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InternationalSettlementChapter9ForfaitingChapter9Forfaiting9.1EvolutionanddevelopmentofForfaiting9.2CharacteristicsanddocumentationofForfaiting9.3CostsofForfaitingBusiness9.4PartiestoForfaiting9.5ProcedureofForfaiting9.6DifferencesbetweenForfaitingandothertradefinancingmethod9.1EvolutionanddevelopmentofForfaiting1.Evolutionanddevelopmentofforfaiting:AftertheworldwarⅡEuropeancountries:Needtoimportconstructiongoodsanddailyproductsbutshortofforeignexchange.America:ExportgraintoEuropeandhavetoacceptdeferredpayment.TheSuezBank:FirstestablishedtheForfaitingbusinessforprovidingfinancingtotheEuropeanCountries.Gradually,consumergoodswerereplacedbycapitalgoods.suchasmachinesandmachineparts.

2.DefinitionofForfaiting:

AccordingtotheOxfordDictionaryofFinance,forfaitingis“aformofdebtdiscountingforexportersinwhichaforfeiteracceptsatadiscountandwithoutrecoursepromissorynotes,billsofexchange,orlettersofcreditreceivedfromaforeignbuyerbyanexporter.3.Basicconditions:theforfaitingmustbebasedonarealtradecontractandthiscontractmustbelawful;theexportermusthavealegalpersonstatus,havethelicensetorunimportandexport,haveadomesticorforeigncurrencyaccountwithforfaiterandhaveagoodcredit;theimportermustpayininstallmentbydraft,promissorynoteorsomeotherinstruments.9.2CharacteristicsanddocumentationofForfaiting

1.CharacteristicsofForfaiting:Fromthelegalnature,forfaitingisacontracttransaction;Thetransactionobjectofforfeitingisnegotiableinstrument;Theforfeitingbusinessisconductedonthebasisofnon-recourse;Forfeitingnormallyprovidefinancingtocapitalgoods;Forfeitingprovidemedium-longtermfixedratefinance.2.DocumentationofForfaiting:evidenceofdebtsUnderaforfeitingagreement,abillofexchangeorpromissorynoteisissuedforeachinstallmentofthesupplier’scredit.EvidenceofthecommercialtransactionThesedocumentsincludecommercialinvoice,transportdocument,andifapplicable,thesalescontractorleasingagreement.GuaranteeTheguaranteeisalegaldocumentindependentoftheunderlyingsalescontractissuedbytheimporterorimporter’sbank,promisingthepaymentliabilityatmaturity.9.3CostsofForfaitingBusinessDiscountchargeCommitmentfeeOptionfeeDiscountforgraceperiod9.4PartiestoForfaiting

ExporterForfaiterImporterGuarantor9.5ProcedureofForfaiting

ExporterImporterForfaiterIssuingBank(AcceptingBank)AdvisingBank(Guarantor)123456789101112131415161.Theexporterrequiresforforfaitingquotationfromaforfaiterandtheforfaiterprovidesaforfaitingproposalfortheexporter;2.Theexporterandimportersignasalescontract;3.Theimporterappliesforaletterofcredittotheissuingbank;4.Theissuingbankissuesaletterofcredit;5.TheadvisingbanknotifiestheL/Ctotheexporter;6.Theexporterdeliversthegoodstoimporter;7.Theexporterandforfaitersignaforfaitingcontract;8.Theexporterpresentsthefullsetofdocumentsincludingthedrafttotheadvisingbank;9.Theadvisingbankdeliversthefullsetofdocumentstotheissuingbankandrequiresittoacceptdraft;10.Theissuingbank(acceptingbank)acceptsthedraftanddeliversittotheadvisingbank,meanwhiletheissuingbankdeliversthedocumentstotheimporter;11.Theadvisingbankreturnstheaccepteddrafttoexport;12.Theexportersubmitsdocumentsrequiredbyforfaitertoforfaiter;13.Theforfaiterpaystoexporteraccordingtotheforfaitingcontract;14.Theforfaiterclaimstoacceptingbankatmaturity;15.Theacceptingbankpaystotheforfaiter;16.Theimporterpaystotheacceptingbank.9.6DifferencesbetweenForfaitingandothertradefinancingmethodDifferencesbetweenFactoringandForfaiting:FactoringForfaitingExtentofFinanceUsually85%oftheinvoicevalueUsually100%oftheinvoicevaluefinancingRiskAvoidGoodsFinancedMainlyconsumergoodsCapitalgoodsServicesProvidedDay-to-dayadministrationofsalesandotheralliedservicesareprovidedNorelativeservicesMaturityShorttermsabout6monthsLongertermsfrom6monthsto10yearsDifferencesbetweenExportCreditandForfaitingExportCreditComparison

ForfaitingConductsideImportandexportbankTheforfeiterApplicationbackgroundExportCreditisapplicabletothoseproductsandindustryhasaresupportedbygovernmentindustrypolicyandtradepolicy.Forfeitingismarketingbehavior,itisapplicabletoanycapitalproductsandtheproceduresareflexibleandconvenient.ThedegreeofriskTheexportisrequiredtobuyexportcreditinsurance,tocoverthebank’srisks.Thebankalsohasrecourseright.Asarisk-freefinancingmethod,forfeitingprovidenon-recoursepaymenttotheexporteraftershipment.DifferencesbetweenInvoiceDiscountingandForfaitingInvoiceDiscountingForfaitingRecourserightHasnoRecourserightHasRecourserightcommoditiesfinancedConsumergoodsandusuallythereisonlyonepieceofdebtinstrumentsinvolvedMainlycapitalgoodsandaseriesofdebti

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