國際貿(mào)易付款條件(共56頁).ppt

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. A

2、ll 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 ToolTerms of Payment 2007 Thomson, a part of the T

3、homson 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 Documentary Collection Procure

4、ment 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. Characteristics of International Payment IssuesReduced Credit Information La

5、ck of Personal Contact Difficult 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 P

6、ayment 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 Star logo, and Atomic

7、 Dog are trademarks used herein under 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 credi

8、tor to pay the debt (political embargo).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. Ri

9、sks in International TradeCommercial Risk The 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

10、 would represent a greater exposure for a small exporter 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 Internati

11、onal 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

12、 under license. All rights reserved. Alternative Terms of PaymentCash 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

13、reserved. Alternative Terms of PaymentTable 7-1: Advantages and Disadvantages 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 NilDocu

14、mentary Collection LowLowOpen Account NilRelatively HighTradeCard LowAlmost 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

15、 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 und

16、er license. All rights reserved. Cash in AdvanceDefinitionIn a Cash in Advance transaction, 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, th

17、e risk is completely transferred 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. Cash in AdvanceApplicability This method is only justified in rare cases.It could be used when the

18、importer is perceived as being very high risk (commercial or country risk).It should be avoided. 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

19、 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 Star logo, and Atomic Dog are trademark

20、s used herein under license. All rights reserved. Open AccountDefinition In an Open Account transaction, the 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

21、pay within a defined time period (30-60 days). 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 AccountApplicabilityThe exporter is confident that the importer will pay (e.g. long-standing busi

22、ness relationship).The exporter is competing with companies that offer Open Account terms.The exporter wants to create goodwill.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 log

23、o, and Atomic Dog are trademarks used herein under license. All rights reserved. Open AccountCredit Insurance An insurance policy 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 insuran

24、ce does not cover political risk, unless the exporter has explicitly asked for additional political coverage that is obtained through 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.

25、 Open AccountInternational FactoringA means of financing international receivable accounts.The firm can ask a factoring company to advance funds on a receivable account:With recourse where the owner of the account receivable is still responsible for collecting it. Without recourse where the collecti

26、on responsibility entirely shifts to the factoring house. 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 Ter

27、ms 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

28、 reserved. Letter of CreditDefinitionA Letter of Credit is a document with which the importers bank promises to pay the exporter if the importer does not 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 no

29、t paid until it produces all of the required documents to the importers bank.Also called Documentary 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 CreditIssuing Bank The bank pr

30、oviding 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 pay.Advising BankThe bank that determines whether the terms of the Letter of Credit offered by the Issuing Bank are appropriate.The Advising

31、 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 international trade. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license.

32、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 in a Letter of Credit as the firm to which the issuing bank is promising payment if the importer does not pay.Usually, the benefici

33、ary 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 rights reserved. Letter of Credit (Process)Issuance First Step - Negotiation between exporter and importer.Second Step - Ap

34、plicant (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 (Exporters Bank).Fourth Step - The Advising Bank notifies the beneficiary that the L/C is acceptable. 2007 Thomson, a

35、 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 part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein un

36、der 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 Bank, which checks them against the terms of the L/C, and sends them to Issuing Bank. Sixth st

37、ep - 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 trademarks used herein under license. All rights reserved. Letter of Credit (Process)Sh

38、ipment 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 - Importer pays Issuing Bank.Eighth Step - Issuing Bank pays Advising B

39、ank.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 Letter of Credit 2007 Thomson, a part of the Thomson Corporat

40、ion. 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, and Atomic Dog are trademarks used herein u

41、nder 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 of documents (bill of lading, invoice an

42、d 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 CreditConfirmed Letter of Credit The

43、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 relationship. 2007 Thomson, a

44、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 discrepancy can be as s

45、imple 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 approval of both the

46、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 Inconsistent da

47、ta 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 u

48、sed 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 am

49、endment costs 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 e

50、xtend credit to the 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 Documentar

51、y Credit, 1993 Revision, International 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, t

52、he Star logo, and Atomic Dog are trademarks 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

53、Credit are costly.Letters of Credit are 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

54、than one year).Usually apply to more than one 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 he

55、rein 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 ToolTerms of Payment 2007 Tho

56、mson, a part of the Thomson Corporation. Thomson, the Star 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 do

57、cuments.It is accompanied by a Bill of Exchange (also called a 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 Collec

58、tion Remitting Bank The bank that interacts with the exporter and with 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 jus

59、t transmits them to the Presenting Bank.Presenting Bank The bank that interacts 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 Instructio

60、ns from the 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. Documentary Collection Sight Draft The Remitting Bank is instructed to release the documents only when the Importer pays.The im