2. Mention the two types of business negotiations, and give examples of each. A: Oral and written business negotiations. Oral business negotiations refer to face-to-face discussions or those conducted through international trunk calls. Written negotiations often begin with enquiries.
3. Is an inquiry binding on the inquirer? What are a first inquiry, and what
information should be given in it?
A: No, it isn’t. A first enquiry is an enquiry sent to an exporter whom the importer has never dealt with. The information should be given in the enquiry as to how the name and address of the exporter have been obtained, the business line and usual practice of the importer, etc.
4. What is a firm offer? What contents should be included in a firm offer?
A: A firm offer is a promise to sell goods at a stated price. In making a firm offer, mention should be made of the time of shipment and the model of payment desired in addition to an exact description of the goods including the quantity, quality, specifications, packing, validity period, etc.
5. Is a counter offer an acceptance or a refusal of the original offer? What
happens to the offer once a counter offer is made?
A: A counter-offer is a refusal of the offer that will be invalid and unbinding once a counter-offer is made.
6. Is a written contract a must internationally for the conclusion of a
transaction? What is the case in China? What are the functions of a written contract?
A: A written contract is generally prepared and signed as the proof of the agreement and as the basis for its execution.
7. What is the difference between a sales contract and a purchase contract, and
between a contract and a confirmation?
A: A Contract is made by the seller, is called a sales contract, and when made by the buyer, a purchase contract. A sales or purchase confirmation is less detailed than a contract, covering only the essential terms of the transaction.
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8. Give the major items of the contract proper.
A. The title
B. The contract proper
a. The name and address of the buyer and the seller b. The details of the commodity transaction c. The terms and conditions mutually agreed
d. Indication of the number of original copies, language(s) used, and the validity
C. The signatures of the contracting parties D. The stipulations on the back of the contract
9. Are the stipulations on the back of the contract its constituent parts? Are
they binding on the contracting parties?
A: The stipulations on the back of the contract are constituent parts of the contract and are equally binding upon the contracting parties.
Translate the following sentences into English: 1. 合同依法实施，未能履行合同义务的一方可能受到起诉，并被强制做出赔偿。 A contract is enforceable by law, and the party that fails to fulfill his contractual obligations may be sued and forced to make compensation.
2. 口头业务协商指的是面对面的直接谈判或通过国际长途电话进行的商谈。 Oral business negotiations refer to face-to-face discussions or those conducted through international trunk calls.
3. 买方发出的询盘是为了获得拟定购商品的有关信息，他对发出询盘的人无约
束力。
Enquires made by the buyer are to get information about the goods to be ordered, and are not binding on the inquirer.
4. 有效期对于确盘是必不可少的。在规定的时间之前，或在被对方接受或拒绝
之前确盘一直是有效的。
The validity period is indispensable to a firm offer, that remains valid until a stipulated time or until it is accepted or rejected.
5. 还盘是对发盘的拒绝，一旦作出还盘，原报盘即失效而失去约束力。
A counter-offer is a refusal of the offer that will be invalid and unbinding once a counter-offer is made.
Lesson 9 Modes of Trade
Business Knowledge:
(1) Origin and development of counter trade (2) Current counter trade
A. Barter
B. Counter purchase C. Buyback
D. Features common to the three forms of counter trade (3) Major advantages of counter trade
A. Helping to deal with foreign exchange shortage B. Promoting export
C. Reducing uncertainty regarding export receipts D. Bypassing international price agreement
E. Helping countries with debt problems to import goods. (4) The drawbacks of counter trade Trade Terms:
1. Counter trade对销贸易、反向贸易 2. Hyperinflation极度通货膨胀 3. Reichsbank德国国家银行
4. Cross-border contract进出口合同 5. Protectionism贸易保护注意
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6. Financial market金融市场
7. Clearing system清算系统、清算制度 8. Net positions实际头寸
9. Compensation trade补偿贸易
10. Trade credit accounts贸易信贷往来账户
11. Barter易货贸易: The direct exchange of goods and services, which is completed
in a short period of time.
12. Counter purchase反向购买、互购贸易: The assumption by an exporter of a
transferable obligation through separate but linked contract to accept as full or partial payment goods and services from the importer or importing country.
13. Buyback回购贸易: An agreement by an exporter of plant and equipment to take
back in the future part of the output produced by these goods as full or partial payment.
14. Vertical竖式地、涉及生产销售全过程的
15. Centrally planned economies中央计划经济国家 16. competitive devaluation竞争性贬值 17. Volkswagen大众汽车公司 18. Xerox Corporation施乐公司 19. Processing trade加工贸易 20. Consignment寄售
21. Leasing trade租赁贸易 22. Auction拍卖 23. Agency代理
24. Money market货币市场 25. Discount market贴现市场 26. Capital market资本市场
27. Securities market有价证券市场 28. Stock Exchange证券交易所
29. Foreign exchange market外汇市场 30. Gold market黄金市场
31. EPU欧洲支付联盟: European Payment Union
32. Trade credit accounts贸易信贷往来账户 33. Foreign exchange shortages外汇短缺 34. Policy objective政策目标 Answer the following questions:
1. What is counter trade? Why has it attracted so much attention?
A: Counter trade has become the generic term to describe a set of cross-border contracts that link a seller’s exports to imports from the buyer.
Counter trade has attracted so much attention as it is often associated with policy objectives of relevant economies like dealing with foreign exchange shortages and promotion of exports.
2. How did counter trade originate? And what was the nature of early counter
trade?
A: Following German hyperinflation, competitive devaluations and protectionism meant a global collapse in trade and in international financial and banking markets, then the counter trade originate.
The nature of early counter trade is counter trade partners are necessarily familiar partners and goods exchanged are sometimes vertically related
3. Why should Britain use bilateral clearing arrangements after World War II? A: During and after World War II, when financial markets were in disarray, Britain used bilateral arrangements
4. What are the main features of the current counter trade? Can you
summarize the categories briefly under current counter trade?
A: Current counter trade partners are not necessarily familiar partners and goods exchanged are sometimes vertically related. Current counter trade can be categorized as follows: Barter, Counter purchase, Buyback.
5. What are the major differences between counter purchase and buyback?
A: The important difference between counter purchase and buyback is that in buyback the goods and services taken back are tied to the original goods exported whereas that is not the case in counter purchase. Another important difference is that a buyback
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deal usually stretches over a longer period of time (as long as 15 to 20 years) than a counter purchase deal.
6. What is meant by bundling? What is the opposite way of doing business? A: Bundling means the exchanges of goods and services are bundled together. In normal market transactions buying and selling of goods and services is unbundled, and arrangement made possible by the use of money and the “market” as an institution. Thus, an individual can sell goods and services to obtain monetary income and con then use the income for other desired goods and services. Such unbundling greatly facilitates transactions and allows more efficient economic exchanges.
7. Since bundling is not an efficient way of getting business done, what should a
significant part of the international trade of goods as well as services still be bundled?
A: major advantages of counter trade:
a. Helping to deal with foreign exchange shortage b. Promoting export
c. Reducing uncertainty regarding export receipts d. Bypassing international price agreement
e. Helping countries with debt problems to import goods
8. What are the advantages and disadvantages of counter trade?
A: The advantage of counter trade is in Question 7. The disadvantage of counter trade is that it can be very risky business. By concealing the real prices and costs of transactions it may conceal and help perpetuate economic inefficiencies in the market place. Companies may suffer losses because they could not get rid of products of poor quality. Finally, counter trade may be considered as a form of protectionism.
9. What are the basic conditions for counter trade to exist?
A: The basic conditions for counter trade to exist are that the countries lack mature and competitive markets. In such an environment counter trade can be viewed as a
national form of contracting to deal with transaction difficulties.
10. What are the other modes of trade mentioned in the text?
A: The other modes of trade are processing trade, consignment, leasing trade, agency etc.
Translate the following sentences into English:
1. 对销贸易一般是与有关国家的政策目标相互联系的，如应对外汇短缺和扩大
出口之类的问题。
Counter Trade is often associated with policy objectives of relevant economies like dealing with foreign exchange shortages and promotion of exports.
2. 实质上，反向贸易指的是各种货物和服务的直接交换。
In essence, counter trade refers to the direct exchange of assorted kinds of goods and services.
3. 回购贸易和互购贸易之间另一个重要的区别在于回购贸易一般比互购贸易
要延续更长一段时间。
Another important difference between counter purchase and buyback is that a buyback deal usually stretches over a longer period of time than a counter purchase deal.
4. 在正常的市场交易中，由于使用货币及市场手段，货物的买与卖是分别进行
的。
In normal market transactions buying and selling of goods and services is unbundled, because of the use of money and the market.
5. 尽管有很多好处，反向贸易可能是风险很大的事。
Despite all its advantages, counter trade can be very risky business.
6. 在其他贸易方式中还有加工贸易、寄售、租赁贸易、代理等。
Among other modes of trade are processing trade, consignment, leasing trade, agency etc.
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Lesson 10
International Payment
Business Knowledge:
(1) The complexity of payment in international trade
A. Risks faced by the exporter and importer
B. Political factors政治因素, commercial factors, geographical factors, etc (2) Two methods of payment used under certain conditions
A. Cash in advance or partial cash in advance B. Open account
(3) The draft (bill of exchange)
A. Definition
B. Sight draft and Usance draft (tenor draft or term draft) C. Clean draft and documentary draft (4) Documentary collection
A. Documents against payment (D/P)
a. D/P at sight b. D/P after sight
B. Documents against acceptance (D/A) Terms:
1. Debtor债务人 2. Debit借方
3. Financial standing财务状况= financial status = financial strength 4. Credit worthiness资信可靠状况 5. Periodic payments分阶段付款 6. Cash in advance预付现金
7. Draft汇票:= Bill of exchange. It is an unconditional order to a bank or a
customer to pay a sum of money to someone on demand or at a fixed time in the future.
8. Drawer出票人: The person who draws the draft (usually the exporter) 9. Drawee受票人: The person to whom the draft is drawn. 10. Payee收款人、领款人: The person receiving the payment.
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