国际结算与融资 双语版 汉、英PDF电子书下载

Acknowledgements 1

Preface 1

1 Introduction 1

1.1 International settlement vs.trade finance 1

1.2 The evolution of international settlement 3

From cash settlement to non-cash settlement 3

From direct payment to indirect payment 4

From simple price terms to complex price terms 5

From paper documents to electronic documents 7

1.3 Electronic communication and payment systems 10

SWIFT 10

BOLERO 12

CHIPS 13

CHAPS ＆ Faster Payment 14

Fedwire？ Funds Service,Fedwire Securities Service and National Settlement Services 15

TARGET and TARGET2 17

CNAPS 18

1.4 Players,roles and risks in international trade payments 19

Exporter 19

Importer 20

Banks 21

1.5 Types of payment techniques 21

Consignment 22

Open account 22

Documentary collections 23

Letters of credit 23

Guarantees/standby letters of credit 23

Payment in advance 23

Factoring 26

Forfaiting 26

1.6 Related laws,customs and practice 27

Laws on negotiable instruments 27

International customs and practice for collections,documentary letters of credit,standby letters of credit,guarantees and international factoring 27

International conventions on bills of lading 28

1.7 Correspondent bank 30

Correspondent bank agreement 30

Control documents 30

2 Negotiable instruments 39

2.1 Characteristics and functions of negotiable instruments 40

Negotiability 40

Unconditional promise or order to pay 40

Requisite in form 41

Non-causative nature 41

Functions of negotiable instruments 43

2.2 Negotiable instrument laws 43

2.3 Parties to a negotiable instrument 45

Drawer 45

Drawee 46

Payee 46

Indorser 47

Acceptor 48

Guarantor 48

Holder 49

The relationship of the parties to negotiable instruments 51

2.4 Bills of Exchange 53

Definition 53

Essential items required in a bill of exchange 55

2.5 Acts related to a bill of exchange 62

Issue 62

Indorsement 63

Presentment or presentation 67

Acceptance 68

Payment 70

Dishonour 72

Protest 73

Notice of Dishonour 76

Right of recourse 77

Guarantee or aval 78

Acceptance for honour supra protest 81

Payment for honour supra protest 83

Classification of bills of exchange 84

2.6 Promissory Notes 85

Definition 85

Essential items of a promissory note 86

Joint notes vs.joint and several notes 87

Types of promissory notes 89

Differences between bills of exchange and promissory notes 90

2.7 Cheques 92

Definition 92

Essential items of a cheque 93

Types of cheques 93

Differences between cheques and bills of exchange 99

3 Remittance 100

3.1 Definition 100

3.2 Parties to a remittance 101

Remitter 101

Remitting bank 101

Paying bank 102

Payee or beneficiary 102

3.3 Types of remittance 102

Mail transfer 102

Telegraphic transfer 103

Demand draft 104

3.4 Reimbursement of remittance cover 105

3.5 The cancellation of remittance 106

3.6 Application of remittance in international trade 107

Cash in advance 107

Open account 108

3.7 Trade finance under remittance 109

Financing under T/T 109

Credit insurance and bank financing 110

3.8 Other methods of remittance 110

Credit card 111

PapPal 112

Western Union and MoneyGram 113

Cheque payment 114

4 Collection 115

4.1 Definition 115

4.2 Basic parties to a collection 117

Principal 117

Remitting bank 118

Collecting bank 118

Presenting bank 119

Drawee 120

Collection instruction 121

The relationship between the basic parties 122

4.3 Types of collection 123

Clean collection 123

Documentary collection 123

Procedures of a documentary collection transaction 124

4.4 Terms of releasing documents 125

Documents against payment(D/P) 125

Documents against acceptance(D/A) 126

4.5 Liabilities and disclaimers of banks under a collection 127

Banks have no obligation to handle a collection 127

Disclaimer for acts of an instructed party 128

Disclaimer on documents received 128

Disclaimer on effectiveness of documents 128

Disclaimer on delays,loss in transit and translation 129

Banks do not deal with the goods,services or other acts 129

4.6 Financing provided by banks under a collection 129

Financing provided by the remitting bank to the exporter 130

Financing provided by the collecting bank to the importer 132

4.7 Problems frequently arising from a collection 134

The problems of using D/P at a fixed period after sight 134

Problems related to insurance 136

Negative events that may occur to the exporter 137

5 Letters of credit 139

5.1 Definition 139

5.2 Characteristics of a documentary credit 141

A written undertaking on the part of the issuing bank 141

Independent of the sales contract 142

Exclusively dealing with documents 142

5.3 Parties to a letter of credit 143

Applicant 143

Issuing bank 145

Beneficiary 146

Advising bank 147

Confirming bank 148

Paying bank/accepting bank 150

Negotiating bank 150

Claiming bank 151

Reimbursing bank 152

5.4 Stages to a documentary credit operation 153

Stage 1:The importer applies to its bank for a documentary credit 153

Stage 2:The issuing bank reviews the importer's application for credit and issues a documentary credit 154

Stage 3:The advising bank advises the credit to the seller 155

Stage 4:The exporter examines the credit,prepares for the required documents and submits the documents to the nominated bank 156

Stage 5:The issuing bank examines the documents and pays or reimburses the negotiating bank 158

Stage 6:The importer redeems the documents from the issuing bank and picks up the goods against the bills of lading from the shipping company 159

5.5 Contents of a documentary credit 159

Items on the credit itself 159

Items on draft 160

Items on goods,shipping documents and transport 160

Other items 160

5.6 The examination of a documentary credit 163

The examination by the advising bank 163

The examination by the exporter 171

5.7 Types of credit 175

Irrevocable credit 175

Confirmed irrevocable credit 175

Sight payment credit 176

Acceptance credit 177

Deferred payment credit 179

Negotiation credit 180

Straight credit 182

Anticipatory credit 183

Green clause credit 184

Transferable credit 185

Back-to-back credit 188

Revolving credit 189

Reciprocal credit 190

5.8 Trade finance provided by banks 192

Finance provided to the exporter 192

Finance provided to the importer 197

5.9 Letters of credit vs.other payment methods 200

6 Standby letters of credit 202

6.1 Definition 202

Origin 202

UCP 600 vs.ISP 98 203

Definition by ISP 98 203

6.2 Characteristics of a standby letter of credit 204

Clean credit 204

Financial obligation 205

Non-financial obligation 205

Irrevocable form 205

Duration and amount 206

Payment procedures 206

6.3 Parties to a standby letter of credit 206

Applicant 206

Issuer 208

Beneficiary 209

Transferree beneficiary 209

Confirmer 210

6.4 Types of documents required in a standby letter of credit 210

Demand for payment 211

Statement of default or other drawing event 211

Negotiable documents 211

Legal or judicial documents 212

Other documents 212

Examination of the documents 213

6.5 Types of standby credit 214

Performance standby 214

Advance payment standby 214

Bid bond/tender bond standby 214

Counter standby 215

Financial standby 215

Direct payment standby 215

Insurance standby 216

Commercial standby 216

6.6 The problems arising by making a standby subject to UCP 216

When a copy bill of lading is required 216

When partial payment is used 217

7 Letters of guarantee 218

7.1 Definition 218

Demand guarantee 218

Contract guarantee 219

7.2 Characteristics of a demand guarantee 220

7.3 Basic parties to a demand guarantee 220

7.4 Direct and indirect guarantees 222

7.5 Types of guarantee 222

Tender guarantee/bid bond 223

Performance guarantee 223

Repayment guarantee 223

Advance payment guarantee 223

Maintenance guarantee 223

Retention money guarantee 224

Counter guarantee 224

7.6 Contents of a guarantee 225

Basic contents of a guarantee 225

Additional clauses of a guarantee 226

Basic contents of a counter guarantee 231

8 International factoring 239

8.1 Origin and legal framework 239

Origin 239

Legal framework 240

8.2 What is factoring? 241

8.3 The procedures of international factoring 242

8.4 Types of factoring 243

Maturity factoring and financed factoring 243

Disclosed factoring and undisclosed factoring 244

Single factoring and co-factoring 244

8.5 Services provided to the exporter by a factor 245

Credit investigation of buyers 245

Credit protection 246

Collection and management of receivables 247

Finance 247

8.6 The role of factoring in international trade 248

8.7 Risks faced by factors 249

Credit risks 249

Operational risks 250

Legal risks 250

8.8 Factoring in China 251

9 International forfaiting 257

9.1 Origin and evolution 257

9.2 What is forfaiting? 259

Parties to the forfaiting transaction 261

Required Documents 261

Aval or guarantee 262

Costs 262

Application and tenors 263

9.3 The mechanics of a forfaiting transaction 264

The underlying trade contract 264

The forfaiting proposal 265

Terms and conditions 267

Summary of the procedures of forfaiting 270

9.4 Forfaiting vs.other trade financing methods 271

Forfaiting vs.officially supported export credits 271

Forfaiting vs.factoring 272

9.5 Forfaiting in China 272

10 Documents used in international trade payments 274

10.1 Types and functions of documents 274

Basic documents and additional documents 274

Financial documents and commercial documents 274

Representing the title to the ownership of the goods 275

Evidencing the fulfillment of obligations 275

10.2 Draft(s)drawn under a letter of credit 275

Characteristics of drafts drawn under a letter of credit 276

Examination of the draft(s)drawn under a letter of credit 276

The most frequently found discrepancies with drafts 278

10.3 Commercial invoices 278

Contents of a commercial invoice 278

Other invoices 280

10.4 Transport documents 284

Marine bills of lading 284

Basic parties to a bill of lading 285

Main contents of a bill of lading 286

Types of bills of lading 286

The most frequentl+]++[ found discrepancies with a bill of lading 290

Other transport documents 291

10.5 Insurance documents 295

Types of marine cargo transport insurance 295

Examining an insurance policy under a letter of credit 296

The most frequently found discrepancies with an insurance document 300

10.6 Other documents 305

Certificates of origin 305

Inspection certificate 309

Packing list and weight list 309

Cable copy 309

Beneficiary's statement 309

Shipping company's certificate 310

Certificate of analysis 310

Certificate of weight 310

10.7 Examination of documents under documentary credits 310

Examination of documents with reference to the documentary credit 311

Examination of documents with reference to the UCP 312

Examination of documents with reference to one another 312

References 313