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Forms of settlements for foreign trade transactions reflect the methods of registration, transfer, processing of payment and documents of title that have historically developed in international practice. Currently, in international banking practice, three main forms of payment are used: bank transfer, collection and letter of credit settlement forms. As a rule, the choice of a specific form is reflected in the contract by agreement of the parties involved in foreign trade operations, and depends on the mutual trust of trading partners, on the prevailing world practice and on the degree of risk of the importing country. Additionally, when choosing a form of calculation, a number of factors are taken into account, such as | Drozd, 2009]:
The regulation of this area of economic relations is carried out on the basis of the rules for conducting international transactions and making settlements, which are developed by the International Chamber of Commerce (hereinafter - ICC). The main developments of the MTP include:
trade, differ in the degree of participation of commercial banks in their conduct. The maximum involvement of banks in the process of international settlements is observed when using a documentary letter of credit, when a commercial bank gives the beneficiary a payment obligation, which is realized when the latter fulfills the basic conditions contained in the text of the letter of credit. In the case of documentary collection, the functions of a commercial bank are limited to control over the receipt of documents of title and their forwarding, issuing them to the payer in accordance with the instructions of the principal. The minimum degree of participation of commercial banks is observed when transferring funds on the basis of a client's payment order. This is one of the simplest forms of non-cash payments used in international trade.
The use of different forms is largely determined by the interests of the participants. So, the exporter (seller) seeks to get money as early as possible for the delivery of the goods, while it is more profitable for the importer (buyer) to pay money after receiving the goods or at least the documents of title, which indicate that the delivery of the goods has already been carried out.
- - the nature of the business transaction, which gives rise to the need for calculations;
- - the relationship between the counterparties of the transaction (one-time or regularly recurring payment);
- - the time between the initiation of the payment and its receipt by the beneficiary;
- - the urgency of the payment;
- - the cost of a payment transaction for settlement participants;
- - risks of the participants in the operation (payer, recipient, bank).
The regulation of this area of economic relations is carried out on the basis of the rules for conducting international transactions and making settlements, which are developed by the International Chamber of Commerce (hereinafter - ICC). The main developments of the MTP include:
- - basic terms and conditions of contracts of purchase and sale of INCO-TERMS 2000;
- - unified collection rules;
- - unified rules and customs for documentary letters of credit;
- - unified rules for contractual guarantees.
trade, differ in the degree of participation of commercial banks in their conduct. The maximum involvement of banks in the process of international settlements is observed when using a documentary letter of credit, when a commercial bank gives the beneficiary a payment obligation, which is realized when the latter fulfills the basic conditions contained in the text of the letter of credit. In the case of documentary collection, the functions of a commercial bank are limited to control over the receipt of documents of title and their forwarding, issuing them to the payer in accordance with the instructions of the principal. The minimum degree of participation of commercial banks is observed when transferring funds on the basis of a client's payment order. This is one of the simplest forms of non-cash payments used in international trade.
The use of different forms is largely determined by the interests of the participants. So, the exporter (seller) seeks to get money as early as possible for the delivery of the goods, while it is more profitable for the importer (buyer) to pay money after receiving the goods or at least the documents of title, which indicate that the delivery of the goods has already been carried out.
