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Chapter 10
International Payment
In this chapter, you will learn the following key points:
The major issues in international payment
Paying instrument
Differences and similarities between basic terms of payment
The major parties involved in different payment methods
Letter of credit
Basic knowledge of export financing
Terms of payment in the contract
Cases analysis
10.1 The Key Issues in International Payment
1. Currencies used in the international payment
Some traders may opt for their own currencies to avoid any exchange rate related risks.
some exporters may quote in buyer’s currencies to be more competitive so as to get business.
The third option could be to pay in a third country’s currency such as the US dollar.
2. Credit risk, political risk and legal risk
10.2 Paying Instruments
A paying instrument is a financial document that has monetary value, or is evidence of a financial transaction.
Major paying instrument in international trade:
1. Bill of Exchange (B/E)
2. Promissory Note
3. Check
1. Bill of Exchange (B/E)
A bill of exchange (B/E), sometimes also called a draft, is a written instrument which contains an unconditional order whereby the drawer directs the drawee to pay a definite sum of money to the payee or his order.
A sample herein (A sight B/E under letter of credit)
Procedure of using a B/E
Issuance
Presentation
Payment
Acceptance
Discounting and Endorsement
Dishonor
Classification of B/E (Draft)
Banker’s Draft & Commercial Draft
Documentary Draft & Clean Draft
Sight Draft &Time Draft/Usance Draft
2. Promissory Note (samples)
A written instrument which contains an unconditional promise whereby the maker undertakes to pay a definite sum of money to the payee or to his holder.
To put it simple, a promissory note is any written promise to pay.
Two parties concerned in a promissory note, the maker and the payee.
Promissory notes can be sight promissory notes or time promissory notes.
3. Check
A check is a direction in writing to a bank to pay a stated sum of money on demand to a named party, or to the order of a specified person or bearer. A check can be seen as a type of bill of exchange drawn on a bank, payable on demand.
10.3 Paying Methods
Payment methods chiefly conclude remittance, collection and letter of credit.
1. Remittance
Remittance refers to transfer of funds from one party to another among different countries through banks.
Types of remittance
Remittance by Banker’s Demand Draft (D/D)
Mail Transfer (M/T)
Telegraphic Transfer (T/T)
Workflow of remittance of Bank of China
2. Collection
A collection means an arrangement whereby the seller draws a draft on the buyer and authorizes his bank to collect.
parties involved under collection
The principal (the exporter)
Remitting bank (paying bank)
Collecting bank
The drawee (the importer)
Workflow of collection
Classification of collection
Clean collection and documentary collection.
Documentary collection:
(1) documents against payment (D/P)
D/P at sight
D/P after sight
(2) documents against acceptance (D/A).
3. Letter of credit
A letter of Credit, in an international trade context, is the written promise of a bank on behalf of the buyer to pay a seller the amount specified in the credit provided the seller complies with the terms and conditions set forth in the credit.
The main items of documentary L/C (a sample herein)
The parties to an L/C
Applicant
Opening bank or Issuing Bank
Advising bank or Notifying Bank
Beneficiary
Paying bank or Drawee bank or accepting bank
Negotiating Bank
Confirming bank
Reimbursing Bank
Presenting Bank
Nominated Bank
Workflow of import L/C of Bank of China
Types of documentary credit
Irrevocable and revocable credit
Confirmed and unconfirmed irrevocable credit
Transferable credit
Sight credit and usance credit
Back to back credit
Red clause credit
Standby credit
Governing rules of letter of credit
Letter of credit is governed by a set of rules from the ICC. In this case, the document is called, Uniform Customs and Practice, in short UCP 600, which came into effect on 1 July 2007.
UCP 600 attached herein
4. Letter of Guarantee (L/G)
An L/G can be used in a wider scope than an L/C, such as trade of commodity, labor and technology, construction project, financing from financial institutions and so on.
5. International factoring
Apart from using the letter of credit as an instrument for obtaining loans, exporters can also depend on other approaches for financing. International factoring has developed as a favorable alternative to traditional export finance such as letter of credit.
There are four parties involved in a transaction: the exporter, the importer, the export factor and the import factor.
10.4 Payment Clauses in the Contract
The Buyer shall pay the total value to the Seller in advance by T/T (M/T or D/D) not later than June 30, 2007
Payment by T/T: Payment to be effected by the Buyer shall not be later than 30 days after receipt of the documents listed in the contract.
Payment by D/P at sight: Upon first presentation the Buyer shall pay against documentary draft by the Seller at sight. The shipping documents are to be delivered against payment only.
10.4 Payment Clauses in the Contract
Payment by D/P after sight: The Buyer shall duly accept the documentary draft at 60 days sight upon first presentation and make payment on its maturity. The shipping documents are to be delivered against payment only.
Payment by D/A: The Buyer shall duly accept the documentary draft drawn by the Seller at 90 days sight upon first presentation and make payment on its maturity. The shipping documents are to be delivered against acceptance
10.4 Payment Clauses in the Contract
The buyer shall open an irrevocable L/C in favor of the seller before Apr. 15th, 2007. the said L/C shall be available by draft at sight for full invoice value and remain valid for negotiation in china for 15 days after shipment.
50% by L/C at sight, 50% by D/P at sight
Case 1
A Chinese company exported some kind of commodity about 15000 boxes to Africa, which was stipulated to ship 2500 boxes each month from January to June according to the contract. Payment is to be paid by irrevocable L/C at sight. On schedule, the client is to provide L/C, on which the total amount and quantity are to be in line with that on the contract. The shipment clause stipulated the latest date for shipment was June 30th, with partial shipment. This company shipped 3000 boxes in January, 4000 in February, and 8000 in March, which was challenged by the client. Do you think it is acceptable for this company to ship the commodities in this way Why
Analysis of case 1
Only the documents but not the contract contents are to ascertain whether they are complied with the terms and conditions of the credit, while negotiating. Even if it is not in conformity with those stipulated in the contract on the part of the company, it really complies with the related requirements of the credit, and the negotiating bank should pay after the shipment. What deserves our attention is that the client can raise a claim, since this company violates the contract.
案例 1
A公司向非洲出口某商品15 000箱，合同规定1月至6月按月等量装运，每月2500箱，凭不可撤销即期信用证付款，客户按时开来信用证，证上总金额与总数量与合同相符，但装运条款规定为“最迟装运期6月30日，分数批装运。我方1月份装出3000箱，2月份装出4000箱，3月份装出8000箱。客户发现后向我提出异议。你认为我方这样做是否可以？为什么？
分析：信用证议付时，只要求单证相符，不涉及合同内容。我方这样做虽然不符合合同的规定，但符合信用证的有关要求，是可以向议付行议付的。但需要注意，因为我方违反了合同的规定，对方可以利用合同向我方提出索赔（交货与合同不一致）。
Case 2
An export corporation received an L/C from abroad, and in accordance with which the corporation shipped the commodities. But before negotiating the payment with the local bank, a notice arrived from the issuing bank about the bankruptcy of the applicant of the L/C, as well as the refusal of the obligation of payment. How can the export corporation deal with this
Analysis of case 2
In spite of the bankruptcy of the applicant, the issuing bank, as the first drawee, should undertake the obligation of payment. If the L/C is revocable, the L/C could be revoked by negotiating by all parties, before presenting all the documents to the negotiating bank for payment. If the L/C is irrevocable, the export corporation could provide the documents to the local bank for negotiation, and the negotiating bank could claim the payment to the issuing bank. The revocation of an L/C must be under the permission of the buyer, seller, issuing bank, and the negotiating bank. If either party disagrees, the L/C could not be revoked.
案例 2
某出口公司收到一份国外开来的L/C，出口公司按L/C规定将货物装出，但在尚未将单据送交当地银行议付之前，突然接到开证行通知，称开证申请人已经倒闭，因此开证行不再承担付款责任。问：出口公司如何处理？
分析：虽然开证申请人已经倒闭，但开证行是第一性付款人，也承担着付款义务。如果开来的信用证是可撤销信用证，由于单据尚未提交议付行议付，可经协商撤销信用证。如果开来的信用证是不可撤销信用证，则出口公司可以将单据送交当地银行议付，并由议付行向开证行索要货款。信用证的撤销必须征得买方，卖方，开证行，议付行的同意，如有一方不同意，则信用证撤销不成立。
Case 3
An export contract was signed between an international trade corporation, located in China, and Businessman A from abroad, taking D/P 45 days as the term of payment. Businessman A carried out the acceptance on the bill of exchange timely, after the collecting bank received the bill of exchange and attached documents. With the arrival of the commodities at the destination port, Businessman A picked up and sold the commodities with borrowed documents from the collecting bank. But when the bill matured, A became insolvent for bad management. The remitting bank informed the collecting bank of the refusal of payment, and suggested the international trade corporation to claim the payment to A. How can the international trade corporation deal with this
Analysis of case 3
The Trust Receipt is a credit convenience provided by the collecting bank to the importer, unconcerned with the exporter. Since the collecting bank is supposed to bear the responsibility of guarantee, the international trade corporation should claim the payment to the collecting bank.
案例 3
我某外贸公司与某国A商达成一项出口合同，付款条件为D/P 45天付款。当汇票及所附单据通过托收行寄抵进口地代收行后，A商及时在汇票上履行了承兑手续。货抵目的港时，由于用货心切，A商出具信托收据向代收行借得单据，先行提货转售。汇票到期时，A商因经营不善，失去偿付能力。代收行以汇票付款人拒付为由通知托收行，并建议由我外贸公司直接向A商索取货款。对此，你认为我外贸企业应如何处理？
分析：信托收据，是代收行给进口人提供的信用便利，而与出口人无关，所以代收行必须付担保责任，所以我国外贸公司以应直接向代收行索取货款。
Case 4
A Chinese company marketed a commodity to a Japanese businessman in payment by D/P at sight. The Japanese businessman replied that he would accept provided that the Chinese corporation would pay by D/P at 90 days sight, via its authorized collecting bank. Please analyze the reason for the Japanese business to make this request.
Analysis: The Japanese businessman aimed at the accommodation of funds. The Trust Receipt issued by its authorized bank could guarantee the timely extraction of commodities with no payment in advance.
案例 4
我某公司向日本某商以D/P见票即付方式推销某商品，对方答复：如我方接受D/P见票后90天付款，并通过他指定的银行代收则可接受。试分析日方提出此项要求的出发点是什么？
分析：目的在于日方可获得一定的资金融通。日方指定的银行出具信托收据的情况下可使日方及时提取货物而不必预先付款。
Case 5
An export corporation received an irrevocable LC from abroad, which was advised and confirmed by a foreign bank in China. This export corporation was planning to negotiate the documents to the confirming bank after shipping the goods. Unexpectedly, a notice came from the foreign bank read that they refused the liability for negotiation or payment of the letter of credit, but could accept the trust from this export company and charge the buyer directly. How can the export corporation deal with this
Analysis: The confirming bank is the first payer and the one to take the responsibility or payment. Therefore, the foreign bank in China must take the obligation to pay even the opening bank went bankruptcy. The export corporation should demand the payment directly from the bank.
案例 5
我某出口企业收到国外开来不可撤销信用证一份，由设在我国境内的某外资银行通知并加以保兑。我出口企业在货物装运后，正拟将有关单据交银行议付时，忽接该外资银行通知，由于开证银行已宣布破产，该行不承担对该信用证的议付或付款责任，但可接受我出口公司委托向买方直接收取货款的业务。对此，你认为我方应如何处理为好？
分析：保兑行是第一付款人，必须付责任。所以我国境内这间外资银行必须承担支付货款的义务，我方可直接向其要求偿付。
Case 6
In the settlement of documentary letter of credit, the issuing date of the bill of lading is May 8th. The L/C stipulates that the beneficiary needs to negotiate with the bank within 15 days after the shipping document issued. The L/C is valid before May 16th. When would be the deadline to issue the bill of exchange
Analysis: The bill of exchange must be issued after the bill of lading, and with the validity of L/C. Thus, the deadline of issuing the bill of exchange should be May 16th.
案例 6
某跟单信用证结算业务中，提单开立日期为某年5月8日，信用证规定受益人需要在运输单据开立后15天之内向银行结算，信用证有效期为5月16日。请问汇票需要在哪一天之前开立？
分析：汇票在提单开立后才能开立，但必须在信用证的有效期内，所以汇票在5月16日之前开立。
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