Factoring and Forfaiting If factoring is suitable for the financing of theexport of consumer goods with credit termsbetween 90 to 180 days, forfaiting is used for thefinancing of capital goods exports with

135、credit termsof a few years. Factoring, however does notusually cover the political and transfer risks. Whenforfaiting a claim these risks are born by theforfaiter.Advantages of forfeiting for exporters Relieves the balance sheet of contingent liabilities; Improves liquidity of possible losses throug

136、h onlypartial state or private insurance cover and thenegation of possible liquidity problems which areunavoidable during the claim period with insurancecover; There is no interest rate risk; There is no risk of fluctuations in the exchange ratenor changes in the status of the debtor.Topic 10. Banki

137、ng system and Clearingsystem in International Settlement10.1 Inner bank systemHead OfficeBranch Sub-branchsister banksubsidiaries，which are independent legal entities10.2 Overseas Correspondentscorrespondent agency arrangementcontrol documents book of authorised signatures、 test keys schedule of ter

138、ms and conditionsDepository bank and Nondepository bank10.3 Types of the account1） nostro account (往户帐)：我方存放国外同业账户,多为境外货币户头2） vostro account (来户帐)：外国同业存放我方账户3） clearing account (清算帐户)：政府间清算、不使用现汇的记帐帐户。10.4 Payment Systems SWIFT 环球银行间金融电讯协会(Society for World-wide Inter-bank FinancialTelecommunications) CHAPS 伦敦银行同业自动清算系统(Clearing House Automated Payment System) CHIPS纽约银行同业电子清算系统(Clearing House Inter-bank Payments System) TARGET(Trans-European AutomatedRealtime Gross Settlement Express Transfer) BOJ-NET 日本银行金融网络体系 CHATS 香港银行间清算所自动转账系统(Clearing House Automated Transfer System).