nk (issuing bank) given to the seller (beneficiary) at the request of the buyer (applicant) to pay a sum of money against presentation of documents complying with the terms of the credit within a set time limit.

Documents

The characteristics and importance of the various documents associated with Import/Export operations are explained and illustrated in Deciding on Documents.

Documents Against Acceptance (D/A)

Instruction for commercial documents to be released to the drawee on acceptance of the Bill of Exchange - see Collections ?Introduction.

Documents Against Payment (D/P)

Instruction for documents to be released to the drawee only on payment - see Collections ?Introduction.

Documents of Title

Documents that give their owner the right to the goods, i.e. Bill of Lading.

Draft

Bill of exchange issued by an exporter and submitted to his bank f