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1、E x e r c i s e 1一、Make choice of whether the following bills are acceptable or not. Mark X before acceptable or unacceptable you chose.(1) A bill shows: pay to ABC Co. providing the goods in compliance with contract the sum of one thousand US Dollars. It is acceptable / unacceptable.(2) A bill show
2、s: pay to ABC Co. the sum of ten thousand US dollars on condition that shipment of goods has been made. It is acceptable / unacceptable.(3) A bill shows: On demand pay to the order of ABC Co. the sum of twenty thousand US dollars drawn againstshipment of 10balescotton piece goods from Tianjin to Lon
3、don. It is acceptable / unacceptable.(4) A bill shows: pay to ABC Co. out of proceeds of sale of woollen blankets the sum of one thousand US dollars. It is acceptable / unacceptable.(5) A bill shows: pay from our No. 2 account to ABC Co. the sum of one thousand US dollars. It is acceptable / unaccep
4、table.(6) A bill shows: pay to ABC Co. or order the sum of one thousand pounds and debit our No. 2 account. It is acceptable / unacceptable.(7) A bill shows :after customs clearance pay to the order of ABC Co. the sum of twenty thousand US dollars. It is acceptable / unacceptable.(8) A bill shows: p
5、ay to Mary the sum of fifty pounds and give her a suit of clothes. It is acceptable / unacceptable.(9) A bill shows: pay to the order of ABC Co. the sum of one thousand pounds plus interest. It is acceptable / unacceptable.二、 A bill is payable at XX days after sight, what date is the day from which
6、time of payme nt beg ins to run?The date of acceptanee(2) A bill is payable at XX days after date, what date is the day from which time of payme nt begi ns to run?The date of issuing(3) The maturity of one mon th after 31 Jan.(4) The maturity of 180 days after 4 April is1 Oct(5) The maturity of 180
7、days from 6 Nov.1999 is 3 May. 2000三、Fill in the following blank forms to draw a bill of exchange. The bill includes the requisite items as follows:(1) date: 22 May,200Xamou nt: GBP21,787.00tenor: at 90 days after sightdrawer: China National Animal By products Imp.& Exp. Corp, BeijingBran ch, Be
8、iji ngdrawee: Bank of Atla ntic, Londonpayee:the Order of China National Animal By product Imp.& Exp. Corp, Beiji ng Branch(2) date: 23 July,2000amount: USD 35,461.50 tenor: on 31 Oct, 2000 fixed darwer: George An ders on Inc, New York drawee: Irvi ng Trust Compa ny, New York payee: Brow n and T
9、homas Inc. or order draw n aga inst shipme nt of cott on form Australia to St. Louis.EXCHANGE for GBP 21787.00Beijing , 22.May200XAt 90 days after sightpay this first bill of excha nge(Sec ond of same tenor and and date un paid) to the order ofChina National Animal By product Imp.& Exp Corp, Bei
10、jing Branchhe sum of SAY GBP TWENTY ONE THOUSAND SEVEN HUNDRED AND EIGHT SEVEN ONLYDraw nTo bank of Atlantic, LondonFor China National Animal By ProductsImp & Exp. Corp Bej ing Branch ,Bej ingXXXEXCHANGE for USD 35,461.50New York , 23July200XAt 31 0ct,2000 fixed pay this first bill of excha nge(
11、Sec ond of same tenor and and date un paid) to the order ofBrown and Thomas Inc.or order the sum of SAY US DOLLARS THIRTY FIVE THOUSAND FOUR HUNDRED AND SIXTY ONE POINT FIVE ONLYDraw n against shipme nt of cott on from Australia St. LouisTo Bank of Atlantic.For George Anderson Inc.New YorkNew YorkXX
12、X四、Please answer, fill the blank in or made choice of the following question.EXCHANGE for GBP 5,000.00 London, 1 Apirl 200XAt 60 days after sight pay this first bill of exchange(Second of sametenor and and date un paid) to the order of Bank of Australiathe sum ofFIVE THOUSAND POUNDS ONLYTo The Impor
13、t Co.,Melbo urneFor The Export Co.,LondonSign ature(1) Prefer to the above bill, the holder i.eank of Australiahas the righttransferring it to other person, or the right of presentmentfor acceptanceand/or claim for paymentto The Import Co. Melbourne. If the latter refuses to pay, the holder has the
14、right of recourseagai nstthe Export ing Co. London(2) The payee ' s London Office wishes to transfer the bill to Bank of New Zealand, Auckla nd, please make a restrictive en dorseme nt.Pay to Bank of New Zeala nd, Auckla nd onlyFor Bank of Australiasig nature(3) Please make a bla nk en dorseme n
15、t.For Bank of Australiasig nature(4) Having made an en dorseme nt in bla nk, the holder send the bill to Bank of New Zeala nd, Auckla nd who wishes to con vert this bla nk en dorseme nti nto a special en dorseme nt to themselves. Please make this special en dorseme nt.Pay to the order of Bank of New
16、 Zeala nd, Auckla nd on lyFor Bank of Australia, LondonSig nature(5) If the condition is“ on delivery of B/L No. 125” , please make a conden dorseme nt.Pay to Bank of Australia or order on delivery of B/L No. 125For Bank of Australia, LondonSig nature(6) If payee ' s London office wishes to send
17、 the bill to their Melbourne office for collect ion, please make an en dorseme nt for collecti on.Pay to the order of Bank of Australia Melbo urne office on ly for collecti onFor Bank of Australia, LondonSig nature(7) Refer to the above bill, a banker designatedas payer is Bank of Melbourne, Melbo u
18、rne. Date of accepta nee is 10 April, 200X. Please make accepta nee of such bill indicating its maturity.Accepted10 April, 200X9 June, 200XPayable at Bank of Melbo urne, Melbo urneFor the Importi ng Co.Sig nature五、Choose the best answer to each of the following questionsCCCBCBBAExercise 2P1ease answ
19、er, fill the blank in or make choice of thefollow ing questi ons1、 There are four parties in a remittanee,i.e. (1) remitter _(2) payee (3) remitting bank _ and (4) _ paying bank _2、Remittanee through a bank from one country to another mayusually be made by one of the followi ng methods:(1) Telegraph
20、ic Transfer_ (2) _Mail Transfer_ (3) _Banker ' sDema nd Draft3、(1)Payment in advanee which is adopted in international trade isusually effected by remittanee , and is advantageous to(xexporter / importer).(2) Payme nt after arrival of goods which is adopted ininternational trade is usually effec
21、ted by remittanee too, and isadva ntageous to ( exporte/ x importer) .(3) Payme nt after arrival of goods in elude two types of goods forsale , namely Goods Sold _ _Con sig nment .4、 Financial documents mean_bills of exchangepromissorynotes , cheques .Commercial documents mean _ invoices , transport
22、documents , documents of title or other similar documents5、C1ea n collect ion means collecti on of finan cial docume nts notaccompa nied by commercial docume nts6、Documentary collection means collection of(1) Finan cial docume nts accompa nied bycommercialdocuments _ , or (2)commercial documents not
23、 accompaniedby _ finan cial docume nts_7、How many parties are there in a collect ion ?(1) _Prin cipal _(or seller)(2)_ Remitt ing Ba nk一(3) _ Collecting bank (4) Drawee (or buyer)8、Terms of delivery of documents are as follows:(1) Delivery of documents against_paymentits abbreviationis _D/P _.(2) De
24、livery of documents against_acceptanee, its abbreviationis _D/A_.9、(1)The remitti ng bank has main tai ned an acco unt with the collect ing bank , how do you write collect ing proceeds in struct ions in thecollecti on in structio nWhe n collected please credit ouracco unt with you un der your cable/
25、airmail advice to us(2)The Collecting bank has maintained an account with the remitting bank, how do you write co11ecting proceedsin structio ns in the collectio n in structi on?Please collect the proceeds and authorize us by cable/airmail debit your acco un twith us 10、Remitting bank : Bank of Chin
26、a , TianjinPaying bank : Bank of China , LuxemburgDate of cable : 9 JuneTest : 2563Ref No . 208TT0219Amount : USD l , 660.00Payee : Marie Clauda Dumont , LuxemburgAccount No . 0 164 /7295 /550 withBanque Intern ati onal du LuxemburgMessage : PayrollRemitter : Crystal Palace Hotel , TianjinCover : De
27、bit our H.O. accountFM :BANK OF CHINA ,TIANJIN TO :BANK OF CHINA 丄UXEMBURG DATE : 9 JUNE TEST - 2563_ OUR . REF 208TT0219NOT ANY CHARGES FOR USPAY _USD 1660.00 TO _BANQUE INTERNATIONAL DU LUXEMBURG _FOR CREDITING ACCOUT NO. 0-164/7295/550OF MARIE CLAUDA DUMONT LUXEMBURG MESSAGE PAYROLLORDER CRYSTAL
28、PALACE HOTEL ,TIANJIN COVER DEBIT OUR H.O. ACCOUNT 11、MT100CUSTOMER TRANSFERDATE : 031206SENT TO : BKCHCNBJ200BANK OF CHINA , TIANJIN:FM: 04HSBCHK25264HONG KONG AND SHANGHAI BANKING CORPORATION ,HONGKONG:20 : TRN : TT-HKH315064BACP:32A : VALUE DATE /CUR CODE /AMTDATE : 031206 CURRENCY CODE : CNY AMD
29、UNT : 6 , 859.58:50 : ORDERING CUSTOMER :ARTHUR ANDERSEN AND CO.:57s :“ ACOOUNT WITrf BANK :BANK OF CHINA , TIANJIN BR. TIANJIN , CHINA:59 : BENEFICIARY CUSTOMERTIANJIN INTERNATIONAL TAXATION CONSULT1NG BUREAU:70 : DETAILS OF PAYMENTPAYMENT TO RENT AND TAX FOR NOV. 2003:71A : DETAILS OF CHARGES : BE
30、NEFICIARY:72 : BANK TO BANK INFORMATION :IN COVER SETTLE THRU OUR CNY A/ C 111 01081WITHYOUR BEIJING HEAD OFFICEIn accorda nee with above SWIFT Message Type l00 please write a cable text of remitta nee.DATE; 6TH DEC,2003TO:BANK OF CHINA, TIANJIN BR TIANJIN CHINAFM: HONGKONG AND SHANGHAI BANKINGCORPO
31、RATION,HONGKONGTION,HONGKONGOUR.REF: TT-HKH315064BACP VALUE DATE 6 DEC 1998CNY 6859.58ORDERING ARTHUR ANDERSEN AND CO.ACCOUNT WITHBANKBANK OF CHINA, TIANJIN BRANCH TIANJIN BENEFICIARYTIANJININTERNATIONAL TAXATION CONSULTING, BUREAU DETAILSOF PAYMENTPAYMENT OF RENT AND TAX FOR NOV.1998 DETAILS OFCHAR
32、GES-BENEFICIARY IN COVER SETELE THRU OUR CNY A/C 111-01081WITHYOU BEIJING HEAD OFFIC12、Draft NO . 20060613Amount : HKD32 , 150.00Place and date of draft : Tianjin , 8 May , 200XPaying bank : Bank of China , HongKongPayee : the order of United Trading Company, HongKongPay aga inst this draft to the d
33、ebit of our acco untRemitting bank : Bank of China , TianjinRemitter : Chi na-Natio nalLight In dustrial Products Imp .&Exp . Corp.,Tianjin Branch , TianjinP1ease draw a dema nd draft to make remitta nee by D/ D .s13、(1)China National Instruments Imp.& Exp . Corp. , TianjinBranch , Tianjin (
34、principal) wishes to issue a draft dated 14 July,200X drawn on Continental Co. , 46 Rue de Ancient, Paris (drawee)at sight for USDl , 200.00 payable to the order of Bank of China,Tianjin (remitti ng bank) which will make a special en dorseme nt toBanque of Paris , Paris. marked “ Drawn against shipm
35、ent of 20setsof transistors shipped per s . s. Chenghau from Tianjin to Le Harve for collecti on.”Please draw a draft to meet the above requireme nts(2) The prin cipal prese nts an applicati on for collect ion accompa niedby draft and docume nts to the remitti ng bank for collectio nAn applicati on
36、for collectio n shows as followsCommercial documents surrendered are belowB L in triplicateInvoice in triplicateInsurance policy in duplicate certificate of origin in duplicate packing list induplicateCo11ection instructions are given below：deliver documents against payment remit the proceeds by air
37、mailairmail advice of paymentcollection charges outside China from drawee， waive if refused byhim airmail advice of non-payment with reasonsprotest waivedWhen collected ，please credit proceeds to principal' s account withremitting bank Remitting bank complete a collection instruction in accordan
38、ce with principal ' s application to add other requirements as follows:Ref No OC2576459Date ：15 July ，200XPlease co11ect and remit proceeds to Bank of China，New York forcredit of our account with them under their advice to usPlease produce a collectioninstructionattaching draft and documents to
39、be forwarded to the co11ecting bank ， Banque of Paris ，Paris.(COLLECTION INSTRUCTION)Exercise 3Please answer fill the blank in or make choice of the following questions1、Here is the simple definition of letter of credit:In simple terms a letter of credit is a con diti onal ban promise /un dertak in
40、gofpayme nt2、There exists a triangular contractual arrangement under a documentary credit operati on：(1) Firstly, the sales con tract betwee n ben eficiary and applicant(2) Secondly the applicant between applicant and issuing bank.(3) Thirdly, thedocumentary credit between issuing bank and beneficia
41、ry3、A credit stipulated that quantity of goods grade A 60% quantity of goods grade B 40%. Beneficiary presented invoices being evideneed grade A 40%rade B 60% which were in accorda nee with sales con tract as he said that the credit has stipulated erron eously .(1) The above inv oice is acceptable.(
42、2) The above inv oice is not accepta hie4、How many parties are there in a documentary credit?(1) the issu ing bank(2 ) the applica nt if any(3) the beneficiary5、The advising bank s liability is to check the apparent authenticityof the credit.7、If the amount is preceded by6、All credit must stipulated
43、 an expiry date for presentation for payment .“bpoutnatejy or “circa" , the credit willallow the 10%tolera nee.8、In the absenee of indieating the nature of a credit shall be deemed to birrevoeable9、 Under an irrevocable credit the issuing bank must undertake primary liability for payme nt .10 W
44、hat is the esse nee of an irrevocable doeume ntary credit?The esse nee of an irrevocable doeume ntary credit is thaa n irrevocable credit can n either be ame nded nor can celled without the agreeme nt of the issu ing bank the confirming bank (if any)and the beneficiary ”.11、A credit should not be is
45、sued available by draft(s) on the applicant If the credit neverthelesscalls for draft on the applicant, banks will eonsider such draft(s) as an additi onal doeume nts12、An issuing bank s undertaking clause is as followsWe hereby undertake to pay at sight against draft and or doeuments presented to o
46、ur office in eon formity with terms of credit.Who un dertakes the primary liability? Issu ing bank13 A bank eon firms a credit it will usually write a clause as followsWe hereby add our confirmation to the credit and undertake to honour drafts and doeuments inconformity with the terms of the credit
47、upon presentation themto us14 A credit is issued by Bank of Chi na, Tianjin an d con firmed by Bank of Chi na, London. It eonstitutes the payment undertaking of口 one bank only.(2) above two banks15 Put X in relative check box of the followi ng sen ten ces or fill the bla nks to issue an irrevocable uncon firmed docume ntary credit which is to expire on or before 30 Jun, 200X and is available with the advis ing bank the In dustrial and Commercial Bank of China , Shan ghai by deferred payme nt at30 days after prese ntati on of docume nts aga inst the docume