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Payment Methods in International Trade(개정판)(반양장)
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Companies engage in international trade activities for various purposes: to expand market, to increase sales and revenues, to use production capability fully, to increase profits, etc. The ultimate purpose would be to make profits, and eventually to increase the value of the companies.
Companies engaging in international trade transactions are likely to make more revenues and profits. International trade transactions, however, bring various risks which are originated from the features of international trade. Exporters might not be paid although they performed the contract properly. The risk of non-payment is at large dependent on the method of payment.
The basic methods of payment in international trade are ‘payment in advance (cash in advance)’, ‘open account’, ‘documentary collection’, and ‘documentary credit (letters of credit)’. Other types of method of payment such as ‘consignment’, ‘netting’, and ‘bank payment obligation’ are also used. Each of the methods of payment has advantages and disadvantages to the parties.
Some methods of payment might bring detrimental losses instead of profits, and also cause cash flow problems. In this regard, in negotiating methods of payment, we are to consider trade finance as well as non-payment risk. There are various types of trade finance normally used in international trade: pre-shipment finance, negotiation of bills of exchange, discounting invoices, export factoring, international forfaiting, export credit insurance/guarantee, etc.
The understanding of various methods of payment in international trade together with the relevant trade finance scheme is a key to success in international trade transactions. The understanding of features/ risks of international trade will help understand the various methods of payment.
This book mainly covers various methods of payment in international trade. In addition, this book also overviews concept, purposes, features/risks of international trade, and trade finance. This book is designed for a one semester college course and is primarily aimed at undergraduates. This book is also available for a one semester course for upper-level undergraduate or graduate students.
This book provides a comprehensive treatment of methods of payment in international trade accessible to those less familiar with the subject matter. This book will also be a valuable reference for experienced managers and bankers.
This book is based on the author’s practices, researches, and college lectures in international trade.
Companies engage in international trade activities for various purposes: to expand market, to increase sales and revenues, to use production capability fully, to increase profits, etc. The ultimate purpose would be to make profits, and eventually to increase the value of the companies.
Companies engaging in international trade transactions are likely to make more revenues and profits. International trade transactions, however, bring various risks which are originated from the features of international trade. Exporters might not be paid although they performed the contract properly. The risk of non-payment is at large dependent on the method of payment.
The basic methods of payment in international trade are ‘payment in advance (cash in advance)’, ‘open account’, ‘documentary collection’, and ‘documentary credit (letters of credit)’. Other types of method of payment such as ‘consignment’, ‘netting’, and ‘bank payment obligation’ are also used. Each of the methods of payment has advantages and disadvantages to the parties.
Some methods of payment might bring detrimental losses instead of profits, and also cause cash flow problems. In this regard, in negotiating methods of payment, we are to consider trade finance as well as non-payment risk. There are various types of trade finance normally used in international trade: pre-shipment finance, negotiation of bills of exchange, discounting invoices, export factoring, international forfaiting, export credit insurance/guarantee, etc.
The understanding of various methods of payment in international trade together with the relevant trade finance scheme is a key to success in international trade transactions. The understanding of features/ risks of international trade will help understand the various methods of payment.
This book mainly covers various methods of payment in international trade. In addition, this book also overviews concept, purposes, features/risks of international trade, and trade finance. This book is designed for a one semester college course and is primarily aimed at undergraduates. This book is also available for a one semester course for upper-level undergraduate or graduate students.
This book provides a comprehensive treatment of methods of payment in international trade accessible to those less familiar with the subject matter. This book will also be a valuable reference for experienced managers and bankers.
This book is based on the author’s practices, researches, and college lectures in international trade.
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출판사 리뷰
출판사 리뷰
?STRENGTHS AND FEATURES OF THIS BOOK
1. Practical and systematic approach: This book explains concept, features/risks of international trade, trade documents, various types of methods of payment, and trade finance in practical aspect. This book offers systematic approach towards to international trade and payment together with trade finance. This book will be a practical guide to international trade and payment, and help practice international trade transactions.
2. Simple explanation with figures: This book explains in a very simple way, and provides figures for better understanding for concept and/or operation for each method of payment and for each types of trade finance including export credit insurance.
3. Designed for a one semester college course: This book is designed for a one semester college course and is primarily aimed at undergraduates. To that end, this book is composed of 13 chapters and two appendices. This book is also available for a one semester course for upper-level undergraduate or graduate students.
4. Reference for experienced managers and bankers: This book will be useful for those who engage in international trade transactions including bankers dealing with trade finance. This book provides a comprehensive explanation on methods of payment in international trade, and is detailed and professional enough to serve as a valuable reference for experienced managers and bankers.
5. Review questions and answers: Each chapter includes review questions and answers. Review questions and answers will tell what to understand and review.
6. Considerations for beginners: For the beginners, chapter 1 overviews international trade (i.e. concept, purposes, features and risks of international trade), and chapter 2 explains commercial documents and financial documents normally used in international trade. Further, chapter 3 previews and outlines various types of methods of payment.
7. Various examples and figures with explanation: This book provides various examples and figures for trade documents and each method of payment.
1. Practical and systematic approach: This book explains concept, features/risks of international trade, trade documents, various types of methods of payment, and trade finance in practical aspect. This book offers systematic approach towards to international trade and payment together with trade finance. This book will be a practical guide to international trade and payment, and help practice international trade transactions.
2. Simple explanation with figures: This book explains in a very simple way, and provides figures for better understanding for concept and/or operation for each method of payment and for each types of trade finance including export credit insurance.
3. Designed for a one semester college course: This book is designed for a one semester college course and is primarily aimed at undergraduates. To that end, this book is composed of 13 chapters and two appendices. This book is also available for a one semester course for upper-level undergraduate or graduate students.
4. Reference for experienced managers and bankers: This book will be useful for those who engage in international trade transactions including bankers dealing with trade finance. This book provides a comprehensive explanation on methods of payment in international trade, and is detailed and professional enough to serve as a valuable reference for experienced managers and bankers.
5. Review questions and answers: Each chapter includes review questions and answers. Review questions and answers will tell what to understand and review.
6. Considerations for beginners: For the beginners, chapter 1 overviews international trade (i.e. concept, purposes, features and risks of international trade), and chapter 2 explains commercial documents and financial documents normally used in international trade. Further, chapter 3 previews and outlines various types of methods of payment.
7. Various examples and figures with explanation: This book provides various examples and figures for trade documents and each method of payment.
목차
목차
Chapter 01 Overview of International Trade 13
1. Introduction / 14 2. Purposes of international trade / 16
3. Risks in international trade / 19
4. Review questions and answers / 28
Chapter 02 Trade Documents 35
1. Introduction / 36 2. Financial documents / 37
3. Commercial documents / 49
4. Review questions and answers / 63
Chapter 03 Overview of Methods of Payment 67
1. Introduction / 68
2. Basic types of methods of payment / 70
3. Brief overview of each method of payment / 74
4. Case study for respective method of payment / 76
5. Review questions and answers / 80
Chapter 04 Payment in Advance (Cash in Advance) 85
1. Introduction / 86
2. Operation of a payment in advance / 88
3. Advantages/disadvantages / 91
4. Review questions and answers / 94
Chapter 05 Open Account 97
1. Introduction / 98 2. Operation of an open account / 100
3. Features and advantages/disadvantages / 103
4. Review questions and answers / 105
Chapter 06 Documentary Collection 109
1. Introduction / 110
2. Operation of a documentary collection / 113
3. Features and advantages/disadvantages / 124
4. The Uniform Rules for Collections (URC 522) / 128
5. Case study / 136
6. Review questions and answers / 144
Chapter 07 Documentary Credits (L/C) 153
1. Introduction / 154 2. Operation of a documentary credit / 158
3. Advantages/Disadvantages / 169 4. Various forms of credit / 171
5. Independence principle and fraud exception / 175
6. Review questions and answers / 183
Chapter 08 UCP 600 and L/C Case Study 191
1. Introduction / 192 2. Major clauses of UCP 600 / 194
3. Case study of a documentary credit / 200
4. SWIFT and the Fields / 211
5. Review questions and answers / 238
Chapter 09 Other Methods of Payment 241
1. Bank payment obligation (BPO) / 242 2. Consignment / 250
3. Check payment / 253 4. Netting / 255
5. Review questions and answers / 256
Chapter 10 Demand Guarantee (independent guarantee) and Standby L/C 261
1. Introduction / 262
2. Structures and forms of guarantees / 267
3. Independence Principle and Fraud Exception / 277
4. Case study of demand guarantee/standby L/C / 285
5. Review questions and answers / 296
Chapter 11 Negotiating Payment Terms 299
1. Terms of payment and cash management / 300
2. Contents of the terms of payment / 302
3. Final design of the terms of payment / 305
4. Review questions and answers / 307
Chapter 12 Trade Finance 309
1. Introduction / 310
2. Export working capital financing and insurance / 314
3. Negotiation of bills of exchange (discounting invoices) / 317
4. Export factoring and international forfaiting / 320
5. Review questions and answers / 329
Chapter 13 Export Credit Insurance/Guarantee 333
1. Introduction / 334
2. Overview of export credit insurance/guarantee / 339
3. Operation of export credit insurance/guarantee / 341
4. Review questions and answers / 350
Appendix 1. Uniform Customs and Practice for Documentary Credits (UCP 600) 354
Appendix 2. Uniform Rules for Collections (URC 522) 382
■ INDEX 399
1. Introduction / 14 2. Purposes of international trade / 16
3. Risks in international trade / 19
4. Review questions and answers / 28
Chapter 02 Trade Documents 35
1. Introduction / 36 2. Financial documents / 37
3. Commercial documents / 49
4. Review questions and answers / 63
Chapter 03 Overview of Methods of Payment 67
1. Introduction / 68
2. Basic types of methods of payment / 70
3. Brief overview of each method of payment / 74
4. Case study for respective method of payment / 76
5. Review questions and answers / 80
Chapter 04 Payment in Advance (Cash in Advance) 85
1. Introduction / 86
2. Operation of a payment in advance / 88
3. Advantages/disadvantages / 91
4. Review questions and answers / 94
Chapter 05 Open Account 97
1. Introduction / 98 2. Operation of an open account / 100
3. Features and advantages/disadvantages / 103
4. Review questions and answers / 105
Chapter 06 Documentary Collection 109
1. Introduction / 110
2. Operation of a documentary collection / 113
3. Features and advantages/disadvantages / 124
4. The Uniform Rules for Collections (URC 522) / 128
5. Case study / 136
6. Review questions and answers / 144
Chapter 07 Documentary Credits (L/C) 153
1. Introduction / 154 2. Operation of a documentary credit / 158
3. Advantages/Disadvantages / 169 4. Various forms of credit / 171
5. Independence principle and fraud exception / 175
6. Review questions and answers / 183
Chapter 08 UCP 600 and L/C Case Study 191
1. Introduction / 192 2. Major clauses of UCP 600 / 194
3. Case study of a documentary credit / 200
4. SWIFT and the Fields / 211
5. Review questions and answers / 238
Chapter 09 Other Methods of Payment 241
1. Bank payment obligation (BPO) / 242 2. Consignment / 250
3. Check payment / 253 4. Netting / 255
5. Review questions and answers / 256
Chapter 10 Demand Guarantee (independent guarantee) and Standby L/C 261
1. Introduction / 262
2. Structures and forms of guarantees / 267
3. Independence Principle and Fraud Exception / 277
4. Case study of demand guarantee/standby L/C / 285
5. Review questions and answers / 296
Chapter 11 Negotiating Payment Terms 299
1. Terms of payment and cash management / 300
2. Contents of the terms of payment / 302
3. Final design of the terms of payment / 305
4. Review questions and answers / 307
Chapter 12 Trade Finance 309
1. Introduction / 310
2. Export working capital financing and insurance / 314
3. Negotiation of bills of exchange (discounting invoices) / 317
4. Export factoring and international forfaiting / 320
5. Review questions and answers / 329
Chapter 13 Export Credit Insurance/Guarantee 333
1. Introduction / 334
2. Overview of export credit insurance/guarantee / 339
3. Operation of export credit insurance/guarantee / 341
4. Review questions and answers / 350
Appendix 1. Uniform Customs and Practice for Documentary Credits (UCP 600) 354
Appendix 2. Uniform Rules for Collections (URC 522) 382
■ INDEX 399
저자
저자
Sang Man Kim
? Professor at Duksung Women's University (Dept. of International Trade)
? Attorney at Law (New York, U.S.A.)
? Former Deputy Director (Korea Trade Insurance Corporation)
? B.A. Law (Korea University)
? M.D. International Business Transaction Law (Korea University)
? LLM. American Law (University of Minnesota Law School)
? Ph.D. Commercial Law (Korea University)
? Arbitrator (Korean Commercial Arbitration Board)
? Mediator (Korean Commercial Arbitration Board/Seoul Central District Court)
? Former Member (ICC Korea International Finance Commission)
? CITF(Certificate in International Trade & Finance, London Institute of Banking & Finance)
(International Articles)
? Some Critical Issues on Constructed Normal Value under the Anti-Dumping Agreement (Global Trade and Customs Journal, Kluwer Law International, 2022)
? Negotiating Bank in a Documentary Credit (The Banking Law Journal, 2021)
? The Independence Principle and the Fraud Exception in a Refund Guarantee (The Banking Law Journal, 2021)
? Right Choice of DPU Rule in Incoterms 2020 (Global Trade and Customs Journal, Kluwer Law International, 2021)
? Export Credit Guarantee and Prohibited Subsidies under the SCM Agreement (Journal of World Trade, Kluwer Law International, 2020)
? Australia - Anti-Dumping Measures on A4 Copy Paper, DS529 (World Trade Review, Cambridge University Press, 2020)
? The Fraud Exception in a Documentary Credit under Korean Law (The Banking Law Journal, 2019)
? Can a Change of Circumstances Qualify as an Impediment under Article 79 of the CISG (Chinese Journal of International Law, Oxford Academic Press, 2019)
? A Guide to Financing Mechanisms in International Business Transactions (Cambridge Scholars, 2019)
? Flag of Convenience in the Context of the OECD BEPS Package (Journal of Maritime Law and Commerce, Jefferson Law Book Co., 2018)
? Use of Zeroing in the W-T Comparison Methodology and Targeted Dumping (United States - Anti-dumping Measures on Large Residential Washers from Korea (DS464)) (Journal of Korea Trade, Emerald, 2017)
? The Legal Effect of the Unknown Clause in a Bill of Lading under the International Rules (North Carolina Journal of International Law, University of North Carolina, 2016)
? Attorney at Law (New York, U.S.A.)
? Former Deputy Director (Korea Trade Insurance Corporation)
? B.A. Law (Korea University)
? M.D. International Business Transaction Law (Korea University)
? LLM. American Law (University of Minnesota Law School)
? Ph.D. Commercial Law (Korea University)
? Arbitrator (Korean Commercial Arbitration Board)
? Mediator (Korean Commercial Arbitration Board/Seoul Central District Court)
? Former Member (ICC Korea International Finance Commission)
? CITF(Certificate in International Trade & Finance, London Institute of Banking & Finance)
(International Articles)
? Some Critical Issues on Constructed Normal Value under the Anti-Dumping Agreement (Global Trade and Customs Journal, Kluwer Law International, 2022)
? Negotiating Bank in a Documentary Credit (The Banking Law Journal, 2021)
? The Independence Principle and the Fraud Exception in a Refund Guarantee (The Banking Law Journal, 2021)
? Right Choice of DPU Rule in Incoterms 2020 (Global Trade and Customs Journal, Kluwer Law International, 2021)
? Export Credit Guarantee and Prohibited Subsidies under the SCM Agreement (Journal of World Trade, Kluwer Law International, 2020)
? Australia - Anti-Dumping Measures on A4 Copy Paper, DS529 (World Trade Review, Cambridge University Press, 2020)
? The Fraud Exception in a Documentary Credit under Korean Law (The Banking Law Journal, 2019)
? Can a Change of Circumstances Qualify as an Impediment under Article 79 of the CISG (Chinese Journal of International Law, Oxford Academic Press, 2019)
? A Guide to Financing Mechanisms in International Business Transactions (Cambridge Scholars, 2019)
? Flag of Convenience in the Context of the OECD BEPS Package (Journal of Maritime Law and Commerce, Jefferson Law Book Co., 2018)
? Use of Zeroing in the W-T Comparison Methodology and Targeted Dumping (United States - Anti-dumping Measures on Large Residential Washers from Korea (DS464)) (Journal of Korea Trade, Emerald, 2017)
? The Legal Effect of the Unknown Clause in a Bill of Lading under the International Rules (North Carolina Journal of International Law, University of North Carolina, 2016)
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