dear experts..
we received dox for collection on term ( deliver the documents against payment) and followed by the condition partial payment is allowed ...
my question is : is it allowed to deliver the orginal dox to the drawee against the first partial payment ,or hold the dox pending further instructions from the remitting bank?
regards
Deliver Documents Against First Partial Payment
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Abdelssalam
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picant
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URC 522
Hi Pal,
read well art 19 b URC 522:
-in respect of documentary collections, partial payments will only be accepted if specifically authorised in the collection instruction. However, unlessotherwise instructed, the presenting bank will release the documents to the drawee only after full payment has been received, and the presenting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.
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So cash full amount before delivering documents.
Ciao
read well art 19 b URC 522:
-in respect of documentary collections, partial payments will only be accepted if specifically authorised in the collection instruction. However, unlessotherwise instructed, the presenting bank will release the documents to the drawee only after full payment has been received, and the presenting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.
--
So cash full amount before delivering documents.
Ciao