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Unit One Methods of PaymentActive Vocabulary: payment in advance open account Bill of Exchange Documentary Letter of Credit cash with order cash on delivery remit integrity consignment
— авансовый платеж — открытый счет — переводной вексель, — товарный аккредитив; — 1) платежное поручение — оплата наличными в — переводить, перечислять — целостность — 1) консигнация TEXT Head the text carefully concentrating on its contents and terminology: Compared to selling in the domestic market, selling abroad can create extra problems. Delivery generally lakes longer and payment for goods correspondingly can take more time. So exporters need to take extra care in ensuring that prospective customers are reliable payers and that payment is received as quickly as possible. In the first and in the last analysis, payment for exports depends on the conditions outlined in the commercial contract with a foreign buyer. As explained previously, there arc internationally accepted terms designed to avoid confusion about cost and price. The way exporters choose to be paid depends on a number of factors: the usual contract terms adopted in an overseas buyer's country, what competitors may be offering, how quickly funds are needed, the life of the product, market and exchange regulations, the availability of foreign currency to the buyers, and, of course, whether the cost of any credit can be afforded by the buyer or the exporter. There are four basic methods of payment providing varying degrees of security for the exporter: 1) payment in advance, 2) open account,
3) Bills of Exchange, 4) Documentary Letter of Credit. I. Payment in advance. Clearly the best possible method of payment for the exporter is payment in advance. Cash with order (CWO) avoids any risks on small orders with new buyers and may even be asked for before production begins. However, this form of payment is extremely rare in exporting since it means thai
152 153 an overseas buyer is extending credit to an exporter — when the opposite procedure is the normal method of trade. Variations in this form of payment are cash on delivery (COD) where small value goods are sent by Post Office parcel post and are released only after payment of the invoice plus COD charges. 2. Open account. An exporter receives the greatest security of payment from cash with order or from cash on delivery. At the other extreme payment on open account offers the least security to an exporter. The goods and accompanying documents are sent directly to an overseas buyer who has agreed to pay within a certain period after the invoice dale — usually not more then 180 days. The buyer undertakes to remit money to the exporter by an agreed method. The open account method of payment is increasingly popular within the EEC because it is simple and straightforward. 70 per cent of UK exports are paid for under open account terms. It saves money and procedural difficulties but the risk to the exporter is obviously greater. It is only successful if an exporter trusts the business integrity and ability of an overseas buyer, something that has probably been established through a sustained period of trading. / A variation of open account payments the consignment account where an exporter supplies an overseas buyer in order that stocks are built in quantities sufficient to cover continual demand. The exporter retains ownership of the goods until they are sold, or for an agreed period of time, after which the buyer remits the agreed price to the exporter. However, a large proportion of export contracts cannot be settled by payment in advance or by open account, particularly with sales outside the EEC. So, parallel with the development of international trade throughout the world, the trading community has developed methods of payments which involve the transfer of documents for exported goods using 154 the international banking system — with the aim of speedily settling export transactions at minimum risk to exporters and to overseas buyers. I Comprehension. Answer the followi?ig questions: 1. Why does selling abroad create extra problems as com 2. What helps to avoid misunderstandings in payment for 3. What factors does the choice of a method of payment de 4. Which method of payment provides the best/greatest se 5. Why is payment in advance of order not frequently used 6. Which method of payment offers the least security to an 7. If the open account method offers so little security to an 8. When does an exporter agree to deliver goods on open 9. How does the consignment account operate? 10. Besides payment in advance and by open account, what II Comprehension. Complete the following sentences on the &• The use of Incolcrms in commercial contracts helps •>• The choice of the method of payment is important as each
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4. Cash with order is highly satisfactory from the exporter's 5. Extending credit to an exporter by a foreign buyer is a 6. It is quite safe to send small value goods by COD post as 7. If you know your foreign customer well and have no rea 8. Under the open account agreement, the delivery of goods 9. If you supply a foreign buyer with stocks of your product 10. You can speedily settle export transactions at minimum Ill Test. Fil in the missing words: The method of obtaining payment of an export order is usually a matter... negotiation... the exporter and his buyer and will in many instances be governed... the exporter's knowledge of the buyer andjlje-buyer's financial standing. In deciding the terms... payment to negotiate, the exporter may perhaps wish the degree... security he obtains, the speed... remittance and any additional costs involved. In rare cases an exporter is able to persuade his buyer to pay 100 per cent of the... value before... take place. II is quite common, however, for the buyer to make an... pay ment of a percentage of the contract value upon... of the contract with the balance being... by one of the agreed methods. Where the exporter has complete faith in the buyer he may be willing to trade on an... account basis. This usually meansrthat the buyer receives the..., lakes... of the goods and thereafter makes... to the exporter in accordance with previously agreed.... Поиск по сайту: |
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