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Negotiable instrument :bills of exchange .promissory notes cheques Payment techniques: remittances collections. Letters of credit, standby letters of credit, bank guarantees, international factoring , international forfaiting Documents: draft, bills of lading, insurance policies, certificates of origin The evolution of international settlement: form cash settlement to non-cash settlement; form direct payment to indirect payment; form simple price terms to complex price terms; form paper documents to electronic documents Factors in the payment decision: 1.protection 2.convenience 3.cost 4.commercial competitiveness To illustrate indetail’ every exporter has to take the following risks into consideration in selecting a payment technique 1.commercial risks 2.financial risks 3.political/country risk 4.risk in control of title to the goods 5.transfer risk Open account: on the account terms the importer agrees to pay the exporter at an agreed time and in an agreed manner. Usually, there are no strict contracts or documentation required between the two parties. Payment in advance: is certainly the most favorable way of getting paid form the exporter’s viewpoint, for there is no risk at all . the exporter has immediate or advance use of the money. Negotiable instrument laws: the French law , the german law ,the british law. china has not participated in the genera convention , either in international trade settlement, china always refers to the genera uniform law although it has its own negotiable instrument law –the negotiable instrument law of the people’s republic of china. what is a bill of exchange? An unconditional order in writing addressed by one person to another ,signed by the person giving it .requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer. essential items required in a bill of exchange 1. the word”exchange”2. an unconditional ord