Payment 

Exercises
 Multiple choice
（1）___ yesterday did we receive your L/C.
A.Until     B. Not until     C. Until not     D. No until
 
(2) We must point out that ___ your L/C reaches us before the end of this month, we shall not be able to effect shipment within the stipulated time limit.
A.If      B. unless      C. in case      D. in case of

(3) Payment is to be made ___ a sight draft drawn under an irrevocable L/C.
A. of     B. upon     C. from     D. for
(4) You must be responsible for all the loss ___ from your delay in opening the covering L/C.
A. arising     B. rising     C. arousing     D. have arisen

(5) In according to our agreement, we have ___ at 30 day’s sight for the amount of the enclosed invoice.
A. drawn on you      B. written to you  
C. Called on you      D. advised you

(6) We regret ___ unable to accept your terms of payment as mentioned in your last mail.
A. To be     B. being      C. to     D. for being

(7) Please be informed that your request for payment by D/P has ___ our attention.
A. been received   B. been   C. obtained   D. receiving

(8) Taking into consideration our long-standing business relations with you, we accept ___ by D/P.
enquiries    B. invitations    C. installment   
D. payment

(9) The draft established by you through the Bank of China will ___ at the end of this month.
A. due     B. be due    C. mature    D. expire

(10) As instructed, we will draw ___ you a sight draft for collection through the Bank of China
A. For     B. against     C. on     D. from
 

Key for reference to 5.1 Multiple Choices
(1) B    (2) B    (3) B    (4) A    (5) A  
(6) B    (7) C.   (8) D    (9) D    (10) C

Usefull expressionsPayment 
Our usual terms of payment are by confirmed , irrevocable letter of credit in our favour, reaching us one month ahead of shipment. 、，
.We proposed to pay by 30 d/s.
The terms of payment we wish to adopt are confirmed and irrevocable letter of credit.
We should like to advise you that payment by collection is acceptable.
We would prefer you to pay in US dollars.

.According to the contract, after receipt of the preliminary shipping advice, you are kindly requested to open with the Bank of China the relative L/C in our favour within ten days.
Payment of the purchase is to be effected by an irrevocable letter of credit in our favour, payable by draft at sight in pounds sterling in London.
We don’t accept payment in US dollars. Please conclude the business in terms of Swiss francs.
We require payment by L/C to reach us one month prior to the time of shipment.
We require immediate payment upon presentation of shipping documents.

Payment by irrevocable letter of credit is convenient for us and we shall draw a 60d/s bill in your bank.
We will draw you a documentary draft at sight through our bank on collection basis.
Our terms of payment are 30-day credit period, not 60-day credit. It’s customary.
As usual, we should require of you an L/C to be issued through a first-rate bank.
It would be advisable for you to establish the covering L/C as early as possible enable us to effect shipment in due time.

We propose paying by TT when the shipment is ready.
We regret having to inform you that we cannot accept payment by D/P.
We regret to say that we are unable to consider your request for payment under D/A terms.
You can pay for all or part of the equipment and technology purchased from us in resultant products.
Since you are not short of cash, we can arrange for your payment over 2 months without charges of any kind.

 As a special case , we may consider accepting your payments by D/P. ，
If the amount of each transaction is below $500, we agree to D/A  days terms.
We could grant you the favourable terms of payment as D/A 45 days after sight.
In view of the small amount of this transaction, we are prepare to accept payment by D/P at sight. ，

D/P or D/A is only accepted if the amount involved for each transaction is less the ￡1,000.
We request a 10% payment at the time of ordering . The remaining amount must be paid within 60 days.
We can only accept 20% cash payment in local currency. The other 80% by L/C should reach us 15 to 30 days before the delivery.
 If the payment is made by installments, the annual interest is calculated by 6% and paid off at the end of each year.
Full payments must be made within 60 days.

The telegraphic transfer shall reach the bank of China at least five days before the delivery date of vessel.
The letter of credit for each order shall reach us 30 days.
15-20 days prior to the date of delivery, you should pay against the presentation of the drawn on the opening bank.
The payment shall be made by telegraphic transfer to the bank of China , Head office ,Beijing, China, for our account, within five business days after the contract signature date.
Advance payment of 25% of the contract value shall be paid within 30 days of the date of signing the contract.

The payment shall be made by five annual installments of 20% each.
We require full payment within 45 days with a 15% discount for cash payment in
advance.
The total amount must be paid in full upon receipt of the shipping documents.
We require payment by L/C to reach us one month prior to the time of shipment.
You are requested to pay $5,000 as a down payment.

Ten percent of the contract value shall be paid in advance by cash, and 90% by sight draft drawn under an L/C.
Payment by L/C is our method of trade in such commodities.
Our usual terms of payment are by an irrevocable L/C to be established in the seller’s favour through the bank of China.
For exports, we usually adopt irrevocable letters of credit available by seller’s documentary drafts at sight.
We usually make payment by letters of credit or adopt some other modes of payment such as immediate payment, deferred payment and payment by installments.

We have opened an L/C in your favor through the Bank of China for an amount of ￡17,000 to cover the full CIF value of our order No 754.
We will start the payment in half a year and all the amounts will be cleared off within 3 years by six installments.
We prefer to have the payment made by L/C through the negotiating bank in Sweden.
.Payments shall be made by us after receipt of the shipping documents specified in clause 10 of this contract.
We shall open a letter of credit in your favor to be settled in US dollars.
We agree to accept goods in 3 shipments and you may draw on us at 60d/s from the date of dispatch of each shipment.

Could you make an exception in our case and accept D/P or D/A?
I hope you would leave us some leeway in terms of payment.
Would you agree to a 30-day credit period?
Because of the money problem, I hope that you can allow us to pay in installments with the first payment after delivery, then we’ll pay the rest once month.

We are having some trouble in receiving payment, so we want to ask if we could defer payment until the end of the month.
We refer payment after delivery, because these goods are very expensive. ，
We hope to payment by bill of exchange at 30d/s .
We hope you can accept payment in other currencies expect in US dollars.
We shall be very happy if you can grant us a extension of 2 weeks.
We ask to put off the time of our payment 3 months later to facilitate the capital turnover.