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Unit Seven Unit 7 Payments for imports and exportsIntroduction There are several methods of payment used in international trade. This article introduces some traditional and accepted means of obtaining payment in imports and exports. Unit 7 Payments for imports and exports Unit 7 Payments for imports and exports1 Credit terms and the method by which payment will be effected are agreed at the time the sales contract is concluded. If the relationship between the buyer and seller are good, then it may have been agreed to trade on open account terms. This means simply that the seller will dispatch the goods directly to the buyer, send him an invoice and await the remittance of payment from the buyer, as in domestic trading.2 There are several methods by which the debtor may remit payment to his supplier:Text Unit 7 Payments for imports and exports 3 (1) Debtors own check. This is not a very satisfactory method from the creditors point of view. Apart from the usual risk that the check may be unpaid, it has to be sent back through banking channels to the buyers country for collection, thus incurring additional expenses.4 (2) Bankers draft. This would be a draft drawn by the buyers bank on its correspondent bank in the exporters country. As such it is good payment but there is always the danger that the draft may be lost in the post and a bank draft cannot be stopped. A new draft could only be issued against indemnity.Text Unit 7 Payments for imports and exports 5 (3) Telegraphic transfer (TT). The procedure is similar to that of MT except that the instructions are sent by cable. This means that the payment is effected more quickly. 6 Where open account terms have not been agreed, then it is for the exporter to arrange for payment to be collected from the buyer. The usual way in which this is done is by the use of bills of exchange. This is the traditional method of claiming that which is due from the debtor, and has been used as a basis for international trade throughout its history.Text Unit 7 Payments for imports and exports 7 Instead of merely sending the documents to the debtor with only the covering invoice, the exporter draws a bill of exchange on the debtor for the sum due and attaches the documents to the bill. This is then sent through banking channels for presentation to the buyer. There are several advantages in the employment of bills: 8 (1) The bill of exchange is an instrument long recognized by trade custom and by the law; there is in consequence an established code of practice in relation to bills.Text Unit 7 Payments for imports and exports 9 (2) The bill is a specific demand on the debtor and if it is drawn in proper form in respect of a debt justly due the debtor refuses it at his peril.10 (3) The bill is a useful instrument of finance.11 (4) The bill provides a useful mechanism for the granting to an overseas buyer of a pre-arranged period of credit. Thus if an exporter has, for some reason, to offer his buyer a period of credit, say 90 days, the bill can be drawn at 90 days sight. At the same time, the exporter can maintain a degree of control over the shipping documents by authorizing release of the documents on payment, or acceptance of the bill. The bill does provide an instrument on which action can be taken at law.Text Unit 7 Payments for imports and exports 12 It should be noted that the drawing of a bill of exchange on the buyer does not guarantee payment and the seller has lost control of the goods to some extent as they are out of his country. Moreover, he may have to arrange for storage and insurance or even re-shipment. Under such circumstances, there arises “international factoring”. When making payment by collection, open account, etc. an arrangement is made between a supplier, especially an exporter of textiles, and a special kind of finance house called a factor or factoring company, by which the supplies sells to the factor the right to collect amounts payable to the supplier by approved customers at some future date. Thus the supplier receives payment immediately he supplies the goods, the factors taking full responsibility for collecting the accounts and bearing all losses from bad debts. The factors charges consist of a fee based on the rate of discount for bills of exchange and an added small percentage for collecting the accounts. In Britain, factoring companies are owned by commercial banks, merchant banks and some export houses. Text Unit 7 Payments for imports and exports13 The procedure for the exporter, having obtained the shipping documents, is to draw the bill and lodge it with his bank together with the documents for collection. When lodging the bill, the exporter must give to his bank very precise and complete instructions as to what action to take in certain circumstances: whether to forward the bill by air mail etc. and ask for proceeds to be remitted by cable or air mail; whether the goods should be stored and insured if not taken up by the buyer; whether rebate may be given for early payment, who is the Case of Need (usually the exporters agent) to whom the collecting bank may refer in case of dispute. Text Unit 7 Payments for imports and exports 14 The exporters bank will forward the bill and documents to its correspondent bank in the buyers country passing on exactly the instructions received from the exporter. The correspondent bank (collecting bank) will present the bill and documents to the buyer, and release the documents to the buyer in accordance with the instructions received. If the arrangement was for payment to be made immediately then the bill of exchange will be drawn at sight and the instructions will be to release documents against payment (D/P). if a period of credit has been agreed, then the bill will be drawn at say 90 days sight and the instructions will be for the documents to be released against acceptance by the buyer of the bill (D/A). In this case, the buyer signs his acceptance across the face of the bill, which now becomes due for payment in 90 days time and the buyer obtains the documents of title to the goods. Text Unit 7 Payments for imports and exports 14 The collecting bank will advice the remitting bank of the date of acceptance, and hope the bill until maturity, when the collecting bank will present it to the buyer for payment. In case of dishonor, and if so instructed, the collecting bank will arrange protest by a notary. This procedure provides legal proof that the bill was presented to the drawee and was dishonored, and enables action to be taken in the courts without further preliminaries. 15 The procedures and responsibilities of the banks and other parties are laid down in the Uniform Rules for the Collection of Commercial Paper issued by the International Chamber of Commerce and subscribed to by the major bank throughout the world. Text Unit 7 Payments for imports and exports 16 The method of collecting payment described above is based on the documentary bill, but in certain circumstances use may be made of a clean bill, that is, a bill to which no documents are attached. Such bills may be drawn for the collection of monies due for services etc. or for any debt which is not a payment for goods. A clean bill may also be used to obtain payment for goods sent on open account, especially where payment is overdue.17 Because they are a traditional and accepted means of obtaining payment in international trade, bills of exchange can be used, with one of two exceptions, throughout the world. In the case of some markets, it would be unwise to operate without the protection a bill can provide.Text Unit 7 Payments for imports and exports 1. to trade on open account terms Notes to make a business transaction by means of open account. Open account, also known as credit account, charge account, is an arrangement with a shop, esp. a department store, by which the customer can buy goods up to an agreed value every month and is allowed to pay for them at the end of an agreed period, usu. monthly or quarterly. 以 赊 销 、 货 到 付 款 的 方 式 进 行 交 易 。 指 以 信 用 为 基 础 的 销 售 ， 买 方 与卖 方 签 订 购 货 协 议 后 ， 卖 方 让 买 方 取 走 货 物 （ 或 卖 方 送 货 ） ， 而 买 方 按 照 协 议 在 规 定 日 期 付 款 或 以 分 期 付 款 形 式 逐 渐 付 清 货 款 的 过 程 。 Unit 7 Payments for imports and exports 2. correspondent bank (collecting bank) 往 来 银 行 ， 代 理 银 行 Notes It is a bank which is an agent for another bank, esp. one which acts as agent in a foreign town, of a bank which has no branch there. In USA, it is a bank that provides services to another (usu. smaller) bank by giving advice, clearing cheques, dealing in securities and foreign exchange and arranging loans. 指 托 收 行 在 进 口 地 的 代 理 人 ， 根 据 托 收 行 的 委 托 书 向 付 款 人 收 款 的 银 行 。 Unit 7 Payments for imports and exports 3. remitting bank 寄 单 行 ， 托 收 行Notes 是 委 托 代 收 款 项 的 银 行 ， 主 要 是 按 照 委 托 人 的 要 求 和 国 际 惯例 进 行 处 理 业 务 。 Unit 7 Payments for imports and exports4. bill of exchange汇 票Notes It is 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 and determinable future time a sum certain in money to , or to the order of , a specified person or bearer. 是 由 一 人 向 另 一 人 签 发 的 要 求 在 见 票 时 或 在 指 定 的 或 可 以确 定 的 将 来 时 间 向 特 定 的 人 或 其 持 票 人 无 条 件 支 持 一 定 金 额 的 书 面 命 令 。 Unit 7 Payments for imports and exports 5. Telegraphic Transfer（ T/T）电 汇 Notes It is a quick way of sending money by cabled by bank transfer to a person in another country. The payee can be paid either in cash or by credit to his bank account. The sender bears the cost of the cable unless he directs that this is to be borne by the payee. 是 汇 款 人 将 一 定 款 项 交 存 汇 款 银 行 ， 汇 款 银 行 通 过 电 报 或 电传 给 目 的 地 的 分 行 或 代 理 行 （ 汇 入 行 ） ， 指 示 汇 入 行 向 收 款人 支 付 一 定 金 额 的 一 种 汇 款 方 式 。 Unit 7 Payments for imports and exports 6. This is the traditional method of claiming that which is due from the debtor, and has been used as a basis for international trade throughout its history. Notes that是 代 词 ， 指 上 文 中 提 到 的 bills of exchange， 同 时 它 也 是 后 面 由 which引 导 的 定 语 从 句 的 先 行 词 。 这 句 话 指 明 了 汇 票 在 国 际 贸 易 中 的 重 要 性 。 Unit 7 Payments for imports and exports 7. It should be noted that the drawing of a bill of exchange on the buyer does not guarantee payment and the seller have lost control of the goods to some extent as they are out of his country. Notes In this sentence, a subjective clause is used. It should be noted that： 应 该 注 意 的 是 ， 这 是 一 个 主 语从 句 的 常 见 句 型 。 lose control of the goods： 对 货 物 失 去 控 制 ； to some extent： 某 种 程 度 上 , (多 少 )有 一 点 ； as是 连 词 ， 在 这 里 引 导 原 因 状 语 从 句 ， 后 面 的 代 词 they指 的 是 goods. Unit 7 Payments for imports and exports 8. who is the Case of Need (usually the exporters agent) to whom the collecting bank may refer in case of dispute. Notes the Case of Need: 需 要 时 的 代 理 ；关 系 代 词 whom引 导 定 语 从 句 ， 指 的 是 the Case of Need； in case of dispute:在 发 生 争 议 的 情 况 下 Unit 7 Payments for imports and exports 9. Document against Payment (D/P), also called cash against documents 付 款 交 单 , 交 单 付 现 Notes 出 口 方 在 委 托 银 行 收 款 时 ， 指 示 银 行 只 有 在 付 款 人 （ 进 口 方 ）付 清 货 款 时 ， 才 能 向 其 交 出 货 运 单 据 ， 即 交 单 以 付 款 为 条 件 。 Unit 7 Payments for imports and exports 10. Documentary acceptance credit (D/A)承 兑 交 单 Notes 出 口 方 发 运 货 物 后 开 具 远 期 汇 票 ， 连 同 货 运 单 据 委 托 银 行 办 理 托 收 ， 并 明 确 指 示 银 行 ， 进 口 人 在 汇 票 上 承 兑 即 可 领 取 全 套 货 运 单 据 待 汇 票 到 期 日 再 付 清 货 款 。 Unit 7 Payments for imports and exports 11. Uniform Rules for the Collection of Commercial Paper商 业 票 据 代 收 统 一 规 则 Notes 国 际 商 会 第 192号 出 版 物 ， 建 议 各 国 银 行 在 处 理 托 收 业 务 时加 以 采 用 。 Unit 7 Payments for imports and exports 12. International Chamber of Commerce 国 际 商 会 Notes It is a federation of business organizations and businessmen from all over the world. It represents the business community in international affairs and has its offices in Paris. 国 际 商 会 是 为 世 界 商 业 服 务 的 非 政 府 间 组 织 ， 是 联 合 国 等 政府 间 组 织 的 咨 询 机 构 国 际 商 会 于 1919年 在 美 国 发 起 ，1920年 正 式 成 立 其 总 部 设 在 法 国 巴 黎 。 Unit 7 Payments for imports and exports 13. documentary bill 跟 单 汇 票 , 又 称 信 用 汇 票 、 押 汇 汇 票 Notes It is a bill fastened to shipping documents such as bill of lading, insurance policy, invoice, dock warrant, etc. 是 需 要 附 带 提 单 、 仓 单 、 保 险 单 、 装 箱 单 、 商 业 发 票 等单 据 ， 才 能 进 行 付 款 的 汇 票 ， 在 国 际 贸 易 中 经 常 使 用 。 Unit 7 Payments for imports and exports 14. clean bill 清 洁 提 单 Notes It is a bill which acknowledges that the goods were received by the ship owners in apparent good order and condition. 是 指 没 有 在 提 单 上 对 货 物 的 表 面 状 况 作 出 批 注 的 提 单 ， 它表 明 承 运 人 在 接 收 /装 船 时 ， 该 货 物 的 表 面 状 况 良 好 。 Unit 7 Payments for imports and exports I. Answer the following questions according to the text. 1. What does trading on open account term mean?2. What are the methods for a debtor to remit payment to his supplier?3. What are the advantages in the employment of bills?4. What does the correspondent bank do when getting the bill and documents from the exporter?5. When will a clean bill be used?Exercises Unit 7 Payments for imports and exportsII. Word Study. Adjective Noun Adjective Nouncapital industrial social economic critical feudal ideal modern Exercises 1. In English, the suffixes ism and -ist are used to form nouns from adjectives, e.g. social socialism. Complete the following table. Unit 7 Payments for imports and exportsExercises Adjective Noun Adjective Nouncapital capitalism industrial industrialism social socialism economic economism critical criticism feudal feudalism ideal idealism modern modernism Key Unit 7 Payments for imports and exports2. Fill in the blanks. 1. The city construction agency _ various construction projects.2. It is _ for us to have a good command of English as well as foreign trade knowledge.3. The _ bill should be paid off without delay. 4. His indifference_ the anger of his friend. 5. The newly _ album is a big success and he was rise to fame overnight.guarantee subscribe authorize overdue lodgeincur precise reciprocal release advantage Unit 7 Payments for imports and exports6. They have reached _ agreements to abolish customs duties.7. The rain_ a good crop for the local people this year.8. The victim was able to give a _ description of the suspect.9. The dying man _his will and left all his properties to his daughter. 10. These confidential documents _ with a trusted associate. Unit 7 Payments for imports and exports1. authorizes 2. advantageous 3. overdue4. incurred 5.released 6. reciprocal7. guarantees 8. precise 9. subscribed 10. were lodged Key Exercises Unit 7 Payments for imports and exports3. Choose right answers to fill in the blanks. 1 they fail to note, though, is that the 1983 rate was 2 high. In fact, from 1945 to 1965, the 3 of wages covered by the payroll tax declined steadily from 88% to roughly 71%. 4 , beginning in 1965, in order to 5 for added benefits, the cap was gradually 6 , reaching a high of 90% in 1983. 1. A. what B. that C. how D. when2. A. naturally B. reliably C. usually D.unnaturally 3. A. number B. proportion C. ratio D. figure 4. A. moreover B. thus C. as a result D. however5. A. pay B. purchase C. repay D. insure6. A. increase B. decrease C. obtain D. seizeExercises Unit 7 Payments for imports and exports3. Choose right answers to fill in the blanks. 7 that time, it has again begun to 8 but still remains above the post-World War II average of 82.9%. The multiplicity of proposals and their vagueness make 9 difficult to analyze their impact. Nevertheless, there is no 10 that any change in the payroll tax cap would be a significant tax increase. 7. A. Until B. Till C. since D. up to 8. A. exceed B. below C. among D. above9. A. that B. it C. what D. this 10. A. surprise B. doubt C. wonder D. interestExercises 1. A 2. D 3. B 4. D 5. A 6. A 7. C 8.D 9. B 10. B Unit 7 Payments for imports and exports . Translate the following sentences into English. 1. 如 果 我 们 采 取 措 施 在 互 利 的 基 础 上 恢 复 业 务 关 系 ， 对 我 们 都是 有 利 的 。 (resume, mutual benefit) 2. 如 果 你 方 同 意 我 们 进 行 易 货 贸 易 的 建 议 ， 我 们 将 用 纸 与 你 们交 换 木 材 。 (barter trade)3. 我 们 的 生 意 一 直 做 得 不 错 ， 希 望 能 与 你 们 建 立 帐 户 往 来 关 系 。(open an account)4. 补 偿 贸 易 实 际 上 是 一 种 信 贷 。 (Compensation trade)5. 我 们 公 司 主 要 经 营 手 工 艺 品 。 (trade in)Exercises Unit 7 Payments for imports and exports1. It will be advantageous if steps are taken to resume our business relationship on the basis of mutual benefit.2. If you agree to our proposal of a barter trade, well give you paper in exchange for your timber.3. We have been doing quite well in our business, we are willing to open an account with you.4. Compensation trade is, in fact, a kind of loan. 5. Our company mainly trades in arts and crafts.Exercises Key Unit 7 Payments for imports and exportsV. Translate the following sentences into Chinese.1. To respect the local custom of the buying country is one important aspect of Chinas foreign policy.2. Our purpose is to explore the possibilities of developing trade with you.3. We may agree to do processing trade with you.4. Weve never had any difficulties with our Chinese partners, and wed like to make as many new contacts as we can.5. The depressed market results in the stagnation of trade. Exercises Unit 7 Payments for imports and exportsKey 1. 尊 重 买 方 国 家 的 风 俗 习 惯 是 我 国 贸 易 政 策 的 一 个 重 要 方 面 。2. 我 们 的 目 的 是 和 你 们 探 讨 一 下 发 展 贸 易 的 可 能 性 。3. 我 们 同 意 与 你 们 进 行 来 料 加 工 贸 易 。4. 和 中 国 同 行 共 事 从 来 没 有 什 么 困 难 ， 希 望 今 后 我 们 之 间 尽 可 能 多 地 建 立 新 的 关 系 。5. 市 场 萧 条 导 致 贸 易 停 滞 。Exercises Unit 7 Payments for imports and exports VI. Write a summary of the text in about 120 words.Exercises Unit 7 Payments for imports and exports VII. Write a one-paragraph composition entitled “Development of Chinas Foreign Trade”. The first sentence is given: “There has been a rapid development in Chinas foreign trade.” Complete the paragraph with five to seven sentences, using the words or phrases given below. Exercises negotiation global trade tariff (关 税 ) WTO (The World Trade Organization) duty-free capital investment market international domestic Unit 7 Payments for imports and exports VIII. Discuss with your partner the Development of Chinas Foreign Trade. Exercises Unit 7 Payments for imports and exports 1.sales contract a contract for the sale of goods in which the seller agrees to transfer the ownership of the goods to the buyer, who agrees to accept them and to pay a sum of money called the price. The ownership of the goods usu. passes when the agreement is made or signed. If it is agreed that the ownership is not to pass until a later date, the contract becomes an agreement to sell or a contract to sell. 销 售 合 同Related Technical Terms Unit 7 Payments for imports and exports 2. shipping documents装 运 单 据 ， 货 运 单 据 ， 装 船 单 据 在 国 际 贸 易 中 ， 货 物 装 运以 后 ， 卖 方 必 须 向 买 方 提 供 有 关 的 装 运 单 据 ， 作 为 履 行 合同 的 依 据 。 装 运 单 据 系 代 表 运 输 中 的 货 物 所 有 权 或 证 明 货物 已 经 付 运 的 单 据 ， 一 经 合 法 转 让 ， 单 据 持 有 人 可 凭 以 提取 有 关 货 物 。 3. collection obtaining payment of a debt, e.g. a bill, cheque, etc. 收 款 、 收 债 、 托 收 如 收 取 票 据 、 支 票 等 偿 付 。Related Technical Terms Unit 7 Payments for imports and exports4. collecting bankA bank who collects cheques either for himself or for his customers, i.e. he presents cheques to other banks for payment. 托 收 银 行 、 代 收 银 行5. dishonorof a bill of exchange, failure by the person on whom a bill is drawn (the drawee or debtor) to accept it on presentation, called dishonor by non-acceptance or, having accepted it, failure to pay it at maturity, called dishonor by non-payment. （ 票 据 的 ） 拒 付 ， 拒 兑 Related Technical Terms Unit 7 Payments for imports and exports 6. draweeof a cheque: the named bank on whom the cheque (or order to pay) is drawn. （ 支 票 ） 受 票 人 支 票 （ 或 付 款 凭 证 ） 所 开 的 指 名 银 行 。 of a bank draft: the bank named in the order to pay. （ 银 行 汇 票 ） 受 票 人 ， 付 款 人 付 款 凭 证 上 的 指 名 银 行 。of a bill of exchange: the named person to whom the bill is addressed and who is expected to accept it and to pay it when it matures. He becomes the acceptor when he accepts the bill. （ 汇 票 ） 受 票 人 ， 付 款 人 汇 票 所 开 给 的 ， 到 期 要 求 其 承 兑 人 的 指 名人 。 该 人 同 意 承 兑 该 汇 票 时 即 成 为 承 兑 人 。Related Technic
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