PAYMENT SECURITY ENGLISH - BarrettWells：支付安全的英语barrettwells_精品.docVIP

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PAYMENT SECURITY ENGLISH - BarrettWells：支付安全的英语barrettwells_精品.doc

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PAYMENT SECURITY ENGLISH - BarrettWells：支付安全的英语barrettwells_精品

PAYMENT SECURITY SOME ALTERNATIVES TO THE USE OF DOCUMENTARY CREDITS RON WELLS CCE Contents: Introduction Promissory Notes Demand Guarantees Alternative One Alternative Two Risk Considerations Appendix 1 ( Promissory Note format ) Appendix 2 ( Demand Guarantee format ) Appendix 3 ( Alternative Demand Guarantee format ) Introduction Documentary Credits or Letters of Credit (LC’s) issued under the International Chamber of Commerce (ICC) Uniform Customs and Practice for Documentary Credits publication number 500 (UCP 500) rules are a useful way to provide some payment security, while also affording the Buyer an element of protection. Nevertheless they have some drawbacks that make it worthwhile to consider alternatives. These drawbacks include: (a) they are relatively costly, (b) they are inflexible and (c) they require the participation of a bank in the processing of the transaction. The “step by step” customer relationship management approach to payment security - which means moving from a position of full security, for Buyer and Country risk, to a desired position of a mixture of open account and payment security - makes it necessary to find more flexible arrangements. The alternatives considered in this article are based on the use of Promissory Notes (PN’s) and Demand Guarantees (DG’s) or Demand Guarantees alone. Promissory Notes (PN’s) In this Context PN’s are made subject to English law and jurisdiction - that is to say, subject to the Bills of Exchange Act 1882 which defines a PN as: “An unconditional promise in writing, made by one person to another, signed by the maker, engaging 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.” (See Appendix 1.) Demand Guarantees (DG’s) DG’s are usually made subject to the Uniform Rules for Demand Guarantees (URDG) of the International Chamber of Commerce (publication number 458). A DG can either be issued by a bank in conju