国际贸易理论和实务Ch.15 Payment.ppt

  §1 Instruments of International Payment Bills of exchange (draft) Definition of bill of exchange A bill of exchange is a written, dated and signed instrument that contains an unconditional order from the drawer (出票人) that directs the drawee (受票人) to pay a definite sum of money to a payee (收款人) on demand (立即) or at a specified future date. Simply put, a bill of exchange is a written order by the drawer to the drawee to pay money to the payee.  The order is valid only if the drawee has an underlying obligation to pay money to the drawer. (2) Contents of bills of exchange A bill of exchange must fulfil the following requirements: Indicating the word “draft” or “exchange”; An unconditioned order in writing; Certain amount; Payers (drawees) name, usually the buyer or its nominated bank; Payees name, usually the seller or its nominated bank; Date and place of issue; Signature of the drawer, usually the seller. ① Issuance The drawer’s action of drawing and giving out of a draft. Upon issuance, the drawer has a contingent liability (或有负债) on the bill until it matures as, in the event of default by the acceptor, the drawer is obliged to pay out the face value of the bill on its due date to the holder. ② Presentment: a demand to pay or accept the draft made to the drawee. ③ Acceptance An agreement generally on the part of the drawee to pay the bill. Simply writing down the word “accepted”, marking the date and signing its name across the face of the bill. Upon acceptance the drawer, now the acceptor, becomes the principal debtor and the party primarily liable for the payment of the bill. The drawee is under no legal obligation to accept the bill, even if he is indebted to the drawer to the amount of the bill, or has funds of the drawer in its possession to that amount, unless he has agreed to accept it. ④ Payment: On the expiry date of draft, the payer makes sufficient payment to the legal