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1、PrefaceCountriesworld-widehavetradedamongthemselvesforover2000yearsusingwide-rangingmethodsofsettlement.Exportersofgoodsnaturallyseeksecurityofpayment,whereasimportersendeavourtoensurethattheyreceivepreciselythosegoodstheyhavecontractedtobuyandforwhichtheyinsistoncorrectdocumenta
2、tionforcustomsclearancepurposes.Rawmaterials,oil,liquidgas,coal,manufacturedgoods,softcommodities,freshandfrozenfoodsallformjustapartofthevastquantitiesoffreightbeingcarriedeverydaybyair,sea,road,railandinlandwaterways.Tothosemustbeaddedtheexportoftechnologyandindustrialandmanufa
3、cturingsystemsfortheintroductionandmodernizationofindustryinless-developedandthirdworldcountries.Advancesintechnologyhaveimprovedtransportbyseaandairenablingcarrierstomovegoodswithever-increasingspeedandsafety.Whenanimporterandexporterenterintoacontracttobuyandsellgoodstheysetinm
4、otionaseriesofactivitiesinvolvingnumeroussupportservicesprovidedbyforwardingagents,roadtransporters,railwayoperators,shippingcompanies,banksandinsurers;eachisanimportantlinkinthemovementofgoodsfromonecountrytoanother.Theprincipaloperatorsininternationaltradecombinetheirrespective
5、skillstoensurethesuccessfulcompletionoftransactionsandthereductionoreliminationofthoseriskswhichareever-presentincross-bordertrading.xPrefaceDependingupontheirrelationshipswithoneanother,sometradersmaybepreparedtodealonopenaccountwheretheexporterdespatchesgoodsanddocumentsdirectt
6、ohisbuyerandawaitspaymentinduecourse.However,wherelevelsofexperiencearelesswell-established,exporterscanselectamethodofsettlementinkeepingwiththeirspecificrequirements.Mostinternationaltradetransactionsarefinancedatsomepoint,principallybybanksspecializinginthisactivity,particular
7、lyinprotectingagainstriskduringallstagesoftransportuptofinaldestination.Fortheexporter,thoserisksarenon-paymentorlatepaymentwhichbothseriouslyaffectcashflow.Theimporter,ontheotherhand,facestherisksofnon-delivery,shortdeliveryanddeliveryofsubstandardgoods.Inaddition,wheretheimport
8、erorbuyerison-sellingtherelativegoodstoa
