R

Recourse

The right to claim a refund from another party which has handled a bill at an earlier stage.

Red Clause Credit

A credit with a clause which authorises the advising bank to make an advance payment to the beneficiary - see special DCs.

Reimbursing Bank

The bank nominated by the DC issuing bank that will pay the value of the DC to the negotiating/paying bank.

Remitting Bank

The exporter's bank in collection transactions, which remits the bill to the collecting bank.

The exporter's bank in DC transactions, which dispatches the documents to the issuing bank.

Retirement

The act of paying or settling an outstanding bill or import loan; i.e. payment by the importer to the Bank.