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Salvage 1 страница
с гасение (судна и/или груза) inexpedience нецел ^сообразность Unit 9
[[methods of payment
Lesson 1
Accounts may be paid by means of international money order (for small private transactions), banker's transfer (direct transfer from buyer's to seller's bank), bill of exchange and letter of credit. The banker's transfer is a simple transference of money from the bank account of a buyer in his own country to the bank account of the seller in the seller's country. The transfer is carried out at current exchange rates. Such transfers are subject to any exchange control regulations of the countries concerned. This transaction is simple and can be speeded up by cabled instructions if desired. The bill of exchange (B/E) is an order in writing from a creditor to a debtor to pay on demand or on a named date a certain sum of money to a person named on the bill, or to his order. The bill is drawn by the creditor on the debtor, and is sent to the debtor for the latter to pay or accept (i. e. to acknowledge the debt). The debtor accepts by signing his name on the face of the bill, together with the date. The bill now becomes legally binding, and the acceptor must meet it on or before the due date. The creditor (drawer) can order the debtor(drawee) to pay the money to any bank named by him on the bill. The drawee, in accepting the bill, can add the name of the bank which he wishes to pay the bill. In this case, the bill stays with the drawer's bank till due for payment, when it will be presented to the paying bank for settlement. Such a bill is said to be domiciled with the holding bank. The B/E is negotiable, which means that it can be used by the holder to pay debts of his own (i. e. he can negotiate it). To do this, the holder must endorse it, i. e. sign his name on the back of the bill before passing it on to the new holder. The holder may as well sell the bill to the bank, who will pay the face value, less interest, i. e. discount a bill; or leave the bill with a bank as security for a loan. Failure to meet a bill on the due date would result in total discredit for the drawee, and the legal action can follow. An unpaid bill is said to be dishonoured, and the drawer can protest it, which clears the way for him to prosecute (take legal action against) the drawee.
The letter of credit (L/C) most generally used method of payment, ideal for individual transactions or for a series, makes trade with unknown buyers easy, gives protection to both buyer and seller and overcomes the credit gap (i. e. the time-payment loss between order and delivery). The L/C starts with the buyer. He instructs his bank to issue the L/C for the amount of the purchase and in favour of the seller. The buyer's bank sends these instructions to it's agent in the seller's country. On receiving these instructions, the agent bank writes to advise the seller of the credit. It's normal to confirm the credit. This means that the agent bank undertakes to pay the seller money due to him, provided the conditions set out in the L/C have been complied with. The seller can now execute the buyer's order, knowing that when he has done so, the money will be paid at once by the agent bank. The buyer is equally secure, because the agent bank will pay on his behalf only if conditions of the transaction are fully carried out by the seller. For this reason, great accuracy are needed in giving the original instructions. endorsement передаточная надпись (на чеке, векселе и т. д.), индоссамент, жиро, подпись на __________________ обороте, подтверждение ______________ confirmed letter of подтвержденный аккредитив credit
Exercises
Exercise 1. Find equivalents in English.
Безотзывный аккредитив, дисконтная ставка, по требованию, банк-акцептант, обеспечение кредита, выписывать вексель на кого-либо, домицилирование векселя, обращаемый, номинальная стоимость, векселедержатель, вексельный оборот, ремитент, предъявлять вексель к акцепту, опротестовать вексель, индоссамент, обязанное по векселю лицо, индоссант, простой вексель, векселедатель, плательщик, срок по векселю, возлагать обязательства, полный индоссамент.
Exercise 2. Translate into Russian. 1. A bill payable on demand is deemed to be overdue when it appears on the face of it to have been in circulation for an unreasonable length of time, the question of unreasonableness being one of the fact. 2. If the drawee refuses to accept the holder has an immediate right of recourse against prior parties without being compelled to wait for the date of maturity. 3. Once the due date has passed, the bill is said to be overdue, and failure to present on that day discharges the drawer and endorsers, unless the holder can bring himself within the exemptive provision. 4. Delay in presenting a bill for payment does not discharge the drawer, unless he suffers actual losses through the delay. 5. A note payable on demand is intended as a continuing security and is negotiated as such. 6. The paying banker is liable in conversion to the true owner, the damages recoverable being the face value of the bill. 7. A banker is not to be treated as having been negligent by reason only of his failure to concern himself with absence of, or irregularity in, endorsement of an instrument.
Exercise 3, Translate into Russian. Dear Sirs,
We have been doing business with you for nearly a year and are pleased to say that we are more satisfied with the goods you have supplied.
In the coming year we will probably place regular orders with you and our present method of payment by letter of credit will become inconvenient. We would also find a short credit of advantage to our trading capacity.
We would therefore like you to supply us on monthly account terms, payment against statement within 30 days. You may refer to Messrs... and Messrs..., with whom we have credit accounts.
Exercise 4. Translate into Russian. Dear Sirs,
With reference to your invoice no.21078 of 23 of July, we have to point out that you have made an error in your total. We calculate the correct figure at $237, not $247 as given by you.
Our cheque for the former amount is enclosed and we should be obliged if you would amend the invoice or pass the necessary credit.
Yours fathfully Lesson2
APPLICATION FOR DOCUMENTARY CREDIT Please open on our account a Credit in the following terms: 1. This credit is to be {revocable, irrevocable, irrevocable and confirmed) 2. and advised through (Correspondent_____________________ 3. In favour of (Beneficiary) (Address) 4. To the extent of (in words) 5. The Credit is to expire on ____________________________ in ________________ (State/Town/Country) (Unless previously cancelled-if Credit is revocable) 6. The credit is to be available to the beneficiarv's draft. Drafts to be drawn/payments to be made for the full invoice value and submitted with the under-mentioned documents attached. 7. Documents required:
• Invoice • Policy or Certificate of Insurance in the same currency as the Credit for CIF Invoice value plus__________ p ercent covering Marine and War risks. • Complete set of clean on board Shipping Company's Bill of Lading made out to order and endorsed in blank marked Freight Payable at Destination. Documents must be presented to the paying/accepting/negotiating bank not later than_______ days after the date of the Bills of Lading or other shipping documents stated herein and within the credit validity. 8. Covering shipment of FOB/C& F/CIF 9. Price 10. Shipment from____________________ to_______________________ 11. Partial shipment allowed/prohibited 12. Transshipment allowed/prohibited 13. Special Instruction (if any) 14. We give overleaf the information required for Exchange Con- 1. The documents and the goods and all proceeds of sales thereof and of insurance thereon and all our rights as unpaid sellers when shall be security to you for all obligations and liabilities incurred by you as Correspondent in connection with this Credit and for all disbursements in connection with the goods or otherwise (which we hereby authorize you to pay for our account) and all other our liabilities to you present and future. 2. You may on payment debit our account with all sums paid in connection with this Credit or the goods, also with any commission and interest, or with the whole or part of the amount of the Credit at any time if you think fit, and on demand we will place you in funds to meet such debts, and we will at the latest place you in funds to meet any acceptances three days before their due date or earlier if required. In case of Credits in foreign currency you may pass any such debits in sterling at you rate of exchange, and if passed after payment, at your rate ruling when you receive advice of payment when otherwise arranged. In the event of any default you may sell the documents or goods before or after arrival and any defect we will pay you on demand, and we will indemnify you against all claims, demands, costs, charges, and expenses incurred in connection with this Credit. 3. Your rights against us hereunder shall not be affected by, and you and/or correspondents shall not be responsible for any loss or damage to the goods however and whenever caused, this quantity, quality, condition or their detention by any person whatsoever and howsoever caused, the loss, validity, sufficiency or accuracy of the shipping, insurance or any other documents or failure from any reason by you. Correspondents or any other person will be at our risk. 4. If the Credit is revocable it may be cancelled by you at any time, but cancellation by you or by us shall be without prejudice to our respective obligations as regards any bills negotiated or accepted or payments made thereunder before notice of such 5 3ак 5811 cancellation has been received at the place where the Credit is available. 5. All cables in connection with this Credit shall be dispatched at our risk and cost and you shall not be responsible for any loss caused by mistakes, mutilations or omissions in their transmission coding or decoding or interpretation when received by delay on the part of the cable companies concerned. 6. If two or more parties sign this document the liabilities hereunder are joint and several. 7. This Credit is to be subject to the Union Customs and Practice for Documentary Credits (1974 revision) International Chamber of Commerce Publication No. 290 Accounted s Name and Signature
Date Exercises
Exercise 1. Find equivalents in English.
Бенефициар, переводной аккредитив, переуступка, авизующий банк, банк эмитент, уполномоченный банк, платеж с рассрочкой, подтверждающий банк, аккредитив с разрешением негоциации любым банком, исполняющий банк, возмещение, непокрытый аккредитив, блокирование счета для покрытия аккредитива, страховой депозит, чистый аккредитив, товарораспорядительные документы, первый бенефициар, исполнение аккредитива, добросовестный держатель, аккредитив с красной оговоркой.
Exercise 2. Fill in the prepositions where necessary. 1. Credits,... their nature, are separate transactions from the sales of other contract(s)... which they may be based and banks are in no way concerned... or bound... such contract(s), even if any reference whatsoever... such contract(s) is included in the Credit. 2. A Beneficiary can in no case avail himself... the contractual relationships existing between banks or between the Applicant and the Issuing bank. 3. The Issuing bank must reimburse another bank... which a revocable Credit has been made available... sight payment, acceptance or negotiation prior... receipt by it of notice of amendments or cancellation... documents which appear... their face to be... compliance... the terms and conditions of the Credit. 4. A confirmation of an irrevocable Credit by another bank... authorization or request of the Issuing bank, constitutes a definite undertaking of the Confirming bank provided that the stipulated documents are presented... the Confirming bank or... any other Nominated bank and that the terms and conditions of the Credit are complied... 5. The issuing bank shall be irrevocably bound... an amendments) issued... it from the time of the issuance of such amendments. 6. The terms of the original Credit will remain... force... the Beneficiary until the Beneficiary communicates his acceptance of the amendments... the bank advising such amendments. 7. By nominating another bank, or by allowing... negotiation by any bank, or by authorizing or requesting another bank to add its confirmation, the Issuing bank authorizes such bank to pay, accept Draft(s) or negotiate as the case may be,... documents which appear... their face to be... compliance... the terms and conditions of the Credit and undertakes to reimburse such bank in accordance... the provisions of these Articles. 8. In addition to stipulating an expiry date... presentation of documents, every Credit which calls... a transport document(s) should also stipulate a specified period of time... the date of shipment... which presentation must be made... compliance... the terms and conditions of the Credit.
Exercise 3. Translate into Russian. a. An irrevocable Credit constitutes a definite undertaking of the Issuing Bank, provided that the stipulated documents are presented to the Nominated Bank or to the Issuing Bank and that the terms and conditions of the Credit are complied with: i. if the Credit provides for sight payment — to pay at sight; ii. if the Credit provides for deferred payment — to pay on the maturity date(s) determinable in accordance with the stipulations of the Credit; iii.if the Credit provides for acceptance:
a. by the Issuing Bank — to accept Draft(s) drawn by the Beneficiary on the Issuing Bank and pay them at maturity, or b. by another drawee bank — to accept and pay at maturity Drafl(s) drawn by the Beneficiary on the Issuing Bank in the event the drawee bank stipulated in the Credit does not accept Draft(s) drawn on it, or to pay Draft(s) accepted but not paid by such drawee bank at maturity; iv. if the Credit provides for negotiation — to pay without recourse to drawers and/or bona fide holders, Draft(s) drawn by the Beneficiary and/or document(s) presented under the Credit. A Credit should not be issued available by Draft(s) on the Applicant. If the Credit nevertheless calls for Draft(s) on the Applicant, banks will consider such Draft(s) as an additional document(s). Exercise 4. Translate into English 1. Унифицированные Правила и Обычаи являются обязательными для исполнения заинтересованными сторонами при отсутствии прямо выраженного в аккредитиве соглашения об ином. 2. Обязательство банка произвести платеж, акцептовать и оплатить тратты или негоциировать и/или выполнить любые другие обязательства по аккредитиву, не может являться предметом каких-либо требований приказодателя или исков к последнему, вытекающих из его договорных отношений с банком-эмитентом или бенефициаром. 3. Погашение задолженности по аккредитиву производится с корреспондентского счета в порядке календарной очередности платежей. 4. При открытии безотзывного неподтвержденного аккредитива, авизирующий банк не принимает на себя никаких обязательств по платежу и действует от имени банка-эмитента. 5. Отзывный аккредитив может быть изменен или аннулирован банком-эмитентом по указанию приказодателя аккредитива, без предварительного уведомления бенефициара. 6. При подтверждении банком-корреспондентом платежа бенефициару, бенефициар, наряду с обязательством банка-эмитента, имеет юридически равноценное и самостоятельное обязательство банка-корреспондента произвести платеж по документам, сопутствующим аккредитиву и поданным в срок. 7. При открытии переводного (трансферабельного) аккредитива, бенефициар (первый бенефициар) имеет право уполномочить банк, производящий платеж, акцепт или негоциацию, или любой уполномоченный негоциировать переводящий банк, предоставить одному или нескольким лицам (вторым бенефициарам) пользоваться аккредитивом полностью или частично. 8. При оговорке об открытии аккредитива на взаимной основе, банк бенефициара, опираясь на наличие существующего в его пользу аккредитива, открывает встречный аккредитив в пользу поставщика, выступая в роли аппликанта. 9. Банк не имеет права воспользоваться против бенефициа- 10. Аккредитив предусматривает дату истечения срока и место предоставления документов для оплаты, акцепта или, за исключением свободно обращающихся аккредитивов, место представления документов для негоциации. Дата истечения срока, предусмотренная для платежа, акцепта или негоциации, понимается как дата истечения срока для представления документов. 11. Валютное покрытие аккредитива предоставляется посредством кредитования счета исполняющего банка. 12. При акцепте, оплате или негоциации тратты бенефициара, банк получает право на возмещение понесенных им затрат по осуществлению всех расходов, в том числе расходов по комиссии и т.д. 13. Чистым транспортным документом является документ, который не имеет дополнительных оговорок или пометок, прямо констатирующих дефектное состояние товара и/или упаковки. 14. Тот факт, что аккредитив не заявлен как переводной, не отражается на праве бенефициара переуступать какие-либо поступления по аккредитиву, на которые он может иметь или получить право согласно положениям соответствующего закона Настоящее положение относится только к переуступке поступлений, но не к переуступке права участвовать в операциях с аккредитивом. 15. Все разногласия, возникающие в связи с настоящим контрактом, должны быть решены в соответствии с Правилами примирения и арбитража Международной торговой палаты одним или более третейскими судьями, назначенными в соответствии с вышеупомянутыми Правилами.
Exercise 5. Translate into Russian
1. We have pleasure in enclosing herewith our invoice to the amount of $55.67, on payment of which the order will be dispatched. 2. We have pleasure in enclosing our statement of account for all transactions up to 24 March. Please check the entries and if you find them correct, kindly carry forward the total of $... to the April account. 3. Will you please let us have your cheque for the amount of the enclosed statement. 4. The balance of $100 left uncleared by your September payment has been brought forward to the enclosed statement for October and we would appreciate early settlement of the total amount now due. 5. Attached to this letter you will find our statement showing a balance of $2, 356: we are drawing on you for this amount. 6. We enclose our money order for $200 in settlement of your invoice no.000 of 24 March. 7. Thank you for prompt sending of the invoice. We have today transferred the amount of $400 to the Bank of Japan for your credit. 8. Many thanks for your pro-forma invoice. We accept this price and are making immediate payment to our bank, who will notify you of the credit in due course. 9. Your statement of our account for the last quarter has been received and found correct. We have instructed our bank to remit the amount of $2, 456.89 for the credit of your account at...Bank, London. 10. We are glad to advise you that your statement of our account
Lesson 3
SHORT TERM CREDIT AGREEMENT
Between: hereinafter called the " Borrower", and: hereinafter called the " Lender", It is now agreed that:
Article 1 - Purpose of the Credit The purpose of this credit is to finance general corporate activities of the Borrower.
Article 2 - Amount and Term of the Credit In accordance with the terms and conditions hereafter, the " Lender" will hold available to the " Borrower" a line of credit (the " Credit") not to exceed USD...(...) as from... until....
Article 3 — Drawdown The Credit can be used in several drawdowns. Each drawdown under the Credit can only be made in US Dollars. The day of issue the drawdown may only be a day where the banks in New-York, Brussels, Moscow or London are open for business. If the maturity date of a drawdown falls on a day when these banks are closed, this maturity date will be extended to the immediately succeeding business day.
Article 4 — Interest The drawdown of the Credit granted will bear interest at a rate equal to the LIBOR (London Interbank Offered Rate) two business day prior to issue of each drawdown, as such is shown on Reuters at 11.30 am for loans of the same currency, category and for the same amount plus a margin of 4, 50% per annum. Interests will be payable in cash, at the maturity date of each drawdown, and will be calculated by the number of days corresponding to the drawing on the basis of a year of360 days The rate of interest so determined will remain fixed during the term of the each drawdown. It will however be subject to variation in any cases set out in Article 9 hereafter.
Article 5 — Prepayment The Borrower will have the facility, by giving notice of five business days prior to the prepayment date and with effect from the said date, to repay all or part of the Credit. In such a case, the Lender may then reserve the right to ask the Borrower to pay an indemnity for the eventual prejudice and costs supported by the Lender.
Article 6 — Covenants As long as any amount remains outstanding hereunder, the Borrower undertakes that it shall: — take any action required to the effect that the credit ranks and continues to rank in right of payment and security at least " pari passu" with all its other debts of the same nature and towards a third party of the same nature as the present agreement; — not permit any mortgage, charge or other encumbrance to be granted after the date hereof over the whole or any part of its properties or assets to secure any of its present or future commitments unless the benefit of such security is at the same time extended in manner satisfactory to the Lender to cover all sums owing hereunder.
Article 7 — Fees There will be no arrangement fee on this Credit.
Article 8 — Representations and warranties The Borrower represents and warrants that it is a company properly incorporated in Russia, having full capacity to enter into this Agreement. The Borrower represents and warrants that its obligation to pay the principal, interest and ancillary expenses relating to this Agreement constitutes a direct, unconditional and general obligation of the Borrower which ranks equally with all its other debts contracted by way of loans of the same nature as this Credit and for the same term. The Borrower represents and warrants that the present agreement is valid and binding in all respects. The Borrower represents and warrants that all information (such as reports, financial statements) furnished by him to the Lender does not contain any material misstatement of fact and did not omit to state any material fact. The Borrower represents and warrants that, as of the date of the present agreement, it is not in default of any obligation, covenant or other commitment with respect to other loans or agreements with third parties.
Article 9 — Tax Regimes: Lender Charges All payments of principal, interest and ancillary expenses in favour of the Lender will be made without set off against all sums which may be due by the Lender to the Borrower and net of all duties, imposts and taxes of whatever nature, present or future, paid, recovered or withheld by any Fiscal Authority. In the case where any laws or regulations require the Borrower to deduct from the sums due to the Lender, imposts, taxes or duties, of whatever nature, the Borrower undertakes to increase appropriately the sums due to the Lender in order for the Lender to receive in full the sums for which it is creditor under this Agreement. Generally, the Borrower undertakes to indemnify the Lender, by way of additional interest, for any increase of charges that would result from a change in fiscal legislation after the time of the signature of this Agreement.
Article 10 — Events of Default If any of the following event occurs: a) the Borrower does not pay into the bank account of the choice of the Lender on its due date, any amount of principal, interest or ancillary expenses due by virtue of this Agreement, or b) the Borrower does not respect any other undertaking given by virtue hereof and this breach is not remedied within 15 business days following the request from the Lender to perform the said obligation; or c) the Borrower ceases to carry on its business, declares a suspension of payments or a state of bankruptcy, benefits or is subject to a reorganization judgment, declares a moratorium or such other similar measure is taken, or the Borrower applies for the appointments of a liquidator, receiver or administrator or similar official or seeks an administration order to adjudicate itself bankrupt or insolvent; or d) an event occurs which has an adverse effect on the financial situation of the Borrower which leads the Lender to conclude that the Borrower cannot fulfil its obligations under this Agreement; or e) the Borrower does not pay on its due date any sum whatever due by virtue of an obligation other than those under this Agreement or the BoiTOwer is obliged to repay before its normal maturity date another loan by reason of any breach whatsoever on its part of the terms of the contract relating thereto; or f) any declaration made by the Borrower or any statement or declaration signed by a representative of the Borrower or delivered under this Agreement is shown to be or becomes untrue,
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