TermsofPayment国际贸易付款条件

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1、 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Terms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights r

2、eserved.Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corpor

3、ation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCar

4、d Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesReduced Credit Information Lack of Personal Contact D

5、ifficult and Expensive Collections No Easy Legal Recourse Higher Litigation Costs Mistrust 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in Internat

6、ional Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein un

7、der license.All rights reserved.Risks in International TradeCountry Risk Country risk is also known as political risk.The probability of not getting paid by a creditor,because the creditors country has:Insufficient foreign exchange reserves.Not allowed the creditor to pay the debt(political embargo)

8、.Political risk can also mean the probability of nationalization of a firms subsidiary by the host country.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Risks in International TradeCommercial Risk The

9、probability of not getting paid by a creditor,because this creditor does not have the funds to pay the debt or because the creditor refuses to pay the debt.Exposure The relative consequences of a bad-debt risk for an exporter;the risk of a$50,000 loss would represent a greater exposure for a small e

10、xporter than for a large exporter.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOp

11、en AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Alternative Terms of Paym

12、entCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Alternative Terms of PaymentTable 7-1:Advantages and Disad

13、vantages of Several Terms of Payment Term of paymentProbability of Losing the Business because of the Choice of Method of PaymentProbability of loss due to Non-PaymentCash in AdvanceHighNilLetter of Credit Fairly HighAlmost NilDocumentary Collection LowLowOpen Account NilRelatively HighTradeCard Low

14、Almost Nil 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Cre

15、dit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Cash in AdvanceDefinitionIn a Cash in Advance tr

16、ansaction,the exporter requests that the customer provide payment in advance,before shipment of the goods can take place.It is the ultimate“risk-free”alternative for the exporter.In a Cash in Advance transaction,the risk is completely transferred to the importer.2007 Thomson,a part of the Thomson Co

17、rporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Cash in AdvanceApplicability This method is only justified in rare cases.It could be used when the importer is perceived as being very high risk(commercial or country risk).It should be avoide

18、d.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Docum

19、entary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Open AccountDefinition In an Open Account transaction,the

20、 exporter conducts international business in a manner similar to the way it conducts business domestically.The exporter ships the goods,accompanied by an invoice,and expects the importer to pay within a defined time period(30-60 days).2007 Thomson,a part of the Thomson Corporation.Thomson,the Star l

21、ogo,and Atomic Dog are trademarks used herein under license.All rights reserved.Open AccountApplicabilityThe exporter is confident that the importer will pay(e.g.long-standing business relationship).The exporter is competing with companies that offer Open Account terms.The exporter wants to create g

22、oodwill.In cases where the exporter is unsure of the importers credit,the exporter can use credit insurance.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Open AccountCredit Insurance An insurance polic

23、y under which commercial risk is covered.The insurance company bears the risk of non-payment by the importer,deducting a slight percentage of the receivable.Credit insurance does not cover political risk,unless the exporter has explicitly asked for additional political coverage that is obtained thro

24、ugh the Ex-Im Bank.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Open AccountInternational FactoringA means of financing international receivable accounts.The firm can ask a factoring company to advanc

25、e funds on a receivable account:With recourse where the owner of the account receivable is still responsible for collecting it.Without recourse where the collection responsibility entirely shifts to the factoring house.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic D

26、og are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTe

27、rms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditDefinitionA Letter of Credit is a document with which the importers bank promises to pay the exporter if the importer does n

28、ot pay.A Letter of Credit is documentary;the exporter is only paid if it can produce the documents required by the importers bank.The exporter is not paid until it produces all of the required documents to the importers bank.Also called Documentary Credit.2007 Thomson,a part of the Thomson Corporati

29、on.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditIssuing Bank The bank providing the Letter of Credit to the importer.The bank that will pay the exporter when it provides all the necessary documents,should the importer be unable to

30、pay.Advising BankThe bank that determines whether the terms of the Letter of Credit offered by the Issuing Bank are appropriate.The Advising Bank is generally the exporters regular bank.In some cases,the exporters bank will delegate this role to another bank which is more experienced in internationa

31、l trade.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditApplicant The firm asking the Issuing Bank for a Letter a Credit.Usually,the applicant is the importer.Beneficiary The firm named i

32、n a Letter of Credit as the firm to which the issuing bank is promising payment if the importer does not pay.Usually,the beneficiary of a Letter of Credit is the exporter.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All

33、rights reserved.Letter of Credit(Process)Issuance First Step-Negotiation between exporter and importer.Second Step-Applicant(Importer)requests the bank to open a Letter of Credit(L/C)on importers behalf and naming exporter as beneficiary.Third Step-Issuing Bank sends this L/C to Advising Bank(Export

34、ers Bank).Fourth Step-The Advising Bank notifies the beneficiary that the L/C is acceptable.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditIssuance of a Letter of Credit 2007 Thomson,a p

35、art of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of Credit(Process)Shipment Fifth Step The exporter ships the merchandise to the importer.After all documents are collected,the exporter sends them to the Advising B

36、ank,which checks them against the terms of the L/C,and sends them to Issuing Bank.Sixth step-After receiving and checking the documents,the Issuing Bank notifies the importer,who uses them to clear Customs.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are tradem

37、arks used herein under license.All rights reserved.Letter of Credit(Process)Shipment Under a Letter of Credit 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of Credit(Process)PaymentSeventh Step-

38、Importer pays Issuing Bank.Eighth Step-Issuing Bank pays Advising Bank.Ninth Step-Advising Bank pays Exporter.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of Credit(Process)Payment Under a Lett

39、er of Credit 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of Credit(Process)Entire(Simplified)Process of a Letter of Credit 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,

40、and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of Credit A Letter of Credit is:IrrevocableIt cannot be altered without the express consent of all parties involved.Virtually all Letters of Credit are irrevocable.DocumentaryThe beneficiary must present a certain set

41、 of documents(bill of lading,invoice and miscellaneous certificates)to the bank.It is paid on documents,not the safe arrival of the goods.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditC

42、onfirmed Letter of Credit The exporter asks a bank to provide an additional level of payment security to a Letter of Credit.If the importer does not pay,and the Issuing Bank does not pay,the Confirming Bank pays.Correspondent Bank A foreign bank with which a domestic bank has a preferred business re

43、lationship.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditDiscrepanciesA difference between the documents required by the Letter of Credit and the documents provided by the exporter.A di

44、screpancy can be as simple as a misspelling and as significant as a change in the invoice amount.Since Letters of Credit are documentary,any discrepancy is,in theory,a violation of the terms of the Letter of Credit and therefore invalidates it.In practice,letters of credit are amended with the appro

45、val of both the issuer and the beneficiary.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditLeading Causes of Discrepancies in Letters of Credit as a percentage of all discrepancies Incons

46、istent data 25.1%Absence of documents 8.4%Late presentation 7.9%Carrier not named 8.8%Incorrect goods description 4.1%Incorrect Data 7.1%Incorrect BOL Endorsement 3.8%Incorrect Insurance Cover 1.8%2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used

47、 herein under license.All rights reserved.Letter of CreditAmendments A change to a Letter of Credit to which all parties to a Letter of Credit agree:the exporter,the importer,the Issuing Bank,and the Advising Bank.In general,amendments are only made if there are discrepancies,as every amendment cost

48、s the exporter and importer money.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditDrafts Letters of Credit can also be accompanied by Drafts,if the Exporter wants to extend credit to the

49、Importer.Drafts are explained under Documentary Collection.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditUCP 500 Universal Customs and Practice for Documentary Credit,1993 Revision,Inte

50、rnational Chamber of Commerce.URR 525 Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits.Outlines the responsibilities of the banks involved in international transactions under the UCP 500.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are tr

51、ademarks used herein under license.All rights reserved.Letter of CreditApplicability Letters Of Credit used to be the instrument of all international transactions.Letters of Credit are an outstanding means of making sure that the exporter will be paid.Letters of Credit are costly.Letters of Credit a

52、re cumbersome.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Letter of CreditStand-By Letters of Credit Have a much longer validity period.(Sometimes longer than one year).Usually apply to more than one

53、 shipment from the exporter to the importer.Stand-By Letters of Credit were created by United States banks as a substitute for bank guarantees.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characterist

54、ics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the St

55、ar logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Documentary Collection DefinitionIt is a process by which an exporter asks a bank to“safeguard”its interests in the foreign country by not releasing the documents.It is accompanied by a Bill of Exchange(also called a

56、 Draft).It involves a Letter of Instructions to the Presenting Bank.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Documentary Collection Remitting Bank The bank that interacts with the exporter and wit

57、h the Presenting Bank in the importing country.Receives the documents from the exporter and then sends them to the Presenting Bank.It has no obligation to render judgment or advice on the quality of the packet of documents;it just transmits them to the Presenting Bank.Presenting Bank The bank that i

58、nteracts with the importer on behalf of the exporter.Receives the documents from the exporter or from the Remitting Bank and holds them until the importer either signs a draft or pays the exporter.Follows the Letter of Instructions from the Exporter.2007 Thomson,a part of the Thomson Corporation.Tho

59、mson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Documentary Collection Sight Draft The Remitting Bank is instructed to release the documents only when the Importer pays.The importer has to pay“on sight.”Time Draft The Remitting Bank is instructed to rel

60、ease the documents only after the Importer has signed the Draft.A Promissory Note that the importer has to pay in 30,60,90 or 180 days after the date at which it signs the Draft.The exporter extends credit to the importer.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomi

61、c Dog are trademarks used herein under license.All rights reserved.Documentary Collection Date Draft The Remitting Bank is instructed to release the documents only after the Importer has signed the Draft.A Promissory Note that the importer has to pay in 30,60,90 or 180 days after the date at which t

62、he goods were shipped(BOL date).The exporter extends credit to the importer.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Documentary Collection Bankers Acceptance The Remitting Bank is instructed to s

63、ign the Draft on behalf of the Importer.The Remitting Bank only does so if it is convinced that the Importer will eventually pay.The Remitting Bank“avals”the Draft.The opposite of“Traders Acceptance.”2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks u

64、sed herein under license.All rights reserved.Documentary Collection Applicability Almost as secure as a Letter of Credit if used with a Bankers Acceptance,but about as expensive in that case.2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herei

65、n under license.All rights reserved.Documentary CollectionProcess of A Documentary Collection 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Characteristics of International Payment IssuesRisks in Inter

66、national Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,a part of the Thomson Corporation.Thomson,the Star logo,and Atomic Dog are trademarks used herein under license.All rights reserved.Procurement CardsDefinition A“Credit Card”for a company.Each department of the company has a Credit Card with a specific number and can make purchases limited to cer