UNIT 5 METHODS OF PAYMENT

PART 1 BUSINESS TERMS /5.1/

 

Export Department - the division in a company which deals with selling goods to overseas customers

Banker's Transfer - a system for making international money transfers. The bank is told to pay a certain sum to a named person abroad. It makes the payment through its branch, agent or correspondent bank (see below) in the payee's country. Then it debits the sum to the payer's account

Managing Director - a company director who has overall responsibility for managing the day-to-day affairs of the company. He is next in importance to the Chairman or he may be the Chairman

to advise someone of shipment - to tell/inform the buyer, usually by letter, that the goods ordered have been sent off

to credit money to someone's account - to pay money into someone's account

to notify - to inform, tell

correspondent bank - a bank which is an agent for another bank, especially one which acts as an agent in a foreign town of a bank that has no branch there

the credit was established in our name - the Letter of Credit was made out in our name, so that we have the right to be paid for the goods after producing the export documents

valid - effective, having legal force

set of clean Bills of Lading - bills which acknowledge that the goods were received by the shipowner in good condition and order

Sight Draft - a bill of exchange which is payable at sight, i.e. when it is presented to the debtor

drawn on Lloyds for & 30, 000 - the bill of exchange instructs the bank to pay & 30, 000 to the company

contract - a legally-binding agreement between two or more persons or companies

to specify - to state as a condition

to meet the terms of the Letter of Credit - to be exactly as the Letter of Credit requires

 

 

IDIOMS /5.1/

to look into - to make further enquiries/investigations

to get moving - to hurry up

to double check - to check everything carefully, then check again

to be very fussy about smth - to take special care to ensure that everything is in order

 

 

PART 2 BUSINESS TERMS /5.2/

export executives - senior members of a company concerned with the export of its products

assessment - judgement, opinion

to go bankrupt - to be unable to pay one's debts. (There are certain legal proceedings before a person can be formally declared bankrupt)

cash flow - the movement of money into and out of a business

Bill of Exchange - a written order made out by the seller telling the buyer to pay a certain sum of money to a named person on demand or at a certain time in the future. It becomes valid when it has been accepted - signed - by the buyer

documents against payment - the customer (drawee) must pay the Bill of Exchange before the bank gives him the documents he needs to get possession of the goods

to draw on him at sight - the customer (drawee) must pay for the goods as soon as the Bill of Exchange is presented to him

draft - a common way of referring to a Bill of Exchange

shipping documents - certain documents which are sent by an exporter's bank to the bank's branch or agent in the importer's country, e.g. Bill of Lading, Commercial Invoice, Insurance Certificate

to hand over to - to give to someone

to draw on him at sixty days - the company (drawer) makes out a draft which requires the customer (drawee) to pay the draft at the end of the specified term (60 days) by signing and accepting the draft

to accept a bill - to promise, by signing across the bill, that it will be paid on the due date

to meet a bill - to pay a Bill of Exchange when it is due

Banker's Draft - also known as Bank Draft, a cheque payable on demand drawn by a bank on itself, and signed by one of its responsible officials

 

IDIOMS /5.2/

How do you rate him? - What is your opinion of his reliability as a customer?

up to a point - to a certain extent

on the grapevine - unofficially

to pay on the nail - to pay on the specified date

to put somebody off - to delay giving somebody a decision

I go along with you - I agree with you

 

UNIT 6 INSURANCE

PART 1 BUSINESS TERMS /6.1/

 

to insure - to guarantee or protect someone against risk or loss by promising to pay that person money if such loss occurs

to place regular orders with a company - to order goods again and again at regular periods, each week or month

to do business with - to deal with

contact - a person who may be useful in getting business for you or who may wish to do business with you

insurance cover - protection by insurance against the risk of loss

to airfreight - to carry/transport goods by air

to take out a policy - to arrange an insurance contract with an insurer

all risks open policy - this policy insures against all risks named. It is an " open" (" floating" ) policy, i.e. it gives cover for a specified sum, say $ 1 million, and the holder of the policy does not have to insure each cargo separately. He/she simply declares the value of each cargo and this is set against the policy. As soon as the sums covered come near to the total value of the policy, the holder will renew the premium

theft - the stealing of goods

damage - harm or loss of value because the goods have been broken or spoilt

breakage - damage of goods caused by their being broken in transit

insurance broker - a middleman who acts as an agent for his clients and negotiates the most favourable insurance contracts for them with the insurers

Lloyd's underwriter - an insurer who is a member of the Corporation of Lloyd's. He is so called because his name is written under the insurance policy as a party to the contract. Lloyd's underwriters deal with the public only through Lloyd's brokers

to quote a rate - to state the amount charged by the insurer for different kinds of risk. The amount is usually expressed as a percentage

Cover Note - an acknowledgement in writing from an insurance company proving that a certain insurance contract exists and will be honoured (issued before the policy has been prepared)

record - a written account of the transactions

 

 

IDIOMS /6.1/

Let me put you in the picture - Let me give you the essential facts of this matter

to give us a foothold in the market - to allow us to enter the market on a small scale

tricky - difficult, complicated

dead easy - very easy

to get the hang of it - to understand how to do it

 

PART 2 BUSINESS TERMS /6.2/

a write-off - no longer of any value because the goods are so badly damaged

to salvage - to save goods from loss

crushed - pressed or squeezed so that the sides and top of the box are pushed inwards

surveyor - a person who examines and reports on the condition of goods on behalf of the insurer

to inspect - to examine

surveyor's report - the written account of the examination of the damaged goods supplied by the surveyor

to forward - to send on, to pass on

claim - a demand for payment made by the insured person

to take the matter up - to ask the insurer to deal with the matter

to be compensated - to be paid for loss or damage

replacement - goods sent in place of those which were damaged

shipping details - detailed information concerning the consignment

the consignment is handled - the consignment is received in one place and despatched to another

 

IDIOMS /6.2/

It won't come to that - It won't happen

Let's keep our fingers crossed - Let's hope we will be lucky

 

 

UNIT 7 MARKETING

PART 1 BUSINESS TERMS /7.1/

buying office - an organisation which buys goods produced in one country on behalf of businesses in another country, who then resell the goods

volume of sales - the total amount/quantity of goods sold

to reach the market - to find all the possible customers for your products

direct selling  - selling directly to the customer without using an intermediary such as an agent, dealer or importer

marketing operation - an organised system for selling and promoting goods

sales office -  an office doing everything necessary to sell the goods

to develop a sales network - to develop a system of selling goods in which all the sales outlets are linked

agent - a person who acts on behalf of another, called the principal, in making contracts with third parties and in buying and selling. He is usually paid a commission for his services by the principal

dealer network - an organised system of distribution using dealers

 

IDIOMS /7.1/

to pay off - to be successful

to work like clockwork - to work perfectly

off the record - speaking privately, unofficially

to lead up to something - to approach a topic gradually, to lead the conversation towards what you want to say

between these four walls - what you say will remain a secret

to have something in mind - to have an idea not yet expressed

to have something up your sleeve - to have some information you are hiding from other people

 

PART 2 BUSINESS TERMS /7.2/

sole distributor - the only distributor of the manufacturer's products in a given area

exclusive dealership - the sole right to sell the goods in a certain area

importer wholesaler - someone who imports goods, holds stock, and resells the products to retailers

to hold stock - to keep stores of the product(s)

commission on sales - payment made to an agent, usually based on the value of the goods sold. It is a percentage (%) of the sales revenue, agreed between the agent and his principal

to buy and sell on one's own account - to buy and sell at one's own risk

to have a stake in - to have a financial interest in

IDIOMS /7.2/

to make up one's mind - to decide what to do

to have a lot going for smb. - to have many qualities, and the sort of business background smb. is looking for

to put smb. on to smb. - to tell smb. about this person and help to contact him

background - previous experience

born salesman - salesman of natural talent

 

 

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