Documents Released Without Getting The Draft Accepted

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
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TradeLaporte
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Documents Released Without Getting The Draft Accepted

Post by TradeLaporte » Thu May 23, 2013 10:09 am

Dear members need your valuable comments
The documents released to drawee without draft acceptance Drawee in possession of goods . 1 month later remitting bank tracing acceptance and maturity . Do we attempt to get drafts accepted or demand payment for documents?

Comments appreciated

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picant
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Behaviour

Post by picant » Fri May 24, 2013 12:23 am

Hi Pal,

I will try to get the acceptance on a draft and follow the remitting bank instructions.
I hope that the drawee is a clever customer of your bank, there was a clerical mistake.
Ciao

mandeep
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acceptance of documents

Post by mandeep » Fri May 24, 2013 10:32 am

hello,

first, drafts should be accepted before release of documents. this is mistake, now need to get acceptance to advice due date.

thanks

LLawrence
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Re: Documents Released Without Getting The Draft Accepted

Post by LLawrence » Fri Apr 19, 2019 3:02 am

Drawee might have the facility with it's bank called 'DIT', Document in Trust. This will enable drawee to get the docs prior the docs. Drawee will be pulled if he eventually won't make the payment as it goes under customer recourse. In other words, in this situation it's either DIT in place or clerical mistake...In both options, collecting bank is responsible for this mistake.

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