Document listing the contents of a consignment of goods.
May be called for on a letter of credit.
Party to whom payment is due.
In a letter of credit, bank that is nominated to make payment to the beneficiary upon presentation of complying documents.
Risk that political instability in the buyer's country will interfere with a buyer's ability to meet payment obligations.
Transport document issued by a postal authority. Not a document of title.
Written on a bill of exchange when it is avalised by a bank.
In a collection, presentation of documents by a bank to a buyer for payment or acceptance. In a letter of credit, presentation of documents by a seller to a bank for payment, acceptance or negotiation.
On a letter of credit, number of days allowed between shipment of goods and presentation of documents to a bank.
In a collection, bank that presents documents to a buyer for payment or acceptance.
Prime letter of credit
In a back-to-back letter of credit transaction, the original letter of credit that is offered as security for another letter of credit (second letter of credit).
Party who instigates a collection, i.e. the seller.
In a collection, all banks act for the principal.
Financial document in which the buyer agrees to make payment to the seller at a specified time.
Legal procedure that may be administered by a notary public, evidencing non-payment or non-acceptance of a bill of exchange. Useful in support of a subsequent civil action against the defaulter.
In a collection, the presenting bank may be instructed to arrange for this.