invoice value. As to the shipment mark, we will let you know soon.

Yours faithfully,

COPENHAGEN TRADING CO. LTD.

CONTRACT

No. 04 -115 Sellers: Buyers:

This Contract is made by and between the Buyers and the Sellers, whereby the Buyers agree to buy and the Sellers agree to sell the under-mentioned commodity according to the terms and conditions stipulated below: Commodity: Specifications; Quantity: Unit Price: Total Value: Packing: Shipping Mark: Insurance:

Time of Shipment: Port of Shipment: Port of Destination: Terms of Payment:

Done and signed in______ on this ______day and of ______ .

Unit 9 I. Put the following Chinese into English:

汇付 托收 信用证 信汇 电汇 票汇 预付款 履约保证金 托收行 代收行, 汇付行 运输单据 跟单托收 付款交单 承兑交单 跟单信用证 由。。。付款 金额为。。。

洁净已装船提单 做成空白抬头 空白背书 承兑汇票

II. Multiple choice:

1. As agreed upon in our negotiations, payment ______ L/C.

a. by b. is by c. will be d. will by

2. It is important that your client ______ the relative L/C not later than June 10, 2004. a. must open b. has to open c. open d. opens

3. _______ you fulfil the terms of the L/C, we will accept the drafts drawn under this credit. a. Provided b. To provide c. Supplied d. Furnished

4. Taking into consideration our long standing business relations with you, we accept ______ by D/P.

a. enquiries b. invitations c. instalment d. payment

5. The consignment will be dispatched as soon as possible, ______ to reach the final destination by mid-January. a. so b. as c. so as d. so that

6. As stipulated in the contract, the bank ______ issue an L/C before the end of February 2004.

a. will b. need c. shall d. ought

7. In order to promote business between us to our mutual advantage, we shall consider ______ payment by D/P at 60 days. a. accepting b. accept c. to accept d. acceptance

8. As regards our offer for Green Beans, we are anxious to know weather you ______ our request for D/A payment.

a. agree upon b. agreeable to c. are agreeable to d. are agreeable with

9. The relative L/C should be issued through a third country bank in Italy ______ the sellers. a. available by b. available to c. acceptable by d. acceptable to

10. It needs ______ that the L/C should reach us 30 days before the month of shipment. a. being mentioned b. to be mentioned c. mentioned d. mention

11. The goods ______ if your L/C had arrived by the end of November last. a. would be shipped already b. must have shipped already c. had been shipped already d. would have been shipped already 12. We find that there is no stipulation of transhipment ______ in the relative L/C. a. which allowed b. being allowed c. allowing d. which allows

13. We invite your attention to the fact _____ the L/C covering your order No. 111 has not reached us in spite of our

repeated request.

a) what b) that c) where d) there

14. Emphasis has to be laid to the point _____ shipment must be made within the validity of the L/C.

a) what b) which c) that d) /

15. Considering the quality of the goods _____ we quoted, we do not feel that the prices are at all excessive.

a) which b) that c) for which d) for that

III. Fill in the following blanks with the given words in their proper forms: pay(-ment) charge decline 1. I‘m afraid we cannot give you a further discount for prompt _____. 2. An overhead _____ is part of the cost of running the business. 3. The Insurance Company _____ insuring against inherent vice. 4. The company has to go bankrupt because it can not _____ its debts. 5. We could repack the goods but you have to pay the additional _____. 6. The customs figures show a steady _____ in British trade. 7. We‘re sending you ten pounds in _____ of your bill.

8. We do not expect a further _____ in price. 9. When business is good it does _____ to advertise. 10. We‘ve _____ your account with the amount of money. 11. For this reason, we cannot but _____ your proposal. 12. Please _____ the samples to our account.

IV. Put the following sentences into Chinese:

1. Your demand for payment by D/P is under our consideration. Owing to the small amount involved in this

transaction, we agree to make shipment in this way.

2. We wonder whether you can accept our proposal of payment by CAD on arrival of gods.

3. As the amount of our Order No.111 is below ￡1000, please agree to payment by D/P, because an L/C will cost

us much.

4. The banker‘s transfer is a simple transference of money from the bank account of a buyer in his own country to

the bank account of the seller in the seller‘s country.

5. The bill of exchange (draft) is an order in writing from a creditor to a debtor to pay on demand or on a named

date a certain sum of money to a person named on the bill, or to his order.

6. We propose to pay by bill of exchange at 30 days‘ documents against acceptance. Please confirm if this is

acceptable to you.

7. Our draft on you at 60 d/s in favor of Mason will be presented to you by the Great Oriental Bank, Shanghai, and

we would be grateful if you would kindly give it your protection.

8. Much to our surprise, our draft on you dated 11 May and due 1 July was returned dishonored yesterday by our

bank.

9. We would suggest that for this particular order you let us have a D/D, on receipt of which we shall ship the goods

on the first available steamer.

10. In compliance with your request, we exceptionally accept delivery against D/P at sight, but this should not be

taken as a precedent.

11. Please note that we have domiciled the acceptance with you. Will you kindly honor them at due date and advise

us at time of payment?

12. Payment is to be made against sight draft drawn under a confirmed, irrevocable, divisible and transferable letter

of credit without recourse for the full amount.

V. Put the following sentences into English:

1. 关于你方要求以付款交单方式支付一事，我们正在考虑，不久可告知我们的决定。(payment by D/P) 2. 按照目前的情况，如交易不超过一千英镑，我们可以接受付款交单方式。(amount, to exceed) 3. 如果你方能同意按即期信用证付款，我们即能达成交易。(sight L/C)

4. 非常抱歉，我们不能接受承兑交单条件，这是众所周知的。(payment by D/A) 5. 我们必须说明，装船前的一切费用均由卖方负担。(to be borne by) 6. 销售这些商品你们不会有任何风险，因为它们都是畅销商品。(best seller) 7. 鉴于我们双方长期友好关系，此次我们例外地接受D/P60天付款。(exceptionally) 8. 我们感到有必要明确一下，今后的交易是以即期信用证付款。(to make it clear)

9. 如你方信用证在月底前到达我方，我们将尽最大努力在下月初安排装运。(to arrange shipment)

10. 请注意第122号合约项下的1000台缝纫机已备妥待运。请速开信用证，以便装船。(to be ready for shipment) 11. 请注意做到信用证规定于合同条款严格相一致。(to be in strict conformity with)

12. 按照我方第211号售货确认书规定，相关信用证不能晚于1月15日到达我方。(according to the stipulation)

VI. Supply the missing words in the blanks of the message:

The letter of credit is a method of p__1__. It is issued by a bank at the request of an I__2__. This method of payment is commonly adopted in our f__3__ trade today.

Several months ago a sales c__4__ was signed between the China National Foodstuffs Import and Export Corporation and the Pacific Trading Company, Singapore. Payment by an i__5__ letter of credit was agreed upon by both parties. Mr. Wang of the Foodstuffs Corporation attended to this t__6__.

As stipulated in the contract, the buyer should open a letter of credit in f__7__ of the seller 30 days before the month of s__8__. The L/C reached the corporation in time. Wang, an experienced salesman, knew that it was

necessary to c__9__ up the L/C with the contract and see whether they were in agreement. Generally, the letter of credit specifies the beneficiary‘s name, description of goods, quantity, unit price, total amount, ports of loading and destination, price terms, payment terms, shipping d__10__, shipment validity, n__11__ v__12__, etc. When he checked the L/C, Wang found that all its clauses were all right except the shipment validity. So, Wang advised the Pacific Trading Company by fax to make amendment accordingly. About a week later, the corporation received the a__13__ advice through the Bank of China. Then everything was right. After that Wang contacted the transportation department for shipping arrangements.

VII. Fill in the blanks with the following words and phrases: payments issued upon credit incomplete trade pay importer delivery order bills negotiate A major part of international ___1__ is made either by __2__of exchange or by documentary credit or a combination of the two. A documentary credit is a letter __3___ by a bank at the request of an importer of goods in which the bank promises to pay a beneficiary ___4__ presentation of documents relating to the dispatch of goods. A letter of credit is sometimes just called credit, or L/C for short. The commercial letter of credit is almost always a documentary __5___ in that it specifies the documents required such as bill of lading, an invoice and an insurance document plus one or two supplementary documents. If these documents are in___6__ and shipment has been made as specified in the credit, the bank will __7___ for the consignment in exchange for the documents or will accept a bill of exchange and, possibly, __8__ it. In international __9___, the importer and the exporter must arrange payment after having worked out an agreement. The __10___ will want possession of the merchandise before paying, and the exporter will want payment before making __11___. Since each party is far away from the other and often has an __12__ knowledge of its counterpart, there must be a certain caution to their dealings.

VIII. Translate the following short letters into English:

(A)

敬启者： 9月1日函悉。如前封信所示，我们已与厂家安排妥当尽可能按时交货，因我们一刻也未忘你方利益。 关于支付，我们完全相信你们的信誉及能力，但也想重申，在正常情况下我们要求用保兑的、不可撤销的信用证支付。故此很遗憾，在与海外买主的交易中我们不能接受D/A条款。 今后的交易，我们会尽力在规定的时间内执行您的订单。如但分有可能，我们会按D/P方式发货，以使你方免遭展证的困境。相信贵方能理解我们的合作。 谨上 (B) 敬启者： 感谢贵方50公吨白水泥的990号订单。很遗憾我方不能接受所提及的支付方式。 随上次去函，我们寄去我方合同样例，其中附有销售条款。如已阅过，当会了解我方通常采用的支付方式是以我为受益人的、保兑的不可撤销的即期信用证。信用证须在装期前一个月到达我方，于规定装期后21天内在中国议付有效，同时允许转船和分运。 在我方6月14日函中我们还提到，几家意大利大公司已与我按上述条款进行贸易。望能立即同意此支付条款，以便签订第一笔交易。 一旦收到贵方肯定答复，我们将送上合同，以便能安排货物等待装运。 恭候佳音。 谨上 Unit 10 I. Put the following Chinese into English:

开证人（开证申请人） 受益人