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Importers Manual, Documentary Collections
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Importers Manual USA
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DOCUMENTARY COLLECTIONS
GENERAL SECTION
Documentary collection is a practical way of handling trade transactions
for which the parties to the contract are prepared to forgo the security
offered by documentary credits, but still do not wish to make deliveries
on open account.
The documentary collection is an order by the seller to his bank to
collect
a certain sum from the buyer against transfer of the shipping documents.
Payment may be made by cash or by acceptance of a bill of exchange.
The documentary collection is mainly appropriate in cases where
- the buyer's ability and willingness to pay are not doubted
- the political, economic and legal conditions in the ...