Chapter 4 Collection Learning Objects: · Definition Main parties involved . General procedure .Method of releasing documents Characteristics ° Risks analysis Accomodation 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © Chapter 4 Collection Learning Objects: • Definition •Main parties involved •General procedure •Method of releasing documents •Characteristics •Risks analysis •Accomodation
URC522 The Bills for Collection process is governed by a set of rules, published by the International Chamber of Commerce(CC)called"Uniform Rules for collections" document number 522 URC522). Over 90% of the world's banks adhere to this document- pick up a copy from the ICC (See contact details below) or your bank and familiarise yourself with the contents 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © URC522 The Bills for Collection process is governed by a set of rules, published by the International Chamber of Commerce (ICC) called "Uniform Rules for Collections" document number 522 (URC522). Over 90% of the world's banks adhere to this document - pick up a copy from the ICC (See contact details below) or your bank and familiarise yourself with the contents
The Uniform Rules for Collection (URC 522)is the internationally recognized codification of rules unifying banking practice regarding collection operations for drafts and for documentary collections 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © The Uniform Rules for Collection (URC 522) is the internationally recognized codification of rules unifying banking practice regarding collection operations for drafts and for documentary collections
The URc was developed by the International Chamber of commerce (ICC)in Paris It is revised and updated from time-to time the current valid version is cc publication No 522 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © The URC was developed by the International Chamber of Commerce (ICC) in Paris. It is revised and updated from time-totime; the current valid version is ICC publication No. 522
1. definition Collection means in accordance with instructions received, the handling by banks of Obtaining payment and/or acceptance of financial documents or Delivering documents against payment and/or against acceptance, or Delivering documents on other terms and conditions 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © 1. definition Collection means in accordance with instructions received, the handling by banks of: Obtaining payment and/or acceptance of financial documents, or Delivering documents against payment and/or against acceptance, or Delivering documents on other terms and conditions
Documents Financial documents Documents relating to payment. The bill of exchange is the financial document most commonly used in collections and L/C Promissory notes are sometimes used in collections 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © Documents Financial documents: Documents relating to payment. The bill of exchange is the financial document most commonly used in collections and L/C. Promissory notes are sometimes used in collections
Commercial documents o Documents relating to the consignment itself, eg (cOmmercial invoice (2) Packing list (tRansport document (4)Insurance document (5) Certificate of origin 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © Commercial documents l Documents relating to the consignment itself, eg. (1) Commercial invoice (2) Packing list (3) Transport document (4) Insurance document (5) Certificate of origin
Inward collection How a Collecting or Presenting bank wil refer to a collection Collection that has been received from an overseas bank or exporter for presentation to a buyer in this country 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © Inward collection How a Collecting or Presenting bank will refer to a collection. Collection that has been received from an overseas bank or exporter for presentation to a buyer in this country
Outward collection How the Remitting bank refers to a collection Collection being sent overseas to collecting bank(s )for presentation to buyer 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © Outward collection How the Remitting bank refers to a collection. Collection being sent overseas to collecting bank(s) for presentation to buyer
2. Main Parties involved- The principal (seller/exporter/drawer/consignor/ship per/payee) Party who instigates a collection, i.e. the seller 经贸学国贸系 王学高C
经贸学院国贸系 王学惠 © 2.Main Parties involved The principal (seller/exporter/drawer/consignor/ship per/payee) Party who instigates a collection, i.e. the seller