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Unit Two




Bill of Exchange (B/E)

- переводной вексель,
тратта

платеж по предъявлению

- платеж по требованию

- предъявитель, держатель

- вексель, выставленный на

settlement — заключение сделки

sight draft —1) вексель на предъявителя

term draft tenor of the bill due date

2) тратта на предъявителя

— срочная тратта

— срок векселя

' — срок погашения

кредитного обязательства; срок платежа

acceptance

— 1) принятие, акцепт,
согласие на оплату

face of the bill forward a bill collecting bank clean bill

2) акцептование векселя

— номинал векселя

— отправлять, посылать
вексель

— банк-инкассатор

— недокументированный
вексель

cash againts documents — платеж наличными против

документов


 


156


157


promissory note direct collection reshipment recoup delay default

— простои вексель; долговое
обязательство

— 1) прямая инкассация

2) прямой денежный сбор

notary notice of dishonour

— перегрузка, перевалка

— задержка окупаемости

— невыполнение обяза­
тельств;
неуплата

— нотариус

— 1) уведомление о неакцеп­
товании векселя

2) уведомление о неуплате
векселя :

TEXT

Read the text below concentrating on its contents and ter minology:

An exporter can send a bill of exchange for the value of the invoice of goods for export through the banking system for payment by an overseas buyer on presentation. A bill of ex­change is legally defined as "an unconditional order in writ­ing, addressed by one person to another, signed by the per­son giving it, requiring the person to which it is addressed lo pay on demand or at a fixed or determinablc future time a certain sum of money, to or to the order of a specified person, or to the bearer".

In other words an exporter prepares a bill of exchange which is drawn on an overseas buyer, or even on a third party as designated in the export contract, for the sum agreed at settlement.

The bill is called a sight draft if it is made out payable at sight i.e. "on demand". If it is payable "at a fixed or deter minable future time" it is called a term draft, because the


buyer is receiving a period of credit, known as the tenor of the bill. The buyer signs an agreement to pay on the due date by writing an acceptance across the face of the bill.

By using a bill of exchange with other shipping documents through the banking system, an exporter can ensure greater control of the goods, because until the bill is paid or accepted by the overseas buyer the goods cannot be released. Con­versely, the buyer docs not have lo pay or agree to pay by some agreed dale until delivery of the goods from the ex­porter.

An exporter can pass a bill of exchange lo a bank in the UK. The UK bank forwards the bill to its overseas branch or to a correspondent bank in an overseas buyer's country. This bank, known as the collecting bank, presents the bill to whom­ever it is drawn upon, for immediate payment if il is a sigh I draft, or for acceptance if il is a term draft. This^procedure is known as a clean bill collection because there are no ship­ping documents required. Clean bill collections have become more popular, parlicularly in some European counlries where Ihe method is also used in internal Irade. Also such collodions provide more security than open account lerms if Iherc is some doubt aboul a buyer's financial slalus.

However, il is more likely lhat bills are used in a documen­tary collection method of payrnenl. In Ihis case, an exporter sends the bill lo Ihe buyer Ihrough Ihe banking syslem wilh Ihe shipping documents, including Ihe documenl of tille lo the goods, i.e. an original bill of lading. The bank Ihen re­leases the documents on payment or acceptance of the bill by the overseas buyer.

An exporler can even use the banking system for a cash againsl documenls (CAD) colleclion. In Ihis case only Ihe shipping documenls are senl and Ihe exporler instructs the bank to release them only after payment by the overseas buyer. This method is used in some European counlries whose buyers often prefer CAD lo a sighl draft if the cx-


 


158


159


porter insists on a documentary collection for settlement о the export contract.

In all the methods of payment using a bill of exchange, ; promissory note can be used as an alternative. This is issued by a buyer who promises to pay an exporter a certain amouni of money within a specified time.

It is even possible to send the documents and bill of ex­change directly to an overseas buyer's bank, by-passing the UK hank. This system of direct collection is widely supported by US banks, but it dispenses with the help of the UK bank whose aid can be invaluable if something goes wrong in the collection. For example, there could be excessive shipping delays so that a buyer may refuse to accept or pay a draft on presentation. In this situation the UK bank can act as the exporter's agent by arranging the warehousing of the goods or their reshipmenl, or even disposing of them at auction to recoup any outlay.

An overseas buyer may deliberately default on a term bill or just go bankrupt. In either case the UK bank can arrange legal action or act on instructions to initiate protests, i.e. engage a notary public in the buyer's country to deliver a "notice of dishonour" to the defaulter, thus preparing a likely settlement in favour of the exporter if matter have to go to court.

I

Comprehension.Complete the following on the basis of the infonnation given in the text:

1. An exporter draws a bill of exchange on a foreign buyer
means...... for........

2. The bill is called a sight draft if it is payable....

3. The bill is called a term draft if it is payable....

4. The tenor of the bill is......

5. To accept the bill means to.....


6 A term draft does not have to be paid at sighl but at.....

7. The goods cannot be released to a foreign buyer until the
bill .......

8. The foreign buyer does not have to pay or accept the bill
until the goods ......

9. A clean bill collection means that.....

10..................................................................... A documentary bill collection means that , the most

important of which is ...

11.Under a documentary bill collection the bank. on........

12.The foreign buyer cannot get hold of the goods unless he
.... or .......

 

13. If the exporter insists on immediate payment he.....

14. A promissory note is issued by ..... who in this way guar­
antees ......

15. A direct collection means that.....

16. The system of direct collection is supported by.. , but

it involves a certain risk particularly when there is....

17. If the buyer refuses to accept or pay a draft on presenta-

tion, the exporter's bank ......

18. To protest a draft means to ......

II

Explain the following terms and give your own examples: Account Bill Cash

Collection Dale Default Draft Note Notice Payment Settlement



Ill

By adding appropriate suffixes (-er, -or, -ее) if possible form a list of terms you already know from business and general economics indicating: a) a person who does a cer­tain activity, b) a person to whom this activity is directed (if such a term exists):

1. Accept a) b)

2. Bear a) b)

3. Credit a) b)

4. Debt a) b)

5. Default a) b)

6. Draw a) b)

7. Employ a) b)

8. Pay a) b)

9. Trust a) b)

10. Work a) b)

IV

Studying a Bill of Exchange. Examine the legal defini­tion of a bill of exchange and the enclosed sample copy and find out:

a) how you express an unconditional order in written En­
glish,

b) who the drawer in this case is,

c) who the drawee is and who the bill drawn on is,

d) who signed the bill on behalf of the drawer,

e) what the drawee should do when he is presented with the
bill,

f) how much he should pay,

g) at what time he should pay,

h) who the drawee should pay the above mentioned sum to. г

162


Ihc terms of the credit revocable/irrevocable cancel amend advise a letter of credit advising bank confirming bank issuing bank \ compatible with ... reimburse debit

Test.Fill in the missing words:

The bill of exchange is often used as a means of.. pay­
ment particularly for goods exported. The importer might,

for example, ask to..... delivery of goods before paying for

them. The exporter, on the other hand, will probably not

wish to...... his control over the goods before obtain ing..

or a legal undertaking from the.... to pay on a given future

date. By use of the international.... system, a document of

title and a bill of..... , the needs of both parlies may be sat­
isfied.

The exporter might...... a bill exchange on the buyer and

pass it with the ...... documents and ..... instructions to a

bank in the buyer's country, which would ...... Ihe bill of

exchange to the buyer for immediate payment in the case of a

..... bill or for acceptance in the case of a...... bill. Should

the buyer refuse, the documents will not be..... and if the

documen ts include a full set of. of lading then the con trol

of the relevant goods remains with the...... acting as .......

agent for the exporter who thereby also retains...... of Ihc

goods.



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