Import & Export Practices 主讲教师：夏夕美

Import & Export Practices Description of commodity Quantity Transport Package Price Payment Insurance Inspection Claims & dispute Body all the terms and conditions agreed upon

Import & Export Practices 支 付 条 款 Terms of payment remittance collection L/C

Import & Export Practices 主讲教师：夏夕美

Import & Export Practices In international trade, how and when an exporter receives payment for the goods he sends abroad are problems that concern him the most. Payment in domestic trade is a fairly simple matter. It can be made either in advance or within a reasonably short period after delivery. Introduction However, these problems are magnified many times in international trade.

Import & Export Practices payment in international transactions are more complicated and difficult for a number of reasons. Introduction First, the arrangements are international; as a result, longer distance and more procedures are involved. Second, longer time is needed in settling an international payment. Third, different regulations and systems of law that are applied further complicate the arrangements. Fourth, the monetary and financial matters are different in different countries and different methods are used.

Import & Export Practices Because of the above reasons, international payment arrangements involve more risks and must be handled with special care. Introduction

Import & Export Practices Who is liable for this loss? Must the seller wait perhaps six months for his money or shall the buyer pay several months before he even sees his goods? What’s more, in a case of non- payment, the seller will be involved in expensive legal action and possibly total loss. Because of these problems, different methods of payment have been adopted in international trade. Introduction

Import & Export Practices Generally, in every contract for the sale of goods abroad, the clause dealing with the payment of the purchase price consists of four elements: time mode place currency Introduction E.g.: the payment should be made by irrevocable confirmed L/C reaching here not later than July 30 th.

Import & Export Practices 1 Instruments of Payment Currency Bills ---Draft ---Promissory Note ---Cheque 2 Modes of Payment Remittance Collection L/C 3 Payment Clause in S/C

Import & Export Practices

In international trade, the most frequently used means of payment include currencies and bills. The former is used for account, settlement and payment; the latter for settlement and payment. Means of Payment in International Trade

Import & Export Practices In practice, sellers of goods, in general, almost never insist on their rights to demand cash for payment, but readily take certain bills, such as bill of exchange (draft), promissory note and cheque (check) for substitutes, among which draft are widely used. Means of Payment in International Trade

Import & Export Practices Instrument of Payment Cash Draft Promissory Note Cheque

Import & Export Practices Ⅰ Draft Definition Contents Kinds Use

Import & Export Practices 1. Definition of Bill of Exchange also called draft, is defined as “an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money, to, or to the order of a specified person, or to bearer”. Ⅰ Bill of exchange 汇票是一个人向另一个人签发的，要求见票 时或在将来的固定时间，或可以确定时间， 对某人或其指定的人或持票人支付一定金额 的无条件的书面支付命令。

Import & Export Practices The relationship among these parties in a bill of exchange may be described as a triangle as above Payee Drawee Drawer A bill of exchange involves three parties:

Import & Export Practices The Parties to a Bill of Exchange Drawer: The person who writes the order and gives directions to the person to make a specific payment of money. He is usually the exporter or his banker in import and export trade; usually, he is also a creditor of the drawee.

Import & Export Practices Drawee: The person to whom the order is addressed and who is to pay the money. The Parties to a Bill of Exchange He is usually the importer or the appointed bank under a letter of credit in import and export trade. In addition, when a time bill has been accepted by the drawee, he becomes an acceptor who is the same person as the drawee. The drawer and the acceptor must be different persons.

Import & Export Practices The payee: The person who is to receive the money, he may be, and often is, the same person as the drawer and he is usually the exporter himself or his appointed banker in business or he may be the bearer of the bill. The Parties to a Bill of Exchange

Import & Export Practices The forms of draft might be different, but the contents are basically the same as listed below. An unconditional order in writing Date and place of issue Time of payment Name of payee Currency and amount 2. Content of draft

Import & Export Practices Credit reference (L/C number or invoice number) Name of drawee/payer Drawer’s name and signature Name of document, such as “bill of exchange” ”draft” 2. Content of draft

Import & Export Practices

No. 汇票编号 Date: 出票日期 EXCHANGE For: 汇票金额 At 付款期限 sight of this second of exchange (first of the same tenor and date unpaid) pay to the order of 受款人 the sum of Drawn under 出票条款 L/C No. Dated To. 付款人 出票人签章

Import & Export Practices Mar. 15, 2006 usd A Company US dollars one hundred only. 出票人签字 Bill of Exchange To : 后 面 跟 的 就 是 付 款 人 付款日期付款日期 汇票金额通常同时用 大写（ in words ）和 小写（ in figures ） Nan Yang Commercial Bank Limited, Hong Kong L/C No dated

Import & Export Practices drawn clauses 出票条款 (1)all darfts drawn under this credit must contain the clause “Drafts drawn Under Bank of…credit No.…dated…” 本证项下开具的汇票须注明 “ 本汇票系凭 …… 银行 … 年 … 月 … 日第 … 号信用证下开具 ” 的条款 (2) drafts are to be drawn in duplicate to our order bearing the clause “Drawn under United Malayan Banking Corp. Irrevocable Letter of Credit No.…dated July 12, 1978” 汇票一式两份，以我行为抬头，并注明 “ 根据马来西 亚联合银行 1978 年 7 月 12 日第 …… 号不可撤销信用 证项下开立 ”

Import & Export Practices (3) draft(s) drawn under this credit to be marked ： “Drawn under…Bank L/C No.……Dated (issuing date of credit)” 根据本证开出得汇票须注明 “ 凭 …… 银行 …… 年 …… 月 …… 日（按开证日期）第 …… 号不可撤销信用证 项下开立 ” (4) drafts in duplicate at sight bearing the clauses “Drawn under…L/C No.…dated…” 即期汇票一式两份，注明 “ 根据 …… 银行信用证 …… 号，日期 …… 开具 ”

Import & Export Practices (5)draft(s) so drawn must be in scribed with the number and date of this L/C 开具的汇票须注上本证的号码和日期 (6)draft(s) bearing the clause ： “Drawn under documentary credit No.…(shown above) of…Bank” 汇票注明 “ 根据 …… 银行跟单信用证 …… 号（如上所示 ）项下开立 ”

Import & Export Practices Exercise 1 A. Read the bill of exchange below and answer questions. No. 80W Date: 4th DEC EXCHANGE FOR USD63, At 90 DAYS sight of this FIRST OF EXCHANGE (second of the same tenor and date unpaid) pay to the order of OURSELVES the sum of _______________ Value received Draw under LC No B OF 1ST AUG ISSUED BY YOURGOODSELVES TO: Hanover TRUST CO. PITTSBURG HENAN NATIVE PRODUCE & ANIMAL BY-PRODUCTS IMP. & EXP. CO. ______ MANAGER ____

Import & Export Practices 1. Who is the drawer/drawee? i.e. who is paying whom? 2. On which day was the draft drawn? 3. Is the Bill in sola (one copy) or two? 4. How much money is involved? 5. This bill only shows the sum of money is figures. Can you write out the same amount in words? Where do you write it.

Import & Export Practices 6. In a bill of exchange, the places of the sender and the receiver are fixed. Where are they respectively? 7. How long is this bill valid? 8. According to the bill, what is the mode of payment used? 9. What do the following abbreviations stand for? USD_____ No.______ LC______ CO.______

Import & Export Practices A. answer 1. Drawer: Henan native produce … Drawee: Hanover Trust Co. 2. 4th DEC, two copies 4. US$63, Unite States Dollars Sixty Three Thousand One Hundred And Sixty Two Only 6. The sender's place is on the bottom right and the receiver's is on the bottom left days 8. LC 9. US dollars, number, letter of credit, company

Import & Export Practices Exercise 1 B. Figures and words Checks, bills and receipts often contain sums of money in two form: figures and words. Spell out the following figures. 1. ￡ __ 2. US$89.50 __ 3. ￥ 868,000.00__ 4. STG234.4s.3p __ 5. DM __

Import & Export Practices Figures and words 1. One Hundred Pounds Sterling Only 2. Eighty-nine Dollars and Fifty Cents Only 3. Yen Eight Hundred and Sixty-eight Thousands Only 4. Two Hundred and Thirty-four Pounds, Four Shillings, and Three Pence Only 5. Deutsche Mark Five Hundred and Ninety Only

Import & Export Practices 1) According to different the Drawer （ 1 ） Banker’s Draft （ 2 ） Commercial Draft 2) According to Shipping Documents attached （ 1 ） Clean Draft （ 2 ） Documentary Draft 3. Classification of draft

Import & Export Practices 3) According to the time of payment （ 1 ） Sight Draft （ 2 ） Usance Bill or Time Bill 4) According to the different parties accepting the draft (1)Commercial Acceptance Bill (2)Banker’s Acceptance Bill 3. Classification of draft

Import & Export Practices 3. Classification of Bill of Exchange 1) Commercial bill /Banker’s Bill *If the drawer is a commercial concern, the bill is called a commercial bill. It is often used in foreign trade finance. *If the drawer is a bank, the bill is called a banker’s bill. It is mainly used in remittance.

Import & Export Practices 3. Classification of Bill of Exchange 2) Clean bill and documentary bill *In the transfer of the bill of exchange, if the bill of exchange is accompanied by shipping documents, it is a documentary bill; *if not, it is a clean bill. In international trade, mostly it is the documentary bill that is used, occasionally the clean bill is used to collect payment in small or sundry charges ， such as commission, interest, sample fee and cash in advance, etc.

Import & Export Practices 3. Classification of Bill of Exchange 3) Sight (or Demand) Bill and Time (or Usance) bill. According to the time when the bill falls due, bills of exchange may be divided into sight (or demand) bill or a time (or usance ) bill. *A sight bill demands immediate payment by the drawee at the sight of the bill. *In case of a time bill, the drawee is required to accept it first and pay it at a fixed or determinable future time, in other words, it requires acceptance before payment.

Import & Export Practices The fixed or determinable future time may be a certain number of days after acceptance: a)At … days after sight, such as “30 days sight or “60 days after sight”; b)At … days after date of draft, such as “90 days after date of this draft”; c)at fixed date in the future, such as “On May 12, 2006”.

Import & Export Practices 3. Classification of Bill of Exchange 4) Commercial Acceptance Bill and Banker’s Acceptance Bill *In time or usance commercial bill, when the drawer is a commercial firm and the drawee is another commercial firm, the bill after acceptance by the commercial firm or the drawee is called a commercial acceptance bill; when the drawer is a commercial firm or bank and the drawee is a bank, the bill after acceptance by the bank or the drawee is called a banker’s acceptance bill.

Import & Export Practices Kinds Whether documentary Dead time of payment Drawer Acceptance Clean bill Documentary bill Sight bill Usance bill Commercial bill Banker’s bill Commercial Acceptance bill Banker’s Acceptance bill

Import & Export Practices * 一张汇票可同时具备几种性质 – 由出口商签发的要求银行在一定时间 内付款的汇票不可能是（ ）。 –A 、商业汇票 B 、银行汇票 –C 、即期汇票 D 、跟单汇票

Import & Export Practices The operation process of draft includes: to draw--presentation-- acceptance--payment-- endorsement--dishonor and recourse Drafts are negotiable instruments and may be sold. 4. Use Bill of Exchange in Foreign Trade

Import & Export Practices To draw is to fill up by the drawer the particulars in a bill of exchange the date of drawing, the name of the drawee, the time and amount of the payment, etc. The draft is signed by the drawer and then sent to the payee. (1) To draw--issuance

Import & Export Practices There are three kinds of ways to fill up the payee: * Restrictive payee, such as pay…Co. only, pay … Co. not transferable; 限制性抬头 * To order, such as pay … Co. or Order or Pay to the Order of … Co. This type requires endorsement when transferable. 指示性抬头 * To bearer, such as pay bearer. This type requires no endorsement.

Import & Export Practices The act of taking the bill to the drawee and demanding that he make the payment or accept the bill is known as presentation. For a sight bill, payment should be made at the same time when the presentation is made, and for a time bill, the drawee is required to accept the bill when the bill is presented to him. (2) Presentation

Import & Export Practices The formal act whereby the drawee adopts the bill as his own obligation is known as acceptance. Acceptance is the written signification( 含义 ) by the drawee of his assent to the order of the drawer. (3) Acceptance *This is accomplished in the regular manner by writing the word “Acceptance”, with the date and the signature of the drawee, across the face of the bill. When the bill is accepted by the drawee, he is then known as an acceptor.

Import & Export Practices Under a sight bill, the drawee is required to make the payment when the bill is presented to him while for a time bill, the drawee is required to accept the bill when the bill is presented to him and make the payment at the maturity of the bill. When paid, the bill is retained by the payer while the receipt is made and signed by the holder of the bill. (4) Payment

Import & Export Practices * Endorsement The bill of exchange is negotiable and transferable as the payee on most bills is to “to the order of…”. Negotiation and transfer is effected with endorsement. If the payee on the bill is to “to the bearer”, then negotiation and transfer is done with mere delivery of the bill. Endorsement is done when the payee has signed his name on the back of the bill with or without additional words conveying instructions or qualifying liability.

Import & Export Practices 背书 (Endorsement) 背书是转让汇票权利的一种法定手续，就是 由汇票持有人在汇票背面签上自己的名字， 或再加上受让人即被背书人的名字，并把汇 票交给受让人的行为。票据可以经过多次连 续背书转让流通 A 背书 B 背书 C 背书 D 背书 E C 的前手： A 、 B C 的后手： D 、 E – 前手对后手负有担保汇票必然会被承兑或 付款的责任。

Import & Export Practices * Endorsement Generally speaking, there are three main endorsements, namely special 特别背书 / 记名背 书, blank 空白背书, restrictive 限制性背书.

Import & Export Practices Restrictive Endorsement The endorser may write clearly on the upper part of the signature on the back of the bill the endorsee with restrictive conditions. A restrictive endorsement is one which limits the bill for further negotiation, such as “Pay … only” or “Pay … non-transfer”. Once the bill is restrictively endorsed, it cannot be transferred any more.

Import & Export Practices Demonstrative Endorsement A demonstrative endorsement is one which specifies the person to whom, or to whose order, the bill is to be payable, such as “Pay … or to order of”.

Import & Export Practices Blank Endorsement A blank endorsement, or endorsement in blank, is one which specifies no payee. The effect of a blank endorsement is to make the bill payable to bearer and to make delivery and without additional endorsement. The bearer or holder of a bill so endorsed may sometimes required, however, to place his endorsement upon it at the time of making a further negotiation.

Import & Export Practices 票据 — 汇票 在国际市场上，一张远期汇票的持有人如 想在付款人付款前，取得票款，可以经过 背书转让汇票，即将汇票进行贴现。 贴现 (Discount) 是指远期汇票承兑后，尚未 到期，由银行或贴现公司从票面金额中扣 减按一定贴现率计算的贴现息后，将余款 付给持票人的行为。

Import & Export Practices （ 5 ） Dishonor 拒付 * the refusal to make payment or accept a bill by the payer when it is presented for payment or acceptance.

Import & Export Practices （ 6 ） recourse 追索 * Upon dishonor, the holder of the bill should immediately make the protest (or certificate of dishonor) and exercise his right of recourse against his prior endorser.

Import & Export Practices （ 6 ） recourse 追索 * the holder must obtain a “certificate of protest” from a notary public ( 公证人 ), a law court or other institutions that have been authorized by law to issue such a certificate to certify the dishonor of the draft. The drawee refuses to pay or accept. This is a legal procedure to register officially that the draft presented for payment or acceptance has been dishonored by the drawee.

Import & Export Practices use draw presentation acceptance payment

Import & Export Practices 汇票的使用 即期汇票的使用 出票  （背书）  提示  付款  拒付  追索 远期汇票的使用 出票  （背书）  提示  承兑  （背书）  提示  付款  拒付  追索  拒付  追索  拒付  追索  拒付  追索

Import & Export Practices Promissory Note A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, or to the order, of a specified person or to bearer.

Import & Export Practices The main difference between a promissory note and a draft lies in that there are three parties, namely drawer, drawee and payee involved in a draft but only two, drawer and payee in a promissory note. Promissory Note The payee of promissory note is the drawer himself.

Import & Export Practices Promissory Note Promissory notes can be made by commercial firms, called commercial promissory notes, or bankers, called bank promissory notes.

Import & Export Practices Promissory Note Commercial promissory notes can be sight promissory notes or time promissory notes; while bank promissory notes can only be sight. In international trade, most promissory notes are drawn by bankers which are mostly not negotiable.

Import & Export Practices Promissory Note A promissory note is like a bill of exchange that has been accepted, and can only have one copy.

Import & Export Practices Promissory Note Commercial promissory notes are rarely used in international trade practice. But in domestic trade practice in some countries, some sellers accept commercial promissory notes as a guarantee for the payment. 我国《票据法》规定： “ 本法所 称本票是指银行本票 ” ， “ 本票出 票人的资格由中国人民银行审定 ” 。

Import & Export Practices 票据 — 本票

Import & Export Practices 本票与汇票的区别 本票是无条件支付承诺， 汇票是无条件支付命令； 本票两个当事人（出票人和收款）， 汇票三个当事人（出票人、付款人和 收款人）； 含义 当事人

Import & Export Practices 本票出票人是主要债务人， 汇票承兑前，出票人是主要债务人， 承兑后，承兑人是主要债务人 ; 本票只能开出一张， 汇票可以开出一式两份或一套几张 ; 外国本票退票时，不需做成拒绝证书， 外国汇票退票时，必须做成拒绝证书。 责任 份数 退票

Import & Export Practices Promissory Note 本票的出票人在持票人提示见票 时，必须承担付款的责任。本票 自出票日起，付款期限最长不得 超过２个月。本票的持票人未按 照规定期限提示见票的，丧失对 出票人以外的前手的追索权。

Import & Export Practices Cheque (Check) A check is an unconditional order in writing drawn on a banker signed by the drawer, requiring the banker to pay on demand a sum certain in money to or to the order of a specified person or to bearer.

Import & Export Practices Cheque (Check) A check is a special kind of draft —the drawee is always a bank with which the drawer has an account. — Besides, a check is always paid upon presentation. If the drawer wants to write a check now but does not want the payee to collect the money immediately, the drawer can postdate the check. — A check can be made to order, to bearer, crossed with two parallel lines for account deposit only, or certified by a bank that is going to pay. If a check is issued by a bank, it is called a banker’s demand draft.

Import & Export Practices Cheque (Check) A cheque drawn on a bank overseas cannot be readily negotiated by the exporter. If the exporter’s bank were prepared to negotiate it for him then he would receive payment right away but at the cost of the discount

Import & Export Practices Cheque (Check) Failing this the exporter would have to ask his bank to collect the cheque for him and this would be both time—consuming and relatively expensive ． 指出票人签发支票时，应在付款银行存有不低于票面 金额的存款。如存款不足，支票持有人在向付款银行 提示支票要求付款时，就会遭到拒付。这种支票叫做 空头支票。开出空头支票的出票人要负法律上的责任 。

Import & Export Practices 支票的种类 1. 现金支票 : 支票上印有 “ 现金 ” 字样，只能 用于支取现金： 2. 转帐支票 : 支票上印有 “ 转帐 ” 字样，只能 用于转帐； 3. 普通支票 : 支票上未印有 “ 现金 ” 或 “ 转帐 ” 宇 样，可以用于支取现金，也可以用于转帐。 在普通支票左上角划两条平行线的, 为划线 支票 ( 分为普通划线和特殊划线, 后者只能付 给银行 ) ，划线支票只能用于转帐，不能用 于支取现金。

Import & Export Practices Cheque

项目汇票本票支票 无条件支付命令承诺命令 基本当事人出票人、付款人、 收款人 出票人、 收款人 出票人、付款 人、收款人 主债务人承兑前：出票人 承兑后：承兑人 出票人 出票人的责 任 担保付款人承兑和 付款 自负付 款责任 担保付款人付 款 期限即期、远期 即期（见票即 付） 出票份数一套（一般一式两 份） 一张 付款人任何人自己银行

Import & Export Practices