BILL OF EXCHANGE An unconditional order in writing addressed by one person to another, signed by the person giving it , and requiring the person to whom it is addressed to pay on demand or at a fixed or
determinable future time a certain sum of money to or to the order of a specified person or bearer. Also referred to as a draft.
COLLECTING BANK Any bank, other than the Remitting Bank, involved in
obtaining payment or acceptance from the Importer (drawee).
COMMERCIAL DOCUMENTS Documents exchanged between the buyer and the seller such as commercial invoices or transport documents that give details
about the goods and/or services contracted.
DOCUMENTARY COLLECTION Method of payment used in international trade whereby the contracting parties (Exporter & Importer) utilize banking channels to
exchange documents for payment or acceptance.
DRAFT An unconditional order in writing addressed by one person to another, signed by the person giving it , requiring the person to whom it is addressed to
pay, on demand or at a fixed or determinable future time a certain sum of money to or to the order of a specified person or bearer. Also referred to as a Bill of Exchange.
DRAWEE The party, also known as
the buyer or Importer, who is presented with documents (financial or commercial) for the purpose of either payment or acceptance, in accordance with the Collection instructions. DRAWER The party,
also known as the seller or Exporter, who authorizes a bank (the Remitting Bank) to handle documents on its behalf.
EXPORTER The party, also known as the seller or drawer, who has contracted to sell the
goods.
FINANCIAL DOCUMENTS Documents such as bills of exchange, promissory notes or other similar documents used to obtain payment.
IMPORTER The party, known as the buyer or drawee, who has
contracted to buy. Also known as buyer or drawee.
PRESENTING BANK The Collecting Bank making presentation to the Importer (drawee), usually the Importer's bank. REMITTING BANK The bank that
the Exporter authorizes to carry out the Collection on its behalf.
UNIFORM RULES FOR COLLECTIONS (ICC PUBLICATION 522) A set of rules and definitions on the practice of Collections published by the
International Chamber of Commerce that require banks to act in accordance with established procedures
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