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Balance quarterly commercial bill
Basis quotation consular retains
Debit clear statement duty
Column submit open
An invoice is a (1)……….that is, a demand for payment. It can also be a (2)……….a regular notice of a buyer’s account with a seller. The statement invoice is for buyers who have an (3)……….account with sellers, and is often sent monthly or (4)………. In a statement each invoice is a (5)……….entry, and each payment by the buyer is a credit entry. There is a separate (6)……….in an invoice for the quantity of goods dispatched, and the description of the goods, the price for unit, and the total value. In the statement there is one each for debit and credit entries, and for the (7)……….
A Pro Forma Invoice is like an ordinary invoice, except that it is sent to the buyer for information before he buys, or for payment before the seller dispatches the goods. If the Pro Forms Invoice is for information, it a form of (8)………..a description of price and costs to help the buyer to decide.
An invoice which is used in international trade and includes the cost of freight and insurance is called a (9)……….or Export Invoice. This is one of the shipping documents and is very important for banks, customs, and shipping.
An invoice that is signed by the seller and an official from the importing country’s embassy or consulate is called a (10)……….Invoice. This invoice is very often used for customs authorities in the importing countries to make sure that the customs (11)………is paid. It is also used to help (12)……….a consignment through customs, to avoid a lengthy inspection and ling delay. When the invoice is made out, a copy is sent to the Packing and Dispatch Departments, and the Accounts Department (13)……….a copy. They fill in the columns for price and total value. These details must be accurate, as the invoice is the (14)……….for the Bill of Landing, and the exporter must (15)……….these two documents, the Export Invoice and the Bill of Landing to a bank for payment.
III. Match these equivalents:
IV. Note the words and phrases used to express how often or how regularly something occurs and insert them in the following sentences:
Annually daily every day/ week/month/year fortnightly
Half yearly monthly quarterly regularly once/twice/ three times a day/week
1. Many people ask for………….bank statements; they receive twelve every year.
2.The agent works in the city centre, but he travels to the port ……….. It isn’t necessary to go every day of the week.
3.If you pay ……….you only have four payments each year.
4.Most newspapers are published………..
5.Companies in the UK publish their financial statements………………..
6.You are often advised to take medicine…………..by doctors.
7.Our representatives visits Liverpool………; the other two weeks of the month are spent in the South East.
8.How often do you use the telephone?.......... I need to telephone people often in my work.
9.Because of the increased postal charges, send me statement…………; we only need to pay twice instead of twelve times if you do.
10.You should send remittances……….if you don’t, there will be high interest charges.
V. Match the word with its definition:
I. Read and translate this text:
The Bill of Landing
The Bill of Landing (its abbreviation is B/L) is an essential document in international trade and shipment. It is important in law, in finance, and in insurance.
It is important in law because it is legal title to ownership of the goods. If an importer holds the Bill of Landing he can take possession of the goods printed on it. The consignee (the buyer or importer) can get his goods only when he presents the Bill of Landing to the shipping company when the ship arrives.
It is important in finance because the Bill of Landing is usually handed to the bank together with the Export Invoice and the Certificate of Insurance, before the bank will issue credit or accept the Bill of Exchange. The consignor (the seller or exporter) sometimes demands payment before he hands the Bill of Landing to the buyer or his bank.
It is important in insurance because the Bill of Landing states whether the goods have been inspected on board ship by the Captain (or Master) of the ship. In the USA, ‘on deck’ is often used instead of ‘on board’. This is important in deciding who is responsible or liable for any damage to the cargo.
The Bill of Landing is a receipt signed by the captain of the ship for the cargo he has received on board. This is called a ‘shipped’ Bill of Landing (also called a ‘shipped on board’ Bill of Landing). This Bill of Landing states that the captain has inspected the goods after loading, and gives the following details:
- the name of the shipper
- the name of the ship
- the consignee (or ‘to order’)
- the port of loading
- the port of discharge
- the marks and numbers
- the quantity
- the type of packing
- the description of the goods
- the weight
- the measurement
Banks usually require ‘shipped’ Bill of Landing for credit transactions.
A ‘clean’ Bill of Landing means that the ship owners agree that the goods were received on board in good condition. If the goods are not in good order and condition, the Bills of Landing are described as ‘dirty’, ‘unclean’, or ‘foul’.
Some Bills of Landing are also called ‘claused’, because the ship owners sometimes add an extra clause to show that the goods were, for example, badly or inadequately packed. This may be important for the insurance surveyor.
A bill of Landing is negotiable document. An importer can endorse the Bill of Landing and sell the goods in this way, even before they arrive. An importer can endorse a Bill of Landing by signing across the back. In this way, ownership of the goods can be transferred to another buyer simply by handing the endorsed Bill of Landing to him. A Bill of Landing can state that the goods must be delivered to a certain person or company, or it may state ‘to order’. (This phrase is also printed on cheques and Bills of Exchange). A letter of Credit may demand that the Bill of Landing should be made out ‘to order’ and endorsed ‘in blank’. This means that the sellers place no restrictions on the right to transfer ownership.
Many ship owners print their own Bills of Landing, and not all look alike. The master of the vessel signs the Bill of Landing and the ship owners retain a copy. The other copies are sent to the exporter (or seller). He will then send a copy to the bank either for payment or for acceptance of a Bill of Exchange. If there is a regular trade between a seller and a buyer, the seller will draw on the buyer’s credit, and send copies of the Bill of Landing by separate mails to make sure he receives at least one. The buyer can then present the Bill of Landing to the shipping company at the port of discharge, and can take delivery of the goods. Companies often do this through forwarding agents. When these arrangements are completed, they receive the Bill of Landing from the captain of the ship which transports the goods. There are usually three or four copies. On of the copies is kept by the shipping company, and the other copies are sent to the exporter.
II. Answer these questions:
1. How can you characterize the Bill of Landing?
2. Why is it important in law?
3. When can the consignee get his goods?
4. Why is it important in finance?
5. Why is it important in insurance?
6. When is the Bill of Lading called ‘shipped’?
7. What does it state?
8. What does a ‘clean’ Bill of Landing mean?
9. When are the Bills of Landing described as ‘dirty’?
10. Why are some Bills of Landing called ‘claused’?
11. Why is the Bill of Landing a negotiable document?
12. Do all Bills of Landing look alike? Why?
13. How can a buyer present the Bill of Landing to the shipping company?
III. Say whether the statements are true or false:
IV. Match the equivalents:
V. Match the terms with its definitions:
VI. Insert the correct words in the appropriate spaces in the passage below:
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