It is a payment method where the banking services are used to send and keep the documents abd to collect and transfer the cost of goods.
Collection Documents transactions regulated under Brochure No: 522 (URC 522) of International Chamber of Commerce. It contains two different payment methods.
Cash Against Documents (Delivery Against Documents)
It is a payment method where the exporter ships the goods and submits the documents representing the shipment and goods to the bank and where the delivery of the documents to the importer is subject to the payment of the document price. The documents can be received by the importer from the bank following the payment of the document price. In Cash Against Documents method, the major risk for the exporter is the failure of the importer to receive the documents.
Acceptance Credit (Delivery Against Policy Acceptance)
It is a payment method where the exporter ships the goods and submits the documents representing the shipment and goods and the policy including a specific amount and maturity to the importer’s bank and where the delivery of the documents to the importer is subject to the acceptance of the policy by the importer.
In this payment method; the documents are delivered against the acceptance by the importer of the policy; and the payment is made by the importer on the maturity date indicated in the policy.
In Acceptance Credit method; the major risk for the exporter is the failure of the importer to receive the documents or to make payment on the maturity date in return for the documents received against the acceptance of the policy.
The exporter which does not wish to undertake the risk of non-payment by the importer may demand payment guarantee or aval (surety) from the importer’s bank. In such case, delivery of the documents will be made against the aval (surety) of the importer’s bank for the policy.
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