国际贸易实务双语教程Chapter 6 International Payment and Settlement
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--from The Negotiable Instruments Law of the People’s Republic of China
Promissory Note
Classification ➢ Commercial promissory notes / general promissory notes -- drawn by the commercial firms. -- sight promissory note and time promissory note. ➢ Bank promissory notes -- issued and signed by banks.
Promissory Note
The Involved Parties ➢ the drawer ➢ the payee
Promissory Note
The Differences of the Promissory Note and the Bill of Exchange › The promissory note is a promise made by the drawer to make payment to the note holder; the B/E is an order made by one party to the other party requiring it to make payment. › There are only 2 parties in a promissory note, but 3 parties in a B/E. › The drawer of a promissory note is the payer, and a time promissory note needn’t the acceptance; the drawee of a B/E is the payer. › In whatever situation, for a promissory note, the drawer is the first debtor; for a B/E, the drawer is the first debtor before the bill is accepted, the acceptor becomes the first debtor after the acceptance and the drawer turns into the second debtor. › The promissory note is made out in only one original; the B/E is made out in duplicate.
International Trade Practice
Chapter 6
Chapter 6 International Payment and Settlement
Instruments of Payment Remittance Collection
6.1 Instruments of Payment
Bill of Exchange (Draft, Bill)
Definition
A Bill of Exchange is defined as “an unconditional order in writing, addressed by one person (drawer) to another (drawee), signed by the person giving it, req is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money, to or to the order of, a specified person (payee), or to bearer”.
Bill of Exchange (Draft, Bill)
Procedure of Using a Bill of Exchange
› Issuance › Presentation › Acceptance › Payment › Endorsement › Discounting › Dishonor › Right of Recourse
-- Negotiable Instruments Law of the People’s Republic of China
6.2 Remittance
Definition The Involved Parties Classification
6.2 Remittance
Definition
promise in writing made by one person (the maker) to another (the payee) and signed by the maker engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or bearer.
-- Cash on Delivery, COD
Bill of Exchange (Draft, Bill) Promissory Note Check (Cheque)
Bill of Exchange (Draft, Bill)
Definition Contents The Classification of the Draft Procedure of Using a Bill of Exchange
› A certain sum is not allowed to be described with ambiguous words and approximate sum.
Bill of Exchange (Draft, Bill)
Contents
› Drawer, namely debtee. › Drawee › Payee › Payment Due Date › The Date and Place of Draft Issuance › Payment Place › Signature of the Drawer › Other items maybe written on the draft › The draft is regarded as being invalid in
Bill of Exchange (Draft, Bill)
Contents
› The words of “Bill of Exchange” or “Draft” are required to be on the draft
› It is an unconditional pay order, with the unlimited payment, without proviso.
Check (Cheque)
Definition Classification
Check (Cheque)
Definition A check is a sight B/E with the bank
as the payer, that is to say, it is an unconditional order drawn on a banker by the drawer, requiring the banker to pay on demand a sum certain in money to or to the order of a specified person or to the bearer.
--from Bills of Exchange Act 1882 of the United Kingdom
Promissory Note
Definition The promissory note is the note issued by
the drawer, promising to make unconditionally a definite sum of money to the payee or the note holder at sight of the note. It is stipulated in Negotiable Instruments Law of the People’s Republic of China that the promissory note is named as the bank promissory note, issued and signed by the central bank of China or other financial institutions.
Remittance refers to that the payer makes payment to the payee through a bank or other institutions. For the remittance in the international trade, the buyer makes payment to the seller by bank according to the conditions and the payment time stipulated in the contract.
Promissory Note
Definition Classification The Involved Parties The Differences of the Promissory Note
and the Bill of Exchange
Promissory Note
Definition The promissory note is an unconditional
some conditions
Bill of Exchange (Draft, Bill)
The Classification of the Draft
› According to the different drawer › According to the documents accompanied › According to payment time
6.2 Remittance
The Involved Parties
› Remitter › Payee › Remitting Bank › Paying Bank
6.2 Remittance
Classification
› Mail Transfer, M/T › Telegraphic Transfer, T/T › Remittance by Banker’s Demand Draft，D/D › The Usage of the Remittance
--the Bills of Exchange Act of UK
Check (Cheque)
Definition A check means a bill issued and
signed by the drawer, appointing the bank or other financial institutes to make payment of a sum certain in money unconditionally to the payee or the check holder.
Promissory Note
Classification ➢ Commercial promissory notes / general promissory notes -- drawn by the commercial firms. -- sight promissory note and time promissory note. ➢ Bank promissory notes -- issued and signed by banks.
Promissory Note
The Involved Parties ➢ the drawer ➢ the payee
Promissory Note
The Differences of the Promissory Note and the Bill of Exchange › The promissory note is a promise made by the drawer to make payment to the note holder; the B/E is an order made by one party to the other party requiring it to make payment. › There are only 2 parties in a promissory note, but 3 parties in a B/E. › The drawer of a promissory note is the payer, and a time promissory note needn’t the acceptance; the drawee of a B/E is the payer. › In whatever situation, for a promissory note, the drawer is the first debtor; for a B/E, the drawer is the first debtor before the bill is accepted, the acceptor becomes the first debtor after the acceptance and the drawer turns into the second debtor. › The promissory note is made out in only one original; the B/E is made out in duplicate.
International Trade Practice
Chapter 6
Chapter 6 International Payment and Settlement
Instruments of Payment Remittance Collection
6.1 Instruments of Payment
Bill of Exchange (Draft, Bill)
Definition
A Bill of Exchange is defined as “an unconditional order in writing, addressed by one person (drawer) to another (drawee), signed by the person giving it, req is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money, to or to the order of, a specified person (payee), or to bearer”.
Bill of Exchange (Draft, Bill)
Procedure of Using a Bill of Exchange
› Issuance › Presentation › Acceptance › Payment › Endorsement › Discounting › Dishonor › Right of Recourse
-- Negotiable Instruments Law of the People’s Republic of China
6.2 Remittance
Definition The Involved Parties Classification
6.2 Remittance
Definition
promise in writing made by one person (the maker) to another (the payee) and signed by the maker engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or bearer.
-- Cash on Delivery, COD
Bill of Exchange (Draft, Bill) Promissory Note Check (Cheque)
Bill of Exchange (Draft, Bill)
Definition Contents The Classification of the Draft Procedure of Using a Bill of Exchange
› A certain sum is not allowed to be described with ambiguous words and approximate sum.
Bill of Exchange (Draft, Bill)
Contents
› Drawer, namely debtee. › Drawee › Payee › Payment Due Date › The Date and Place of Draft Issuance › Payment Place › Signature of the Drawer › Other items maybe written on the draft › The draft is regarded as being invalid in
Bill of Exchange (Draft, Bill)
Contents
› The words of “Bill of Exchange” or “Draft” are required to be on the draft
› It is an unconditional pay order, with the unlimited payment, without proviso.
Check (Cheque)
Definition Classification
Check (Cheque)
Definition A check is a sight B/E with the bank
as the payer, that is to say, it is an unconditional order drawn on a banker by the drawer, requiring the banker to pay on demand a sum certain in money to or to the order of a specified person or to the bearer.
--from Bills of Exchange Act 1882 of the United Kingdom
Promissory Note
Definition The promissory note is the note issued by
the drawer, promising to make unconditionally a definite sum of money to the payee or the note holder at sight of the note. It is stipulated in Negotiable Instruments Law of the People’s Republic of China that the promissory note is named as the bank promissory note, issued and signed by the central bank of China or other financial institutions.
Remittance refers to that the payer makes payment to the payee through a bank or other institutions. For the remittance in the international trade, the buyer makes payment to the seller by bank according to the conditions and the payment time stipulated in the contract.
Promissory Note
Definition Classification The Involved Parties The Differences of the Promissory Note
and the Bill of Exchange
Promissory Note
Definition The promissory note is an unconditional
some conditions
Bill of Exchange (Draft, Bill)
The Classification of the Draft
› According to the different drawer › According to the documents accompanied › According to payment time
6.2 Remittance
The Involved Parties
› Remitter › Payee › Remitting Bank › Paying Bank
6.2 Remittance
Classification
› Mail Transfer, M/T › Telegraphic Transfer, T/T › Remittance by Banker’s Demand Draft，D/D › The Usage of the Remittance
--the Bills of Exchange Act of UK
Check (Cheque)
Definition A check means a bill issued and
signed by the drawer, appointing the bank or other financial institutes to make payment of a sum certain in money unconditionally to the payee or the check holder.