Words and expressions

1. agenda n 2. forthcoming adj	— повестка дня — намеченный, прибли-
3. deplorable adj 4. invested with authority	жающийся — вызывающий сожаления — облеченный полномочиями

Chapter XV financial documents

ФИНАНСОВЫЕ ДОКУМЕНТЫ

The main types of financial documents are: bills of exchange (drafts)¹, cheques, telegraphic and mail transfers²letters of credit³, invoices⁴, and certificates⁵. s

The Bill of Exchange, or draft (often abbreviated as B/E) is defined in English and American law as «an unconditional⁶ order in writing addressed by one person to another, signed by the person giving it (the drawer)⁷and requiring the person to whom it is addressed (the drawee)⁸ to pay on demand⁹ or at a fixed or determinable¹⁰future time a certain sum of money to, or to the order¹¹of, a specified person¹² (the payee) or to bearer»¹³.

To put it simply, a Bill of Exchange is an order addressed by one person to another obligingl4 the latter to pay a specified sum of money.

To illustrate how the Bills of Exchange work, an example is given below. Let us suppose that a company called «Sellers», of London, has sold to another company, called «Buyers», of Manchester, some goods, and it is stipulated by the contract that the payment should be effected by a four months'¹⁵ Bill of Exchange. Let us

further¹⁸ suppose that the amount to be paid to the «Sellers» in four months' time is 5,000 Pound Sterling. Then the «Sellers» will draw the following bill upon the «Buyers»:

The «Sellers» arc the drawer, the «Buyers», on whom the bill is drawn and who will have to pay, are the drawee.

One should note that the bill is due three days later than the four months' time stipulated in the contract — these three extra days according to an old English tradition are called days of grace¹*.

The draft is then sent to the «Buyers» to be signed, that is accepted¹⁸. Upon receiving the draft the «Buyers» write on the paper, usually across the face of it, the word «accepted», together with their name and, usually, the name of their bank, where the amount will be paid. The draft (which is now also called «acceptance») is then returned to the «Sellers» (i.e. to the drawer). Besides «acceptance», this operation is also known as «endorsement»¹⁹. The person by whom the bill is endorsed, is called the endorser²⁰; the person, to whom it is transferred, is the endorsee²¹.

It should be noted that endorsement is only necessary when the bill is payable to order. In this case the person to whose order it is drawn, must have endorsed his name upon it. If the bill is payable to bearer, no endorsement is necessary.

If the holder²² of the B/E wants to obtain money for it before the date on which it falls due²³, he can do so by taking it to a banker who will cash²⁴ it for him, giving him the amount stated on the bill less the charge for cashing it. This is called discounting²⁵ the bill, and the amount charged by the banker is called discount. Discount is the interest²⁶ from the date of presenting the remittance²⁷ up to the date of maturity²⁸ at the official rate of discount plus a certain amount of commission.

Bills may be drawn at a stated time after date as above, at sight (on demand²⁹) or at a stated time after sight³⁰.

NOTES

1. bill of exchange, draft	— переводной вексель, тратта
2. telegraphic transfer	— телеграфный перевод
mail transfer	— почтовый перевод
3. letter of credit	— аккредитив
4. invoice n	— счет, счет-фактура
5. certificate n	— сертификат
certificate of insurance	— страховой сертификат
certificate of origin	— сертификат происхождения
certificate of quality	— сертификат качества
6. unconditional adj	— безусловный
7. drawer n	— трассант (лицо, выставившее тратту)
8. drawee n	— трассат (лицо, на которое выставлена тратта)
9. on demand	— по требованию
10. ddeterminable adj	— который может быть определен
11. to the order	— приказу
12. specified person	— обозначенное лицо
13. bearer л	— податель, предъявитель
14. to oblige v	— обязывать
15. a four mouths' B/E	— тратта со сроком платежа через четыре месяца
16. further adv	— дальше, далее
Let us further suppose that...	— предположим далее, что...
17. days of grace	— льготные дни
18. to accept v	— акцептовать
19. endorsement л	— индоссирование
20. endorser n	— индоссатор (лицо, совершающее передаточную надпись)
21. endorsee л	— индоссат
22. holder л	— держатель, владелец
23. to fall due	— наступать сроку
24. to cash v	— платить (по чеку, векселю)
25. to discount и	— зд, учитывать, дисконтировать (вексель)
26. interest л	— проценты
27. remittance л	— зд. переводной вексель; перевод
28. date of maturity	— срок уплаты {по векселю)
29. at sight = on demand	— по предъявлении
30. at a slated time after sight	— через определенное время после предъявления

The expressions used in letters concerning drafts are the following:

I have today drawn on you for USD...	Сегодня я выставил на Ваше имя тратту со сроком платежа ... на ... долларов
payable to our order	с уплатой нашему приказу
payable at sight (on presentation)	с уплатой по предъявлении
payable on demand	с уплатой по требованию
due on (5^th January)	со сроком платежа (5-го января), срочный (5-гоянваря)
at 2 m/d (at two months' date)	с уплатой через два месяца
at 30 d/d (at thirty days' date)	с уплатой через тридцать дней
We enclose our draft at 2 m/d for USD ... drawn against goods (o that amount as per invoice No....	Прилагаем нашу тратту со сроком платежа через два месяца на сумму ... долларов уплатой за товары на эту сумму согласно счету № ...
Please honour the draft at maturity (in due course).	Пожалуйста, оплатите тратту при наступлении срока платежа (погашения)
We are sending you draft No....	Высылаем Вам тратту №.
Please return it to our address when accepted.	Пожалуйста, верните ее по нашему адресу после акцептования.
We are returning your draft for USD 150 duly accepted.	Возвращаем Вам акцептованную тратту на 150 долларов.
Should acceptance be refused, please, protest same.	В случае отказа от акцептования, пожалуйста, опротестуйте.
In settlement of our account we have pleasure in sending you enclosed a draft.	В качестве уплаты для урегулирования задолженности посылаем Вам тратту.

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