国际结算与融资 双语版 汉、英PDF|Epub|txt|kindle电子书版本网盘下载

国际结算与融资 双语版 汉、英PDF格式电子书版下载

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Acknowledgements1

Preface1

1 Introduction1

1.1 International settlement vs.trade finance1

1.2 The evolution of international settlement3

From cash settlement to non-cash settlement3

From direct payment to indirect payment4

From simple price terms to complex price terms5

From paper documents to electronic documents7

1.3 Electronic communication and payment systems10

SWIFT10

BOLERO12

CHIPS13

CHAPS ＆ Faster Payment14

Fedwire？ Funds Service,Fedwire Securities Service and National Settlement Services15

TARGET and TARGET217

CNAPS18

1.4 Players,roles and risks in international trade payments19

Exporter19

Importer20

Banks21

1.5 Types of payment techniques21

Consignment22

Open account22

Documentary collections23

Letters of credit23

Guarantees/standby letters of credit23

Payment in advance23

Factoring26

Forfaiting26

1.6 Related laws,customs and practice27

Laws on negotiable instruments27

International customs and practice for collections,documentary letters of credit,standby letters of credit,guarantees and international factoring27

International conventions on bills of lading28

1.7 Correspondent bank30

Correspondent bank agreement30

Control documents30

2 Negotiable instruments39

2.1 Characteristics and functions of negotiable instruments40

Negotiability40

Unconditional promise or order to pay40

Requisite in form41

Non-causative nature41

Functions of negotiable instruments43

2.2 Negotiable instrument laws43

2.3 Parties to a negotiable instrument45

Drawer45

Drawee46

Payee46

Indorser47

Acceptor48

Guarantor48

Holder49

The relationship of the parties to negotiable instruments51

2.4 Bills of Exchange53

Definition53

Essential items required in a bill of exchange55

2.5 Acts related to a bill of exchange62

Issue62

Indorsement63

Presentment or presentation67

Acceptance68

Payment70

Dishonour72

Protest73

Notice of Dishonour76

Right of recourse77

Guarantee or aval78

Acceptance for honour supra protest81

Payment for honour supra protest83

Classification of bills of exchange84

2.6 Promissory Notes85

Definition85

Essential items of a promissory note86

Joint notes vs.joint and several notes87

Types of promissory notes89

Differences between bills of exchange and promissory notes90

2.7 Cheques92

Definition92

Essential items of a cheque93

Types of cheques93

Differences between cheques and bills of exchange99

3 Remittance100

3.1 Definition100

3.2 Parties to a remittance101

Remitter101

Remitting bank101

Paying bank102

Payee or beneficiary102

3.3 Types of remittance102

Mail transfer102

Telegraphic transfer103

Demand draft104

3.4 Reimbursement of remittance cover105

3.5 The cancellation of remittance106

3.6 Application of remittance in international trade107

Cash in advance107

Open account108

3.7 Trade finance under remittance109

Financing under T/T109

Credit insurance and bank financing110

3.8 Other methods of remittance110

Credit card111

PapPal112

Western Union and MoneyGram113

Cheque payment114

4 Collection115

4.1 Definition115

4.2 Basic parties to a collection117

Principal117

Remitting bank118

Collecting bank118

Presenting bank119

Drawee120

Collection instruction121

The relationship between the basic parties122

4.3 Types of collection123

Clean collection123

Documentary collection123

Procedures of a documentary collection transaction124

4.4 Terms of releasing documents125

Documents against payment(D/P)125

Documents against acceptance(D/A)126

4.5 Liabilities and disclaimers of banks under a collection127

Banks have no obligation to handle a collection127

Disclaimer for acts of an instructed party128

Disclaimer on documents received128

Disclaimer on effectiveness of documents128

Disclaimer on delays,loss in transit and translation129

Banks do not deal with the goods,services or other acts129

4.6 Financing provided by banks under a collection129

Financing provided by the remitting bank to the exporter130

Financing provided by the collecting bank to the importer132

4.7 Problems frequently arising from a collection134

The problems of using D/P at a fixed period after sight134

Problems related to insurance136

Negative events that may occur to the exporter137

5 Letters of credit139

5.1 Definition139

5.2 Characteristics of a documentary credit141

A written undertaking on the part of the issuing bank141

Independent of the sales contract142

Exclusively dealing with documents142

5.3 Parties to a letter of credit143

Applicant143

Issuing bank145

Beneficiary146

Advising bank147

Confirming bank148

Paying bank/accepting bank150

Negotiating bank150

Claiming bank151

Reimbursing bank152

5.4 Stages to a documentary credit operation153

Stage 1:The importer applies to its bank for a documentary credit153

Stage 2:The issuing bank reviews the importer's application for credit and issues a documentary credit154

Stage 3:The advising bank advises the credit to the seller155

Stage 4:The exporter examines the credit,prepares for the required documents and submits the documents to the nominated bank156

Stage 5:The issuing bank examines the documents and pays or reimburses the negotiating bank158

Stage 6:The importer redeems the documents from the issuing bank and picks up the goods against the bills of lading from the shipping company159

5.5 Contents of a documentary credit159

Items on the credit itself159

Items on draft160

Items on goods,shipping documents and transport160

Other items160

5.6 The examination of a documentary credit163

The examination by the advising bank163

The examination by the exporter171

5.7 Types of credit175

Irrevocable credit175

Confirmed irrevocable credit175

Sight payment credit176

Acceptance credit177

Deferred payment credit179

Negotiation credit180

Straight credit182

Anticipatory credit183

Green clause credit184

Transferable credit185

Back-to-back credit188

Revolving credit189

Reciprocal credit190

5.8 Trade finance provided by banks192

Finance provided to the exporter192

Finance provided to the importer197

5.9 Letters of credit vs.other payment methods200

6 Standby letters of credit202

6.1 Definition202

Origin202

UCP 600 vs.ISP 98203

Definition by ISP 98203

6.2 Characteristics of a standby letter of credit204

Clean credit204

Financial obligation205

Non-financial obligation205

Irrevocable form205

Duration and amount206

Payment procedures206

6.3 Parties to a standby letter of credit206

Applicant206

Issuer208

Beneficiary209

Transferree beneficiary209

Confirmer210

6.4 Types of documents required in a standby letter of credit210

Demand for payment211

Statement of default or other drawing event211

Negotiable documents211

Legal or judicial documents212

Other documents212

Examination of the documents213

6.5 Types of standby credit214

Performance standby214

Advance payment standby214

Bid bond/tender bond standby214

Counter standby215

Financial standby215

Direct payment standby215

Insurance standby216

Commercial standby216

6.6 The problems arising by making a standby subject to UCP216

When a copy bill of lading is required216

When partial payment is used217

7 Letters of guarantee218

7.1 Definition218

Demand guarantee218

Contract guarantee219

7.2 Characteristics of a demand guarantee220

7.3 Basic parties to a demand guarantee220

7.4 Direct and indirect guarantees222

7.5 Types of guarantee222

Tender guarantee/bid bond223

Performance guarantee223

Repayment guarantee223

Advance payment guarantee223

Maintenance guarantee223

Retention money guarantee224

Counter guarantee224

7.6 Contents of a guarantee225

Basic contents of a guarantee225

Additional clauses of a guarantee226

Basic contents of a counter guarantee231

8 International factoring239

8.1 Origin and legal framework239

Origin239

Legal framework240

8.2 What is factoring?241

8.3 The procedures of international factoring242

8.4 Types of factoring243

Maturity factoring and financed factoring243

Disclosed factoring and undisclosed factoring244

Single factoring and co-factoring244

8.5 Services provided to the exporter by a factor245

Credit investigation of buyers245

Credit protection246

Collection and management of receivables247

Finance247

8.6 The role of factoring in international trade248

8.7 Risks faced by factors249

Credit risks249

Operational risks250

Legal risks250

8.8 Factoring in China251

9 International forfaiting257

9.1 Origin and evolution257

9.2 What is forfaiting?259

Parties to the forfaiting transaction261

Required Documents261

Aval or guarantee262

Costs262

Application and tenors263

9.3 The mechanics of a forfaiting transaction264

The underlying trade contract264

The forfaiting proposal265

Terms and conditions267

Summary of the procedures of forfaiting270

9.4 Forfaiting vs.other trade financing methods271

Forfaiting vs.officially supported export credits271

Forfaiting vs.factoring272

9.5 Forfaiting in China272

10 Documents used in international trade payments274

10.1 Types and functions of documents274

Basic documents and additional documents274

Financial documents and commercial documents274

Representing the title to the ownership of the goods275

Evidencing the fulfillment of obligations275

10.2 Draft(s)drawn under a letter of credit275

Characteristics of drafts drawn under a letter of credit276

Examination of the draft(s)drawn under a letter of credit276

The most frequently found discrepancies with drafts278

10.3 Commercial invoices278

Contents of a commercial invoice278

Other invoices280

10.4 Transport documents284

Marine bills of lading284

Basic parties to a bill of lading285

Main contents of a bill of lading286

Types of bills of lading286

The most frequentl+]++[ found discrepancies with a bill of lading290

Other transport documents291

10.5 Insurance documents295

Types of marine cargo transport insurance295

Examining an insurance policy under a letter of credit296

The most frequently found discrepancies with an insurance document300

10.6 Other documents305

Certificates of origin305

Inspection certificate309

Packing list and weight list309

Cable copy309

Beneficiary's statement309

Shipping company's certificate310

Certificate of analysis310

Certificate of weight310

10.7 Examination of documents under documentary credits310

Examination of documents with reference to the documentary credit311

Examination of documents with reference to the UCP312

Examination of documents with reference to one another312

References313