There are different manners of payment accepted in foreign trade: payment on an open account, which is usually effected against documents and sometimes by installments if agreed between the parties; payment for collection; by a draft which is an order in writting drawn on a bank or another firm to pay at sight, when it is presented or a certain number of days later. the most generally practiced manner of payment is by a letter of credit which may also be effected by installments in case of partial deliveries.

since the terms of payment in a contract are very often a combination of different manners an advance payment can be specified too.

payment in cash is very infrequent and is practiced in small transactions only.

here is an example of a transaction discussed between a russian foreign trade organization and wright & co., ltd., known as very reliable exporters of up-to-date industrial chemicals and chemical laboratory equipment from england.

an exchange of correspondence took place between the parties concerned and was followed by mr. smoke’s visit to moscow.

2. ответьте на следующие вопросы.
1. what are the most accepted manners of payment in foreign trade?
2. what is the most generally practiced manner of payment?
3. what is an advance payment?
4. when is payment in cash practiced in?
5. in what way is payment on an open account usually affected
6. on whom are drafts drawn?
7. what does wright & co., ltd. deal with?
8. what was followed by mr. smoke’s visit to moscow?
плс, а то не силен в анг., не