课堂习题集2

Please answer, fill the blanks in or make choice of the following questions:1. Collection means the handling by banks of documents in accordance with instructions received in order to(1) obtain payment and/or __________________or(2) deliver documents against __________________and /or against acceptance.(3) deliver documents on_________________2. Financial documents mean ______________________, promissory notes, cheques, Commercial documents mean ____________________, transport documents , documents title or other similar documents.3. There are three kinds of collections, namely:(1) ____________________________ collection;(2) ____________________________collection;(3) ____________________________collection;4. Clean collection means collection of financial documents not accompanied by _________________.5. Documentary collection means collection of(1) financial documents accompanied by ______________________, or(2) commercial documents not accompanied by ___________________________________.6. Because the documents under direct collection are remitted by the ______________ directly to the collecting bank, they are not routed through the __________________ bank, so direct collection is not incorporated in the URC NO. 522.7. ICC Publication No. 522 says that the collection form attaching with the documents under direct collection must indicate that:(1) the collection is subject to _____________and(2) the collection is to be treated by the _________________- bank as though it was received from the _______ bank.8. How many parties are there in a collection?(1) _____________________( or seller)(2) ____________________(3) _____________________bank/______________bank(4) ____________________( or buyer)9. The collection which is to be handle by the exporter’s remitting bank is called __________, its abbreviation is ____________ while that is to be handled by the importer’s collecting bank is called ___________________________, its abbreviation is _______________________.10. The responsibility of the principal is that the party must prepare the _______________ in his application to ensure the terms for the delivery of documents are clearly and unambiguously stated.11. The responsibilities of the banks are that banks are only permitted to act upon the instructions given by the principal in the _____________________ and in accordance with ________________.12. URC 522 says charges to be collected indicating whether they may be waived or not, and interest to be collected indicating rate of interest, interest period, basis of calculation (e.g. 360 or 365 days in a year). Look at the following two instructions for collection of interest charges and tell which one is preferable.(1)□Please collect interest for delay in payment effected later than maturity of collection bill from the drawee.(2)□Please collect interest for delay in payment calculated from the maturity to the date of actual payment at the rate of 6% per annum on the basis of 360 days a year from the drawee. 13. Whether the collection charges levied by the banks are to be borne by the ________________- or the __________________should agree upon previously and indicate on the application. If the matter of charges has not been settled, the banks will collect their charges from the _____________,14. If the seller may attempt to have the buyer paid the collection charges with instruction to waive them if refused, the collection bank could not collect them from the buyer, then the collection charges will be for account of the ______________________.15. If the seller wishes to have the buyer paid the collection charges with instruction to prohibit the waiving of them, the payment or acceptance of collection bill may be delayed, the banks are not _____________________ for any consequence arising from such prohibition.16. The payee of the clean bill must make a _______________endorsement and remitting bank must make a ______________ endorsement to the collecting bank before sending it to the latter.17. Collection instruction should bear a complete or detailed ______________ of the drawee at which ________________________ is to be made. If the _____________________ is so simple as to be unable to present, collecting bank is not responsible for it.18. URC 522 says to give instructions in case of non-payment or non-acceptance. Look at the following two instructions and tell which one is preferable.(1)□In case of non-payment or non-acceptance, please advise us by cable/airmail stating reasons.(2)□We will give instructions to you upon receipt of cable/airmail advice of non-payment or non-acceptance stating reasons.19. URC 522 says that the collection instructions should state the exact period of time and expressions such as “prompt”, “immediate”, “first” and the like should not be used in connection with presentation or with reference to any period of time within which documents have to be taken up or for any other action that is to be taken by the drawee. If such terms are used, banks will disregard them.Look at the following sentences and determine which one agrees to the above requirement. (1)□When collection bill is presented by the collecting bank for acceptance, it must be accepted immediately.(2)□When collection bill is presented by the collecting bank for acceptance, it must be accepted within 24 hours.20. (1)□In case of non-payment/non-acceptance, an advice must be promptly given to the remitting bank.(2)□In case of non-payment/non-acceptance, an advice must be given on the day following the date of dishonor.21. URC 522 says that goods should not be consigned to or to the order of a bank without prior agreement on the part of that bank.Put X in relative check boxes of the following sentences to express the consignee of B/L corresponding with above stipulating or usual practice.(1)□B/L consigned to order and blank endorsed(2)□B/L consigned to order and collecting bank(3)□B/L consigned to order of shipper and blank endorsed(4)□B/L consigned to order of Bank of China, London(5)□B/L consigned to order of buyer22. Terms of delivery of documents are as follows:(1) Delivery of documents against ___________________, its abbreviation ___________.(2) Delivery of documents against ___________________, its abbreviation ___________.(3) Delivery of documents against payment of a ______________________.(4) Delivery of documents against part of collection to be _____________________ and the balance by way of the _________________________________ of a separate draft payable at a future date.(5) Delivery of documents against ___________________.(6) Delivery of documents against ___________________.(7) Delivery of documents against ___________________to pay.23. In respect of clean collection permitting partial payments, the delivery of clean bill to buyer when(1)□the first partial payment has been received, or(2)□full payment has been received.24. In respect of documentary collection permitting partial delivery of goods against partial payment, the delivery of the attached documents to the buyer when(1)□the first partial payment has been received, or(2)□full payment has been received.25. URC 522 says that the principal nominates a representative to act as case-of-need. The collection instruction should clearly and fully indicate the power of such case-of-need. Look at the following two instructions and tell which one is preferable.(1)□Special instruction: In case of need refer to Smith & Jones Co., 00 Rue des Achetuer, Paris.(2)□Special instruction: In case of need refer to Smith & Jones Co., 00 Rue des Achetuer, Paris whose authority is limited to assisting in having draft honored.26. To initiate a collection, the principal must complete an(1)□application for collection containing his instructions(2)□letter of instructionsand send it together with financial and commercial documents to the _________________________.The remitting bank must in accordance with application for collection complets a(3)□transmittal letter(4)□collection instruction.and dispatch it together with financial and commercial documents to the ___________________.The collecting bank are only permitted to act in good faith upon the instructions given in such ________________________________.27. (1) China National Instruments Imp. & Exp. Corp., Tianjin Branch, Tianjin (Principal ) wishes to issue a draft dated 14 July, 200X drawn on Continental CO., 46 Rue de Ancient, Paris (drawee) at sight for USD1,200.00 payable to the order of Bank of China, Tianjin (remitting bank) which will make a special endorsement to Banque deu Paris, Paris marked “Drawn against shipment of20 sets of transistors shipped per s.s. Chenghua from Tianjin to Le Harve for collection”.(2) 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 triplicateInvoice in triplicateInsurance policy in duplicateCertificate of origin in duplicatePacking list in duplicateCollection instruction are given below:Deliver documents against paymentRemit the proceeds by airmailAirmail advice of paymentCollection charges outside China from drawee, waive if refused by him.Airmail advice of non-payment with reasonsProtest waivedWhen collected, please credit proceeds to principal’s account with remitting bank.Remitting bank complete a collection instruction in accordance with principal’s application to add other requirements as follows:Ref. No. OC2576459Date: 15 July, 200XPlease 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。