Chapter 2 Bill of exchange

Classification of bills of exchange

Contents of a bill of exchange

Parties to a bill of exchange

Definition of a bill of exchange

Acts of bills of exchange

A Bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or the order of a specified person or to bearer.

Definition

汇票是由一个人（ drawer ）向另一个人签发的 (drawee)/ 受票人无条件的 unconditonal书面命令 order in writing要求其在见票时或在未来某一规定的或可以确定

的时间 (tenor)将一定金额的款项支付给某一特定的人或指定的

人，或持票人 (payee)

Exchange for US $ 35,000.00 Shanghai, April 2, 2007At 60 days sight, pay to the order the Bank of ChinaThe sum of US Dollars Thirty-five Thousand only.Value received

To: The CitibankNew York, U.S.A. For: China National Chemicals Import & Export Corporation, S.B. Signature

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Parties

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基本当事人（汇票进入流通领域

前）

The drawer 出票人The drawee

受票人 The payee 收款人•

一般当事人（汇票进入流通领

域后）

Acceptor 承兑人

Endorser 背书人

Endorsee 背背书人

Holder 持票人 Discounter 贴现

人 Guarantor 保证

人

1 、 The word “Draft or Exchange or even

“Bill of Exchange“ 。

2 、 Unconditional payable order

3 、 Place and date of issue

4 、 Time of payment

5. Amount

6. Name of the drawee and place of

payment.

7. Name of the payee.

8. Drawer’s name and signature

2.3 Contents of a bill of exchange

汇票金额必须用文字大写（ amount in words ）和数字小写（ amount in figures ）同时记载，在汇票上“ Exchange for” 后填写小写金额，

在“ the sum of ” 后填写大写金额。

汇票金额必须用文字大写（ amount in words ）和数字小写（ amount in figures ）同时记载，在汇票上“ Exchange for” 后填写小写金额，

在“ the sum of ” 后填写大写金额。

CASE UNDER DRAFT• 1.Pay to the order of c company

the sum of USD ten thousand only on delivery of B/L No.123

• 2.Pay to C company or order provided the goods are complied with contract the sum of USD ten thousand only.

• 以上不构成无条件支付委托， on delivery of B/L No.123 和 provided the goods are complied with contract 构成了付款条件，不可接受。

CASE UNDER DRAFT• 3.Pay to C company or order the

sum of USD ten thousand only and charge/debit same to applicant’s account maintained with you.

• 4.Pay to C company or order the sum of USD ten thousand only drawn under L/C No.1234 issued by XYZ Bank,Tokyo dated on Jun.27,2009

• 5.Pay to C company or order the sum of USD ten thousand only.

• 以上都正确，可以接受。

Bill of exchange( 汇票 )Restrictive payee 限制性抬头 a bill payable to a specified person

only or to a specified person not negotiable/transferable

Such as “pay ABC Co. Ltd. only”

or “pay ABC Co. Ltd., not negotiable” ( 不准流通 )

Can not be negotiated or transferred to another party. ( 不能流通转让 )

Bill of exchange( 汇票 )To order 指示性抬头 a bill payable to a specified person

or some other person designated by him

Such as “pay ABC Co. Ltd. or Order”

or “pay to the order of ABC Co. Ltd.”

Can be negotiated or transferred to another party after endorsement by the payee or the amount may be collected by the payee himself.

Bill of exchange( 汇票 )

To bearer 持票人或来人抬头 any person holding a bearer order can

request payment Such as “pay to bearer”

or “pay to ABC Co. Ltd. or bearer” Does not need the endorsement by another party and can be

negotiated or transferred merely by delivery. 无须由持票人背书，仅凭交付汇票即可转让。

我国《票据法》不允许做成“来人抬头”的汇票

我国《票据法》不允许做成“来人抬头”的汇票

汇票的其他记载项目• 1. 担当付款人（ Person Designated Payer）2. 预备人（ Referee in Case of Need）3. 出票地点 4. 付款地点

5. 付款货币、利息、利率及汇率 6. 必须提示承兑及提示期限、不得提示承兑7. 免作拒绝证书和拒付通知8. 免于追索（ Without Recourse）9. 付一不付二

托收项下汇票托收项下汇票

跟单信用证项下的汇票跟单信用证项下的汇票

( 4)Classification of Bill of Exchange

1 ． According to the drawer ：

商业汇票（ Commercial Bill ）

银行汇票（ Banker`s Bill ）

2. According to whether or not the shipping documents are attached: ：

光票（ Clean Bill ）

跟单汇票(Documentary Bill)

3 ． According to the Tenor ：

即期汇票（ Sight Bill ）

远期汇票（ Time Bill ）

4 ． According to the acceptor

商业承兑汇票（ Commercial Acceptance Bill ）

银 行 承 兑 汇 票 (Banker’s Acceptance Bill)

• 出票（ Issue ）• 背书（ Endorsement ）• 提示（ Presentation ）• 承兑（ Acceptance ）• 付款（ Payment ）• 保证（ Guarantee or Aval ）• 拒付（ Dishonor ）• 追索（ Recourse ）• 贴现（ Discounting)

Acts relating to a bill of exchange

1 、 Issue

Draw a draft and sign on it

Deliver a draft to the payee

2 、 EndorsementSpecial endorsement ( 特别背书、记名背书）

Blank Endorsement ( 空白背书、不记名背书 )

我国票据法不允许空白背书，但国际上很盛行Restrictive endorsement( 限制性背书）

我国《票据法》第三十条 汇票以背书转让或者以背书将一定的汇票权利授予他人行使时，

必须记载被背书人名称。

我国《票据法》第三十条 汇票以背书转让或者以背书将一定的汇票权利授予他人行使时，

必须记载被背书人名称。

Conditional Endorsement （附有条件的背书） Endorsement for Collection （委托收款背书）

3 、 Presentment （提示） ⑴There are two types of presentation :presentation for

acceptance and presentation for payment

即期汇票一经提示，付款人就要付款。 已经承兑的远期汇票一经提示，付款人就要付款。 远期汇票一经提示，付款人就要承兑。 提示必须在规定的时限或规定的地点办理，若逾期未作提

示，则出票人和全体背书人解除对持票人的责任。

P170

4 、 Acceptance （承兑） The acceptor takes primary liability for payment after acceptance

⑴General Acceptance（普通承兑） ACCEPTED

(date) to mature (date)

For name of drawee

signature

P17

⑵Qualified Acceptance（限制性承兑） A. Conditional Acceptance（有条件的承兑） ACCEPTED

1 June ， 2004

Payable on delivery of Bills of Lading

For ABC Bank Ltd ， London signature

B. Partial Acceptance （部分承兑） ACCEPTED

3 June ， 1999

Payable for amount of GBP 800.00 only

For ABC Bank Ltd ， London signature

C. Local Acceptance

ACCEPTED

1 June ， 2004

Payable at HSBC Shanghai Branch

and there only

For ABC Bank Ltd ， London signature

D. Qualified Acceptance As To Time

ACCEPTED

1 June ， 2004

Payable at 6 month after date

For ABC Bank Ltd ， London

signature

出票后 3 个月付款的汇票，承兑时写明 6 个月付款

出票后 3 个月付款的汇票，承兑时写明 6 个月付款

我国《票据法》规定：付款人承兑汇票，不得附有条件，承兑附有条件的，视为拒绝承兑。

我国《票据法》规定：付款人承兑汇票，不得附有条件，承兑附有条件的，视为拒绝承兑。

我国《票据法》规定：承兑期为 3 日。法国、瑞典、意大利等国为 24 小时。西班牙为提示承兑当日。《日内瓦统一票据法》和《美国商法典》规定第一次提示时，付款人可以不作承兑而要求他于翌日作第二次提示，但面对第二次提示就必须做出是否承兑的决定。

我国《票据法》规定：承兑期为 3 日。法国、瑞典、意大利等国为 24 小时。西班牙为提示承兑当日。《日内瓦统一票据法》和《美国商法典》规定第一次提示时，付款人可以不作承兑而要求他于翌日作第二次提示，但面对第二次提示就必须做出是否承兑的决定。

5 、 Payment （付款） 6 、 Dishonor （拒付） ⑴The reasons of dishonor Notice of dishonor

1.持票人应在退票后的一个营业日内， 将退票事实通知其前手背书人。依次通知， 直至通知到出票人。 2.持票人将退票事实通知全体前手。 如未及时通知，则丧失追索权。

《日内瓦统一票据法》规定持票人未作通知或未及时通知，不丧失追索权，但因未及时通知，造成前手损失的，应负赔偿责

任，其赔偿金额以汇票金额为限。

《日内瓦统一票据法》规定持票人未作通知或未及时通知，不丧失追索权，但因未及时通知，造成前手损失的，应负赔偿责

任，其赔偿金额以汇票金额为限。

持票人必须在退票后 3 日内依法做成

书面退票通知

持票人必须在退票后 3 日内依法做成

书面退票通知

《英国票据法》规定退票通知应在退票后的一个营业日内发出，持票人未作通知或未及时

通知，则丧失追索权。

《英国票据法》规定退票通知应在退票后的一个营业日内发出，持票人未作通知或未及时

通知，则丧失追索权。

• 7.Protest ( 拒绝证书 )

• Definition:• 拒绝证书是由公证机关或其他有公证权的机构

或当事人出具的证明退票事实的法律文件。• The Notary Public will present the draft

again for acceptance or for payment ,as it is dishonored again, the Notary Public then draws up a protest.

• It’s an official certificate evidencing the act of dishonor.

• 8.Right of recourse ( 追索权）• Definition:• 追索权是指汇票遭到拒付，持票人对其前手或出票人

有请求其偿还汇票金额及费用的权利。

The amount of recourse: The amount of bill;

Interest ;charges for notice of dishonor and

protest. 汇票金额，利息，做退票通知，拒绝证书和其他必要费用。

• 行使追索权的三个条件：• A. 必须在法定期限内提示汇票• B. 必须在法定期限内发出退票通知• C. 外国汇票遭退票，必须在法定期限内作成拒绝证书

行使追索权的时限：Limited period: (According to ULB)

The holder may recourse from his prior endorser or

drawer within 1 year, and the prior endorser shall do

so within 6 months. 《日内瓦票据法》规定，持票人对前一背书人或出票人行使追索权的期限为 1年，背书人对其前手背书人则为 6个月。

According to the British Bills of Exchange Act, the

recourse time is six years.《英国票据法》规定，保留追索权的期限为 6年。

9. Acceptance for honor supra protest( 参加承兑） definition: P25

当汇票遭到拒绝承兑被退票时，非债务人在得到持票人同意的情况下，参加承兑此汇票的行为。这种行为很少发生。

10. Payment for honor supra protest ( 参加付款） definition: P28

当汇票被拒绝付款并退票而且已经作成拒绝证书的情况下，非债务人可以参加支付汇票票款。这种行为很少发生。

11. Guarantee ( 保证） definition: P28

非债务人作为保证人，对汇票金额全部付款加以保证。 可在汇票上做出，也可在粘单上做出。保证人可向被保证人收取一定的押金或担保品。

In international market, after the acceptance of the time bill if the bearer or the holder wants to get cash before the bill is mature, he can come to the bank or discount house which are prepared to discount the bill by paying immediate cash for the bill at a little less than its face value,( 票面价值 ) i.e., after deducting charges and interest based on the current rate of discount( 贴现率 ), and then, will collect the full amount from the acceptor when the bill becomes due.

Discounting of bills of exchange

Discounting of bills of exchange

贴现业务既是票据买卖业务，也是资金融通业务

贴现业务既是票据买卖业务，也是资金融通业务

12.Discounting of a bill of exchange

Definition p29

The process of discounting a bill of exchange is as follows:

Issue a bill, present it for acceptance

accept it discount it

present it for payment at

maturity pay the amount

pay the face value

• How to calculate the net proceeds?• Suppose an accepted bill for USD10000

falls due on Sep.18,2011.the exporter takes it to a discount bank on Jun.30. The discount rate is 10%.

• D=(Vxtxd)/360• D=discount interest • V=face value of the bill (USD10000.00)• t=tenor (time) (80days)• d=discount rate (10%)• D=(10000x80x10%)/360=USD222.22• Net proceeds=USD(10000-

222.22)=USD9777.78

• 英镑按一年 365 天作为基本天数，美元、欧元则按 360 天作为基本天数。