Act of requesting the importer抯 payment/acceptance of an import bill. - See Handling Import Collections.

Presenting Bank

The bank that requests payment of a collection bill - may be the Collecting Bank or its nominated branch or local correspondent, which is better placed to contact the importer.

Principal

The exporter in collection transactions, being the initiator of the transaction, whose instructions are followed at all stages (may be used to refer to any customer who initiates a transaction e.g. the opener of a DC).

Promissory Note

A signed statement containing a written promise to pay a stated sum to specified person at a specified date or on demand.

Protest

The formal representation of a dishonoured bill of exchange: the bill is presented by a notary public to the drawee - if refused again, it is noted?- see noting. The notary public then issues a formal protest, an official certificate that the bill has been refused: the drawer can use this certificate to sue the drawee in court.