Tiếng Anh 4 - Chap 7. Payment

GROUP 3
REVISION
May 2023
THERE ARE 3 MAIN PARTS
IN AN ORDER LETTER
OPENING
TERMS AND CONDITIONS
CLOSING
10 POSSIBLE TERMS AND CONDITIONS THAT MIGHT
BE INCLUDED IN AN ORDER LETTER
10 POSSIBLE TERMS AND CONDITIONS THAT MIGHT
BE INCLUDED IN AN ORDER LETTER
COMMODITY Delivery
QUALITY AND SPECIFICATIONS Payment
Quantity Insurance
Price Discount
Packing Validity
2 Replies after an order
YES NO
CONFIRMATION LETTER DECLINE/REFUSAL LETTER

GROUP 3
CHAPTER 7:
PAYMENT
May 2023
TABLE OF
CONTENT
1 International Bankers' Draft
2 Bankers' Transfer
3 Bill of exchange
4 Bankers' Commercial Credits
5 Settlement of Accounts
I. INTERNATIONAL
BANKERS’ DRAFT
Definition of "Draft":
A bill of Usually applies to

exchange domestic transactions only
INTL Bankers' Draft Bankers' Transfer Bill of Exchange Bankers' CML. Credits Settlement of Account
I. INTERNATIONAL
BANKERS’ DRAFT
In case of banker’s draft,
The customer buys a cheque from the
bank and sends it to the supplier.
Banks usually require two of their

directors' signatures on drafts, and make
a small charge
AN EXPORTER'S REQUEST
IMPORTER’S REPLY
EXPORTER SENDING DRAFT
AN EXAMPLE OF
AN EXPORTER’S REQUEST
Dear Sirs,
We enclose your statement for November, 20...and assume that you

will send the outstanding balance of £95.62 by banker's draft.
If, however, you prefer to pay by bill of exchange and will let us know,
we will draw on you for the amount at 30 d/s and send you our draft
for acceptance.
Yours faithfully,
AN EXAMPLE OF
IMPORTER’S REPLY
Dear Sirs,
Thank you for your letter of 6th December. We appreciate your offer
to take payment of the balance due on your statement for November
20... by drawing on us at 30 d/s and would like to take advantage of
it. If therefore you will send us your draft, we will accept it at once,
payable at Barclays Bank, International, Ibadan.
Yours faithfully,
AN EXAMPLE OF
EXPORTER SENDING DRAFT
Dear Sirs,
As requested in your letter of 12th December, we have now drawn on

you at 30 d/s in the sum of £95.62 and enclose our draft for
acceptance. We shall present the draft for payment through our
bankers and we recommend it to your protection.
Yours faithfully,
Chapter 7. Payment I. INTERNATIONAL BANKERS’ DRAFT
QUIZ 1:
MATCH THE
WORDS WITH
THE
DEFINITIONS
A written order to pay a sum of money to
1. Outstanding A
a particular person on a particular date
A draft issued by the acceptance applicant,

entrusting the acceptance bank to make
2. Banker’s draft B unconditional payment of a certain amount of
money to the payee or bearer on the
designated day

3. Bill of exchange A banker’s cheque which the bank draws on

C itself and sells to the customer, who then
sells it to his supplier
4. Draft for acceptance Day after sight, indicating that a bill of

exchange must be paid within a particular
D
number of days after the person it has been
given to has received it
5. D/s
E Not yet paid
1. Outstanding E Not yet paid
A banker’s cheque which the bank draws on

2. Banker’s draft C itself and sells to the customer, who then
sells it to his supplier
A written order to pay a sum of money to

3. Bill of exchange A
a particular person on a particular date

A draft issued by the acceptance applicant,

entrusting the acceptance bank to make
4. Draft for acceptance B unconditional payment of a certain amount of
money to the payee or bearer on the
designated day
Day after sight, indicating that a bill of

exchange must be paid within a particular
5. D/s D
number of days after the person it has been
given to has received it
II. BANKER’S TRANSFER
Payment in international trade:
made by ordering a home

one of the safest methods
bank to transfer money to an
overseas account
II. BANKER’S
TRANSFER
All the debtor has to do is,
to instruct his bank either by letter or on a
special form, to make the transfer.
The debtor’s bank then arranges for the
creditor’s bank to be credited with an equal
amount in local currency or the sum
transferred
Chapter 7. Payment II. BANKER’S TRANSFER
QUIZ 2:
Complete each of the gaps
(1-13) with a word from the
box in the correct form
Book Telegraph Payable State Instructor Supply
Dear Sirs,
We have received your (1) ………… for the quarter ended 30th September and find
that it agrees with our (2) …………. As requested, we have (3) ………… our bankers, the
Midland Bank Ltd., 2 Deansgate, Manchester, to telegraph the sum of £2,182.89
for the credit of your account at the Bank Bazargani Iran, Tehran.
This (4) ………… clears your account up to 31st August. The unpaid balance of
£623.42 for goods (5) ………… during September will be (6) ………… by our bankers on
or before 15th November.
Yours faithfully,
Dear Sirs,
We have received your (1) statement for the quarter ended 30th September and
find that it agrees with our (2) books As requested, we have (3) instructed our
bankers, the Midland Bank Ltd., 2 Deansgate, Manchester, to telegraph the sum of
£2,182.89 for the credit of your account at the Bank Bazargani Iran, Tehran.
This (4)..................... clears your account up to 31st August. The unpaid balance of
£623.42 for goods (5).................... during September will be (6).................... by our
bankers on or before 15th November.
Yours faithfully,
Dear Sirs,
We have received your (1) statement for the quarter ended 30th September and
find that it agrees with our (2) books As requested, we have (3) instructed our
bankers, the Midland Bank Ltd., 2 Deansgate, Manchester, to telegraph the sum of
£2,182.89 for the credit of your account at the Bank Bazargani Iran, Tehran.
This (4) payment clears your account up to 31st August. The unpaid balance of
£623.42 for goods (5) supplied during September will be (6) telegraphed by our
bankers on or before 15th November.
Yours faithfully,
III. BILL OF
EXCHANGE
Definition:
RECEIVE PAY
An order sent by the drawer to the drawee
The drawee will pay on demand or at a
specified time the amount shown on the bill.
III. BILL OF
EXCHANGE
The bill can be paid to a bank named by the
drawer, or the drawee can name a bank he
wants to use to clear the bill.
Kept in the drawer's bank until it is to be paid
When the bill is due it is presented to the
paying bank
SAMPLES AND FORM:
BILL OF EXCHANGE TRANSACTIONS
Letter Advising Despatch of a Bill
Dear Mrs Haas,
Order No. 8842
Thank you for your order which has now been completed and is being sent to you today.
As agreed we have forwarded our bill, No. 1671 for £860.000 with the documents to
your bank, Nederlandsbank, Heldringstrat, Amsterdam. The draft has been made out for
payment 30 days after sight, and the documents will be handed to you on acceptance.
Yours sincerely,
D. Panton
Managing Director
SAMPLES AND FORM:
Bill of Exchange
30 days after sight = 30 d/s: trả trong
vòng 30 ngày sau khi nhận thư
SAMPLES AND FORM:
Non-Payment of a Bill
used when a customer
Dear Mrs Haas,
cannot pay a bill => B/E No. 1671
inform the supplier The above bill for £860.000 was returned to us from our bank this
morning marked "Refer to Drawer".
immediately
The bill was due on the 5th April and appears to have been dishonoured.
a formal protest is to be We are prepared to allow you a further three days before presenting it to
the bank again, in which time we hope that the draft will have been met. If
the account is still not settled, we will have to make a formal protest,
made, which means that which we hope will not be necessary.
the drawer will contact a Yours sincerely,
(signed)
lawyer to handle the D. Panton
Managing Director
debt
GAME 1:
FILL IN THE
BLANK
Issuance Hesitate Payment Consignment Delivering
Respected Sir/Madam,
This is to bring to your notice that the amount for the (1)...............of laptops is still
pending from your end. I had received your order for (2)...............5 new HP Laptops
to your office, and you had made only a part payment of Rs1,50,000. The laptops
were delivered on the 10th of February, and the total bill amount is Rs.3,00,000 with
the (3)............... number 7B7654BV. The balance payment of Rs1,50,000 is now due
for a long time.
So, I request you to please release the (4)...............as soon as possible. I have
attached the bills for the laptop and the receipt of your payment. Do not (5) .............
to contact us in case you have any queries or inconveniences.
Thank you.
Regards,
This is to bring to your notice that the amount for the (1) issuance of laptops is
still pending from your end. I had received your order for (2) delivering 5 new HP
Laptops to your office, and you had made only a part payment of Rs1,50,000. The
laptops were delivered on the 10th of February, and the total bill amount is
Rs.3,00,000 with the (3) consignment number 7B7654BV. The balance payment
of Rs1,50,000 is now due for a long time.
So, I request you to please release the (4)................. as soon as possible. I have
attached the bills for the laptop and the receipt of your payment. Do not (5)........
to contact us in case you have any queries or inconveniences.
Thank you.
Regards,
This is to bring to your notice that the amount for the (1) issuance of laptops is
still pending from your end. I had received your order for (2) delivering 5 new HP
Laptops to your office, and you had made only a part payment of Rs1,50,000. The
laptops were delivered on the 10th of February, and the total bill amount is
Rs.3,00,000 with the (3) consignment number 7B7654BV. The balance payment
of Rs1,50,000 is now due for a long time.
So, I request you to please release the (4) payment as soon as possible. I have
attached the bills for the laptop and the receipt of your payment. Do not
(5) hesitate to contact us in case you have any queries or inconveniences.
Thank you.
Regards,
Invoice Owned Cooperation Enclosed Instructor Disregard
Dear Mr. Davis,

Outstanding Invoice
Our records show that you have an outstanding balance dating back to January,
20--. Your January (1)............was for £445.00 and we have yet to receive this
payment. Please find a copy of the invoice (2)................
If this amount has already been paid, please (3)................ this notice. Otherwise,
please forward us the amount (4).............in full by March 1st, 20--. As our contract
indicates, we begin charging 5% interest for any outstanding balances after 30
days.
Thank you in advance for your (5)................... We hope to continue doing business
with you in the future.
Sincerely,
Invoice Owned Cooperation Enclosed Disregard
Dear Mr. Davis,

Outstanding Invoice
20--. Your January (1) invoice was for £445.00 and we have yet to receive this
payment. Please find a copy of the invoice (2) enclosed.
If this amount has already been paid, please (3) disregard this notice. Otherwise,
please forward us the amount (4)............ in full by March 1st, 20--. As our contract
days.
Thank you in advance for your (5).............. We hope to continue doing business
with you in the future.
Sincerely,
Invoice Owned Cooperation Enclosed Disregard
Dear Mr. Davis,

Outstanding Invoice
20--. Your January (1) invoice was for £445.00 and we have yet to receive this
payment. Please find a copy of the invoice (2) enclosed.
If this amount has already been paid, please (3) disregard this notice. Otherwise,
please forward us the amount (4) owed in full by March 1st, 20--. As our contract
days.
Thank you in advance for your (5) cooperation. We hope to continue doing
business with you in the future.
Sincerely,
IV. BANKERS’
COMMERCIAL CREDITS
What is "Banker’s commercial credit"?
A loan provided to commercial customers
by a bank
Being the primary payment method for
Vietnam's foreign trade with foreign firms
A HOW
The importer’s bank sends a letter of credit to the exporter or, more usually,
arranges for one of its branches or correspondents in the exporter’s country to do
so.
B DOES
The importer asks his own bank to open a credit in favour of the exporter, usually
on a specially printed application form.
The exporter is to deal with the correspondent bank and prepare the shipping
C documents which are then presented to the correspondent bank along with a bill of
exchange drawn on the bank. The correspondent bank will pay for the documents
within the limits of the authorized credit and then send them to the importer's bank.
IT
D
The importer’s bank passes the documents to the importer either against
payment or against his acceptance of a bill of exchange, if one accompanies the
documents WORK?
IF YOUR
ANSWER IS ...
B-A-C-D
...THEN YOU
ARE CORRECT!
HOW
B
The importer asks his own bank to open a credit in favour of the exporter, usually
on a specially printed application form.
A
The importer’s bank sends a letter of credit to the exporter or, more usually,
arranges for one of its branches or correspondents in the exporter’s country to do
so.
DOES
The exporter is to deal with the correspondent bank and prepare the shipping
C documents which are then presented to the correspondent bank along with a bill of
exchange drawn on the bank. The correspondent bank will pay for the documents
within the limits of the authorized credit and then send them to the importer's bank.
IT
D
The importer’s bank passes the documents to the importer either against
payment or against his acceptance of a bill of exchange, if one accompanies the
documents WORK?
TO SUM UP...
importer letter of credit payment bill of exchange shipping documents open a credit requests deals
The importer .(1).. their bank to .(2).. in favor of the exporter. The
importer's bank sends a ..(3).. to the exporter or their correspondent
bank. The exporter ..(4). with the correspondent bank, presents .(5)..
and receives .(6).. The importer's bank passes the documents to the
...(7)... in exchange for payment or acceptance of a ..(8). .
THE PROCESS IS...
The importer requests their bank to open a credit in favor of the

exporter. The importer's bank sends a letter of credit to the exporter
or their correspondent bank. The exporter ..(4). with the correspondent
bank, presents .(5).. and receives .(6).. The importer's bank passes the
documents to the ...(7)... in exchange for payment or acceptance of a ..
(8). .
THE PROCESS IS...

or their correspondent bank. The exporter deals with the
correspondent bank, presents shipping documents, and receives
payment. The importer's bank passes the documents to the ...(7)... in
exchange for payment or acceptance of a ..(8). .
THE PROCESS IS...

or their correspondent bank. The exporter deals with the
correspondent bank, presents shipping documents, and receives
payment. The importer's bank passes the documents to the importer
in exchange for payment or acceptance of a bill of exchange.
REVOCABLE Dear Mr. Medway,
Thank you for your advice of the 15 May. We have

AND now effected shipment to our customers in New
Zealand and enclose the shipping documents you
IRREVOCABLE
asked for and our draft for £23,100 which includes
your discount, commission, plus charges.
The letter of credit can be either Will you please accept the draft and remit the
proceeds to our account at the Midland Bank,
revocable or irrevocable.
Oxford Street, London?
Revocable: The importer is
free to modify or even to Yours sincerely,
cancel it with so much as N. Smith
giving notice to the exporter. Senior Shipping Clerk
Enc.
Irrevocable: It can be neither
amended nor withdrawn Bill of lading (6 copies)
without the permission of the Commercial invoice c.i.f. Wellington (four copies)
exporter to whom it is A.R. Insurance certificate for £24.200
granted. Draft 2152/1
REVOCABLE
Dear Mr. Medway,
Thank you for your advice of the 15 May. We have
AND now effected shipment to our customers in New

Zealand and enclose the shipping documents you
asked for and our draft for £23,100 which includes
IRREVOCABLE your discount, commission, plus charges.
Will you please accept the draft and remit the

The letter of credit can be either
proceeds to our account at the Midland Bank,
revocable or irrevocable. Oxford Street, London?
Revocable: The importer is
free to modify or even to Yours sincerely,
N. Smith
cancel it with so much as
Senior Shipping Clerk
giving notice to the exporter. Enc.
Irrevocable: It can be neither
amended nor withdrawn Bill of lading (6 copies)
without the permission of the Commercial invoice c.i.f. Wellington (four copies)
A.R. Insurance certificate for £24.200
exporter to whom it is
Draft 2152/1
granted.
PAYMENTS BY (L/C)

Foreign Buyer’s Order

Vocabulary
Fill in the blanks
Exporter’s acknowledgement
Correct the order
Vocabulary
FOREIGN BUYER’S
ORDER
VOCABULARY
A contract between an individual or
entity and an insurance company
I_ _ _ _ _ _ _ _ P_ _ _ _ _
A contract between an individual or
entity and an insurance company
Insurance Policy
To direct or order someone to do something

I_s_ _ _ _t

To direct or order someone to do something

Instruct

Three identical copies

T_ _p_ _c_ _ _

Three identical copies

Triplicate

A legal document that serves as a contract
between a shipper and a carrier

B_ _ _ o_ L_ _ _ _ _
A legal document that serves as a contract
between a shipper and a carrier

Bill of Lading
Synonym of announce in “please…us by mail”

A_ _ _ _ _
Synonym of announce in “please…us by mail”

Advise
Two identical copies

D_ _ _ _ _ _ _ _
Two identical copies

Duplicate

A fee paid to someone for services rendered, typically as

a percentage of the amount of money involved

C_m_ _ _ _ _n


A fee paid to someone for services rendered, typically as

a percentage of the amount of money involved

Commission


A letter, package,... that is transported by airplane

A_ _ _ _ _l


A letter, package,... that is transported by airplane

Airmail


A written order or direction to pay a specified

sum of money to someone

D_ _ _ _

A written order or direction to pay a specified

sum of money to someone

Draft

Synonym of pay in “…invoice cost”

C_v_ _


Cover


D_ _ p _ _ _ _


Dispatch
QUICK CHECK!
Chapter 7. Payment IV.
Dispatch-Instruct-Airmail-Draft-Bill of Lading-Duplicate-Triplicate-Insurance Policy-Cover-Sufficient-

Commission-Advise
We would like to thank you for your quotation for paints and details of the arrangements for payment. We now
wish to place the enclosed order with you. As we are in urgent need of several of the items, we should be glad
if you would make up and ship the order at your earliest convenience.
We have (1) i………… Vietcombank Hochiminh City to open a credit for US $15,000 in your favor, effective until
10th November. The credit will be confirmed by Barclays Bank London E.C.3 who will accept your (2)d……..on
them at 60 days for the full amount of your invoice. Please attach the following documents to your draft:
(3)B…………o……..L………… in (4)d…………
Commercial Invoice, in (5)t…………
(6)I…………P………… for US $15,000.
Your invoice should include C.I.F. London, and the amount of your credit is (7)s…………to (8)c………… invoice cost
and your bank (9)c………… on the draft.
Please (10)a………… us by (11)a…… when the goods have been (12)d………
Yours faithfully

Commission-Advise
We have (1) instructed Vietcombank Hochiminh City to open a credit for US $15,000 in your favor, effective
until 10th November. The credit will be confirmed by Barclays Bank London E.C.3 who will accept your (2)
draft on them at 60 days for the full amount of your invoice. Please attach the following documents to your
draft:
(3)B…………o……..L………… in (4)d…………
Commercial Invoice, in (5)t…………
(6)I…………P………… for US $15,000.
Your invoice should include C.I.F. London, and the amount of your credit is (7)s…………to (8)c………… invoice cost
and your bank (9)c………… on the draft.
Yours faithfully

Commission-Advise
We would like to thank you for your quotation for paints and details of the arrangements for
payment. We now wish to place the enclosed order with you. As we are in urgent need of several of
the items, we should be glad if you would make up and ship the order at your earliest convenience.
We have (1) instructed Vietcombank Hochiminh City to open a credit for US $15,000 in your favor,
effective until 10th November. The credit will be confirmed by Barclays Bank London E.C.3 who will
accept your (2) draft on them at 60 days for the full amount of your invoice. Please attach the
following documents to your draft:
(3) Bill of Lading in (4) duplicate
Commercial Invoice, in (5) triplicate
(6) Insurance Policy for US $15,000.
Your invoice should include C.I.F. London, and the amount of your credit is (7)s…………to (8)c…………
invoice cost and your bank (9)c………… on the draft.
Yours faithfully

Commission-Advise
draft:
Your invoice should include C.I.F. London, and the amount of your credit is (7) sufficient to (8) cover invoice
cost and your bank (9) commission on the draft.
Yours faithfully
Chapter 7. Payment

Commission-Advise
draft:
Your invoice should include C.I.F. London and the amount of your credit is (7) sufficient to (8) cover invoice
cost and your bank (9) commission on the draft.
Please (10) advise us by (11) airmail when the goods have been (12) dispatched.
Yours faithfully
EXPORTER’S ACKNOWLEDGEMENT
THE CORRECT ORDER IS...
Dear Ms. Thao Van
1. Your choice of payment is quite acceptable to us, and we note that this will be by
irrevocable letter of credit for a sum not exceeding US $15,000, valid until 10th
November.
2. We have received your order and are pleased to confirm that all the items required are in
stock.
3. When we receive confirmation of this credit from the Barklay Bank London E.C.3, we will
make up your order and despatch the goods immediately.
4. It is a pleasure to have the opportunity of supplying you and we are quite sure you will be
satisfied both with the quality of our goods and service.
5. We may assure you that this order and all your further orders will receive our prompt
attention.
Yours sincerely
Dear Ms. Thao Van
1. Your choice of payment is quite acceptable to us, and we note that this will be by irrevocable
letter of credit for a sum not exceeding US $15,000, valid until 10th November.
2. We have received your order and are pleased to confirm that all the items required are in
stock.
3. When we receive confirmation of this credit from the Barklay Bank London E.C.3, we will make
up your order and despatch the goods immediately.
5. We may assure you that this order and all your further orders will receive our prompt
attention.
Yours sincerely Answer: 2-4-1-3-5

Dear Ms. Thao Van
2. We have received your order and are pleased to confirm that all the items required are in stock.
1. Your choice of payment is quite acceptable to us, and we note that this will be by irrevocable
letter of credit for a sum not exceeding US $15,000, valid until 10th November.
3. When we receive confirmation of this credit from the Barklay Bank London E.C.3, we will make
up your order and despatch the goods immediately.
5. We may assure you that this order and all your further orders will receive our prompt attention.
Yours sincerely
Answer: 2-4-1-3-5
PAYMENTS BY (L/C)

Documentary credit – stages in transaction
There are 8 steps:
1. Buyer approaches Bank

2. Bank offers to provide credit
3. Buyer instructs Bank
4. Bank agrees to open credit
5. Buyer notifies Exporter
6. Bank issues L/C
7. Exporter presents documents
8. Bank debits Buyer
WHICH STEP IS THIS?
Dear Sirs,
We thank you for your inquiry of 15th March. We shall be pleased to handle the shipments
(referred to) and arrange for the necessary documentary credit with our Bank against deposit of
Bill of Lading and other shipping documents. If you complete and return the enclosed form we
will make the arrangements.
Our commission charges for irrevocable documentary credits would be 1/8 to 1/4% on each of
the monthly credits, to which must be added 1/4% for irrevocable credits and also our charges
for such items as telegrams and postages. In return for these charges you have our assurance
that your interests would be carefully protected.
Yours faithfully,
WHICH STEP IS THIS?
Bank offers to provide credit

Dear Sirs,
We thank you for your inquiry of 15th March. We shall be pleased to handle the shipments
(referred to) and arrange for the necessary documentary credit with our Bank against
deposit of Bill of Lading and other shipping documents. If you complete and return the
enclosed form we will make the arrangements.
Our commission charges for irrevocable documentary credits would be 1/8 to 1/4% on each of
the monthly credits, to which must be added 1/4% for irrevocable credits and also our charges
for such items as telegrams and postages. In return for these charges you have our assurance
that your interests would be carefully protected.
Yours faithfully,
WHICH STEP IS THIS?

Dear Sirs,
On instruction from Messrs … received through our office, we have opened

monthly irrevocable credits for £2,000 in your favour, valid until 30th September next. You have authority to draw
on us at 60 days against these credits for the amount of your invoices upon shipment of… to... Your drafts must be
accompanied by the following documents, which are to be delivered to us against our acceptance of the drafts:
- Bill of lading in triplicate
- Commercial invoice
- Insurance certificate
- Certificate of Origin
Provided you fulfill the terms of credit we will accept and pay at maturity the drafts presented to us under these
credits and, if required, provide discounting facilities at current rates.
Yours faithfully,
WHICH STEP IS THIS?

Bank issues L/C

Dear Sirs,
On instruction from Messrs … received through our office, we have opened monthly irrevocable credits for
£2,000 in your favour, valid until 30th September next. You have the authority to draw on us at 60 days against
these credits for the number of your invoices upon shipment of… to... Your drafts must be accompanied by the
following documents, which are to be delivered to us against our acceptance of the drafts:
- Bill of lading in triplicate
- Commercial invoice
- Insurance certificate
- Certificate of Origin
Provided you fulfill the terms of credit we will accept and pay at maturity the drafts presented to us under these
credits and, if required, provide discounting facilities at current rates.
Yours faithfully,
V. SETTLEMENT OF ACCOUNTS
Advice of payment
Acknowledgment of payment

Delayed payment
Request for payment
Advice of payment
Request for alternative payment
Dear Mr. …
Thank you for being so prompt in sending the documents for our last order No. 14463. We have accepted
the sight draft, and the bank should be sending you an advice shortly.
We have been dealing with you on a cash against documents basis for over a year and would like to
change to payment by 40-day bill of exchange, documents against acceptance.
When we first contacted you last February, you told us that you would be prepared to reconsider terms of
payment once we had established a trading association. We think that sufficient time has elapsed for us to
be allowed the terms we have asked for. If you need references, we will be glad to supply them.
As we will be sending another order within the month, could you please confirm that you agree to these
new terms of payment?
Yours sincerely
(signed)
Acknowledge of Payment:
Dear Sir,
I am writing to express my sincere gratitude for your letter dated 15/04/2020. I received the enclosed cheque of
$30,000, which serves as a full settlement for the invoice dated 15/03/2020.
I want to convey my appreciation for your promptness in settling the outstanding amount. Your cooperation and
timely payment are highly valued and greatly contribute to maintaining a positive business relationship. Please
find attached our official receipt for your reference. If you have any further inquiries or require additional
documentation, please do not hesitate to contact me. I am more than willing to assist you in any way possible.
Once again, thank you for your prompt response and for choosing to do business with us. We look forward to
serving you in the future.
Yours sincerely,
Delayed Payment
Request for more time Replying to Request for more time

Dear Mr. …
Dear Ms. ...
have intention to
I am sorry that we were not able to clear your November statement for
$3,880 and December invoice, No.7713 for $289. We had intended to Thank you for your letter of 5 January regarding our
pay the statement as usual, but a large cash shipment to one of our November statement and December invoice No. 7713.
customers in Australia was part of the cargo destroyed in the fire on
the SS Tippa when she docked-in Bombay in late November.reduce clause We were sorry to hear about the difficulties you have
had, and understand the situation, but would
Our insurance company has promised us compensation within the appreciate it if you could clear the account as soon as
next few weeks, and once we have received this, the account will be possible, as we ourselves have suppliers to pay.
paid in full.
We look forward to hearing from you soon.
We know you will appreciate the situation and hope you can bear with
us until the matter is settled. Yours sincerely
Yours sincerely
Request for Payment
Request for payment Reply to Request for payment

Dear Mr. …
Dear Mr. …
I was surprised to receive your letter of the 20th November in which you
I am writing to ask why you have not settled our
said you had not received payment for invoice No. H931.
invoice No. H931 for £919.63, a copy of which is
enclosed.
I instructed my bank, The Welsh Co-operative Bank, Swansea, to credit your
account in Barnley’s Bank, Cardiff, with the £919.63 some time ago.
I know that since we began trading you have
cleared your accounts regularly on the due dates.
As my bank statement showed the money had been debited to my
That is why I wondered if any problems have
account, I assumed that it had been credited to your account as well. It is
arisen which I might be able to help you with.
possible that your bank has not advised you yet. Could you please check
Please let me know if I can be of assistance.
this with Barnley's, and if there are any problems let me know, so that I can
make enquiries here?
Yours sincerely
Yours sincerely
QUICK CHECK!
A. goods carried on a ship, aircraft, or motor vehicle.
1. account statement

B. a structure built out over the water in a port along which

2. postbook
ships can land to load and unload
C. a written document that is addressed for circulation to a

3. documents against acceptance group of people. The term may refer to: Flyer (pamphlet), a
single-page leaflet.

D. the central record-keeping system for an organisation. It

4. compensation helps you to be organised, systematic, efficient, and
transparent.
A. goods carried on a ship, aircraft, or motor vehicle.
1. account statement

B. a structure built out over the water in a port along which

2. postbook
ships can land to load and unload
C. a written document that is addressed for circulation to a

3. documents against acceptance group of people. The term may refer to: Flyer (pamphlet), a
single-page leaflet.

D. the central record-keeping system for an organisation. It

4. compensation helps you to be organised, systematic, efficient, and
transparent.
Answer: 1B - 2C - 3D - 4A
A. a payment document used in international trade whereby a buyer
accepts shipped goods and agrees to pay the seller immediately
5. sight draft
upon delivery.

B. a credit agreement between an importer and an exporter. By

signing the D/A, the importer agrees to pay in the future—on a
6. cash against documents
predetermined date.

7. dock C. a document that reflects all transactions that took place

between you and a particular customer for a given period of time.
8. filing system D. A book containing the regulations of a post-service
A. a payment document used in international trade whereby a buyer
accepts shipped goods and agrees to pay the seller immediately
5. sight draft
upon delivery.

B. a credit agreement between an importer and an exporter. By

signing the D/A, the importer agrees to pay in the future—on a
6. cash against documents
predetermined date.

7. dock C. a document that reflects all transactions that took place

between you and a particular customer for a given period of time.
8. filing system D. A book containing the regulations of a post-service
Answer: 5B - 6A - 7C - 8D
THANK YOU
FOR
LISTENING!
RESOURCE
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MATH AND
BANKING
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A B The exporter deals with the correspondent
The importer’s bank sends a letter of credit bank & when the goods are shipped, prepares
to the exporter or, more usually, arranges for the shipping documents &presents them to the
one of its branches or correspondents in the correspondent bank, which "pays" for them
exporter’s country to do so. within the limits of the authorized credit and
sends them to the importer's bank.
HOW DOES IT WORK?

The importer’s bank passes the documents
The importer asks his own bank to open a
to the importer either against payment or
credit in favour of the exporter, usually on a
against his acceptance of a bill of exchange,
specially printed application form
if one accompanies the documents
C D
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GROUP 3

TERMS AND CONDITIONS

QUALITY AND SPECIFICATIONS Payment

CONFIRMATION LETTER DECLINE/REFUSAL LETTER

4 Bankers' Commercial Credits

A bill of Usually applies to

Banks usually require two of their

EXPORTER SENDING DRAFT

We enclose your statement for November, 20...and assume that you

As requested in your letter of 12th December, we have now drawn on

A draft issued by the acceptance applicant,

3. Bill of exchange A banker’s cheque which the bank draws on

4. Draft for acceptance Day after sight, indicating that a bill of

A banker’s cheque which the bank draws on

A written order to pay a sum of money to

A draft issued by the acceptance applicant,

Day after sight, indicating that a bill of

made by ordering a home

The drawee will pay on demand or at a

specified time the amount shown on the bill.

Dear Mr. Davis,

Dear Mr. Davis,

Dear Mr. Davis,

The importer requests their bank to open a credit in favor of the

The importer requests their bank to open a credit in favor of the

The importer requests their bank to open a credit in favor of the

Thank you for your advice of the 15 May. We have

Thank you for your advice of the 15 May. We have

AND now effected shipment to our customers in New

Will you please accept the draft and remit the

Foreign Buyer’s Order

Correct the order

A fee paid to someone for services rendered, typically as

A fee paid to someone for services rendered, typically as

A letter, package,... that is transported by airplane

A letter, package,... that is transported by airplane

A written order or direction to pay a specified

A written order or direction to pay a specified

Synonym of pay in “…invoice cost”

Synonym of pay in “…invoice cost”

Synonym of pay in “…invoice cost”

Synonym of pay in “…invoice cost”

Dispatch-Instruct-Airmail-Draft-Bill of Lading-Duplicate-Triplicate-Insurance Policy-Cover-Sufficient-

Please (10)a………… us by (11)a…… when the goods have been (12)d………

Dispatch-Instruct-Airmail-Draft-Bill of Lading-Duplicate-Triplicate-Insurance Policy-Cover-Sufficient-

Please (10)a………… us by (11)a…… when the goods have been (12)d………

Dispatch-Instruct-Airmail-Draft-Bill of Lading-Duplicate-Triplicate-Insurance Policy-Cover-Sufficient-

Please (10)a………… us by (11)a…… when the goods have been (12)d………

Dispatch-Instruct-Airmail-Draft-Bill of Lading-Duplicate-Triplicate-Insurance Policy-Cover-Sufficient-

Please (10)a………… us by (11)a…… when the goods have been (12)d………

Dispatch-Instruct-Airmail-Draft-Bill of Lading-Duplicate-Triplicate-Insurance Policy-Cover-Sufficient-

Yours sincerely Answer: 2-4-1-3-5

Documentary credit – stages in transaction

1. Buyer approaches Bank

Bank offers to provide credit

On instruction from Messrs … received through our office, we have opened

Bank issues L/C

Request for payment

Request for more time Replying to Request for more time

Request for payment Reply to Request for payment

B. a structure built out over the water in a port along which

C. a written document that is addressed for circulation to a

D. the central record-keeping system for an organisation. It