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1、秘 书 英 语,总主编 史玉峤 姚怀山,主编 冯修文 陈 璇 主 审 吕菊林,We can only accept L/C,Unit 14,Speaking Module,Listening Module,Reading Module,Writing Module,14.4,14.1,14.2,14.3,Translating Module,14.5,Culture Module,14.6,Topic 1 Talking about terms of payment How many ways are there for a bank to transfer funds for its cli
2、ent from home country to abroad? The methods of payment in international trade chiefly include remittance, collection and L/C. There are three basic ways of remittance. They are remittance by airmail (M/T), remittance by cable (T/T), and remittance by demand draft (D/D). There are two types of docum
3、entary collection. One is document against payment (D/P). The other is document against acceptance (D/A). There are a number of risks which may be incurred to the exporter.,14.1 Sprsking Module,Direction: Four or five students in a team make a group discussion and then make presentation with the hel
4、p of expressions given for reference.,Right. Collection is a trade credit settlement. The bankers responsibility is only providing services of delivering documents and collecting payment. Whether the payment gets to be made or not depends on the buyers credit. I know that the L/C is used very often
5、because seller and buyer trust each other by L/C. Yes. A credit is a document which provides payment to a seller upon proof of the sellers compliance with requirements set forth by the document. So, what is your regular practice about terms of payment? We usually accept payment by irrevocable L/C pa
6、yable against shipping documents.,14.1 Sprsking Module,Could you make an exception, say, to accept D/P? May I ask it is possible to find alternate terms for our future business? What about documents against acceptance? Im sorry. We cant accept D/A terms. Payment by L/C is our method of financing tra
7、de in such commodities. To be frank, D/A is impossible. But perhaps after more business together, we could agree to D/P terms.,14.1 Sprsking Module,Topic 2 Advantages and disadvantages of payment by L/C Payment by L/C is the safest payment term. Payment by L/C gives the exporter the additional prote
8、ction of the bankers guarantee. Its reliable and safe for both importers and exporters because the issuing bank uses its own credit to guarantee the payment of orders. Opening an L/C causes many expenses. The procedure for opening an L/C is too complicated. The exporter has to pay a deposit to the b
9、ank, which adds more cost to the buyer.,14.1 Sprsking Module,Opening an L/C will tie up the exporters funds and increase his cost. Banks will charge service fee for issuing an L/C, therefore it adds more cost to the buyer. The costs involved with issuing, negotiating, and other fees (like amendments
10、) can make L/C expensive. To open an L/C will add to the cost of our imports. An irrevocable L/C gives your exports the protection of a bankers guarantee.,14.1 Sprsking Module,A: Weve settled a lot of things such as price, packing and shipment. Now, theres one question left to discuss, that is, term
11、s of payment. We recommended the goods paid by D/A. What do you think of the terms of payment? B: To tell you the truth, D/A is impossible. Because youre a new customer, our company would take a great risk if we accepted your terms. Perhaps after more business between us, we would consider payment m
12、ade by collection. Now, to be on the safe side, we only accept payment by irrevocable letter of credit payable against shipping documents.,14.1 Sprsking Module,Direction: Work with your partner on the following conversation , and use it as guide when making up your own conversation.,A: Well, you kno
13、w our order this time is very large. When I open the letter of credit with the bank, I have to pay a deposit and the bank charges. To open an L/C for such a large amount is costly, which will add to the cost of our imports. Could you be a little more flexible and make some changes? I wonder if you c
14、ould accept other kinds of payment such as D/P. B: Im afraid not. We regret to say that we cannot accept your proposal for changing in payment. Our usual practice is to accept payment by L/C only. An irrevocable L/C gives our exports the protection of a bankers guarantee and well get the right amoun
15、t of money. A: Im sorry that you adhere to payment by L/C. For you, payment by L/C is the safest method, but for us, the point is that to open an L/C with a bank does mean additional expense. B: In fact, L/C is fair and beneficial to both the seller and the buyer. However, to help you get rid of dif
16、ficulty, I would like to suggest that you reduce the order by half. Then you can go on placing the rest of the order.,14.1 Sprsking Module,A: Well, Ill consider it. (After calculating on the computer and thinking about for some time) all right, Ill reduce the order by half. However, lets make a comp
17、romise about the terms of payment. Do you think you could accept a time L/C and allow us to delay payment, say, 60 days after sight? B: We usually demand payment by L/C available by draft at sight. Payment by sight L/C is quite usual in international trade. But to make a successful deal for this tim
18、e and encourage more orders for the future, well consider your request. A: Thank you. You are of great help. B: Then lets arrange the details of payment. Could you send the L/C 30 days before shipment? A: No problem. Ill arrange for the L/C to be opened in your favor as soon as I return. When will t
19、he goods be ready and the shipment made? B: According to the manufacturer, the goods will be ready by the end of May.,14.1 Sprsking Module,A: Since we are in urgent need of the goods and have to give our clients a specific delivery date, is it possible to persuade your manufacturer for an earlier de
20、livery, say, at the beginning of May? B: We wish to satisfy every request of our customers, especially a new one like you. But our manufacturer has a heavy backlog on hand. A: Well, then I hope that the goods can be dispatched promptly after you receive my L/C. The time between July and September is
21、 our busy seasons, therefore, we would very much appreciate it if youd ship the goods as soon as possible. B: You can rest assured of that. Well make the necessary preparations and effect the shipment in the prescribed time after we get the L/C.,14.1 Sprsking Module,A: Thatll be great. By the way, w
22、hat about the term of validity? B: The L/C should be valid for 15 days after the date of shipment. A: Could you tell me what other documents will be provided? B: Besides the draft, well send you a full set of bills of loading, an invoice, an insurance policy, a certificate of origin and a certificat
23、e of inspection. A: Thanks. I appreciate your cooperation.,14.1 Sprsking Module,14.2 Listening Module,Direction: You will hear five short recordings. Each recording is followed by three different statements decoding it. Choose the correct statement, and mark A, B or C for the correct choice.,1 A. Th
24、e company has gone bankrupt. B. The bank has closed the companys account. C. The company is now in trouble of cash flow. 2 A. The two speakers are in good business relations. B. They havent made a deal before. C. Payment by L/C is not often used because of its inconvenience.,14.2 Listening Module,3
25、A. The man sticks to payment by L/C. B. They agree on payment by check. C. They agree on documentary draft at sight. 4 A. They agree on payment by TT. B. Its hard to accept the payment over 2 months. C. From the term of payment, we can see theyve reached a small deal. 5 A. While placing the order, t
26、he buyer should make 10% payment. B. The remaining should be paid by cash. C. The remaining must be paid at one time.,14.2 Listening Module,L/CLetter of Credit. One of the more common terms of payment is payment by Letter of Credit. The _(1) Letter of Credit is the most commonly used term of payment
27、 for imports. The exporter can be sure that he will be paid when he _(2) the goods and the importer has the proof that the goods have been dispatched according to his instructions. CWOCash with Order. This is uncommon since you are in effect extending _(3) to your supplier: in addition you run the r
28、isk that the goods will not be dispatched in accordance with the contract terms. Nevertheless, _(4) for partial advance payments in the form of _(5) (normally between 10% and 20% of the contract price), or progress payments at various stages of manufacture (particularly for capital goods), is often
29、included in the contract terms. The _(6) of the payment will usually be made up by one of the terms described in the following “Open Account”.,Direction: Fill in the blanks with the words, phrases or sentences youve heard.,14.2 Listening Module,Open Account. This is a simple agreement whereby you ag
30、ree to pay for the goods after you have received them, usually on a monthly basis. There are various ways in which you can send money to your supplier under open account and he may wish to _(7) the terms to be used, for example: Check. Different banks have different methods and this could take as lo
31、ng as a month. For these reasons your supplier may not consider payment by check acceptable. Bankers draft. You send this direct to your supplier who pays it into his bank account, at which time he will usually be given immediate credit. Telegraphic Transfer. This is the fastest method of sending mo
32、ney abroad but costs a little more than most other methods of _(8) funds.,14.2 Listening Module,International Payment Order. You can arrange for your bank to instruct an overseas bank, by airmail, to make payment to your supplier. International Payment Orders may be slower than Telegraphic Transfers
33、, but are slightly cheaper because there are no cable costs. International Money Order. You post the money order to your supplier and he receives immediate credit from his bank in the same way as with a draft. _(9). Documentary Bill of Exchange. This is a popular way of arranging payment and offers
34、benefits for both you and your supplier. _(10). Your supplier has the advantage of knowing that legal procedures exist for recovering money owing against bills of exchange.,14.3 Reading Module,Direction: Scan the passage below and match the words and phrases with their definitions.,14.3 Reading Modu
35、le,Direction: Read the passage below again and answer the following questions.,14.3 Reading Module,10 Ideas to Enhance Cash Flow Managing cash flow is what separates good companies from the truly successful ones. Indeed, your ability to monitor the cash flow of your business can be the vital differe
36、nce between profit and loss. Here are 10 ideas to enhance cash flow: Assess your risk up front When you do work without being paid up front, you are extending credit. Discuss your billing procedures with your customers up front. “We expect payment in 30 days. Is that a problem?” If it is, you need t
37、o know ahead of time and make an informed decision about whether you really want to loan your new customer money,14.3 Reading Module,Bill immediately Customers do not pay for what they have not yet been billed. Although many owners believe they have efficient billing procedures, our experience is th
38、at delayed billing is a primary cause of poor cash flow. You cannot bill soon enough! Bill thoroughly Confusing bills provide your clients with an opportunity to delay paying you. Furthermore, be very specific about the payment terms and stick to them. If you expect payment in 30 days, say so; and d
39、etail what happens if you are not paid. Do not fear losing business! If you are not now getting paid for work you have done, what is left to lose?,14.3 Reading Module,Make paying easier Do you accept credit cards? If not, it is time you evaluated this opportunity. Do you enclose a postage-paid retur
40、n envelope with your bill to expedite payment? Have you considered offering discounts for prompt payment? When we work with clients, we look at every aspect of their billing process. Collect your bills Receivables are loans your company provides to your customers or clients. Unless you really want t
41、o be a banker, develop a protocol for your collection effort that begins the moment a bill leaves your company. History has demonstrated that the lack of a well-developed collection protocol is the primary cause of poor cash flow.,14.3 Reading Module,Cut unnecessary expenses Reduce the cash that is
42、going out. Carefully examine your fixed expenses. Look at your utility bills and implement a conservation program. Review your insurance premiums to be sure you are not over-insured. How many subscriptions and memberships are really needed? Time your payments carefully Review all of your vendor bill
43、s to ensure that you are taking advantage of any discounts. Delay all non-discounted bills as long as possible. Put your cash to work First, make daily deposits! Second, make your deposits before the bank stops its daily transactions. If your mail arrives late, get a post office box to speed up deli
44、very. Finally, transfer idle cash into interests-bearing accounts. Even at 2% or 3%, this money adds up.,14.3 Reading Module,Evaluate your payment schedule Consider changing your payroll form weekly to biweekly or monthly. Reducing the amount of payrolls, in turn, reduce payroll tax deposits. Consid
45、er payroll advances to help sway employee resistance. Plan ahead Without exception, planning ahead is the most crucial aspect of cash flow management. Prepare a cash flow budget based on last years history, and you can begin to develop a game plan. Talking to your banker before you need money will p
46、rovide you a better working relationship and better rates. Cash flow management involves analyzing risks and requires both short-and long-term approaches. As a business owner, you know how crucial it is to maintain your profit margins. This guide was developing to assist you in ensuring that cash fl
47、ow problems do not siphon off those profits unnecessarily.,14.3 Reading Module,Word Bank,cash flow n. 资金流 monitor v. 监测 extend v. 延长 delay v. 耽搁；延误 specific adj. 具体的 stick to 坚持 enclose v. 装入信封；附上 expedite v. 加快 receivable n. 应收账款 protocol n. 规程；规约 conservation n. 节约；保护,14.3 Reading Module,Word Bank
48、,subscription n. 订阅 transfer v. 转移；转入 margin n. 差额；差数 siphon v. 用吸管吸,14.3 Reading Module,Direction: Read the passage again and choose the correct answer to each question.,1. What does the author mean by saying “whether you really want to loan your new customer money”? A. He means you should ask him to pay up front. B. He means that it is not necessary to discuss your billin