Трудности перевода специальной литературы по коммерции и праву с английского языка на русский. Сидорова В.В - 42 стр.

                           Text 3. PAYMENT

                                    Cash
       The seller may, of course, require payment in cash, and con-
tracts providing for “cash against documents” are commonly found.
Often, however, the buyer is anxious to obtain the goods on credit,
so that he can pay for them out of the proceeds of a resale.
                                   Credit
       Although the system of sending bills of lading to buyers together
with bills of exchange is still quite widely used, it has one defect from
the seller's point of view, namely, the practical difficulties that might
arise if the buyer failed to honour the bill of exchange. These difficul-
ties might well be considerable if the goods had already been shi pped
and the market was falling. To eliminate this risk, the practice of
payment by banker's commercial credit was evolved. This practice has
great advantage from the exporter's point of view, and at the present
time a very large proportion of the export credit is financed in this way.
                             Nature of Credit
       Looked at from the exporter's viewpoint, the essential feature of the
transaction is that he can look to a bank for payment of the price, thereby
eliminating virtually all risk of not receiving payment. Credits take a
variety of forms, but in all of them the seller delivers the shi pping
documents to the bank, and the bank thereupon pays, accepts or nego-
tiates bills of exchange drawn by the seller on the buyer or on the bank.
The bank will then look to the buyer for reimbursement.
                              Types of Credit
       Credits can be classified in various ways according to the obliga-
tions undertaken by the bank. It is only necessary here to examine two
of these classifications.
                        Revocable and Irrevocable
       The distinction between revocable and irrevocable credits is fun-
damental from the seller's point of view. If the credit is a revocable
one, the bank merely informs the seller that they have authority to
pay or accept bills of exchange in return for the documents, but the
bank does not undertake that they will in fact do so. Further the bank
is entitled, as against the seller, to cancel the credit at any time, and,
although it is their usual practice to give the seller notice of cancella-


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