第四章 汇票.ppt

Chapter 4 Bill of Exchange/Bill/Draft Section 1. Definition: A bill of exchange or draft is an unconditional order in writing prepared by one party (drawer) and addressed to another (drawee) directing the drawee to pay a specified sum of money to the order of a third person(payee), or to the bearer, on demand or at a fixed and determinable time. Section 2. Parties to a bill of exchange （1）The The drawer who draws a draft and is usually the creditor (the seller) or his bank （2）drawee who is to pay the money is usually the debtor or his bank under a letter of credit （3）The payee who may be the same person as the drawer, his bank or the bearer Section 3. Classification of drafts (1) Clean or documentary drafts A documentary draft is one that is accompanied by the relevant documents that are needed to complete the export transaction. A clean draft is one that has no documents attached and is usually handed to a bank for collection in foreign country, such as collection of open account, the sale of stocks and bonds, interest or other transactions that arise by invisible trade. (2) Sight or time/usance draft The sight draft is supposed to be paid when it first seen by the drawee. i.e.Upon sight of the draft, the payer will pay it at once. The time drafts are those that specify payment at a certain number of days after sight. Normally, there are two presentations, first one for acceptance and second one for payment at the maturity of the time draft. (3) Trade or bank draft A trade draft is one issued by a trader on another trader or on a bank and gives order to pay a sum of money. A bank draft is in effect a check drawn by one bank or another. In this case, the bank is both the drawer and the payer which guarantees to pay a sum of money to the payee or the bearer. (4)With or without recourse When financing is without recourse it means that the purchase(discounting) by a bank or another financial insti