Minimum Checking Points In The Documents Under URC522

Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
Post Reply
User avatar
Tareq
Posts: 39
Joined: Thu Jun 20, 2013 1:36 am
First Name: Isratul
Last Name: Tareq
Organization: Standard Chartered
Filter: Two Plus Two =: 4
Location: Bangladesh

Minimum Checking Points In The Documents Under URC522

Post by Tareq » Sun Mar 02, 2014 11:55 pm

What are the minimum checking points in the documents under URC 522? Is bill of Exchange mandatory in such type of documents-Specially in the DA document?

User avatar
picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

remittance letter

Post by picant » Mon Mar 03, 2014 12:36 am

Hi Pal,

minimum checking: number of documents and remittance letter list, bill of lading endorsement, insurance endorsement ...,
Bill of exchange necessary in DA, but it is possible to have an undertaking of drawee.
Other comments appreciated
Ciao

User avatar
Tareq
Posts: 39
Joined: Thu Jun 20, 2013 1:36 am
First Name: Isratul
Last Name: Tareq
Organization: Standard Chartered
Filter: Two Plus Two =: 4
Location: Bangladesh

Incomplete collection document

Post by Tareq » Mon Mar 03, 2014 11:50 pm

Thanks Picant for your quick reply. I need a little bit clarification about the below scenerio:
We received a collection document where Trade term mentioned as CIF in the invoice but present no insurance document. Photocopy of B/L is submitted I/O original. Three separate Invoice presented but B/L presents only two. One B/L missing. Now, my question is-Can we proceed with this document ?

User avatar
picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

Ask

Post by picant » Tue Mar 04, 2014 12:16 pm

Hi Pal,

ask the remitting bank about the complete documentation.
In the meantime you may contact buyer, your customers I think!, and good luck
Ciao

Post Reply