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.
2.
Commercial documents not accompanied by financial documents. |
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