Chapter 7 Terms of Payment

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1 Chapter 7 Terms of Payment

2 Learning Objectives To identify different payment terms
To grasp the writing skills in urging the establishment of letter of credit To know how to ask the buyer to amend an L/C

3 1 Remittance (汇付,汇款) Modes of payment 2 Collection (托收) 3 L/C (信用证)

4 Remittance

5 Ⅰ.Remittance Remittance means that the buyer remits money to the seller through a bank. 指银行（汇出行）应汇款人的要求，以联行或代理行作为付款行（汇入行），将钱款付给收款人的一种支付方式。 3 Parts Use of Remittance 汇付使用 Parties in Remittance 汇付各方 Kinds of Remittance 汇付种类

6 Use of Remittance (1) Payment in Advance 预付货款
(2) Cash on Delivery 交货付现,货到付款 (3) Open Account Trade 记帐交易,赊购

7 Parties in Remittance (1) Remitter (汇款人): usu. Importer
(2) Payee or Beneficiary (收款人): usu. Exporter (3) Remitting Bank (汇出行): usu. importer’s bank (4) Paying Bank (汇入行): usu. exporter’s bank

8 Kinds of Remittance Mail Transfer (M/T) 信汇 1
Telegraphic Transfer (T/T) 电汇 2 Demand Draft (D/D) 票汇 3

9 Mail Transfer (M/T) 信汇 指汇出行应汇款人的申请，将信汇委托书寄给汇入行，授权解付一定金额给收款人的一种汇款方式。
The buyer gives money to a local bank which sends a trust deed (信托书) for payment to its correspondent bank at the seller’s end by mail and entrusts it with the task to pay money to the seller. 指汇出行应汇款人的申请，将信汇委托书寄给汇入行，授权解付一定金额给收款人的一种汇款方式。

10 Telegraphic Transfer (T/T) 电汇
At the request of the buyer, a local bank sends a trust deed (信托书) for payment by cable directly to its correspondent bank at the seller’s end and entrusts the work to pay money to the seller. 指汇出行应汇款人的申请，拍发加押电报或电传给在另一国家的分行或代理行（汇入行），指示它解付一定金额给收款人。

11 Demand Draft (D/D) 票汇 The buyer buys a draft from a local bank and sends it by mail to the seller, the seller or his appointed person can collect money from the relative bank at his end against the draft sent by the buyer. 是以银行即期汇票为支付工具的一种汇付方式。由汇出行应汇款人的申请，开立以自己或其代理行为付款人的银行即期汇票，交由汇款人自行寄给收款人。由收款人凭票向汇票上的付款人（银行）取款。

12 Collection

13 Ⅱ. Collection The exporter draws a bill and asks his bank to arrange for acceptance or payment of the bill overseas, and the bank will carry his task through its own branch office abroad or a correspondent bank. This procedure is termed as collection of sales. 托收是指债权人（出口方）出具汇票, 委托银行向债务人（进口方）收取货款的一种支付方式。

14 Ⅱ Collection 2 Parts Parties in Collection 1 2 Kinds of Collection
(1) Payment in Advance 预付货款 (2) Cash on Delivery 交货付现,货到付款 (3) Open Account Trade 记帐交易,赊购 Parties in Collection 1 2 Kinds of Collection

15 Parties in Collection (1) principal or exporter 委托人
(2) remitting bank 托收行 (3) collecting bank 代收行 (4) payer or importer 付款人

16 Collection on Clean Bill (光票托收)
Kinds of Collection Collection on Clean Bill (光票托收) 1 Collection on Documentary Bill (跟单托收) 2

17 Collection on Clean Bill
Collection on Clean Bill (光票托收) means that the exporter collects the purchase price against the draft only, without any shipping documents attached thereto. Usu. Used in collecting balance (余额) under advance, commission and costs of samples. 光票托收是指委托人仅凭汇票而不附有任何商业单据的托收方式，即仅凭汇票委托银行代为收款。

18 Collection on Documentary Bill
Collection on Documentary Bill (跟单托收) means that the exporter collects the purchase price against the documentary bill. 跟单托收是指委托人签发的汇票中附有商业单据的托收，跟单托收所附商业单据主要有提单、保险单、装箱单等。在国际贸易中，货款的收取大多采用跟单托收。

19 Collection on Documentary Bill (跟单托收)
采用跟单托收是，根据托收业务中委托收款时交付单据的条件不同，可分为以下两种交单方式： ①Documents against Payment (D/P) 付款交单 D/P at sight 即期付款交单 D/P after sight 远期付款交单 ②Documents against Acceptance (D/A) 承兑交单

20 Letter of Credit

21 Ⅲ. Letter of Credit ( L/C )
Credit means any arrangement,however named or described,that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. 是指一项不可撤销的安排，不论其名称或描述如何，该项安排构成开证行对相符交单予以承付的确定承诺。

22 Ⅲ Letter of Credit, L/C 2 Parts Parties in L/C 1 2 Kinds of L/C
(1) Payment in Advance 预付货款 (2) Cash on Delivery 交货付现,货到付款 (3) Open Account Trade 记帐交易,赊购 Parties in L/C 1 2 Kinds of L/C

23 Parties in L/C (1) 开证申请人（Applicant）
(2) 开证银行（Opening Bank, Issuing Bank） (3) 通知银行（Advising Bank, Notifying Bank） (4) 受益人（Beneficiary） (5) 议付银行（Negotiating Bank） (6) 付款银行（Paying Bank）

24 The opening bank or issuing bank
Parties in L/C Applicant Who applies to the bank for issuance of a letter of credit. 开证申请人，又称为开证人，是指向银行申请开立信用证的公司，一般是指进口方公司，是指买卖合同的买方。 The opening bank or issuing bank Which is the bank receiving the application from the applicant to issue the L/C and will be responsible for payment. 开证行是指接受开证申请人的申请，开立信用证的银行，一般是进口地的银行，开证申请人与开证行的权利义务以开证申请书为依据，开证行承担保证付款的责任。

25 The beneficiary (受益人): The advising bank or correspondent bank (通知银行)
Parties in L/C The beneficiary (受益人): Who is empowered to use the L/C. 受益人是指接受信用证并享受其利益的一方，一般是出口方，即买卖合同的卖方。 The advising bank or correspondent bank (通知银行) Which is a bank at the place where the exporter resides and may usually be a branch of the issuing bank or its correspondent. The advising bank hands the L/C to the exporter under the instructions from the issuing bank. 通知行是受开证银行委托，将信用证转交给出口商的银行，通知行的责任是传递信用证和审核信用证的真伪，通知行一般是出口方所在地的银行。

26 The Reimbursing bank (偿付银行):
Parties in L/C The negotiating bank : Which is a bank ready to pay or to accept or discount the documentary bill drawn by the beneficiary under L/C. 议付行是指愿意买入或贴现受益人跟单汇票的银行，它可以是开证行指定的银行，也可以是非指定的银行，视信用证条款的规定而定。 The Reimbursing bank (偿付银行): The bank that makes payment to the negotiating bank for money spent in advance by the latter. It is usually the opening bank but can also be a third designated bank. 偿付行是信用证上规定承担付款义务的银行。如果信用证未指定付款银行，开证行即为偿付行。

27 Revocable L/C and Irrevocable L/C Sight L/C and Usance L/C
Kinds of L/C Revocable L/C and Irrevocable L/C 1 Confirmed L/C and Unconfirmed L/C 2 Sight L/C and Usance L/C 3

28 Revocable L/C and Irrevocable L/C
Revocable L/C: means that the opening bank may amend or revoke the credit before acceptance or payment without agreement of the beneficiary. 指在信用证的有效期内开证行能单方面修改或取消的信用证

29 Revocable L/C and Irrevocable L/C
Irrevocable L/C : Means that once the L/C is opened, without agreement of the beneficiary, the opening bank cannot amend or revoke the L/C within its validity.(UCP600 ) 指信用证一经开出，在有效期内，未经受益人及有关当事人的同意，开证行不能片面修改和撤销，只要受益人提供的单据 符合信用证规定，开证行必须履行付款义务。

30 Confirmed L/C and Unconfirmed L/C
Confirmed L/C : An irrevocable L/C confirmed by another bank named by the opening bank. 指开证行开出的信用证，由另一银行保证对符合信用证条款规定的单据履行付款义务。 Confirming bank: the bank authorized or requested by the opening bank to confirm the L/C. 对信用证加以保兑的银行，称为保兑行。 Unconfirmed L/C : the L/C drawn by the opening bank is not confirmed by another bank. 指开证行开出的没有经另一家银行保兑的信用证。

31 Sight L/C and Usance L/C
Sight L/C (即期信用证): stipulates that the beneficiary may collect the purchase price from the bank against a sight draft. 指开证行或付款行收到符合信用证条款的跟单汇票或装运单据后，立即履行付款义务的信用证。 Usance L/C (远期信用证): stipulates that the beneficiary may collect the purchase price from the bank against a usance draft. 指开证行或付款行收到信用证的单据时，在规定期限内履行付款义务的信用证。

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