Chapter 1 Introduction [Learning Objectives] 1.1 The concept of international settlement 1.2 The categories of international settlement 1.3 The risks involved in international settlement 1.3. 1 Product production and transport risks 1.3.2 Credit risks 1.3.3 Adverse business risks 1.3.4 Political risks 1.3.5 Financial risks 1.3.6 Foreign exchange risks 1.4 Parties and their roles 1.5 The application of international payment 1.5.1 Payment in advance 1.5.2 Credit transactions 1.5.3 Collection 1.5.4 Letter of credit (L/C) 1.5.5 Letter of guarantee and standby L/C 1.6 Evolution of international payment 1.6.1 From cash settlement to instruments settlement 1.6.2 From direct payment between traders to payment effected through a financial intermediary 1.6.3 From goods trading to documents trading 1.6.4 From paper documentary settlement to electronic documentary settlement 1.7 International rules and practice Chapter 2 International Payment and Clearing System Chapter 3 Instruments of International Settlement Chaoter 4 Remittance Chapter 5 Collection Chapter 6 Letter of Credit Chapoter 7 Letter of Guarantee and Standby L/C Chapter 8 International Factoring and Forfeiting Chapter 9 Documents Used in International Settlement Chapter 10 International Trade Terms