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					 Unit 7
Payment
Teaching Objectives

   To understand the differences
    between international business
    transactions and domestic
    transactions.
   To understand the various
    trade terms in international
    transactions
   To master the new words and
    expressions
Teaching Process

   This unit will be taught within 8
    learning hours, which will be roughly
    arranged as following:
   1st-2nd hour: Lead-in Activities
   3rd-5th hour: Reading
    Comprehension & language points of
    the text
   6th-8th hour: Exercises, translation
    and extended activities
Assessment 100%

   Class Performance 30%
   Group presentations of role
    plays 30%
   Exercises 20%
   Quiz 20%
    Brainstorming: words or terms
    in relation to payment
   Price Terms
   EXW-Ex Works (工厂交货)
   FCA-Free Carrier (货交承运人)
   FAS-Free Alongside Ship (船边交货)
   FOB- Free On Board (装运港船上交货)
   CFR-Cost and Freight (成本加运费)
   CIF-Cost; Insurance and Freight (成本加保险费、运费)
   CPT-Carriage Paid To (运费付至…)
   CIP-Carriage, Insurance Paid To (运费、保险费付至…)
   DAF- Delivered At Frontier (边境交货)
   DES-Delivered Ex Ship (目的港船上交货)
   DEQ-Delivered Ex Quay (目的港船上交货)
   DDU-Delivered Duty Unpaid (未完税交货)
   DDP-Delivered Duty Paid (完税后交货)
    Modes of Payment
   Remittance (汇付)
   mail transfer (M/T) (信汇)
   telegraphic transfer (T/T) (电汇)
   remittance by banker’s demand draft (D/D) (票
    汇)
   collection (托收)
   documents against payment (D/P) (付款交单)
   documents against acceptance (D/A) (承兑交单)
   letter of credit (L/C) (信用证)
   payment by installments (分期付款)
   payment in advance (预付货款)
   payment in cash (付现)
   payment in full (全付)
Bills Involved in Payment

   bill of exchange/draft (汇票)
   banker’s draft (银行汇票)
   commercial bill (商业汇票)
   clean bill (光票)
   documentary bill (跟单汇票)
   sight draft (即期汇票)
   time bill/ usance bill (远期汇票)
   promissory note (本票)
   check
Parties Involve in Payment
   payer; payee;
    drawer; (出票人)drawee;
   beneficiary; (收款人,受益人)
   acceptor; (承兑人)
   endorser; (背书人,转让人)
   endorsee; bearer; (持票人)
   remitter; (汇款人)
    principal; (委托人)
   collecting bank (代收行)
   Presenting bank (提示行)
Parties Involved in Payment

   remitting bank; (汇出行)
   paying/drawee bank; (汇入行)
   L/C applicant; (开证申请人)
   opening/issuing bank; (开证行)
   advising/notifying bank; (通知行)
   negotiating bank; (议付行)
    confirming bank (保兑行)
Types of L/C
   documentary L/C; clean L/C;
    irrevocable L/C; revocable L/C
    confirmed L/C; unconfirmed (L/C)
    divisible L/C; sight L/C; usance L/C;
    banker’s acceptance L/C; deferred
    payment L/C; transferable L/C;
   non-transferable L/C; revolving L/C;
    reciprocal L/C; back to back L/C;
    anticipatory L/C; payment L/C;
    acceptance L/C; negotiation L/C;
    open negotiation L/C; restricted
    negotiation L/C; standby L/C
Verbs Used with L/C

   to open an L/C;
   to amend;
   extend
   open;
   establish;
   withdraw;
   cancel an L/C
Other Relevant Terms

   issue; presentation (提示)
   endorsement; acceptance
   discount;(贴现)
   right of recourse (追索权)
   payment in advance
   cash with order (随订单付款)
   open account (赊账)
   dishonor by non-payment (拒付,退单)
   foreign exchange; foreign currency
Pair work

   What are the instruments of
    payment widely used in
    international banking?
   What are the modes of payment
    commonly adopted in
    international trade?
   What do you know about letter
    of credit?
Language Points

   Para 1
   Finalize: v. put (sth.) into final
    forms; complete
   e.g. finalize one’s plans,
    arrangements, etc.
   e.g. After much negotiation, the
    two parties have finalized the
    agreement.
   finalization n.
Para 2

   Incoterms: International
    Commercial TERMs
   uniform adj. not changing in
    form or character; unvarying
    (相同的,一致的)
   e.g. of uniform length, size,
    shape, colour, etc.
   The rows of houses were
    uniform in appearance.
Language Points

Uniform: adj.
 e.g. be kept at a uniform
  temperature
 uniform distribution of weight

 Uniform: v. to make (something)
  uniform (使一致)
 uniformity n.

 uniformly adv.
Language Points

   codify v. arrange (laws, rules,
    etc.) systematically into a code
   codification n.

   ICC -- the International
    Chamber of Commerce
Language Points

   Para 3
   EXW-Ex works: means that the
    seller fulfills his obligation to
    deliver when he has made the
    goods available at his
    premises(所在地) to the buyer.
Language Point:

   Para 3
   …he is not responsible for loading
    the goods…clearing the goods…
   clear v. get permission for or allow
    ( a ship, plane or cargo) to leave or
    enter a place or be unloaded
   e.g. clear goods through customs/
    clear a place for take-off
Language Points

   clear v. ( of goods) pass through
    sth after satisfying official
    requirements (结关,在卸货或进
    出港口时遵照海关和港口的要求)
   e.g. Our baggage has cleared
    customs.
Language Points

   …the buyer cannot carry out
    directly or indirectly export
    formalities.
   export formalities: legal or
    customs procedures for export
Language Points

   Hand over: to give (power,
    responsibility, or control of sth.)
    to someone else 移交(权力,责
    任,控制权)
hand over

 hand over: to give (power,
  responsibility, or control of
  something) to someone else
 E.g. The president will hand
  over his power to his
  successor next month.
stipulate-stipulation

   …the seller may choose within
    the place or range stipulated by
    buyer…
   stipulate v. state sth clearly and
    firmly as a requirement
   e.g. It was stipulated that the
    goods should be delivered
    within three days
   Stipulation n.
take into one’s charge

 take into one’s charge: take
  into one’s control
 take down: write down
At one’s risk

   At one’s risk: for sb. to bear the
    responsibility of any loss or
    damage 由某人承担…后果

   At one’s expense: for someone
    to pay the cost 由某人负担费用
undertake to do sth

   undertake to do sth: to
    promise or agree to do sth;
    guarantee and affirm to do
    sth
procure -procurement

   “Carrier” means any
    person…undertakes to perform
    or to procure the performance…
   procure v. obtain sth. esp. with
    care or effort; acquire
   e.g.The book is out of print and
    difficult to procure.
procure-procurement

   Can you procure some
    specimens for me/procure me
    some specimens?
   He was responsible for
    procuring supplies for the army
   procurement n.
deem v.

   …the seller is deemed to
  have fulfill his obligation…
 deem v. consider; regard

 e.g. He deemed that it was
  his duty to help.
deem v.

 She was deemed to be the
  winner.
 It is deemed advisable.

 I deem it a great honour to
  be invited to address you.
Trade   Where are        When is the risk     Who clears    Who          Which mode
terms   the goods        of loss or           the goods     clears the   of transport
        delivered?       damage               for export?   goods for    is it
                         transferred                        import?      applicable to ?

EXW     At the seller’s When the goods        The buyer     The buyer    Any mode of
        premises        have been                                        transport
                        delivered into the
                        custody of the
                        buyer

FCA     At the named     When the goods       The seller    The buyer    Any mode of
        place or point   have been                                       transports
        in the country   delivered into the
        of export        custody of the
        indicated by     carrier
        the buyer
FAS     At the           When the goods The buyer           The buyer Sea or inland
        named            have been                                    waterway
        shipment         placed                                       transport
                         alongside the
                         vessel
Trade   Where are     When is the risk    Who clears    Who          Which mode
terms   the goods     of loss or          the goods     clears the   of transport
        delivered?    damage              for export?   goods for    is it
                      transferred                       import?      applicable to ?

FOB     At the named When the goods       The seller    The buyer    Sea or inland
        port of      have been passed                                waterway
        shipment     over the ship’s rail                            transport


CFR     At the named When the goods       The seller    The buyer    Sea or inland
        port of      have been passed                                waterway
        shipment     over the ship’s rail                            transport



CIF     At the        When the goods       The seller   The buyer Sea or inland
        named         have been passed                            waterway
        shipment      over the ship’s rail                        transport
Trade   Where are the    When is the           Who clears    Who       Which
terms   goods delivered? risk of loss or       the goods     clears    mode of
                         damage                for export?   the       transport is
                         transferred                         goods     it applicable
                                                             for       to ?
                                                             import?

CPT     At the named        When the           The seller    The buyer Any mode
        place or point in   goods have                                 of transport
        the country of      been delivered
        export indicated    into the custody
        by the buyer        of the carrier

CIP     At the named        When the           The seller    The buyer Any mode
        place or point in   goods have                                 of transport
        the country of      been delivered
        export indicated    into the custody
        by the buyer        of the carrier


DAF     At the named        When the           The seller    The buyer Any mode
        place or point at   goods have                                 of transport
        the frontier        been delivered
                            into the custody
                            of the carrier
Trade   Where are the    When is the       Who clears    Who         Which mode
terms   goods delivered? risk of loss or   the goods     clears      of transport
                         damage            for export?   the         is it
                         transferred                     goods for   applicable
                                                         import?     to ?

DES     At the named port When the goods The seller      The buyer Sea or inland
        of destination    have been                                waterway
                          made available                           transport
                          to the buyer on
                          board the ship
DEQ     At the named port When the goods The seller      The buyer Sea or inland
        of destination    have been                                waterway
                          made available                           transport
                          to the buy on
                          the quay / wharf
                          at the named
                          port of
                          destination
Trade   Where are the   When is the       Who          Who       Which
terms   goods           risk of loss or   clears the   clears    mode of
        delivered?      damage            goods for    the       transport is
                        transferred       export?      goods     it
                                                       for       applicable
                                                       import?   to ?
DDU     At the named    When the         The seller    The       Any mode
        place in the    goods have                     buyer     of transport
        country of      been made
        importation     available to the
                        buyer at the
                        named place
                        of destination
DDP     At the named    When the         The seller    The       Any mode
        place in the    goods have                     buyer     of transport
        country of      been made
        importation     available to the
                        buyer at the
                        named place
                        of destination
Word Study

Act
     After explaining the text, the
      teacher asked some of the
      students to act out the dialogues in
      it.
     He became a rather popular actor
      after playing the part of the hero in
      the newly released film.
     When he was detained and
      questioned he acted as if he knew
      nothing about the murder.
undertake

a.   She made the promise that she
     would undertake all the
     responsibilities if anything
     unexpected happened as a result
     of implementing the plan.
b.   They leaked the information though
     they had undertaken to keep it as a
     secret among themselves.
c.   The contractor undertakes to
     complete the construction and
     decoration of the building within
     half a year.
transfer
a.   Many football players are
     hoping/hope that they can be
     transferred to this team of
     international fame.
b.   Since this matter is of great
     urgency, they got off the train and
     transferred to a plane at Shanghai.
c.   One of the problems we are facing
     now is how to transfer our
     technological advances into
     productive forces as quickly as
     possible.
instruct

   The municipal government issued a
    warning instructing its citizens not to
    purchase any imported beef on the
    market.
   The technician instructed his
    apprentices in how to operate the
    lathe whenever he was free.
   If there is any change of the contract
    on your part you must instruct us
    without delay.
stipulate

   Fully being aware of the danger
    involved, he stipulated three things
    before agreeing to do this job.
   You must stipulate how many hours
    you can work in a day before we can
    decide whether to accept your
    application.
   We stipulated the best materials,
    why have you used these
    substandard materials instead?
Translation

1.   This is a rather dangerous matter
     and it’s not as simple as you have
     expected, so you’d better not get
     yourself involved in it.
2.   Some time after the general
     election, the president will hand
     over his power to his successor,
     and then a new administration will
     begin.
Translation

3. Customers are advised to carry light
    luggage with themselves. If they
    insist on leaving it to the care of the
    hotel, it must be left at their own
    risk.
4. When a salesman is away on
    business, all his expenditures
    pertaining to business expansion
    are at his company’s expense.
Translation

5. It’s quite clear that the
  recapture of the criminal is due
  more to good management on
  the part of the police than good
  luck.
6. It is of vital importance that all
  applications (should) be filed no
  later than July 15.
Translation

7. Those under the age of 18 are
  excluded from the club.
8. The president made a speech to the
  effect that all workers would keep
  their jobs even if the ownership of
  the factory changed hands.
9. The jobs will be offered to those with
  the right qualifications, irrespective of
  their age.
Basic Writing 2.

  Dear Mr. Martin,
  Thank you for your invoice No HL-
  52 of 25th.
  I think there is a mistake in the
  discount shown. In your letter of
  12th, you agreed to allow us 10%
  on orders of 100 or more items. We
  ordered 100,but the discount given
  in your invoice is only 5%.
Basic Writing 2.

 We should be grateful if you
 would change the invoice and
 let us have a corrected copy.
 We can then deal with payment
 in the usual way.
 Yours sincerely,
 Jim Simpson
 Jim Simpson
 Manager
Basic Writing 4. 1)

Dear Sirs,
     Your letter of credit No. 7746
 by the Bank of Cyprus has
 arrived.
     On examination, we find that
 transshipment and partial
 shipment are not allowed.
     As direct sailings to Limassol
Basic Writing 4. 1)

 are infrequent, we have to ship
 via Rotterdam more often than
 not. Therefore, transshipment
 may be necessary. It would
 certainly speed matters up if we
 could ship immediately the
 goods we have in stock instead
 of waiting for the whole
 shipment to be completed.
Basic Writing 4. 1)

 With this in mind, I telexed you today,
 asking for the letter of credit to be
 amended to read: “ partial shipment
 and transshipment allowed.”
 I trust this amendment will meet with
 your approval and you will telex us to
 that effect without delay.
 Yours sincerely
Basic Writing 4. 2)

 Dear Sirs,
 Thank you for your letter of
 credit covering your order for
 2,000 units of our Automatic
 Camera Model PL-342.
 We regret to say that, owing to a
 delay on the part of our
 suppliers, we shall not be able
 to get the shipment ready before
Basic Writing

 the end of this month. Therefore we
 would like to ask you to extend the
 L/C for another two weeks. We faxed
 you earlier today to that effect.
 We expect that the consignment will
 be ready for shipment in the early
 part of September. Arrangement is
 being made to ship it on the S. S.
 Voyager sailing from San Francisco
 on September 9.
Basic Writing

 We look forward to your reply by
 return fax.
 We send our sincere apologies
 for the delay and trust that it will
 not unduly inconvenience you.
 Yours sincerely,

				
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