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 PAGE \* MERGEFORMAT 5 M3- Unit 8 Payment  = 1 \* ROMAN I. Study Aims TO KNOW 1. To know 3 main terms of payment and their procedures. 2. To know the knowledge of “Lead in”Part. 3. To know the knowledge of “Business Link” Part. TO DO 1. To be able to translate these terms of payment and procedures. 2. To be able to write a letter of payment.  = 2 \* ROMAN II．Key Points difficult points 1. Different terms of payment 2. Writing skills of a business letters of payment 3. Useful sentence patterns  = 3 \* ROMAN III. LEAD IN Payment is an important issue in international trade. No export transaction can be regarded as successful until the money has been paid for the goods delivered overseas, and the proceeds have been safely credited to the exporter’s account. In international trade, there are major modes of payment that the buyers may adopt namely letter of credit (L/C), remittance and collection. L/C is used in cases where the exporter wishes to avoid the risk, and it involves a guarantee of the bank opening the L/C. It is the most common form of payment in international business. A letter of credit is a document issued by a bank (issuing bank) stating its commitment to pay the seller a stated amount of money on behalf of the buyer as long as the seller meets very specific terms and conditions. Letters of credit are more formally called documentary letters of credit, and are with different types. Payment sometimes is made by collection or remittance. These two modes of payment rely on commercial credit between sellers and buyers. Remittance means the buyer send the payment through bank or other forms to the receiver initiatively. It is divided into three forms of mail transfer (M/T), telegraphic transfer (T/T) and demand draft (D/D). Collection means the creditor issues the bill of exchange and entrusts the bank to collect the payment of the shipment. It has two forms of documents against payment (D/P) and documents against acceptance (D/A).