Forms of international payments, their comparative characteristics briefly. Comparative characteristics of the features of international forms of payment

Forms of payment	Characteristic	Varieties of payment forms	Advantages	disadvantages
For exporter	For the importer	For exporter	For the importer

Bank transfer	Payment of a certain amount of money to a transfer recipient by one bank on behalf of another bank.	1. Bank transfer of the full amount in settlements for exported and imported goods and services rendered. 2. Bank transfer through advance payment.	1. If an advance is made for the full amount of the contract, in this case the exporter is sufficiently protected from the risk of non-payment for the goods. 2. Payment for goods is made by the importer before shipment, and sometimes even before they are produced. 3. Additional working capital.	Reducing the real price of the goods	1. Providing the importer with significant actual discounts. 2. Limit the number of potential partners. 3. Difficulties with the return of the received advance payment to the buyer.	1. Untimely delivery of goods by the exporter. 2. Risk of loss of advance payment and material compensation.
Collection	Operations with documents carried out by banks on the basis of received instructions for the following purposes: obtaining acceptance (payment), issuing documents against acceptance (payment), issuing documents on other conditions (depending on the case).	1. Collection of financial documents (net collection). 2. Documentary collection - collection of commercial documents - invoices, shipping documents, specifications, certificates, etc.	1. The bank retains control over the goods until the buyer pays for the goods, accepts the expenditure, or issues a promissory note or promissory note. 2. The risk of losing documents is reduced. 3. The bank can arrange storage, insurance and sale of goods in case of non-payment.	1. The buyer makes the payment and almost immediately at the same time receives the shipped goods at his full disposal. 2. The bank may allow the importer to inspect the goods.	1. There is no guarantee of receiving payment. 2. A significant gap in time between the shipment of goods and receipt of payment, which slows down the turnover of the seller's funds.	1. Documents are transferred to the buyer not directly, but through cooperating banks after payment or acceptance of spending. 2. The bank directly submits documents or implements measures for their transfer to the payer.

Continuation of the table. 10

Letter of credit	An agreement by virtue of which the bank undertakes, at the request of the client, to pay the documents to the beneficiary in whose favor the letter of credit is opened, payment or acceptance of the draft drawn up by the beneficiary.	1. Revocable and irrevocable. 2. Confirmed and unconfirmed. 3. Transferable (transferable); 4. Revolving (renewable); 5. Covered and uncovered.	1. A letter of credit is an obligation of the issuing bank, not the client. 2. The exporter can achieve more favorable terms of the foreign trade transaction. 3. The exporter may receive an advance under a letter of credit (for example, under a letter of credit with a "red clause" or "green clause").	1. The buyer can be sure that the documents confirming the fact of shipment are drawn up and submitted to the executing bank in full compliance with the terms of the letter of credit. 2. The bank can open a letter of credit without reserving the client's funds.	1. The letter of credit form of payment is more expensive than the open account and collection.	1. Banks deal only with documents, not with goods, regardless of the characteristics and condition of the goods themselves. 2. The opening of a letter of credit may restrict the buyer from obtaining other loans from this bank.
Factoring	Factoring is a complex of financial services provided to companies - wholesale suppliers of goods and services, which is of unlimited duration and of strategic interest, both for the latter and for the financing party. The purpose of factoring is to stimulate the growth of sales.	Advantages for the exporter: 1. Attracting new customers. 2. Possibility to share the payment of interest with the debtor. 3. Allows not to extract significant funds from circulation. 4. Gives you the opportunity to effectively manage finances. 5.Does not require additional documents. 6. The amount of financing is not limited, it grows as the volume of deliveries increases. 7. Interested in enterprises that have a serious development program, increase turnover, enter new markets, expand the range.	Disadvantages for the exporter: 1. Enterprises are not ready to transfer to factoring companies the rights to finance the entire trade turnover, and in most cases without the right of recourse. 2. The client himself and his debtors must observe strict banking discipline. 3. The client must have a margin of safety in terms of product prices, experience in the market, several proven and regular customers. 4. The interest rate is 1.5–2 times higher than for loans. 5. Does not solve financial problems and the problem of increasing turnover. Disadvantages for the importer. 1. When dividing the rate in half, the cost of goods for the debtor increases.
Forfaiting	Form of lending trading operations, consisting in the purchase from the seller of goods of bills accepted by the buyer of these goods.	The forfeiting mechanism is used in two types of transactions: · in financial transactions; in export transactions.	1. Non-recourse forfaiter financing to the exporter. 2. Ability to receive cash immediately after the delivery of products or services. 3. Lack of time and money spent on debt management or organization of its repayment.	1. Simplicity and speed of paperwork. 2. The possibility of obtaining an extended loan at a fixed interest rate. 3. Possibility to use a credit line in a bank.	1. Higher forfaiter margin than conventional commercial lending. 2. The exporter must agree to extend the term of the loan for a period of 6 months to 10 years or more. 3. The exporter must agree to accept debt repayment in series.	1. Reducing the possibility of obtaining a bank loan when using a bank guarantee. 2. The need to pay a commission for the guarantee. 3. Higher forfaiter margin.

Regional credit system includes the national credit systems of the region, i.e. it is international. Loan capital moves freely from country to country within the boundaries of the region. Regional prudential management bodies have a status comparable to national credit regulation institutions. Wherein regional bodies prudential management do not have supranational law and in more supervise international credit relations rather than regulate them. The participants of regional credit relations are transnational banks, state financial and credit institutions, corporations, individual borrowers. The main form of regional credit relations is international credit. Elements of the world credit system are being transformed and developed simultaneously with the development of international credit relations, their tools and mechanisms.

Payment for foreign trade transactions, their forms and practice of application. The concept of international payments. Characteristics and main types of settlements under a letter of credit. Collection form of payment, bank transfer. Comparative analysis forms of international payments.
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federal state budgetary educational institution higher professional education

Russian Academy of National Economy and public service under the President Russian Federation

"NORTH-WESTERN INSTITUTE"

Department of World and National Economy

Course work

Forms of international settlements: comparative characteristics and practice of application

3rd year student 3264 groups

Kazmin Yuri Alexandrovich

scientific adviser

Candidate economic sciences, docent

Khodachek Galina Mikhailovna

St. Petersburg

Introduction
1.3 Collection form of payment
1.4 Bank transfer
Chapter 2. Comparison of forms of international settlements
Conclusion
List of sources used

Introduction

Since the liberalization foreign economic activity issues of organization and management of foreign trade operations are given increased attention, both at the theoretical and practical levels. In connection with global trends in the unification of the methodological base of international trade, the strengthening of integration processes, the emergence of new forms and methods of trade, the the legislative framework in this area of economic activity.

Foreign trade is the most developed form of international economic relations. A feature of the world market at present is the development of interstate forms of its regulation: general trade organizations(GATT / WTO), regional integration associations (EU, Association of Southeast Asian countries, etc.). The result of this was an increase in the scale and qualitative changes in the nature of international trade, which has a huge impact on the internationalization of the economic life of all countries of the world.

Development international relations and, first of all, trading, provokes a constant search for payment methods that minimize the risks of both parties involved in civil law relations. The buyer wants to be sure that the goods will be shipped (according to the terms of the contract), the seller - that the goods will be paid for in the manner prescribed by the foreign economic agreement.

Relevance of the topic term paper due to the fact that when concluding a foreign trade transaction, the choice of optimal forms and methods of payment for the goods supplied is one of the key ones - from right choice counterparties of the form and conditions of settlements, as well as the execution of registration and payment procedures, depend on the speed and guarantee of payment, the amount of expenses associated with banking and financial operations, as well as the possibility of preventing claims and losses arising in connection with this.

The purpose of the work is to study the main forms of settlements used in the practice of payment for goods supplied under foreign trade transactions.

Work tasks:

1. Study the essence, purpose, legal support and a scheme for applying the main forms of international payments.

2. To determine the directions of the comparative characteristics of the forms of payment to justify the choice of one or another form of payment, stipulated in the foreign trade contract.

Despite the dominant position of documentary settlements over other banking operations, at present this topic has not been sufficiently studied. Missing A complex approach to solve the problem, there is no consensus in assessing certain forms of international settlements and payment terms of foreign trade transactions.

international settlement form letter of credit

Chapter 1. Payment for foreign trade transactions: forms and practice of application

1.1 The concept of international settlements

Foreign trade is the most developed form of foreign economic activity. The essence of foreign trade is the exchange of goods and services between business entities different countries(export-import operations), based on the internationalization and globalization of world economic relations, the intensification of the international division of labor in the conditions of the scientific, technological and information revolution.

Making payments for foreign trade carried out with the help of international payments. International settlements is a system for organizing payments for monetary claims and obligations arising from the implementation of foreign economic activity between states, enterprises (organizations) and citizens located on the territory of different countries.

The subjects of international settlements interacting with each other in the process of movement of documents of title are exporters, importers, banks. Banks organizing the movement Money participants in foreign trade activities, act as intermediaries.

The procedure for making payments for exported and imported goods (services) is regulated by the legislation of the countries, and is also subject to international rules documentation and payment of bills.

The development of international relations and, first of all, trade, provokes a constant search for payment methods that minimize the risks of both parties involved in civil law relations. The buyer wants to be sure that the goods will be shipped (according to the terms of the contract), the seller - that the goods will be paid for in the manner stipulated in the foreign economic agreement.

Taking into account the mutual interests of participants in foreign economic transactions, settlements are carried out in the most various forms- in the form of advance payments, in the manner of collection or acceptance of a bill, by checks, using a letter of credit, etc.

1.2 Characteristics and types of settlements under a letter of credit

A letter of credit is an instruction from the buyer's bank (issuing bank) to the supplier's bank to pay the supplier of goods and services on the terms specified in the buyer's letter of credit application against the relevant documents submitted by the supplier confirming the delivery of goods in accordance with the contract.

A feature of the letter of credit is its strictly formal nature. This means that all interested parties involved in the operation of a letter of credit are dealing with documents, and not with goods, services and / or other types of performance of obligations to which documents may relate.

Settlements under a letter of credit are one of the most commonly used forms of payment for goods (works, services) in foreign economic contracts. When settling under a letter of credit, a bank acting on behalf of the payer and in accordance with his instructions (issuing bank) undertakes to make payments to the recipient of funds or pay, accept or discount a bill of exchange.

Settlements by letters of credit are carried out in accordance with the scheme shown in fig. one . The exporter and the importer conclude a contract (1) between themselves, in which they indicate that payments for the delivered goods will be made in the form of a documentary letter of credit. The contract must define the payment procedure, i.e. the conditions of the future letter of credit are clearly and fully formulated. The contract also indicates the bank in which the letter of credit will be opened, the type of letter of credit, the name of the advising and executing bank, the conditions for the execution of the payment, the list of documents against which the payment will be made, the validity period of the letter of credit, the procedure for paying the bank commission, etc. The terms of payment contained in contract, must be contained in the importer's instruction to the bank to open a letter of credit.

Rice. 1. Scheme of settlements by letters of credit

After the conclusion of the contract, the exporter prepares the goods for shipment and notifies the importer (2). After receiving the exporter's notice, the buyer submits to his bank an application for opening a letter of credit, which indicates the terms of payment contained in the contract (3). After formalizing the opening of a letter of credit, the issuing bank sends a letter of credit to a foreign bank, as a rule, a bank serving the exporter (4) - an advising bank. The advising bank, having verified the authenticity of the received letter of credit, notifies the exporter about the opening and conditions of the letter of credit (5).

The exporter checks the compliance of the terms of the letter of credit with the payment terms of the concluded contract. In case of discrepancy, the exporter notifies the advising bank of non-acceptance of the terms of the letter of credit and the requirement to change them. If the exporter accepts the terms of the letter of credit opened in his favor, he ships the goods to established by the contract terms (6). Having received from transport organization transport documents(7), the exporter submits them, together with other documents stipulated by the terms of the letter of credit, to his bank (8).

The Bank checks whether the submitted documents comply with the conditions of the letter of credit, the completeness of the documents, the correctness of their preparation and execution, the consistency of the details contained in them. After checking the documents, the exporter's bank sends them to the exporting bank (9) for payment or acceptance. IN cover letter specifies the procedure for crediting the proceeds to the exporter.

The essence of currency settlement relations in the sphere of international economic relations. Forms and practice of international payments. Making payments in acc...

Essence and principles, regulation international payments. Principles of organization of non-cash payments, their forms and procedure for application in international...

In the previous lecture, the main mechanisms of international settlements used in world practice were considered. In this lecture, we will consider in detail the forms of international settlements themselves.

Indeed, the form of payment for the delivered products, work performed or services has great importance especially in the practice of international trade. Taking into account the mutual interests of participants in foreign economic transactions, settlements are carried out in a variety of forms - in the form of advance payments, by way of collection or acceptance of a bill, by checks, using a letter of credit, etc.

The form of payment is the methods of registration, transfer and payment of shipping and payment documents that have developed in international commercial and banking practice. The previously mentioned forms of international payments are used for payments, both in cash and on credit. At the same time, bank transfers are used in settlements for cash, documentary letters of credit, as well as in settlements using a commercial loan. Selection of a specific form of settlements in which payments will be made according to foreign trade contract, is determined by agreement of the parties - partners in a foreign trade transaction. The procedure for making payments for exported and imported goods (services) is regulated by the legislation of the countries, and is also subject to international rules for documenting and paying for payment documents.

The applied forms of international settlements differ in the share of participation of commercial banks in their implementation. The minimum share of participation of banks is assumed when making a bank transfer, i.e. execution of the client's payment order. A more significant share of the participation of banks in the conduct of a collection operation is control over the transfer, forwarding of shipping documents and issuing them to the payer in accordance with the terms of the principal. The maximum share of banks' participation is in settlements by letters of credit, which is expressed in the provision of a payment obligation to the recipient (beneficiary), which is realized subject to the conditions contained in the letter of credit. (see table 1)

Table 1.

Comparative characteristics of the main forms of international payments.

	Bank transfer	Letter of credit		Credit (including with the help of a promissory note)	Check form of payment	Counter forms of trade
Importer risk	Maximum, in case of advance payment	Minimum		Significant
Exporter risk	In case of 100% advance - minimum	Minimum		Significant		Depends on the type of trading form and the reliability of the counterparty
Bank share	Minimum	Maximum degree of participation (the bank is the guarantor)		Minimal or absent	Minimum (the Bank is not liable to the issuer of the check)	Depends on the type of trade. Usually insignificant
Other characteristics	Most simple form. Easy and often feasible	A very complex form of calculation, but the maximum possible. Implemented within tight deadlines	The most balanced form. For some reason given form not recognized by the parties	It largely depends on the reliability of the counterparty. Requires certain guarantees.	Limited terms of use

Accordingly, the choice of one or another form of settlement largely depends on the degree of mutual trust of counterparties and on the specifics of national legislation.

Paragraph 1 of Article 862 of the Civil Code of the Russian Federation states: “when making non-cash payments, settlements by payment orders, letters of credit, checks, settlements by collection, as well as settlements in other forms provided for by law, banking rules established in accordance with it and customs applied in banking practice are allowed business turnover"

Savostyanov V. A. Head of the Client Relations Department, CB Russian General Bank,
Zubenko V.A. PhD in Economics, Associate Professor, Institute of World Economy and Informatization

INTRODUCTION

IN modern conditions money is an essential attribute of economic life. Therefore, all transactions related to the supply of material assets and the provision of services end in cash settlements. Settlements are a system for organizing and regulating payments for monetary claims and obligations. The main purpose of settlements is to service the money turnover (payment turnover). Settlements can take both cash and non-cash forms. Cash and non-cash forms of monetary settlements of economic entities can only function in organic unity. The organization of cash settlements using non-cash money is much more preferable than cash payments, since in the first case significant savings on distribution costs are achieved. The widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state's interest in their development, both for the above reason and for the purpose of studying and regulating macroeconomic processes.

The economic basis of non-cash payments is material production. As a result, the predominant part of the payment turnover (about three quarters) falls on settlements on commodity transactions, i.e. for payments for goods shipped, work performed, services rendered.

The rest of the payment turnover (approximately one quarter) is settlements on non-commodity transactions, i.e. settlements of enterprises and organizations with the budget, state and social insurance bodies, credit institutions, management bodies, courts, etc.

Funds, both own and borrowed, in accordance with the law, are subject to mandatory storage in banks, with the exception of proceeds, the expenditure of which is allowed in the prescribed manner by the bank serving the business entity.

In my opinion, the most important aspects of the analysis of monetary forms of circulation are: firstly, general fundamentals organization of international non-cash payments; secondly, the features of interbank settlements and, of course, the forms of settlements used by participants in foreign trade activities.

1. CONCEPT AND TYPES OF FOREIGN TRADE TRANSACTIONS

Russian law does not contain the concept of a foreign economic transaction. Russian doctrine and practice refer to foreign economic transactions that have two essential features: firstly, persons (subjects) of different nationality participate in the transaction, and secondly, the circle of relations in which such transactions are concluded (export-import operations goods, services, etc.). Foreign economic transactions include a work contract, an exchange agreement, contracts for the provision of various services to provide technical assistance in the construction of industrial facilities, as well as a contract for the foreign trade purchase and sale of goods.

Exist different kinds sales contracts.

A one-time supply contract is a one-time agreement that provides for the delivery of an agreed quantity of goods by a specific date, date, period of time. Delivery of goods is made one or more times during the specified period. Upon fulfillment of the obligations assumed, the legal relationship between the parties and the contract itself are terminated.

One-time contracts can be with short delivery times and long delivery times.

A contract with a periodic supply provides for the regular (periodic) supply of a certain quantity, consignments of goods over the period specified in the terms of the contract, which can be short-term (usually one year) and long-term (5-10 years, and sometimes more).

Contracts for the supply of complete equipment provide for the existence of links between the exporter and the buyer-importer of equipment, as well as specialized forms involved in the completion of such a supply. At the same time, the general supplier organizes and is responsible for the complete set and timeliness of delivery, as well as for quality.

Depending on the form of payment for the goods, contracts are distinguished with payment in cash and with payment in commodity form in whole or in part. Contracts with payment in cash provide for settlements in a certain currency agreed by the parties using the methods of payment stipulated in the contract (cash payment, payment in advance and on credit) and forms of payment (collection, letter of credit, check, promissory note).

In modern conditions, contracts with payment in a mixed form have become widespread, for example, during construction on the terms of targeted lending to a turnkey enterprise, payment of costs occurs partly in cash and partly in commodity form.

In our country, barter transactions have become widespread - barter and compensation agreements that provide for a simple exchange of agreed quantities of one product for another. These agreements either establish the quantity of mutually supplied goods, or stipulate the amount for which the parties undertake to deliver the goods.

A simple compensation agreement, like a barter agreement, provides for the mutual supply of goods at an equal value. However, unlike a barter transaction, a compensatory transaction provides for the parties to agree on the prices of mutually supplied goods. Such a transaction usually involves not two goods, but a significant number of goods offered for exchange.

2. LEGAL REGULATION OF FOREIGN ECONOMIC TRANSACTIONS

In the legal regulation of foreign economic transactions, international treaties of a regional and universal nature play an important role. Of particular importance when concluding foreign economic contracts is the 1980 UN Convention on Contracts for the International Sale of Goods (Vienna Convention), to which the Russian Federation SN is a party (as the assignee of the USSR), containing general conditions and procedures for making payments. The USSR joined it on May 23, 1990, so its provisions are binding on Russia by virtue of succession. Vienna Convention 1980 Entered into force on the territory of Russia on September 1, 1994.

The Convention provides for the obligation of the buyer to pay the price for the goods, establishes the place and date of payment, the consequences of non-payment for the goods, including the accrual of interest for late payment, compensation for damages, etc.

“The procedure for payments under foreign economic contracts is provided for by other international agreements, in particular General conditions deliveries of goods between organizations of the CMEA member countries (OUP CMEA 1968/1998), General conditions for the delivery of goods from the USSR to the People's Republic of China and from the People's Republic of China to the Union SSR, General conditions for the delivery of goods between foreign trade organizations of the USSR and foreign trade organizations Democratic People's Republic of Korea". It should be borne in mind that, in accordance with the current legislation, international treaties (conventions) in which the Russian Federation participates are considered as part of the national legal system, which has priority and binding character. This follows from paragraph 4 of Art. 15 of the Constitution of the Russian Federation, which fixed the rule that: “generally recognized principles and norms of international law and international treaties of the Russian Federation are part of the legal system. If an international treaty establishes rules other than those provided for by law, then the rules of the international treaty shall apply.

There are also a number of international agreements of a universal level on the regulation of foreign economic transactions. These are, first of all, the Hague Conventions of 1964 “On a Uniform Law on the International Sale of Goods” and “On a Uniform Law on the Procedure for Concluding Contracts on the International Sale of Goods”. Due to the limited number of countries that have signed these conventions, they have not been widely adopted. The USSR (and therefore Russia) is not a party to these conventions. This convention is of a universal and compromise nature, since it takes into account the principles and institutions of various legal systems, and also takes into account the interests of developing countries in establishing a new international economic order. The 1964 Hague Conventions are essentially incorporated into the 1980 Vienna Convention.

States parties to the 1964 Hague Conventions must declare their denunciation in case of accession to the Vienna Convention of 1980 (Article 99, Chapter 3) or its ratification. In connection with the special procedure for signing foreign economic transactions provided for in the legislation of Russia, provided for in the Decree of the Council of Ministers of the USSR of February 14, 1978, the Vienna Convention of 1980. It is valid on the territory of Russia with a reservation on compliance with the written form of contracts for the international sale of goods, if one of the parties is a Russian enterprise.

Terms on payments under foreign trade contracts are also included in the document “Principles of International Commercial Contracts” adopted in 1994 by the International Institute for the Unification of Private Law (UNIDROIT), which can also be used when concluding contracts.

“International customs play an important role in the conclusion and execution of foreign economic transactions, and especially international sales contracts. In order to avoid contradictions between trading partners in understanding trade customs, the International Chamber of Commerce developed and published collections of their interpretations - Incoterms - in 1953. Over time, Incoterms was reissued several times, making additions and changes. From a legal point of view, "Incoterms" is a set of rules that are optional, which follows from the indication of paragraph 22 of the Introduction to the 1990 edition that merchants wishing to use these rules must provide that their contracts will be governed by the provisions of "Incoterms "1990" .

Application basic conditions simplifies the drafting and negotiation of contracts, helps counterparties to find equal ways to resolve disputes that arise.

The main commercial document is a commercial invoice or invoice. A commercial invoice is issued to the buyer and contains an indication of the amount to be paid. The commercial invoice contains the full and exact name of the goods; in other documents, the description of the goods may be given in general terms.

The transport document is the basis for issuing a commercial invoice. Transport documents include: bills of lading (sea and river), giving their holders the right of ownership of the goods; consignment notes (railway, auto and air waybills); acceptance certificates, as well as postal receipts, safe receipts and warehouse receipts.

Insurance policies or insurance certificates testify to the existence of a cargo insurance contract.

Other commercial documents include various kinds of certificates (origin, quality, weight, dimensions, etc.).

The terms of the contract should indicate the name of the documents to be submitted and by whom they should be issued, and if specific documents are required, their content.

3. SHAPES
INTERNATIONAL SETTLEMENTS

In the practice of international trade, the form of payment for the delivered products, work performed or services is of great importance. Taking into account the mutual interests of participants in foreign economic transactions, settlements are carried out in a variety of forms - in the form of advance payments, by way of collection or acceptance of a bill, by checks, from a letter of credit, etc.

“When making non-cash settlements, settlements by payment orders, by letter of credit, by checks, settlements by collection, as well as settlements in other forms provided for by law, banking rules established in accordance with it and business customs used in banking practice” (paragraph 1 of Art. 862 of the Civil Code of the Russian Federation).

The choice of a specific form of settlements in which payments will be made under a foreign trade contract is determined by agreement of the parties - partners in a foreign trade transaction.

The procedure for making payments for exported and imported goods (services) is regulated by the legislation of the country, and is also subject to international rules for documenting and paying for payment documents.

3.1. Bank transfer

The concept of bank transfer

"A bank transfer is a simple instruction from a bank to its correspondent bank to pay a certain amount of money at the request and at the expense of the transferor to a foreign recipient (beneficiary), indicating the method of reimbursement to the paying bank for the amount paid."

A bank transfer is carried out by bank transfer from one bank to another. Sometimes transfers are made through bank checks or other payment documents. Commercial or shipping documents are sent with this form of payment from the exporter to the importer directly, i.e. bypassing the bank.

When making settlements by bank transfers, commercial banks execute payment orders of foreign banks or pay, in accordance with the terms of correspondent agreements, bank checks drawn on them for monetary obligations of foreign importers, and also issue payment orders and bank checks to foreign banks for monetary obligations of Russian importers.

When performing a transfer operation, the beneficiary's bank is guided by the specific instructions contained in the payment order. For example, a payment order may contain a condition on the payment to the beneficiary of the appropriate amount against the presentation by him of the commercial or financial documents specified in the payment order or against the provision of a receipt.

Rice. 1. Payment scheme by bank transfers

When performing a transfer operation, banks take part in settlements by transfer only after the payer provides the bank with a payment order to pay for the contract. In this case, banks are not responsible for the payment. Banks do not control the fact of delivery of goods or transfer of documents to the importer, as well as the execution of payment under the contract. With this form of settlement, the bank's obligations include only the transfer of payment from the account of the transferor to the account of the transferee at the time of the submission of the payment order.

After the conclusion of the contract (1) between the importer and the exporter, the importer sends an application for transfer to the bank (2). The delivery of goods (3) may precede or follow payment, which is determined by the terms of the contract and the currency laws of the countries.

The importer's bank, having accepted the payment order from the importer, sends the payment order (4) on its own behalf to the appropriate exporter's bank. Having received a payment order, the bank checks its authenticity and performs an operation to transfer money (5) to the exporter's account.

In international banking practice, bank transfers can be used to pay an advance under a contract if its terms contain a provision on the transfer of part of the contract value (15-30%) in advance, i.e. before the goods are shipped. The rest is paid for the actually delivered goods. An advance payment actually means hidden credit for the exporter and is unprofitable for the importer. In addition, the transfer of an advance creates a risk for the importer of losing money if the exporter fails to fulfill the terms of the contract and non-delivery of goods.

In order to protect the importer from the risk of non-return of the advance in case of non-delivery of goods by the exporter, there are several ways to protect in international banking practice:

obtaining a bank guarantee for the return of the advance; in this case, before the transfer of the advance payment, a guarantee of a first-class bank is issued;

use of documentary or conditional translation; in this case, the exporter's bank makes the actual payment of the advance to his account, subject to the provision of transport documents by him within a certain period.

Legal features of transactions with the use of bank transfers

Settlements by payment orders (bank transfer) are the most commonly used form of payment in property turnover. In some legal relations, the use of this form of payment is a priority. For example, in relations for the supply of goods, the buyer pays for the goods supplied in compliance with the procedure and form of payment provided for in the supply contract. If the procedure and forms of settlements are not determined by agreement of the parties, then settlements are carried out by payment orders (see Article 516 of the Civil Code of the Russian Federation).

The use of this form of payment means that the bank undertakes, on behalf of the payer, at the expense of the funds in his account, to transfer a certain amount of money to the account of the person indicated by the payer in this or another specified bank within the period provided for by law or established in accordance with it , if a shorter period is not provided for by the bank account agreement or is not determined by the customs of business turnover used in banking practice (clause 1 of article 863 of the Civil Code of the Russian Federation).

3.2. Collection

The concept of collection

One of the most balanced forms of settlements, both for the buyer and the supplier, will be collection settlements. Collection is an order from the exporter to his bank to receive from the importer (directly or through another bank) a certain amount or confirmation (acceptance) that this amount will be paid on time. Collection is used in settlements both under the terms of payment in cash and using a commercial loan.

Often problems in the choice of forms of payment between Russian entrepreneurs and their foreign partners arise due to elementary ignorance of the regulatory framework.

During collection operations, banks and their clients are guided by the Uniform Rules for Collection (Publication of the International Chamber of Commerce No. 522, entered into force on new edition January 1, 1996). Uniform rules for collection - the main international regulatory document governing this form of payment.

The unified rules determine the types of collection, the procedure for providing documents for payment and making a payment, acceptance, the procedure for notifying a payment, acceptance or non-payment (non-acceptance), determine the obligations and responsibilities of the parties, give a uniform interpretation of various terms and resolve other issues.

Rice. 2. Settlement scheme for collection

According to the Uniform Rules, collection is an operation carried out by banks on the basis of instructions received with documents in order to:

receiving acceptance and/or payment;
issuance of commercial documents against acceptance and/or payment;
issuance of documents on other terms.

Depending on the types of documents with which the collection operation is carried out, there are two types of collection:

net collection, i.e. collection of financial documents, which include checks, bills of exchange, payment receipts and other documents used to receive payment in money;
documentary collection, i.e. collection of commercial documents, which may or may not be accompanied by financial documents.

The participants of the collection operation are:

principal - a client who entrusts the collection operation to his bank;
remitting bank - a bank to which the principal entrusts the collection operation;
collecting bank - any bank, which is not a remitting bank, participating in the operation of executing a collection order;
presenting bank - a bank directly receiving payment or acceptance, making the submission of documents to the payer;
payer - a person to whom documents must be submitted in accordance with a collection order.

Settlements in the form of collection are built as follows (see diagram). After the conclusion of the contract (1), in which the parties stipulate through which banks settlements will be made, the exporter ships the goods (2) in accordance with the terms of the concluded contract. Having received transport documents from the transport organization (3), the exporter prepares a set of documents, which includes commercial and, possibly, financial documents, and submits it to his bank (remitting bank) at the collection order (4).

Having received documents from the principal, the remitting bank checks them according to their external features, which are indicated in the collection order, and then acts in accordance with the instructions of the principal contained in this instruction and the Uniform Rules.

The remitting bank sends the documents to the collecting bank (5), which is usually the bank of the importing country.

Legal features of the commission
transactions using collection

It must be remembered that a number of provisions of the Uniform Rules differ significantly from the corresponding provisions of Russian law. When applying the Uniform Rules in practice, one may come across concepts and concepts that are absent in Russian law, and sometimes directly opposite to the content of legal norms to be applied to settlements carried out on the domestic Russian market.

For a clearer and more complete picture of collection settlements used in foreign trade transactions, a comparative analysis of the norms of international law and Russian legislation governing these relations is necessary.

"... Any documents sent for collection must be accompanied by a collection order containing complete and accurate instructions" (Article 2 of the Rules).

Russian legislation inconsistent in the definition of collection and documents on the basis of which settlements for collection are carried out.

Article 874. The Civil Code of the Russian Federation states:

"one. When settling for collection, the bank (issuing bank) undertakes, on behalf of the client, to carry out actions at the expense of the client to receive payment and (or) acceptance of payment from the payer.

The issuing bank that has received the client's order has the right to engage another bank (executing bank) for its execution.

The procedure for making settlements for collection is regulated by law, the banking rules established in accordance with it and the customs of business turnover applied in banking practice ....

The legislator does not mention the documents (financial or commercial) necessary for the implementation of collection settlements, but refers us to others regulations regulating this type of non-cash payments.

By-laws also do not clarify this issue. “In accordance with Article 283 of the Rules for non-cash payments in the national economy (Rules of the State Bank of the USSR dated September 30, 1987 No. 2), a collection order is applied only when funds are debited from the payer's account without acceptance on the basis of executive documents and equated documents.”

On the territory of the Russian Federation, collection settlements in the sense of their definition in Article 2 of the Uniform Rules “are carried out by payment requests-orders, which represent the supplier’s requirement for the buyer to pay, on the basis of settlement and shipping documents sent to the payer’s servicing bank, the cost of products delivered under the contract, work performed services rendered". In this situation, the supplier engages the remitting bank to process the collection, which can involve the presenting bank to draw up and send these documents to the payer and receive payment and (or) accept payment. Moreover, the issuance of a payment request-order must be made only through the remitting bank. Otherwise, firstly, it will be a violation of the law, and, secondly, certain difficulties may arise with the execution and transmission of financial and commercial documents.

Thus, collection operations, that is, actions of the bank on behalf of the client, aimed at receiving payment and (or) acceptance of payment, according to Russian law, are carried out using collection orders, payment requests-orders, payment requests.

Comparing the provisions of the Uniform Rules with the provisions of Russian regulations, we can conclude that a net collection is represented in our legislation by payment requests and collection orders, and a documentary collection (financial documents accompanied by commercial documents) is carried out on the basis of a payment request-order issued to the payer's account.

Unfortunately, in banking practice, collection orders are often issued instead of payment requests, payment requests instead of payment requests-orders, etc. This confusion could have been avoided if the legislator had established a clear and uniform procedure for collection settlements, which would be carried out by the mandatory submission of a collection order in addition to the rest (in each case, different) documents.

The most convenient type of payment for collection, both for the supplier and the buyer, is documentary collection.

To reveal the discrepancies between the norms of international law and Russian legislation, which, if they are not known, can lead to negative results, we will consider the following significant points.

First, in accordance with Article 1 of the Uniform Rules, their application is optional. They will be applicable only if the parties to the foreign trade transaction agree to the subordination of a specific collection operation to these Rules and in the collection order itself “a special clause will be made” (paragraph “a” of Article 1) . The Rules are binding on all parties, unless otherwise specifically agreed, which makes it possible, by direct exclusion of certain provisions of the Rules in a collection order or instructions to it, to limit their scope in relation to a particular transaction.

Therefore, in case of discrepancies between the norms of the Rules and the norms of national law applicable to settlements for collection, the provisions of the latter prevail (paragraph “a” of Article 1 of the Rules). This should be borne in mind, given that in some countries the Rules cannot be fully applied: for example, direct debiting of funds by issuing a collection order on the basis of an executive or equivalent document in our country is a legally fixed practice, which cannot be said, for example about American law.

Summing up, it should be noted that when making foreign economic settlements, one should be guided by the provisions of the Rules, and it is also necessary that the party to the transaction, which is aware of the existence of any mandatory norms in its national law, notifies other parties about this. Therefore, when concluding an agreement for the provision of goods, services, etc. the parties must stipulate not only the form of cashless payments, but also the restrictions that exist for this form in the national legislation of the payer's country.

Disadvantages of the collection form of payment

In conclusion, it should be noted that collection settlements carried out in accordance with the Uniform Rules are beneficial both for banks and for the parties to the transaction. When executing clients' orders, banks do not need to open an additional account or accumulate funds in another way (for example, a letter of credit). The buyer can be sure that after paying the settlement documents he will receive the right to the goods, as well as shipping and title documents. The supplier will be sure that until the moment the money is received, his goods will be at his disposal.

Unfortunately, such a form of non-cash payments as collection is rarely used in our country, not to mention the use in settlements with foreign partners. Ignoring the clear advantages of collection settlements occurs, in my opinion, due to the complexity and imperfection of the Russian legislation governing these relations, as well as the low legal culture of Russian entrepreneurs in the field of both international and Russian legislation.

3.3. Letter of credit

The concept of a letter of credit

Settlements under a letter of credit are one of the most commonly used forms of payment for goods (works, services) in foreign economic contracts. When making payments under a letter of credit, a bank acting on behalf of the payer and in accordance with his instructions (issuing bank) undertakes to make payments to the recipient of funds or pay, accept or discount a bill of exchange (clause 1 of article 867 of the Civil Code). For settlements under a letter of credit, it is typical that the withdrawal of money from the payer's account precedes the dispatch of goods to his address. This distinguishes the letter of credit form from other forms of payment, in particular from collection payments. Payments are made by the bank of the payer (recipient of the goods) in accordance with his order and at the expense of his funds or the loan received by him against the documents named in the letter of credit order and subject to other conditions of the order, which the bank brings to the attention of the party authorized to receive payment. At the same time, the money listed on the letter of credit continues to belong to the recipient of the goods and is withdrawn from the letter of credit only after the seller sends the specified goods and submits the relevant documents to the bank.

The use of the letter of credit form is most favorable for the seller of goods (payee). Settlements under a letter of credit are made at its location, which brings the payment closer in time to the time of shipment of goods, helping to accelerate the turnover of the seller's funds. In turn, the untimely opening of a letter of credit by the payer allows him to delay the delivery or even refuse to fulfill the concluded contract, referring to the insolvency of the counterparty. The opening of a letter of credit gives him confidence that the delivered goods will be paid. Settlements by letters of credit are carried out in accordance with the scheme shown in fig. 3.

The exporter and the importer conclude a contract (1) between themselves, in which they indicate that payments for the delivered goods will be made in the form of a documentary letter of credit. The contract must define the payment procedure, i.e. the conditions of the future letter of credit are clearly and fully formulated. The contract also indicates the bank in which the letter of credit will be opened, the type of letter of credit, the name of the advising and executing bank, the conditions for the execution of the payment, the list of documents against which the payment will be made, the validity period of the letter of credit, the procedure for paying the bank commission, etc. The terms of payment contained in contract, must be contained in the importer's instruction to the bank to open a letter of credit.

Rice. 3. Scheme of settlements by letters of credit

The exporter checks the compliance of the terms of the letter of credit with the payment terms of the concluded contract. In case of discrepancy, the exporter notifies the advising bank of non-acceptance of the terms of the letter of credit and the requirement to change them. If the exporter accepts the terms of the letter of credit opened in his favor, he ships the goods within the terms established by the contract (6). Having received transport documents (7) from the transport organization, the exporter submits them, together with other documents stipulated by the terms of the letter of credit, to his bank (8).

The Bank checks whether the submitted documents comply with the conditions of the letter of credit, the completeness of the documents, the correctness of their preparation and execution, the consistency of the details contained in them. After checking the documents, the exporter's bank sends them to the exporting bank (9) for payment or acceptance. The cover letter specifies the procedure for crediting the proceeds to the exporter.

Upon receipt of the documents, the issuing bank carefully checks them, and then transfers the payment amount to the bank serving the exporter (10). The importer's account (11) is debited for the payment amount. The exporter's bank credits the proceeds to the exporter's account.

The importer, having received commercial documents (13) from the issuing bank, takes possession of the goods.

Types of letters of credit.

In international practice, a wide variety of types of letters of credit are used - transferable (transferable), reserve, renewable (revolving), "early opening", letters of credit with a "red clause", compensatory letters of credit and letters of credit of preferential action, etc.

A transferable (transferable) letter of credit is increasingly used in international practice. It allows you to make payments from it not only in favor of the beneficiary, but also to third parties - the second beneficiaries. The transfer of a letter of credit in favor of third parties is made at the request of the beneficiary in whole or in part. A transferable letter of credit is usually used if the beneficiary is not the supplier of the goods or the delivery is made through an intermediary.

The second beneficiary, having shipped the goods to the importer, submits to the bank commercial documents that comply with the terms of the letter of credit in order to receive payment. The beneficiary, in whose favor a transferable letter of credit has been opened, is granted the right to replace the invoices (and drafts) provided by the second beneficiary with his own invoices (and drafts) and receive a possible difference between the amounts of these invoices. The payment scheme for transferable letters of credit is shown in fig. 4.

Rice. 4. Settlement scheme by transferable letter of credit

On fig. 4. The following stages of calculations are indicated:

1 - application of the buyer to open a letter of credit;
2 - notification of the seller's bank about the opening of a letter of credit;
3 - advising the seller on the opening of a letter of credit;
4 - order of the beneficiary to transfer the letter of credit in favor of the supplier;
5 - advising the second beneficiary on the opening of the second letter of credit;
6 - shipment of goods to the address of the buyer;
7 - submission to the bank of documents stipulated by the terms of the letter of credit;
8 - payment from a letter of credit in favor of the supplier;
9 - sending documents on behalf of the beneficiary to the issuing bank.

If the terms of the letter of credit do not provide for the possibility of its transfer, and the beneficiary under the letter of credit is not the supplier of the goods, a compensatory letter of credit may be used in the calculations. It is opened by the beneficiary under the main, basic letter of credit as a counter letter of credit in favor of the manufacturer of goods or a sub-supplier. Basic and back-to-back letters of credit are independent and legal relation not related. How payments are made by a compensatory letter of credit is shown in the diagram shown in fig. five.

Rice. 5. Scheme of settlements by a compensatory letter of credit

After the opening of the main letter of credit (1), the issuing bank notifies the seller's bank (2) about this. This bank, acting as an advising and, as a rule, confirming bank, notifies the seller of the opening of a letter of credit (3). The seller applies to the bank with an application to open a counter-letter of credit on the basis of the basic letter of credit in favor of the manufacturer of the goods or the sub-supplier (4). The second issuing bank opens a letter of credit and notifies the bank servicing the goods manufacturer (5), and the bank notifies the supplier (6). The supplier ships the goods to the buyer (7) and submits to the bank the documents stipulated by the terms of the letter of credit.

When opening a compensatory letter of credit, the conditions of the compensatory letter of credit must comply with the conditions stipulated by the basic letter of credit. This concerns, first of all, the conditions for the delivery of goods and the requirements for the submitted documents. If the conditions of the basic and back-to-back letters of credit are the same and the same documents must be submitted to receive payment under the letter of credit, then after the replacement of drafts, the documents submitted by the supplier under the back-to-back letter of credit can be used to pay under the basic letter of credit. If the conditions of the basic and back-to-back letters of credit do not match, the seller needs to supplement the set of documents received from the supplier during the implementation of the back-to-back letter of credit.

To ensure payment under a back-to-back letter of credit, its validity period must exceed the period of validity of the underlying letter of credit.

When goods are supplied in equal lots, a revolving (renewable) letter of credit can be used in the calculations. A revolving letter of credit provides for replenishment of the letter of credit by a certain amount (quota) or up to the initial amount as it is used. When opening a revolving letter of credit, as a rule, it is indicated total amount letter of credit, the size of one quota and the number of quotas, as well as the period of use of the quota.

To ensure payment under a letter of credit, a letter of credit with currency coverage may be opened. When opening covered letters of credit, the issuing bank makes available to the foreign bank executing the letter of credit foreign currency in the amount of the opened letter of credit for the term of its validity, subject to the use of these funds for payments under the letter of credit. Currency funds can be transferred by crediting the account of the executing bank in the issuing bank or in a third bank; by granting the executing bank the right to debit the account of the issuing bank opened with this bank for the amount of the letter of credit; by opening a deposit in the executing bank by the issuing bank.

The provision of foreign exchange coverage when opening a letter of credit leads to the freezing of funds of the issuing bank for the period of its validity. Therefore, in international practice, uncovered letters of credit are mainly used, which do not require the withdrawal of funds from the issuing bank at the time of opening the letter of credit.

In international practice, a letter of credit "with a red clause" is sometimes used, which provides for the issuance by the executing bank to the exporter of advances up to a certain amount. The advance is usually used by the beneficiary for the purchase of goods intended for export. In fact, part of the amount of the letter of credit goes to pay for unshipped goods. Banks issue advances against the presentation by the exporter of a "commitment to ship" or other similar document.

By opening a letter of credit “with a red clause”, the issuing bank undertakes to reimburse the executing bank for the amount of advances paid even if the shipment of goods under this letter of credit was not completed.

As a way to fulfill obligations under a contract in international practice, a standby (guarantee) letter of credit is used. It is opened both in favor of the exporter and in favor of the importer under the contract. A standby letter of credit can be used similarly to a documentary one, as well as for additional security of payments in favor of the exporter in settlements in the form of collection or bank transfer. At the same time, a standby letter of credit can be a security for the return of an advance payment previously paid by the importer or the payment of fines and penalties in favor of the importer in case of improper performance by the exporter of the terms of the contract.

Payments under a standby letter of credit are made by banks on the basis of statements by the beneficiary that the applicant under the standby letter of credit has not fulfilled its obligations. At the same time, banks do not check the accuracy of such a statement, i.e. make payment unconditionally. Thus, a standby letter of credit can be considered as a guarantee of payment in the event that the applicant under the standby letter of credit has not fulfilled its obligations under the contract.

Legal features of transactions with the use of letters of credit

The procedure for settlements under a letter of credit in the legislation of the Russian Federation (RF) is currently determined by the Civil Code (CC) of the Russian Federation (Chapter 46 § 3 "Calculations under a letter of credit"). In the field of foreign trade, settlements under letters of credit are also carried out in accordance with the instructions of the Vneshtorgbank of the USSR No. 1 dated December 25, 1985 on the procedure for performing banking operations for international settlements.

In international trade, the Uniform Customs and Practice for Documentary Letters of Credit (1993 edition), International Chamber of Commerce (ICC) Publication No. 500, has been developed and is widely used, which was the result of many years of efforts to systematize international trade and banking practices. These Rules are a private (unofficial) codification and, to a certain extent, the unification of the business practices that have developed in practice.

In the letter of credit form of payment, there are two main stages. At the first of them, the seller and the buyer of goods in the contract of sale agree on payment and determine the form of payment for goods under a letter of credit. The second stage is associated with the opening of a letter of credit and the fulfillment by the bank of a monetary obligation on behalf of the buyer (applicant) to pay the seller (beneficiary) for goods that fall into the category of “bank transactions”.

These stages are associated with the fulfillment of obligations related to various types of civil law transactions. At the same time, the norms of domestic legislation (the norms of "applicable law"), international treaties, the rules and customs of business turnover that have developed in international trade, which govern the relations of participants in a foreign economic transaction, should be taken into account.

The unified rules provide for the use of standby and transferable (transferable) letters of credit. Currently, they do not have special regulation on the use of a standby letter of credit and, as follows from Article 2, this type of letter of credit is subject to general definition relating to any documentary credit, i.e. a letter of credit under which payments are made against presentation of documents.

The use of a transferable letter of credit means the transfer by the beneficiary of the rights and some of the obligations arising from the letter of credit to another person (usually its supplier) in such a way that this person becomes a party to the letter of credit. In Art. 48 of the Uniform Rules, a transferable letter of credit is characterized as “a letter of credit under which the beneficiary (first beneficiary) can ask the bank authorized to make the payment so that one or more beneficiaries (second beneficiaries) can use the letter of credit in whole or in part” . A transferable letter of credit has the advantage that it can pay off several obligations. However, the transfer of rights and obligations under such a letter of credit requires the consent of the buyer who opened the letter of credit, as well as the issuing bank, which undertakes to make payment.

The Uniform Rules contain recommendations regarding the content of a letter of credit. Each letter of credit must clearly indicate whether it is revocable or irrevocable. In the absence of such an indication, the Uniform Rules proceed from the fact that the letter of credit is recognized as irrevocable. This provision is significant, given that in the earlier version of these rules, a presumption of the revocation of a letter of credit was established.

The difference between these two types of letter of credit is that an irrevocable letter of credit cannot be changed or canceled without the prior consent of the beneficiary in whose favor it is opened, while these changes are made to a revocable letter of credit without prior notice to the beneficiary. According to Art. 9d of the Uniform Rules, it is considered that the beneficiary agreed to the changes in the terms of the letter of credit advised to him, if he informed the advising bank about it or submitted documents corresponding to the changed terms of the letter of credit, and from that moment the letter of credit is recognized as changed. In the case of making changes to a revocable letter of credit, the payer can give the appropriate changes only through the issuing bank, which notifies the beneficiary's bank (executing bank), and only the latter informs the beneficiary.

The obligation of the issuing bank to the beneficiary to make the payment is due to the submission by the beneficiary (supplier) of the documents specified in the letter of credit confirming the shipment, and compliance with the conditions for their presentation.

A feature of the letter of credit is its strictly formal nature. This means that all interested parties involved in the operation of a letter of credit are dealing with documents, and not with goods, services and / or other types of performance of obligations to which documents may relate.

The Uniform Rules provide for the submission by the beneficiary, in accordance with the letter of credit, to the issuing bank (another authorized bank) of transport, insurance documents, and commercial invoices. They also describe special types of transport and other documents and the main requirements that must be met by the information contained in such documents. The absence of any of these requirements in a letter of credit does not make this letter of credit void, although it may slow down settlements on it. So, according to Art. 20 of these Rules, “to characterize the person who issued any document to be presented under a letter of credit, such terms as “first-class”, “well-known”, “qualified”, “independent”, etc. should not be used. » . If such terms are included in the LC, banks will accept the relevant document as presented, provided that it appears to be consistent with the other terms of the LC and has not been issued by the beneficiary. A similar rule is also established by Art. 21, according to which, if the beneficiary is to submit documents other than transport, commercial and insurance, the letter of credit must include the name of the person who issued the document, as well as instructions on its content. If this is not indicated in the letter of credit, then banks accept these documents in the form in which they are presented, unless their content contradicts any other of the submitted documents provided for by the letter of credit, etc.

"a. Banks must examine all documents specified in the Credit with reasonable care to ensure that they appear to be in conformity with the terms and conditions of the Credit. Compliance of the specified documents on external features with the terms of the letter of credit is determined by the accepted international banking practice, as it is reflected in these Rules. Documents that, by their appearance, appear to be contradictory to each other, will be considered as not corresponding to the appearance of the letter of credit.

Documents not specified in the letter of credit will not be checked by banks. If banks receive such documents, they will return them to the person who submitted such documents, or hand them over without liability on their part.

b. The issuing bank, the confirming bank, if any, or the executing bank acting on its own behalf, must have a reasonable period of time, not exceeding seven banking days following the day of receipt of the documents, to check the documents and decide whether to accept or reject the documents, and for an appropriate communication to the party from which the documents were received.

c. If the letter of credit contains conditions without specifying the documents to be submitted in accordance with them, banks will consider such conditions not specified and will not take them into account.

It should be noted that the Uniform Rules have specified the period established for the verification of documents by banks in comparison with the previous version.

Banks accept documents provided that they are presented by the beneficiary:

but) within the terms of the letter of credit;

b) not later than within the period specified in the letter of credit after the shipment of the goods. In case of violation of these terms, payments under the letter of credit are not made.

The condition on the duration of the letter of credit is reflected by indicating in it the date of expiration provided for payment in Article 42:

"a. All letters of credit must specify an expiration date and place of presentation for payment, acceptance or, except for freely tradable credits, a place for presentation of documents for negotiation. The expiration date provided for payment, aspect or negotiation shall be interpreted as the expiration date for submission of documents.

b. Documents must be submitted on or before the deadline, except as provided in art. 44a.

c. If the issuing bank indicates that the letter of credit is to be used "within one month", "within six months", etc., but does not specifically indicate the date from which this period is calculated, then the date of issue of the letter of credit by the issuing bank will be considered the day from which this period is calculated. Banks should recommend not to indicate the date of calculation of the term of the letter of credit in this way.

Article 44a states:

“If the expiration date of the letter of credit and/or the deadline for the presentation of documents specified in the letter of credit or provided for in Article 43 falls on a day on which the bank where documents are to be presented is closed for reasons other than those specified in Article 17, then the agreed date the deadline and/or the last day of the deadline for submission of documents after the date of issue of the transport document shall be extended until the first following business day of the bank.

The letter of credit must provide for a period of time after the date of shipment, during which documents must be presented in accordance with the terms of the letter of credit. Bearing in mind that this condition is not always included in a letter of credit, the 1993 Uniform Rules provided for a provision whereby, if such a period was not stipulated in the letter of credit, banks would not accept documents presented to them later than 21 days after the date of shipment, but not later than the expiration of the letter of credit.

Sometimes in practice there are difficulties in connection with the definition of the conditions for using a letter of credit when shipments of goods in parts (use of a letter of credit in parts). In this matter, banks adhere to the rule that if any part of the goods is not shipped within the established time limits and / or the letter of credit is not partially used, the letter of credit becomes invalid both for this part and for subsequent parts, unless the letter of credit provides other (Article 41 of the Uniform Rules).

Of great practical importance is the question of the relationship between a foreign economic contract and a letter of credit opened by the buyer on its basis. The Uniform Rules establish the principle of abstractness of a letter of credit.

Article 3 says:

"a) A letter of credit by its nature is a separate transaction from the sales contract or other agreement (contract) on which it may be based, and banks may not be affected or bound by such contracts in any way, even if any - or references to such contracts are included in the text of the letter of credit. Therefore, the obligation of the bank to pay, accept and pay drafts or negotiate and/or fulfill any other obligations under the letter of credit cannot be the subject of any claims of the applicant or claims against the latter arising from its contractual relations with the issuing bank or beneficiary.

b) The beneficiary may in no case take advantage of the contractual relationship existing between the banks or the applicant and the issuing bank.

Disadvantages of the letter of credit form of payment

The use of a letter of credit in settlements is most beneficial for an exporter who receives an unconditional guarantee of payment before the goods are shipped. At the same time, receipt of payment under a letter of credit (provided that the exporter fulfills the conditions of the letter of credit and submits the documents specified in it to the bank) is not associated with the buyer's consent to payment.

However, for exporters, a letter of credit is the most complex form of payment: receipt of payment from a letter of credit is associated with strict compliance with its conditions, correct design and timely submission to the bank of the documents specified in the letter of credit. By monitoring compliance with the terms of the letter of credit and the submitted documents, banks protect the interests of the buyer, acting on the basis of his instructions.

The disadvantage of the letter of credit form of payment is a complex document flow and delays in the movement of documents associated with the control of documents in banks and their transfer between banks.

The Appendix provides an example of a memo for clients of one of the largest Russian banks, Guta-Bank, who use a letter of credit in their settlements. It becomes clear that the responsibility that participants in foreign trade activities take on when choosing a letter of credit.

Literature

1. Nesterova T.N. Bank operations. Part IV: Banking services for foreign economic activity. - M.: INFRA - M, 1996.- 96 p.

2. Civil Code Russian Federation. Part II. - 2nd ed. - M.: "Axis 89", 1997. -288 p.

3. Legal regulation Banking / Ed. prof. E.A. Sukhanova - M .: Training and Consulting Center "YurInfoR", 1997. - 448 p.

4. Zykin I.S. Agreement in foreign trade activity. - M.: 1990.

5. Voloshin V.V., Bykov G.N. Contracts in foreign trade practice. - Kyiv, 1988.

6. Banking. Edited by O.I. Lavrushin. - M.: "RoSto" - 1992.

7. Usoskin V.M. Modern commercial bank: management and operations. - M.: "ALL FOR YOU" -1993.

8. Guta Bank website www.guta.spb.ru

9. Rudakova O.S. Banking electronic services- M.: Banks and stock exchanges, UNITI, 1997.

10. International monetary and financial relations: Textbook. Ed. L.N. Krasavina. - M.: Finance and statistics, 1994.

11. ICC Uniform Rules and Customs for Documentary Letters of Credit / ICC Publication No. 500 (UPO 500, 1993) / Guarantor Legal Reference System.

12. Unified for collection edition 1978 (translated from English) / ICC Publication No. 322 / Guarantor legal reference system.

13. Blomshtein G.D., Summers B.D. Banking and payment system. - M.: - 1995.

14. Berezina M.P., Krupnov Yu.S. Interbank settlements - M.: Finstatinform, - 1994.

15. Money and Credit, No. 2 - 1990.

16. Penrose P. Electronic money and money laundering - Banking technologies, No. 1, 1996.

The purpose of this course work is to conduct a study and analysis of operations for international settlements, their features, the procedure for implementation, their advantages and disadvantages from the point of view of exporters and importers.

In accordance with the goal, it is necessary to solve a number of interrelated tasks:
give the concept of international settlements and determine their essence
consider state regulation international settlements
analyze the forms of international payments, the procedure for their application, advantages and disadvantages

INTRODUCTION………………………….……………………………….………….3

CHAPTER 1. The concept of international payments and their essence. State regulation of international settlements ……..…………5

CHAPTER 2. Forms of international settlements, application procedure, advantages and disadvantages………..………………………………………….…8
Open account settlements………………………………………….…....9
Bank transfer……………………………………………………..…11
Collection in international trade…………………………………..….14
Letter of credit form of payment………………………………………..…17
Forms of international payments used

RUE “SPO “Khimvolokno”………………………………………….……..22

CHAPTER 3. Ways to improve the forms of international settlements used at RUE “SPO “Khimvolono”………………..…………….….26

CONCLUSION…………………………………………………………………28

LIST OF USED SOURCES………..………….…….31

APPENDIX A…..……………………………………………………………32

APPENDIX B……..…………………………………………………………33

Files: 1 file

INTRODUCTION………………………….…………………………………………….3

CHAPTER 1. The concept of international payments and their essence. State regulation of international settlements ……..…………5

CHAPTER 2. Forms of international settlements, application procedure, advantages and disadvantages………..……………………………………… .…8

Open account settlements………………………………………….…....9
Bank transfer……………………………………………………..… 11
Collection in international trade…………………………………..….14
Letter of credit form of payment………………………………………..…17
Forms of international payments used

RUE “SPO “Khimvolokno”………………………………………….… …..22

CHAPTER 3. Ways to improve the forms of international settlements used at RUE “SPO “Khimvolono”………………..…………….….26

CONCLUSION…………………………………………………………………28

LIST OF USED SOURCES………..………….…….31

APPENDIX A…..……………………………………………………………32

APPENDIX B……..…………………………………………………………33

INTRODUCTION

The creation of a settlement mechanism between the subjects of market relations, ensuring the continuity and continuity of payments is the most important condition for the functioning of a market economy.

The relevance of the chosen topic lies in the fact that in modern conditions Active participation Republic of Belarus in international trade is associated with significant advantages: it allows more efficient use of the resources available in the country, to join the world's achievements in science and technology, as well as to fully and diversely meet the needs of the population. In this regard, it is of considerable interest to study the forms of international settlements used in the export and import of goods, both their advantages and disadvantages. These issues are of particular importance for Belarus and other countries oriented towards active participation in the international trade in goods. The emergence and further changes in international payments are associated with the development and internationalization of commodity production and circulation. They reflect the relative isolation of the movement of money in international circulation due to the mismatch between the periods of production and sale of goods, the remoteness of sales markets. International settlements cover settlements on foreign trade in goods and services, as well as non-commercial transactions, loans and capital movements between countries.

In accordance with the goal, it is necessary to solve a number of interrelated tasks:

give the concept of international settlements and determine their essence
consider state regulation of international payments
analyze the forms of international payments, the procedure for their application, advantages and disadvantages

The object of the course work is international payments carried out during the export and import of goods.

When writing a term paper, the following methods were used: comparative analysis, research, induction, logical, factor analysis, concretization, classification, synthesis, generalization.

This course work has the following structure:

introduction, main part, consisting of three sections, conclusion, list of references and appendices.

CHAPTER 1 THE CONCEPT OF INTERNATIONAL SETTLEMENTS AND THEIR ESSENCE. STATE REGULATION OF INTERNATIONAL SETTLEMENTS.

A significant part of operations in foreign currency carried out by authorized banks is associated with servicing international trade turnover, that is, with payments for goods and services.

Settlements are a legally regulated way of fulfilling monetary obligations, consisting in the transfer of funds from the debtor to the creditor.

International payments - regulation of payments for monetary claims and obligations arising in connection with economic, political, cultural relations between legal entities and individuals from different countries. .

Settlements can be carried out when conducting foreign trade operations, leasing operations and other types of foreign economic operations. Settlements mediate the performance of foreign economic transactions, and at the same time are an integral part of foreign exchange transactions. Therefore, settlements on foreign economic transactions (in foreign economic activity in general) are regulated, on the one hand, by regulatory documents related to currency regulation in general, and on the other hand, by regulatory documents regulating certain types foreign economic operations (in particular, foreign trade, credit, etc.).

Allocate cash and non-cash payments. The vast majority of international settlements are carried out in a non-cash form, in which the storage and movement of funds occurs without the participation of cash, by crediting money to a bank account and transferring it from the payer's account to the recipient's account. In the process of non-cash payments, there is a concentration of funds in banking institutions, which makes it possible to use them as a resource for lending, to exercise bank control over the settlements. In this case, it is necessary to distinguish between the terms of payment for cash and credit. In the first case, payment for goods and services is carried out immediately (the terms are specified in the legislation of the countries) after the sale, transfer or provision by the seller of documents for the receipt of these goods or services by the buyer. If payment is made before or after the sale, transfer or presentation by the seller of documents for the receipt of goods or services, then the terms of payment on credit apply.

The procedure for making payments for imported and exported goods is regulated by the legislation of the country, and is also subject to international rules for documenting and paying for payment documents. .

International payments are governed by international law:

International Rules for the Interpretation of Trade Terms (INCOTERMS _ 90), the purpose of which is to develop a set of international rules for the interpretation of trade terms most commonly encountered in foreign trade
The Uniform Customs and Practice for Documentary Credits (UCP N 600) applies to all documentary credits (including standby letters of credit). They are binding on all interested parties unless expressly agreed otherwise.
The Uniform Rules on Collections (International Chamber of Commerce Publication No. 522, revised 1995) apply to all collections when a reference to these Rules is included in the text of "collection instructions", and will be binding on all parties mentioned therein, unless otherwise specifically agreed. or unless otherwise contained in national, state or local laws and/or regulations that cannot be derogated from
The Uniform Rules for First Demand Guarantees (1992 Edition, ICC Publication No. 458) apply to any bank guarantee or supplement thereto which the guarantor undertakes to issue and which indicates that it has been drawn up in accordance with these rules (ICC Publication No. 458). ) and is binding on all parties in the warranty statement, unless otherwise expressly stated in the warranty or its supplement.
Geneva Uniform Law on Checks
Geneva Convention on a Uniform Law on Promissory Notes and Bills of Exchange

as well as domestic law and regulations The Republic of Belarus:

Decree of the President of the Republic of Belarus dated March 27, 2008 No. 178 “On the procedure for conducting and controlling foreign trade operations”, the purpose of which is to ensure the implementation of a unified state monetary policy, as well as to improve the procedure for carrying out foreign trade activities legal entities and individual entrepreneurs;
Resolution of the Board of the National Bank of the Republic of Belarus dated March 29, 2001 No. No. 67 "On approval of instructions on the procedure for performing bank documentary operations";
Resolution of the Board of the National Bank of the Republic of Belarus dated November 11, 2008 No. 165 “On the procedure for making settlements under foreign trade agreements involving imports”

CHAPTER 2 FORMS OF INTERNATIONAL PAYMENTS, APPLICATION PROCEDURE, ADVANTAGES AND DISADVANTAGES.

Methods of payment, transfer of goods and shipping documents are called forms of payment. The traditional forms of payment used in international practice are:

bank transfer;
settlements on an open account;
collection;
letter of credit.

Forms of settlements differ in the degree of participation of banks in their conduct, as well as in the degree of reliability for the participating entities. For example, the participation of the bank in settlements in the form of a bank transfer can be characterized as minimal, because. his duties include only the transfer of money from the transferor to the transferee. The most significant share of the bank's participation is observed with a letter of credit.

Due to the fact that the buyer (importer) and the seller (exporter) have opposite goals (Fig. 1), different forms of payment are most beneficial to them.

Rice. 1. Distribution of interests of the seller and the buyer

In particular, when paying upon delivery, a bank transfer is unprofitable for the exporter, since there is a risk of non-payment, but a letter of credit is most beneficial, since if the exporter complies with the terms of the letter of credit, the funds will be written off in his favor. The importer benefits from settlements in the form of collection, as payment is made for the actually delivered goods.

2.1. Open account payments.

A special place is occupied by settlements on an open account. They represent a form of settlement of mutual claims and obligations, in which banks are involved only in exceptional cases (when there is a part of the delivery that is not covered by the counter volume of the delivery).

The essence of this form of payment is that the exporter ships goods to the importer (or the seller to the buyer) and sends the relevant documents. At the same time, both counterparties make appropriate entries in their accounting books: the exporter - on credit, and the importer - in the debit of open accounts, thus making an offset.

An open account is used for settlements between firms associated with traditional trade relations. Usually, open account settlements are used for regular deliveries, when trust is backed up by long-term business relationships, and the buyer is a reputable company. A feature of this form of payment is that the movement of goods is ahead of the movement of money. At the same time, settlements are divorced from commodity deliveries and are associated with commercial credit, and usually the exporter unilaterally lends to the importer. If the supply of goods is carried out mutually with subsequent settlements on an open account, then there is a bilateral lending to each of the parties and a set-off of mutual claims.

Settlements on an open account are the most beneficial for the importer, since he makes the subsequent payment for the goods received, and the interest for the loan provided is not charged separately: there is no risk of paying for undelivered or unaccepted goods. For the exporter, this form of payment is the least profitable, since it does not contain a reliable guarantee of the timeliness of payment, slows down the turnover of its capital, and sometimes makes it necessary to resort to a bank loan. The risk of non-payment by the importer of goods in case of unilateral use of this form of payment is similar to the risk of underdelivery of goods by the exporter in case of advance payments. In fact, this form of payment is combined with lending to the importer and reflects the exporter's confidence in him. Therefore, this form of payment is usually used only for counter deliveries, when counterparties alternately act as seller and buyer, and the failure of the importer to fulfill obligations entails the suspension of commodity deliveries by the exporter. For unilateral deliveries, open account settlements are rarely used.

Forms of international payments, their comparative characteristics briefly. Comparative characteristics of the features of international forms of payment

Introduction

The purpose of the work is to study the main forms of settlements used in the practice of payment for goods supplied under foreign trade transactions.

Work tasks:

1. Study the essence, purpose, legal support and a scheme for applying the main forms of international payments.

2. To determine the directions of the comparative characteristics of the forms of payment to justify the choice of one or another form of payment, stipulated in the foreign trade contract.

Chapter 1. Payment for foreign trade transactions: forms and practice of application

1.1 The concept of international settlements

The subjects of international settlements interacting with each other in the process of movement of documents of title are exporters, importers, banks. Banks organizing the movement Money participants in foreign trade activities, act as intermediaries.

The procedure for making payments for exported and imported goods (services) is regulated by the legislation of the countries, and is also subject to international rules documentation and payment of bills.

Taking into account the mutual interests of participants in foreign economic transactions, settlements are carried out in the most various forms- in the form of advance payments, in the manner of collection or acceptance of a bill, by checks, using a letter of credit, etc.

1.2 Characteristics and types of settlements under a letter of credit

A feature of the letter of credit is its strictly formal nature. This means that all interested parties involved in the operation of a letter of credit are dealing with documents, and not with goods, services and / or other types of performance of obligations to which documents may relate.

INTRODUCTION

1. CONCEPT AND TYPES OF FOREIGN TRADE TRANSACTIONS

2. LEGAL REGULATION OF FOREIGN ECONOMIC TRANSACTIONS

3. SHAPES INTERNATIONAL SETTLEMENTS

3.1. Bank transfer

The concept of bank transfer

Legal features of transactions with the use of bank transfers

3.2. Collection

The concept of collection

Legal features of the commission transactions using collection

Disadvantages of the collection form of payment

3.3. Letter of credit

The concept of a letter of credit

Types of letters of credit.

Legal features of transactions with the use of letters of credit

Disadvantages of the letter of credit form of payment

Literature

Files: 1 file

CHAPTER 1

THE CONCEPT OF INTERNATIONAL SETTLEMENTS AND THEIR ESSENCE. STATE REGULATION OF INTERNATIONAL SETTLEMENTS.

CHAPTER 2

FORMS OF INTERNATIONAL PAYMENTS, APPLICATION PROCEDURE, ADVANTAGES AND DISADVANTAGES.

3. SHAPES
INTERNATIONAL SETTLEMENTS

Legal features of the commission
transactions using collection