Commercial Documentation in English. Учебное пособие
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UNIT 6. Terms of Payment |
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acknowledge |
– подтверждать |
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binding |
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обязательный, принудительный |
presentation |
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представление |
negotiable |
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могущий быть предметом перегово- |
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ров |
endorse |
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делать передаточную надпись, под- |
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писываться |
immediate |
– немедленный, срочный |
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face value |
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номинальная стоимость |
hypothecation |
– ипотечный залог |
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loan |
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заем, ссуда |
cut down |
– сокращать |
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currency |
– валюта |
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confidence |
– доверие |
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remittance |
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перевод |
assurance |
– уверение, гарантия, страхование |
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bearer |
– податель, предъявитель, владелец |
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to endorse |
– делать передаточную запись, под- |
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тверждать |
crossing |
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перечеркивание, перекрещивание |
to handle over |
– передавать |
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cancel |
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отменять |
expiry date |
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истечение срока действия контракта |
the Letter of Credit |
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аккредитив |
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Table № 3. |
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International terms of payment in comparison |
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Usual |
Goods |
Risk |
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Method |
Time of |
Available To |
Risk to Buyer |
Comments |
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to Seller |
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Payment |
Buyer |
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CASH IN |
Before |
After payment |
None |
Complete. Relies |
Seller’s goods must |
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ADVANCE |
shipment |
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on seller to ship |
be special in one way |
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exactly the goods |
or another, or special |
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expected, as quoted |
circumstances prevail |
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and ordered |
over normal trade |
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practices (e.g., goods |
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manufactured to buyer– |
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only specification). |
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LETTER OF |
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Commerical |
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Letters of Credit |
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CREDIT (L/C) |
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Invoice must match |
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require total accuracy |
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(See next two |
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the L/C exactly. |
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in conforming to |
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Dates must be |
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terms, conditions, |
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items.) |
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carefully headed. |
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and documentation. |
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«Stale» documents |
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Consult for determining |
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are unacceptable |
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feasibility of terms and |
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for collection. |
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conditions. |
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CONFIRMED |
After |
After payment |
Gives the seller a |
Assures shipment |
The inclusion |
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IRREVOCABLE |
shipment |
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double assurance of |
is made but relies |
(включение) of a second |
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CREDIT |
is made, |
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payments. Depends |
on exporter to ship |
assurance of payment |
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documents |
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on the terms of the |
goods as described |
prevents surprises, and |
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presented |
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letter of credit . |
in documents. |
adds assurance that |
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to the |
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Terms may be |
issuing bank has been |
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bank. |
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negotiated prior |
deemed acceptable by |
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to L/C agreement, |
confirming bank. Adds |
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alleviating buyer’s |
cost and an additional |
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degree of risk. |
requirement to seller. |
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English in Documentation Commercial
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UNCONFIRMED |
The same |
The same as |
Seller has single |
The same as above |
Credit can be changed |
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IRREVOCABLE |
as above |
above |
bank assurance of |
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only by mutual |
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CREDIT |
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payment and seller |
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agreement, as stipulated |
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remains dependent |
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in a sales agreement. |
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on foreign bank. |
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Becomes open account |
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Seller should |
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with buyer’s bank as |
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contact his banker to |
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collection agent. Foreign |
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determine whether |
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bank may have problems |
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the issuing bank has |
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making payment in sum |
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sufficient assests to |
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or timeliness. |
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cover the amount. |
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DRAFTS |
Remittance |
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Drafts, by |
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A draft may be written |
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(See next two |
time from |
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design, should |
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with virtually any term or |
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buyer’s |
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contain terms |
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condition agreeable to both |
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items.) |
bank to |
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and conditions |
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parties. When determining |
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seller’s |
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mutually agreed |
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draft tenor (terms and con- |
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bank may |
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upon. |
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ditions), consult with your |
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still take |
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banker and freight forward- |
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one week |
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er to determine the most de- |
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to one |
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sirable means of doing busi- |
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month. |
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ness in a given country. |
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SIGHT DRAFT |
On pre- |
After payment |
If draft not |
Assures shipment |
A draft can be a collection |
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(with documents |
sentation |
to buyer’s |
honored, goods |
but not content, |
instrument used to ex- |
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6UNIT |
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against |
of draft to |
bank. |
must be returned |
unless inspection or |
change possession and ti- |
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acceptance) |
buyer. |
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or resold. Storage, |
check–in is allowed |
tle to goods for payment. |
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handling, and |
before payment. |
Seller is essentially draw- |
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return freight |
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ing a check against the |
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expenses may be |
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bank account of the buyer. |
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Terms |
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incurred. |
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Buyer’s bank must have |
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pre–approval, or seek ap- |
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of |
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proval of the buyer prior |
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Payment |
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to honoring the check. |
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Payble upon presentation |
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of documents. |
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Продолжение table № 3. |
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Usual |
Goods |
Risk |
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Method |
Time of |
Available To |
Risk to Buyer |
Comments |
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to Seller |
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Payment |
Buyer |
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TIME DRAFTS |
On |
Before |
Relies on buyer to |
Assures shipment |
Payable based upon |
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(with documents |
maturity |
payment, after |
honor draft upon |
but not content. |
the acceptance of an |
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against |
of the draft |
acceptance |
presentation. |
Time of maturity |
obligation to pay the |
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acceptance) |
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allows for |
seller at a specified time. |
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adjustments, if |
Although a time draft |
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agreed to by seller. |
has more collection |
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leverage than an |
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invoice, it remains only |
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a promissory note, with |
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conditions. |
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OPEN |
As agreed, |
Before |
Relies completely |
None |
All terms of payment, |
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ACCOUNT |
usually by |
payment |
on buyer to pay |
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including extra charges |
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invoice |
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account as agreed |
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and terms should be |
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mutually understood |
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and agreed upon |
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prior to open account |
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initiation. Companies |
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conducting ongoing |
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business are candidates |
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for open account terms |
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of payment. Seller must |
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measure not only buyer’s |
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credit reliability but the |
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country’s as well. |
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English in Documentation Commercial
UNIT 6. Terms of Payment
2. Answer the questions:
1.What is an irrevocable L/C?
2.What is a cheque?
3.What are two types of draft?
4.Whom do you give TT terms?
5.Who guarantees payment against a confirmed letter of credit?
6.What is the major advantage of a revolving L/C?
3.Find the equivalents to the following terms and expressions in the text:
– платеж осуществляется по отгрузочным документам,
– наименование товара,
– страна происхождения,
– чекоплачиваетсявстранепроисхождения(товара, услуг),
– использоваться во внутренней торговле,
– развивающие страны,
– платеж должен будет осуществлен в должное время,
– платеж в форме инкассо,
– выводить из обращения крупные суммы денег,
– индоссировать (выписывать вексель),
– контракт может предусматривать осуществление пре- доплаты.
4.Translate the sentences into English using words from
the text:
1.Чеки наиболее часто используются как средство плате- жа внутри страны.
2.Телеграфный перевод производится путем перевода денежных средств с банковского счета покупателя на бан- ковский счет продавца в соответствии с инструкциям поку- пателя.
3.Перевод осуществляется по текущему курсу обмена.
4.С точки зрения экспортера при оплате аккредитивом банка заменяется риском продавца
5.Безотзывный аккредитив не может быть изменен или отменен без согласия стороны, в чью пользу он был открыт.
6.В случае аккредитива платеж делается только против отгрузочных документов, предоставляющих название товара.
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Commercial Documentation in English
7.В случае платежа в форме инкассо экспортер обычно требует от импортера гарантий своевременных платежей со стороны банка.
8.Платежнаоткрытыйсчетобычнопредоставляетсяпро- давцом постоянным надежным покупателям.
5. Choose Russian equivalents to the following English expressions:
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English expressions |
Russian expressions |
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the contract may stipulate a ten % |
документы вручены покупателю |
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advance payment |
против оплаты |
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pay on demand a certain sum of |
контракт |
может предусматри- |
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money |
вать десять % предоплаты |
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grant terms of payment on an open |
оплатить по требованию опреде- |
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account |
ленную сумму денег |
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Sight Draft is usually payable on |
предоставить условие платежа на |
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presentation at the bank |
открытый счет |
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The Letter of Credit is secure both |
вексель ан предъявителя обычно |
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to the Exporter and to the Importer |
оплачивается при его преставле- |
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нии в банк |
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The revolving Letter of Credit |
аккредитив – надежное средство |
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saves the charges on multiple |
платежадляэкспортераиимпор- |
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letters of credit |
тера |
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withdraw big sums of money from |
возобновляемый |
аккредитив |
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circulation before actually receiv- |
уменьшает расходына многочис- |
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ing the goods |
ленные аккредитивы. |
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the documents are handled over |
изымать |
денежные |
средства из |
to the Buyer against payment |
обращения до фактического по- |
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лучения товара |
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UNIT 7.
Banks Credits
1. Read and translate the text:
Sellers often stipulate in contracts that payment should be made by Buyers by means of credit established (or open) the Buyers with a bank in favour of Seller. This means that the Buyers must go to their bank and arrange that the bank should open a credit under which the bill of exchange (payable at sight or at a stated time – according to the contract) accompanied by shipping documents will be drawn by the Seller on the bank, and not on the Buyers.
In the bank issues a revocable credit, it has the right to revoke it at any time without notice to the beneficiary (i.e. the Seller of the goods). The bank which agrees to issue an irrevocable credit, cannot cancel it, even if the Buyers ask them to do so.
The Specimen of Revocable Letter of Credit
IMPORTED BANK, LTD. Foreign Branch, London, E.C. 2
Revocable Credit №__ Dated London__
(Please quote this reference on all correspondence relating hereto) Amount
To
At the request of
We hereby advise having opened our Revocable Credit in your favour: drafts to be drawn on us a
to the extend of
The following documents (complete set unless otherwise stated) must accompany your draft(s):
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1.Bill of Lading on Board (Received for shipment) Clean, To Order, and endorsed in blank.
2.Policy (Certificate) of Insurance covering marine (marine and war) risks for invoice value plus ___ per cent.
Other insurance risks to be covered ______________________
4.Other documents
Evidencing shipment of Merchandise
Description
Quality |
Weight |
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C.I.F. |
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C.&.F |
Price:_______ |
F.O.B. |
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F.O.R. |
From |
to |
In part consignments (one consignment), when pro rata drawings may (may not) be made.
Drafts drawn hereunder must clearly specify the number of this credit.
Nothing in this letter is to be taken as confirmation of the credit, which is revocable and therefore subject to cancellation at any time without notice.
Yours faithfully,
For and on behalf of Importers Bank, Ltd., (Signature)
The Specimen of Irrevocable Letter of Credit
IMPORTED BANK, LTD. Foreign Branch, London, E.C. 2
Irrevocable Credit №__ Dated London__
(Please quote this reference on all correspondence relating hereto) Amount
To
At the request of
We hereby authorize you to draw on us at to the extend of
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UNIT 7. Banks Credits
The following documents (complete set unless otherwise stated) must accompany your draft(s):
1.Bill of Lading on Board (Received for shipment) Clean, To Order, and endorsed in blank.
2.Invoice
3.Policy (Certificate) of Insurance covering marine (marine and war) risks for invoice value plus ___ per cent.
Other insurance risks to be covered _____________.
4.Other documents
Evidencing shipment of Merchandise
Description
Quality |
Weight |
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C.I.F. |
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C.&.F |
Price:_______ |
F.O.B. |
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F.O.R. |
From |
to |
In part consignments (one consignment), when pro rata drawings may (may not) be made.
Drafts drawn hereunder must clearly specify the number of this credit.
We hereby undertake to accept and / or pay all drafts regularly drawn upon us under this credit.
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Yours faithfully, |
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For and on behalf of Importers Bank, Ltd., |
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(Signature) |
Vocabulary: |
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received for shipment Bill – |
коносамент на груз, |
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of Lading |
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принятый для отправки |
endorsed in blank |
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c бланковым индоссаментом, с |
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бланковойпередаточнойнадписью |
to evidence |
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явиться доказательством |
in part consignments |
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отправка по частям |
in one consignment |
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одним грузом |
pro rata |
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пропорционально |
49
Commercial Documentation in English
to stipulate |
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обуславливать |
in favour of |
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в чью –то пользу |
revoke |
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отменять, аннулировать |
beneficiary |
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бенефициар, получатель по аккре- |
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дитиву |
specimen |
– образец |
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hereto |
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к этому, для этой цели |
marine and war risks |
– морской и военный риски |
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invoice |
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счет–фактура |
merchandise |
– товар |
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hereunder |
– подтем, подэтим, наоснованииэтого |
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to specify |
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обозначать, перечислять |
confirmation |
– подтверждение |
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therefore |
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поэтому, следовательно |
on behalf of |
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от чьего–то имени |
request |
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просьба, запрос |
hereby |
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таким образом, в связи с этим |
yours faithfully |
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c уважением |
to extend |
– продлевать |
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draw |
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составлять, оформлять, выписы- |
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вать, выставлять (чек) |
2. Find the equivalents to the following terms and expressions:
–предусмотреть в контракте,
–отзывной (безотзывный) аккредитив,
–страховой полис,
–являться доказательством отгрузки товара,
–полный комплект документов,
–уполномочить, санкционировать, разрешать;
–подтверждение кредита,
–аннулирование в любое время без уведомления.
4. Translate the sentences into English using words from the text:
1.Платежпоконтрактупроизводитсявформебанковско- го кредита, открытого покупателем в пользу продавца.
2.Банк, согласившийся открыть безотзывный аккреди- тив, не может отменить его, даже в случае просьбы покупателя.
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