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Unit Seven Terms of Payment
Part Five: Exercises
I. Answer the following questions:
1. The methods of payment we use in the financing of international trade are chiefly the Letter of Credit, Collection and Remittance. 2. The most-often-used method of payment in our international trade is the L/C which is a reliable and safe method of payment. It not only facilitates trade with unknown buyers and sellers, but also gives protection to both sellers and buyers.
3. The parties in connection with an L/C are: 1) Applicant (Importer/Buyer); 2) Issuing Bank (Opening Bank); 3) Beneficiary (Seller/Exporter); 4) Advising Bank (Notifying Bank); 5) Negotiating Bank; 6) Paying Bank. 4. The issuance of a letter of credit stars with the buyer who instructs his bank to issue an L/C for his account in favor of the seller for the amount of the purchase. The buyer’s bank (the opening bank) sends the L/C to its correspondent bank in the seller’s country, giving instructions about the amount of the credit, the beneficiary, the currency, the documents required and other special instructions. On receipt of it, the correspondent advises the seller of the receipt of the credit. Sometimes a seller requires a confirmed L/C. In this case, the correspondent usually adds its confirmation and advises the seller of the same. Hence, the correspondent has become the confirming bank. Then the seller will dispatch the goods accordingly. 5. To the seller’s benefit, D/P is safer and better, because it calls for actual payment against transfer of shipping documents. However, in the case of D/A, the buyer can get hold of the shipping documents against his acceptance, which merely is a promise to pay after certain days.
6. In order to let the seller have ample time to prepare for shipment, the L/C reach the seller at least one month prior to the time of shipment.
27 7. No, it isn’t. We must realize that there may be circumstances beyond his control that preclude him from doing so. Therefore, before we have a thorough knowledge of the whole matter, it is wrong to blame the buyer for nonperformance of the contract.
8. A contract is the basis of a transaction. The performance and the making of shipping documents of a transaction should be in accordance with the stipulations of the contract. On the other hand, the bank’s examination of the shipping documents is based on the L/C, not on the contract. If there are any discrepancies between the contract and the L/C, the bank will not accept the shipping documents and refuse to make payment to the seller. Therefore, it is essential for the seller to make a thorough examination of the L/C upon receipt of it. 9. The seller should ask the buyer to make an amendment to the L/C or to delete the clauses before shipment.
10. Yes, he can. The usual procedure is that the buyer should first obtain consent from the seller and then instruct the opening bank to amend the L/C. 11. In order to leave sufficient time to the seller to make out the shipping
documents and the bank to make their negotiation, the time of shipment and
the expiry date of the L/C should be made at least two weeks apart.
II. Choose the best answer:
1—5：DBBCA 6—10：CADBB 11—15：DBCAC
III. Fill in the blanks with appropriate words or phrases:
1. by 2. In; for/covering; relevant/relative/covering 3. before (prior to) 4. covering/for 5. in; for; for 6. to; in; to 7. with/through; on; for; in 8. against/by; under 9. with; for 10. open/establish; within
IV. Insert the correct words or phrases in the appropriate spaces in the passage below: document; payment; carry out; issue; agent; documentary; irrevocable; cancel; confirmed; Bill of Exchange; abbreviation; credit; draw; valid; finance
V. Translation work:
28 1. From English into Chinese:
1）我行同意出票人、背书人及善意持票人在其适时提交/提示符合信用证条款和条件
的汇票/单据时即予以承付。 2）我们收到了你方第123号发票，同意承兑你方就此货款开具的见票30天付款的汇
票。
3）我们收到了你方由ABC银行出具的关于500辆自行车的第321号信用证，金额计
20 000美元。
4）以保兑的、不可撤销的、（可分割、可转让的、）无追索权的、金额为全部货款的即期信用证支付。
5）很遗憾，我们不能做出任何与我方惯例相悖的安排，即采用保兑的、不可撤销的
信用证，凭出示装运单证支付，并在承诺的装运期后至少15天有效。
6）我们已指示这里的中国银行开立以你方为受益人的金额为50 000元人民币的信用
证，该信用证有效期至2010年7月31日。该银行将会承兑你方据此信用证开具的
金额为发票值的即期汇票。
7）希望你们认真考虑你方的商业信誉，立即开证；否则，由此带来的一切损失概由你方负担。
8）请对第125号信用证作如下修改：1）金额增加人民币2 000元。2）每箱装12打
改为每箱装20打。 2. From Chinese into English:
1) Please note that our terms of payment are by 100% value, confirmed and
irrevocable L/C, payable/available by sight draft accompanied by shipping documents at the Bank of China at the port of shipment.
2) Please make sure that the stipulations in the relevant L/C conform exactly
with the terms stated in our S/C so as to avoid subsequent amendments. 3) In compliance with your request, we will make an exception to our rules and accept delivery against D/P at sight, but this should not be regarded as a precedent.
4) We propose to pay by draft at 30 d/s, documents against acceptance. Please confirm if this is acceptable to you.
5) We have opened the relative L/C of 60 days’ sight / at 60 d/s in your favor with
the Bank of China, Chengdu Branch.
6) As the goods have been ready for shipment, please let us have by fax your
exact date of the establishment of the L/C. As soon as we receive the L/C,
29 we will ship the goods.
7) Please expedite the establishment of the L/C so that we may effect shipment
by the direct steamer scheduled to arrive at your port by the end of May. 8) Punctual shipment can be ensured provided we receive the covering L/C not
later than 15 March.
9) If you do not establish the L/C in time, you will be responsible for any
loss resulting from the delay.
10) We have received your L/C No.345 but have found that it contains the
following discrepancies/differences: A. … B. …
We request you to instruct your bank to make the necessary amendments to the L/C.
Please increase the unit price from US$123 to US$125 and the total amount to US$10 000.
12) Please amend L/C No. 189 to read “This L/C will expire on 30th April, 2010
in China. ” 13) Please delete from your L/C the clause “All bank commissions and charges
are for beneficiary’s account”, as such should be paid by the buyer only. 14) Please cross out the word “not” before transshipment so as to read
“Transshipment allowed”, as there is no direct steamer sailing for your port this month.
VI. Letter-writing work (Omitted)
Exercises after class: Dear Sirs,
We are glad to receive your L/C No.2010/234, but regret to ask you to make the following amendments:
1. The amount should be “USD 56 400 ((SAY FIFTY-SIX THOUSAND FOUR HUNDRED US DOLLARS ONLY)”.
2. “Freight Prepaid” should be “Freight to Collect”.
11) On/Upon examination, we find that the amount of your L/C is insufficient.
30 Please confirm the amendments by fax as soon as possible.
Yours faithfully,