(4) □B/L consigned to order of Bank of China, I,ondon (5) □B/I, consigned to order of buyer
13. What words used in connection with time terms wouht be considered as ambiguous
expressions such as , , , banks would disregard them.(参见教材p.126) 14. Terms of delivery of doc.uments are as follows: (参见教材p.128-131)
(l) Delivery of documents against , its abbreviation is . (2) Delivery of documents against , its abbreviation is . (3) Delivery of documents against against payment of a . (4) Delivery of documents against against payment of collection to be and thd balance by way of the of a separate draft payable at a future date.
(5) Delivery of documents against a . (6) Delivery of documents against . (7) Delivery of documents against to pay. (8) Delivery of documents against letter of guarantee from the buyer or their bank guaranteeing payment . (9) The remitting bank has maintained an account with the collecting bank, how do you write collecting proceeds instructions in the collection instruction? (参见教材p.135)
16.The collecting bank has maintained an account with the remitting bank, how do you write collecting proceeds instructions in the collection instruction.'? (参见教材p.135)
17.The remitting bank has maintained an account with the X Bank, how do you wirte collecting proceeds instructions in the collection instructions? (参见教材p. 135)
18.11ow many methods nf financing in the collection transactions? (参见教材pp. 136--138) (1) (2) (3) (4) 19.The principal presents an application for collection accompanied by draft and documents to the remitting bank for collection.
An application for collection shows as follows; Commercial documents surrendered are below; B/L in triplicate invoice in triplicate
insurance policy in duplicate certificate of origin in duplicate packing list in duplicate
Collection instructions are given below: deliver documents against payment remit the proceeds by airmail
airmail advice of payment
collection charges outside China from drawee, waive if refused by him.
airmail advice of non - payment with reasons protest waived
When collected, please credit proceeds to principal's account with remitting bank. Remitting bank complete a collection instruction in accordance with principal's appli- cation to add other requirements as follows: Ref. No. OC2576459 Date: 15 July, 200×
Please collect and remit proceeds to Bank of China, New York for credit of our account with them under their advice to us.
Please produce a collection instruction attaching draft and documents to be forwarded to the collecting bank, Banque du Paris, Paris. Dear Sirs,
Collection Instruction
ORIGINAL TO Date: Our Ref. No
Dear Sirs
We send you here with the under- mentioned item (s) /documents for collection. Drawer: Draft: No: Date: Amount: Due Date/Tenor Drawee(s) Goods: From: To: By/ Per On Documents Draft Invoice B/L Ins. W/M Policy/ Cert. C/O P/L 1st 2nd Please follow instructions marked \ : ①□ Deliver documents against payment/acceptance ②□ Remit the proceeds by airmail/cable.
③□Airmail/cable advice of paymem/acceptance.
④□Colleet charges outside from drawee, waive if refused by him
⑤□Collect interest for delay in payment days after sight at % per annum. ⑥□AirmaiL/cable advice of non - payment/non - acceptance with reasons. ⑦□Protest for non - payment/non - acceptance. ⑧□Protest waived.
⑨□When accepted, please advise us giving due date.
⑩When collected, please credit our accou with .
11 Please collect and remit proceeds to for credit of our account with them under their advice to us. ○
12 Please collect proceeds and authorize us by airmail/cable to debit your account With us. ○
Special Instructions
This collection is subject to Uniform Rules for Collection
(1995 Revision) ICC Publication No. 522 Authorized Signature (s)
练习10
1. What is called international factoring?
International faetoring is that factor will provide a series of financial services such as: (1) export trade (2) maintenance of ledger (3) collection of (4) protection for credit for an exporter under his sales on credit in international trade 2. What is called open account?
Open account is an arrangement between the buyer and the seller whereby the goods are manufactured and delivered before . 3. Where does account receivable arise from?
Account receivable arises from sales on credit. The sellers sell goods on credit (including transactions of O/A or D/A at x x days after B/L date) and obtain account from the buyers who are liable for payment of those account at the end of each specific (1) How many parties are there in an international factoring transaction? ① ② ③ ④
(2) The exporter who invoices for the supply of goods or the rendering of services and whose account are factored by the export factor.
(3) The importer, or buyer, or debtor who is liable for payment of the account arising from the supply of goods or the rendering of services.
(4)The export factor who factors the seller's account under an agreement to that effect. (5)The import factor who agrees to collect the account invoiced by the seller and assigned to the and who is bound to pay such accounts assigned to him for which he has assumed the credit risk. 5.The procedures of factoring operations are as follows:
(1)Conclusion of correspondent contract between export factor and factor. (2)Conclusion of Export Factoring Agreement between exporter and factor. (3)Exporter applies for the importer's line.
(4) Export factor transmits for a credit (5) Import factor importer' s credit
(6) Advise export factor of import factor's of credit line. (7) Advise exporter of import factor's approval of line.
(8)Conclusion of trade contract between and importer containing terms of payment being O/A or D/A.
(9) Deliver goods for . (10) Complete \ and Transfer of Receivables\with exporter's signature and sends notification, invoice or commercial documents to factor. Exporter may apply for finance if necessary. (11) \and Transfer of Receivables\ invoice or commercial documents were sent to factor.
(12) Transmit invoice to the . (13) Collection of . (14) Payment was by the importer to the import factor. (15) Proceeds were remitted by the import factor factor. (16) Proceeds were credited by the factor to the exporter's account. If the transaction had obtained finance of advance payment, amount of proceeds minus amount of finance was the balance which should be credited to the exporter' s account. 6. A factoring transaction is as follows:
Import Factor' s (IF' s) name: Disko Factoring Bank GMBH debtor' s country: Germany currency : Euro
currency code: EURO
Export Factor's (EF's) name: Bank of Asia, Beijing
seller's name: Hubei Provincial Native Produce I/E Corp. notification date: 1 June
debtor's name: Perl & Treiber GMBH & Co., 6831 Plankstadt, Germany invoice No.: FCll-VHII9 invoice date: 28 May
terms of payment: O/A at 30 days after B/L date maturity date: 21 July
invoice amount: Euro21,638.00 total amount: Euro21,638.00 date and authorized 1 June Seller' s signature For IF's use:
signature of seller:
At maturity please credit our Head Office Euro account with Commerce Bank AG., Frankfurt in favour of our Beijing Branch quoting our invoice No. always.
Please fill up a blank \
7. Suppose the exporter in above question 6 has obtained an export trade finance of advance payment effected by the export factor on 1 June for 80% of the invoice amounl.
At maturity i.e.21 July, the importer paid full invoice amount Euro 121,638.00 to the import factor who has credited the same to the account as designated by the export factor and sent a credit advice to the latter. Upon receipt of such credit advice, please calculate how much did the export factor credit to the exporter's account? invoice amount: Euro 121,638.00 financing period: 50 days interest rate: at 7% per annum 360 days per year