Read and translate the text

  TERMS OF PAYMENT

 

Payment in foreign trade may be made in cash and on credit. There are different methods of cash payment:

By cheque (but it is not practicable as a cheque is payable in the country of origin.

By telegraphic or telex transfers or post (mail) remittance which is made from the Buyers bank account to the Sellers in accordance with the Buyers letter of instruction. Actually this method of cash payment may sometimes take several months.

By letter of credit (or just by credit)-L/C - (In our commercial practice the following types of letters of credit are usually used: irrevocable, confirmed and revolving. The Letter of Credit is the most frequently used method of cash payment because it is advantageous and secure both to the Exporter and to the Importer though it is more expensive than payment by transfer.

Payment for collection does not give any advantages to the Exporter because it does not give any guarantee that he will receive payment in time or at all. That's why the Exporter usually requires that the Importer presents a guarantee of a first class bank that payment will be effected in due time.

Most modern business is done on a credit basis which may be: by drafts (by Bills of Exchange -B/E)-the Exporter credits the Importer which is advantageous to the latter. A draft (a bill of exchange's an order in writing from a Creditor to a Debtor to pay on demand or on a named date a certain sum of money to a company named on the Bill, or to their order It is drawn by the Sellers on the Buyers and is sent through a bank to the Buyers for acceptance There may be two main types of drafts: Sights Drafts, which arc payable on presentation (at sight) or on acceptance and Term Drafts, which arc drawn at various periods (terms) and arc payable at a future date and not immediately they are accepted. Term drafts may pass through several hands before maturity and require endorsement by the Sellers. In advance (the Importer credits the Exporter, for example, the contract may suppurate a 10 or 15% advance payment, which is advantageous to the Sellers) This method is used when the Buyers are unknown to the Sellers or in the case of a single isolated transaction or as part of combination of methods in a large -scale (transaction) contract.

On an open account. Open account terms arc usually granted by the Sellers to the regular Buyers or customers in whom the Sellers have complete confidence, but sometimes they are granted when the Sellers want to attract new Buyers then they risk their money for that end. Actual payment is made monthly, quarterly or annually as agreed upon. This method is disadvantageous to the Exporter, but may be good to gain new markets

The form of payment to be used, i.e. in dollars, pounds sterling or other currency, is a matter for arrangement between the counterparts.

2.  Find English equivalents to the Russian ones:

1) Быть выгодным, безопасным, но дорогим методом платежа

2) подтвержденный безотзывный аккредитив

3) получить платеж вовремя

4) отплатить по требованию

5) оплата наличными

6) через инкассо

7) потребовать подтверждение

8) траты по срокам платежа

 

3. Find pairs of synonyms:

1) a draft a) to provide for

2) to cut b) to alter

3) charges c) a transfer

4) to modify d) expenses

5) a remittance e) a bill

6) to stipulate f) to reduce

Answer the questions to the text.

 

1) What methods of cash payment do you know?

2) Why is payment by cheque very infrequent in foreign trade?

3) What types of letter of credit arc used in commercial practice?

4) What are the methods of payment on credit?

5) What is a draft?

6) What types of drafts do you know?

7) In what cases is advance payment used?

8) When is payment on an open account practical?

5. Find the proper form of abbreviations:

1) compare a) e.g.

2) against b) h.a

3) regarding c) cf.

4) this year d) p.p.

5) for example f) veers

6) for and on behalf of g) re

6. Read the text and retell it in Russian:

Since the first artificial splitting of the atom at Cambridge, in 1932, by Sir John Cockcroft and Dr. E. T. S. Walton, Britain's nuclear scientists have made continuous progress in harnessing atomic energy. Today eight commercial nuclear power stations are supplying electricity for factories and homes and others are being built. Some of Britain's top scientists are engaged in space research on projects such as upper atmosphere probes with British-built rockets at Woomera, Australia, and in work on satellite communications. Others are making vital discoveries in the laboratory into the very nature of life itself.

Britain is pre-eminent in radio astronomy and in many fields of electronics including miniaturisation, one of the most important factors in the electronics revolution, and in radar for marine and aviation purposes. Much basic work was done in Britain on electronic computers. British advances in medicine include penicillin and other antibiotics, such as cephalosporins, heart-lung machines, a new anti-viral agent, Interferon, of great potential value and many other important developments in the treatment of disease.

British contributions to science include many great discoveries linked with famous names - Sir Isaac Newton (theory of gravitation), Robert Boyle ("the father of modern chemistry"), Michael Faraday (whose discoveries gave rise to the electrical industry), and Henry Cavendish (properties of hydrogen). In the present century - J. J. Thomson, Lord Rutherford and Sir James Chadwick (basic work on nuclear science), Gowland Hopkins (the existence of vitamins), Sir William Bragg (X-ray analysis), and many others. Medicine owes much to such pioneers as William Harvey (circulation of the blood), Edward Jenner (vaccination), Joseph Lister (antiseptics). Sir Ronald Ross (who proved the relation between malaria and mosquitoes).

Since 1945 there have been 27 British scientists who have received international recognition for their work by gaining Nobel awards. There are over 200 learned scientific societies in Britain. In ten years Britain has doubled her total number of qualified scientists.

Вариант 2

 

1. Read and translate the text: