In cross-border e-commerce transactions, paying the purchase price according to the sales contract or agreement is the basic obligation of the buyer, and collecting the purchase price on time is the main right of the seller. The payment of the purchase price directly affects the turnover and financing of funds between the buyer and the seller, as well as the assumption of various financial risks and expenses. The settlement of the purchase price mainly involves payment tools, payment time, payment place and payment method. The buyer and the seller must reach a consensus on this and make clear provisions in the contract or agreement.
The payment of cross-border e-commerce purchase price rarely uses cash settlement, but mostly uses non-cash settlement, that is, using credit tools that replace cash as a means of circulation and payment to settle international debts and credits. Bills are internationally accepted settlement and credit tools, and are debt certificates that can be circulated and transferred. The bills used in cross-border transactions mainly include bills of exchange, promissory notes and checks, among which bills of exchange are the main ones.
In recent years, with the vigorous development of global cross-border e-commerce, many emerging electronic payment tools or electronic currencies have emerged.
On May 10, 1995, my country promulgated the “Law of the People’s Republic of China on Negotiable Instruments” (hereinafter referred to as the “Law on Negotiable Instruments”), which came into effect on January 1, 1996. Among them, Article 19 stipulates that a bill of exchange is a bill issued by the drawer, entrusting the payee to unconditionally pay a certain amount to the payee or holder upon sight of the bill or on a specified date.
The bill of exchange laws of various countries have different provisions on the content of bills of exchange, which generally include the following basic contents: the words “bill of exchange”, unconditional payment order, a certain amount, payment period, payment place, drawee (Drawee, also known as payer Payer, that is, the person who accepts the payment order to pay in cross-border e-commerce import and export business, usually the importer or its designated bank), payee (Payee is the person who receives the amount specified in the bill of exchange, in cross-border e-commerce import and export business, usually the exporter or its designated bank), issue date, issue place, drawee signature, etc.
In actual business, bills of exchange usually need to list the payment date, payment place and issue place. In this regard, Article 23 of my country’s “Bills of Exchange Law” also made specific provisions: The payment date, place of payment, place of issue and other matters recorded on the bill of exchange shall be clear and unambiguous. If the payment date is not recorded on the bill of exchange, it shall be payable on sight. If the place of payment is not recorded on the bill of exchange, the place of payment shall be the business premises, residence or habitual residence of the payee. If the place of issue is not recorded on the bill of exchange, the place of issue shall be the business premises, residence or habitual residence of the issuer.
The above basic contents are generally the essential items of the bill of exchange, but they are not all the contents of the bill of exchange. According to the provisions of the bill of exchange laws of various countries, the essential items of the bill of exchange must be complete, otherwise the payee has the right to refuse to pay.
In addition to the above-mentioned necessary items, the bill of exchange can also record some other contents permitted by the bill of exchange law, such as interest and interest rate, prohibition of transfer, bill of exchange number, issue terms, etc.