Article 03

Parties to a collection

a.    For the purposes of these articles the ‘parties thereto‘ are :

1. the ‘principal’ who is the party entrusting the handling of a collection to a bank;
2. the ‘remitting bank’ which is the bank to which the principal has entrusted the handling of a collection;
3. the ‘collecting bank’ which is any bank, other than the remitting bank, involved in processing the collection;
4. the ‘presenting bank’ which is the collecting bank making presentation to the drawee.

b.    The ‘drawee’ is the one to whom presentation is to be made in accordance with the collection instruction