Foreign economic activity. Forms of foreign trade payments (the most important)

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Foreign economic activity. Forms of foreign trade payments (the most important)

Lecture notes, cheat sheets

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70. Forms of foreign trade settlements

Расчеты represent obligations to provide a monetary equivalent for the actions performed under an international transaction on the terms agreed in the contract.

Foreign trade settlements include payments on financial obligations arising in the course of foreign trade activities of enterprises, companies and firms.

Financial conditions contracts include four elements: types of payment and means of payment, forms of payment, financial guarantees.

under the payment form understand the terms of payment, which have specific features regarding the procedure for crediting funds to the account of the creditor, the types of payment documents used, as well as the procedure for document flow.

The terms of payment may provide for payment in cash and negotiable instruments (securities).

Settlements in cash are made by bank transfer, letter of credit, collection order.

Банковский перевод - a form of settlement, which is an order to the bank to pay the amount from the account and transfer it to the bank specified in the transaction. There are three parties involved in a bank transfer operation: the applicant from whom the transfer order is issued, the bank that received this order and the recipient of the funds (beneficiary). Operations to transfer funds abroad are regulated by international banking customs (customs). Bank transfers can be made in the form of an advance payment against the fulfillment of obligations under the contract.

Documentary letter of credit - a formalized agreement under which the bank, on the basis of the application of its client, undertakes to open a loan in favor of another person (beneficiary) against title documents. Differ revocable letters of credit - may be changed or canceled at any time by the issuing bank at the direction of the applicant of the letter of credit, even without prior notice to the beneficiary, and irrevocable letters of credit - subject to the provision of the necessary documents and compliance with all requirements, constitute a firm payment obligation of the issuing bank.

RџSЂRё collection form settlements, the bank, on behalf of the exporter, receives payment from the importer for the goods sent to its address and transfers the funds received to the exporter's account.

A negotiable document, which is a means of settlement for a foreign trade transaction, has two qualifying features:

1) contains an unconditional order to pay a certain amount of money;

2) payable upon presentation or order.

Negotiable documents are a type of securities and are divided into two types of bills and checks.

Bill - a document drawn up in the form prescribed by law and containing an unconditional abstract monetary obligation.

Promissory note represents an unconditional obligation to pay a certain amount of money to the holder of the bill at maturity.

Bill of exchange (draft) contains a written order of the holder of the bill, addressed to the payer on the payment of the amount of money specified in the bill to a third party - the first holder of the bill.

Check - this is a written order that must be issued in a certain form and directly, and is unconditionally payable upon presentation and in the amount indicated on it.

Negotiable documents related to monetary obligations include certificate of deposit - a written certificate of the credit institution on the deposit of funds, certifying the right of the depositor to receive the deposit. Certificates of Deposit may be transferred and sold to third parties. In some countries, certificates of deposit are accepted for tax purposes.

Author: Bobkova O.V.

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