Definition of Collection

For the purposes of these Articles :

a      ‘Collection' means the handling by banks of documents as defined in Sub-ARTICLE 2 b in accordance with instructions received , in order to :

1. obtain payment and/or acceptance;  or

2. deliver documents against payment and/or against acceptance; or

3. deliver documents on other terms and conditions.

b      ‘Documents' means financial documents and/or commercial documents:

1.     ‘Financial documents‘ means bills of exchange, promissory notes, cheques, or other similar instruments used for obtaining the payment of money.

2.     ‘Commercial documents’ means invoices, transport documents, documents of title or other similar documents, or any other documents whatsoever, not being financial documents.  

c      ‘Clean Collection‘ means collection of financial documents not accompanied by commercial documents

d       'Documentary collection‘ means collection of :

1. Financial documents accompanied by commercial documents.