국제무역거래에서 포페이팅(Forfaiting) 방식의 금융을 통한 위험의 헤지
Risk Hedging in the International Trade via Forfaiting Finance
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Abstract
This article will focus on the forfait transaction. Forfaiting is a method of trade finance that allows exporters to obtain cash by selling their medium-term foreign accounts receivable at a discount on a “without recourse” basis. The main advantage of forfaiting is that it allows exporters to increase sales and put the risk on forfaiter who are better equipped to handle such risks. The exporter may approaches a forfaiter before finalizing a transaction’s structure. Once the forfaiter commits to the deal and sets the discount rate, the exporter can incorporate the discount into the selling price. The exporter then accepts a commitment issued by the forfaiter, signs the contract with the importer, and obtains, if required, a guarantee from the importer’s bank that provides the documents required to complete the forfaiting. The exporter delivers the goods to the importer and delivers the documents to the forfaiter who verifies them and pays for them as agreed in the commitment. Since this payment is without recourse, the exporter has no further interest in the transaction and it is the forfaiter who must collect the future payments due from the importer. Part II introduce forfaitng history and market, compare forfaiting with factoring similar tool of international trade finance. Part III will illustrate a typical forfaiting transaction, identify the parties and process of forfaiting, and Part IV will state the fundamental elements of the forfait transaction. Part V conveys the legal and business risks associated with forfaiting. Part VI will review the advantages of the application of forfaiting in international transaction with the trade documents. Finally, some suggestions are presented in part VII.
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