Exercise 5. Answer the questions.

1. What is an irrevocable L/C?

2. What is a cheque?

3. What are the two types of drafts?

4. Whom do you give TT terms to?

5. Who guarantees payment against a confirmed letter of credit?

6. Does a term draft involve risk for an exporter?

7. What is the major advantage of a revolving L/C?

 

Exercise 6. Translate the words and expressions below from Russian into English and make up your own sentences with them.

1. многократный

__________________________________________________________________________

2. стоимость

__________________________________________________________________________

3. окончание, истечение срока

__________________________________________________________________________

4. аккредитив револьверный, автоматически возобновляемый

__________________________________________________________________________

5. аккредитив подтвержденный

__________________________________________________________________________

6. аккредитив безотзывный

__________________________________________________________________________

7. аннулировать, отменять, расторгать

__________________________________________________________________________

8. неуплата

__________________________________________________________________________

9. срок долгового обязательства

__________________________________________________________________________

10. трассат (лицо, на которое выставлена тратта)

__________________________________________________________________________

11. акцептовать тратту

__________________________________________________________________________

12. акцептован, надпись на векселе

_______________________________________________________________

 

Exercise 7. Translate the words and expressions below from English into Russian and make up your own sentences with them.

1. cheque

__________________________________________________________________________

2. to deposit

__________________________________________________________________________

3. telegraphic transfer (TT)

__________________________________________________________________________

4. mail remittance

__________________________________________________________________________

5. customer

__________________________________________________________________________

6. bill of exchange. Draft

__________________________________________________________________________

7. to make a document

__________________________________________________________________________

8. sight draft

__________________________________________________________________________

9. term draft

__________________________________________________________________________

10. bill of lading

__________________________________________________________________________

11.      insurance policy

__________________________________________________________________________

12. invoice

__________________________________________________________________________

13. acceptance

__________________________________________________________________________

 

Exercise 8. Match the verbs from (a) with the nouns from (b) below;

 

a) to carry out                       b) open account terms

to make                                  new markets

to give                                    risk

to withdraw                           the shipping documents

to acknowledge                     acceptance

to endorse                              a draft

to discount                             the credit

to claim                                  letter of credit

to grant                                  the transfer

to gain                                    payment

to involve                               guarantee

to attach                                 money

to require                               the debt

to honor                                 draft

to cancel                                the goods

to confirm                              draft

 

Exercise 9. Think of and write the verbs that are most commonly used with:

 

1. draft

________________________________________________________________________

2. letter of credit

________________________________________________________________________

3. account

________________________________________________________________________

4. payment

________________________________________________________________________

5. risk

_________________________________________________________________________

6. transfer

_________________________________________________________________________

7. debt

__________________________________________________________________________

8. credit

__________________________________________________________________________

9. value

__________________________________________________________________________

10. invoice

__________________________________________________________________________

 

Exercise 10. Single out the main facts of the text of exercise 4 and present them in a short review.

Exercise 11. Translate the letter into Russian, using the vocabulary given after it.    

 

Dear Sirs,

Much to our regret we have to inform you that so far we have not received a bank guarantee from you.

In view of the above we would like to remind you of your letter of 20 May, this year, in which you asked us to change the method of payment by L/C as inconvenient owing to the difficulties and extra expenses connected with its opening.

Understanding your difficulties, our company made you a concession and offered payment on collection terms. You accepted the proposed method of payment and undertook to submit within three weeks a first-class bank guarantee for 80% of the contract value.

Further we authorized our counselor for economic affairs in your country to sign an addendum to our contract providing for the change in the original method of payment. The above addendum was signed on 15 June, this year.

After signing the addendum to the contract, our company instructed the manufacturing works to start shipping the parts to the port. However, as we are still without your bank guarantee we have had to suspend the shipment of the above spare parts. At present more than 500 tons of spare parts are at the port and expenses on their storage will be charged to your account.

We urge you to inform us immediately when the bank guarantee will be submitted and ask you to confirm your consent to cover the expenses on the storage of the spare parts kept at our port.

 

Yours faithfully,

 

VOCABULARY

So far                                     до сих пор, до настоящего времени

Bank guarantee                      банковская гарантия

In view of the above                         в связи с этим

Owing to                                           в связи с

To make a concession            идти навстречу, идти на уступки

Payment on collection terms инкассовая форма расчетов

To submit within three weeks представить в трехнедельный срок

Counselor of economic affairs советник по экономическим вопросам

Addendum                            дополнение

Providing for the change       во изменение

Shipping                                отгрузка

To suspend                            приостановить

Storage                                  хранение, складирование

To urge                                  убеждать, настаивать

Consent                                 согласие

Spare parts                             запчасти

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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