В. В. Сдобников, А. В. Селяев, С. Н. Чекунова

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Название	В. В. Сдобников, А. В. Селяев, С. Н. Чекунова
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Unit 9

METHODS OF PAYMENT

Lesson 1

Accounts may be paid by means of international money order (for small private transactions), banker's transfer (direct transfer from buyer's to seller's bank), bill of exchange and letter of credit

The banker's transfer is a simple transference of money from the bank account of a buyer in his own country to the bank account of the seller in the seller's country. The transfer is carried out at current exchange rates. Such transfers are subject to any exchange control regulations of the countries concerned. This transaction is simple and can be speeded up by cabled instructions if desired.

The bill of exchange (B/E) is an order in writing from a creditor to a debtor to pay on demand or on a named date a certain sum of money to a person named on the bill, or to his order .The bill is drawn by the creditor on the debtor, and is sent to the debtor for the latter to pay or accept ( i.e. to acknowledge the debt ). The debtor accepts by signing his name on the face of the bill , together with the date .The bill now becomes legally binding , and the acceptor must meet it on or before the due date.

The creditor (drawer) can order the debtor(drawee) to pay the money to any bank named by him on the bill. The drawee, in accepting the bill, can add the name of the bank which he wishes to pay the bill. In this case, the bill stays with the drawer's bank till due for payment, when it will be presented to the paying bank for settlement . Such a bill is said to be domiciled with the holding bank. The B/E is negotiable, which means that it can be used by the holder to pay debts of his own (i.e. he can negotiate it ). To do this, the holder must endorse it, i.e. sign his name on the back of the bill before passing it on to the new holder . The holder may as well sell the bill to the bank, who will pay the face value, less interest, i.e. discount a bill; or leave the bill with a bank as security for a loan.

Failure to meet a bill on the due date would result in total discredit for the drawee, and the legal action can follow. An unpaid bill is said to be dishonoured , and the drawer can protest it, which clears the way for him to prosecute ( take legal action against ) the drawee.

The letter of credit (L/C) most generally used method of payment, ideal for individual transactions or for a series , makes trade with unknown buyers easy, gives protection to both buyer and seller and overcomes the credit gap (i.e. the time-payment loss between order and delivery ).The L/C starts with the buyer. He instructs his bank to issue the L/C for the amount of the purchase and in favour of the seller. The buyer's bank sends these instructions to it's agent in the seller's country. On receiving these instructions, the agent bank writes to advise the seller of the credit. It's normal to confirm the credit. This means that the agent bank undertakes to pay the seller money due to him, provided the conditions set out in the L/C have been complied with. The seller can now execute the buyer's order, knowing that when he has done so, the money will be paid at once by the agent bank . The buyer is equally secure, because the agent bank will pay on his behalf only if conditions of the transaction are fully carried out by the seller. For this reason, great accuracy are needed in giving the original instructions .

Vocabulary:

transfer	- перевод (денежных сумм)
letter of credit	- аккредитив, кредитное письмо
bill of exchange	- тратта, переводной вексель
to draw on smb	- выписывать, выставлять (чек, вексель)
to negotiate a bill	- переуступить/продать/учесть/ вексель, пустить вексель в обращение
domicile	- домицилий, место платежа по векселю (обычно банк-акцептант)
to discount a bill	- учитывать вексель, тратту
to dishonour	- отказывать в акцепте (векселя); отказывать в платеже (по векселю)
endorsement	- передаточная надпись (на чеке, векселе и т.д.), индоссамент, жиро, подпись на обороте, подтверждение
confirmed letter of credit	- подтвержденный аккредитив

Exercises:

Exercise 1. Find equivalents in English:
Безотзывный аккредитив, дисконтная ставка, по требованию, банк-акцептант, обеспечение кредита, выписывать вексель на кого-либо, домицилирование векселя, обращаемый, номинальная стоимость, векселедержатель, вексельный оборот, ремитент, предъявлять вексель к акцепту, опротестовать вексель, индоссамент, обязанное по векселю лицо, индоссант, простой вексель, векселедатель, плательщик, срок по векселю, возлагать обязательства, полный индоссамент.
Exercise 2. Translate into Russian:

A bill payable on demand is deemed to be overdue when it appears on the face of it to have been in circulation for an unreasonable length of time, the question of unreasonableness being one of the fact.
If the drawee refuses to accept the holder has an immediate right of recourse against prior parties without being compelled to wait for the date of maturity.
Once the due date has passed, the bill is said to be overdue, and failure to present on that day discharges the drawer and endorsers, unless the holder can bring himself within the exemptive provision.
Delay in presenting a bill for payment does not discharge the drawer, unless he suffers actual losses through the delay.
A note payable on demand is intended as a continuing security and is negotiated as such.
The paying banker is liable in conversion to the true owner, the damages recoverable being the face value of the bill.
A banker is not to be treated as having been negligent by reason only of his failure to concern himself with absence of, or irregularity in, endorsement of an instrument.

Exercise 3. Translate into Russian:
Dear Sirs,
We have been doing business with you for nearly a year and are pleased to say that we are more satisfied with the goods you have supplied.
In the coming year we will probably place regular orders with you and our present method of payment by letter of credit will become inconvenient. We would also find a short credit of advantage to our trading capacity.
We would therefore like you to supply us on monthly account terms , payment against statement within 30 days. You may refer to Messrs… and Messrs…, with whom we have credit accounts.

Exercise 4. Translate into Russian:

Dear Sirs,
With reference to your invoice no.21078 of 23 of July , we have to point out that you have made an error in your total. We calculate the correct figure at $237, not $247 as given by you.
Our cheque for the former amount is enclosed and we should be obliged if you would amend the invoice or pass the necessary credit.
Yours fathfully

Lesson 2

APPLICATION FOR DOCUMENTARY CREDIT
Please open on our account a Credit in the following terms:

This credit is to be (revocable, irrevocable, irrevocable

and confirmed)

and advised

through (Correspondent_______________________________________

In favour of (Beneficiary) (Address)
To the extent of (in words)
The Credit is to expire on _________________________in _________________(State/Town/Country) (Unless previously cancelled-if Credit is revocable)
The credit is to be available to the beneficiary’s draft.

Drafts to be drawn/payments to be made for the full invoice value and submitted with the under-mentioned documents attached.

Documents required:

Invoice
Policy or Certificate of Insurance in the same currency as the Credit for CIF Invoice value plus____________percent covering Marine and War risks.
Complete set of clean on board Shipping Company’s Bill of Lading made out to order and endorsed in blank marked Freight Payable at Destination. Documents must be presented to the paying/accepting/negotiating bank not later than_______ days after the date of the Bills of Lading or other shipping documents stated herein and within the credit validity.

Covering shipment of FOB/C&F/CIF
Price
Shipment from________________________to_______________________
Partial shipment allowed/prohibited