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Chapter-6-Documentary-
Colle
ctions-
跟单托收
Chapter Six
Documentary Collections
跟单托收
Documentary
collection
is
necessary
when
the draft is drawn on the importer. The
exporter
must give instructions to the
collecting bank on
what
to
do
with
the
draft
and
shipping
documents
in
documentary
collection
instructions,
also known as a collection letter or
letter of instructions. Such a letter
provides the
conditions under which the
collecting
bank can
release
documents
to
the
importer
and
the
actions
to be undertaken.
The
format
of
the
instruction
forms
and
drafts
may
vary
from
bank
to
bank,
but
they
basically have the same
information. The forms
and drafts are
available at banks.
6.1
Uniform Rules for Collections
托收统一规则
The
Uniform
Rules
for
Collections,
ICC
Publication
No.
322,
which
describes
the
conditions governing
collections (including those
for
the
presentation,
payment
and
acceptance
terms),
is
issued
by
the
International
Chamber
of
Commerce
(ICC)
in
Paris,
France.
The
Uniform
Rules
for
Collections
and
other
ICC
publications
are
available
at
your
local
Chambers
of
Commerce
affiliated
with
the
International Chamber of Commerce.
TENOR
The tenor is the
credit term of the draft. It
can be at
sight (in a sight draft) or after sight or
after date (in a term draft).
... CASE OF NEED ...
The
case
of
need
is
the
party
in
the
importer's country
named by
the exporter who
may
assist
in
obtaining
payment
or
acceptance
of
a
draft
or
who
may
be
empowered
by
the
exporter
to act fully on his/her behalf---waiving
of protest, allowing a discount, etc.
Whether the
case
of
need
is
'for
guidance'
or
'accept
their
instructions', put an X in the
appropriate box.
... DOCUMENTS AGAINST
PAYMENT
In
the
documents
against
payment
(D/P)---documents
on
payment
(DOP
or
D/P)---the documents attached to the
draft (bill)
drawn
by
the
exporter
and
needed
to
obtain
goods are deliverable to the importer
only after
he/she
has
paid
the
draft.
The
documents
against
payment
(D/P)
are
applied
to
a
sight
draft.
...
DOCUMENTS
AGAINST
ACCEPTANCE
In
the
documents
against
acceptance
(D/A)---documents
on
acceptance
(DOA
or
D/A)---the documents attached to the
draft (bill)
drawn
by
the
exporter
and
needed
to
obtain
goods are deliverable to the importer
only after
he/she has accepted the
draft for payment later.
The
documents
against
acceptance
(D/A)
apply
to a term draft.
REMIT PROCEEDS ...
When
the
payment
is
received
by
the
collecting
bank,
it
remits
the
proceeds
to
the
remitting bank. The
remitting bank then credit
the account of the
exporter,
less
any applicable
charges.
PROTEST and DO NOT
PROTEST
The
protest
is
the
legal
action
to
be
undertaken
by
the
collecting
bank,
at
the
instructions of the exporter, in case
the importer
does not pay a sight
draft, or does not accept a
term draft,
or does not pay an accepted draft on
maturity.
In
practice,
the
protest
usually
is
required
by
the
exporter
and
it
is
made
within
three (3) working
days after the presentation or
maturity
date.
In
certain
countries,
failure
to
protest may cause the
exporter to lose the legal
rights
against the importer.
In
cases
where
the
instruction
is
'do
not
protest',
such
an
instruction
may
encourage
inaction
or
deferred
payment
by
the
importer.
In
some
countries,
particularly
in
the
West,
protest
against
the
importer
may
spoil
his/her
credit
standing.
Hence,
the
importer
is
encouraged
to
act
promptly
if
'protest'
is
instructed by the exporter.
COLLECT INTEREST ...
The
interest
charge,
if
any,
normally
is
agreed upon between the exporter and
importer.
It is either built into the
export price or collected
separately.
Under
certain
pre-arranged
credit
terms,
a
discount
may
be
allowed
on
the
early
payment of a term draft.
COLLECT
CHARGES ...
In
practice,
the
collecting
bank
may
not
collect
some of their charges despite the fact that
instructions to collect all their
charges is given.
___ DAYS AFTER _____
OF
THIS
SOLE
OF
EXCHANGE
The
'SOLE
OF
EXCHANGE'
stands
for
the
sole
bill
of
exchange,
popularly
called
the
sola
bill,
which
is
a
draft
with
only
one
copy
issued.
In
a
sight
draft,
enter
the
word
“
sight
”
in
the
space
'AFTER
___'
and
leave
the
'___
DAYS'
blank
or
put
dashes
(-----)
in
it,
for
example,
ALL
YOUR
BANK
DAYS
AFTER
sight
or
-----
DAYS
AFTER
sight
In a term draft, enter the number of
days in
the
'___
DAYS'
and
the
word
“
sight
”
in
the
'AFTER ___' (if draft is after sight),
for example,
90
DAYS
AFTER
sight
Or, enter the
word
“
date
”
or
“
B/L
date
”
(bill of
lading
date)
or
other
wordings
in
the
'AFTER
___'
(if draft is after date), for example,
or
150
DAYS
AFTER
B/L
date
6.2 Bills of Exchange (Drafts)
汇票
180
DAYS
AFTER
date
The bill of exchange, commonly referred
to
as the draft or the bill, is an
unconditional order
in writing, signed
and addressed by the drawer
(the
exporter
usually)
to
the
drawee
(the
confirming
bank
or
the
issuing
bank
usually),
requiring
the
drawee
to
pay
the
drawer
a
certain
sum
of
money
at
sight
or
at
a
fixed
or
determinable future time.
The
draft
is
widely
used
in
international
trade, most
frequently in the payment against a
letter of credit (L/C). It is also used
in the open
account without any L/C
involved.
Sample Instrument:
Draft
The
“
No.
”
(number)
in
the
above
sample
draft
may
be
used
for
the
exporter's
reference
number. Blank drafts are available at
the paying
bank.
1.
First
of
Exchange
(Second
Unpaid)
and
Second of Exchange
(First Unpaid)
In
practice,
it
is
not
uncommon
that
two
drafts are drawn on the drawee bank in
a letter
of credit (L/C) to ensure that
at least one draft
reaches
the
drawee
when
they
are
dispatched
separately. The
issuance of more than one draft
in a
letter of credit follows the same logic as in
the
issuance
of
bill
of
lading
in
more
than
one
original.
At
times
even
three
drafts
may
be
drawn
on
the
drawee
bank.
This
practice
was
not
uncommon formerly in certain countries.
In contrast, normally one draft (sola
bill) is
issued
in
a
documentary
collection
where
the
draft is drawn on the
importer.
The
sample
draft
shown
above
is
the
first
draft,
marked
“
First
of
Exchange
(Second
Unpaid)
”
and the
number
“
1
”
.
The second draft,
if any is issued, is
marked
“
Second of Exchange
(First
Unpaid)
”
and
the
number
“
2
”
.
Some
drafts may not be
numbered
“
1
”
or
“
2
”
.
2.
The
Letters
of
Undertaking
Instead
of
the Drafts
In
certain
exporting
countries,
the
government may
levy
a
heavy
tax
on drafts.
In
such
a
circumstance,
the
exporter
may
request
the importer to
specify in his/her letter of credit
(L/C)
application
that
“
No
drafts
be
issued
”
.
When
the
documents
are
presented
to
the
negotiating
bank,
the
bank
issues
a
letter
of
undertaking
indicating
when
and
where
the
money will be paid,
instead of accepting a draft
drawn by
the exporter.
3. 'Avalised' Term Drafts
The
word
“
aval
”
in
French
means
endorsement.
A
term
draft
accepted
by
the
importer
does
not
guarantee
payment
on
maturity,
hence
it
is
not
readily
accepted
for
discounting
or
as
collateral
for
a
loan.
The
exporter may arrange to have the
accepted draft
to
be
'avalised'
by
the
importer's
bank---the
bank
adds
its
endorsement
as
a
guarantee
of
payment.
The
'avalised'
term
draft
can
be
readily
discounted,
thus
providing
the
exporter
with immediate
funds.
6.2.1 Sight Drafts
versus Term Drafts
即期和延付汇票
1. Sight
Draft
The
sight
draft
is
most
commonly
used
in
international
trade.
In
a
sight
draft,
the
payment is on demand or on presentation
of the
negotiation documents to the
paying bank or the
importer. In
practice, the bank may pay within
three
(3)
working
days
(not
instantly)
after
the
receipt
and review of the negotiation documents
and if they are in order, that is, the
documents
comply
exactly
with
the
letter
of
credit
(L/C)
stipulations.
In
certain
countries
where
the
business
relationship
between the exporter and the bank
is
well
established,
the
bank
may
pay
the
exporter
a
few
hours
after
the
receipt
of
the
negotiation documents that are in
order.
In
the
sample
L/C
it
was
stipulated
“
available
by
your
draft(s)
drawn
at
sight
”
,
so
as the payment is by
sight draft(s).
2. Term Draft
The
term
draft---
time
draft
---is
used
in
a
deferred payment arrangement. The
payment is
on
the
maturity
date
determinable
in
accordance with the stipulations of the
letter of
credit
(L/C).
The
maturity
date
can
be
at
a
stated period after sight
or after date:
?
after sight ---
after the
draft is presented to the drawee for
acceptance, for example,
“
at 90 days
sight
”
and
“
at 120 days after
sight
”
.
?
after date ---
after
a
specific
date,
for
example,
“
at
150
days B/L
date
”
(i.e., the maturity
date is 150
days after the date of the
bill of lading) and
“
at
180
days
after
date
”
(i.e.,
the
maturity
date is 180 days
after the date of the draft).
Unless
the maturity date is tied to a specific
date, the importer may refuse to accept
the draft
until
the goods have arrived, so such a deferred
acceptance can extend the maturity
date.
In other words, in a term draft
the exporter
extends the credit to the
importer.
If a term draft is accepted
by the accepting
bank
(in
the
case
of
draft
drawn
on
the
confirming
bank
or
the
issuing
bank
or
other
bank
stipulated
in
the
letter
of
credit),
such
draft
becomes
what
is
known
as
banker's
acceptance. The exporter may hold the
banker's
acceptance pending payment by
the bank on the
maturity date or
discounts it with the bank, thus
provides the exporter with immediate
funds.
If a term draft is accepted by
the importer
(in
the
case
of
draft
drawn
on
the
importer)
when it is
presented to him/her by the collecting
(presenting)
bank,
such
draft
becomes
what
is
known
as
trade
acceptance.
In
practice,
the
collecting
bank
usually
holds
the
trade
acceptance pending
payment by the importer on
the
maturity
date
and
advises
the
remitting
bank of the date
of acceptance. The drawee may
default
on
the
payment
of
a
trade
acceptance.
Nevertheless,
the
trade
acceptance
has
a
better
chance of being paid
by the importer compared
to a sales
invoice.
The usual way the drawee
accepts a draft is
by writing or
stamping the word
“
ACCEPTED<
/p>
”
on
the
face
of
the
draft,
plus
the
drawee's
authorized signature and the date
accepted.
Unless
the
importer's
integrity
is
irrefutable,
using
a
term
draft
is
risky,
especially
when
the
draft
is
drawn
on
the
importer
where
the
remitting
bank
and
the
collecting
bank
are
merely
acting
as
agents
without
guarantee of payment.
In certain
countries, the importer may have
access
to
the
customs
warehouse
or
docks
and
examine
the
goods
before
accepting
them.
The
risk is that the
importer may intentionally reject
the
goods even when they are in good order and
condition, without paying or accepting
the draft.
The importer may reject the
goods, for example,
if
the
local
market
prices
of
the
goods
have
dropped.
Unless
the goods
are
shipped
back
or
rerouted
to
other
buyers,
the
goods
may
incur
warehousing
charges
and
be
subject
to
foreclosure after a
period of time and auctioned
off
by
the
customs.
The
importer,
not
surprisingly, could
be one
of the bidders
at the
auction
and
obtain
the
abandoned
goods
at
a
fraction of
the import cost. A remedy to counter
such
a
rejection
is
to
send
the
draft
and
documents
immediately
to
the
remitting
bank,
so that the remitting
bank may relay them to the
collecting
bank and the collecting bank presents
them to the importer for payment or
acceptance
before the goods arrive at
the destination.
The
importer,
however,
has
the
right
to
reject
goods
that
deviate
from
the
contracted
specifications
and
quality.
The
importer
can
instruct the collecting bank not to pay
the draft.
6.2.2 Clean
Drafts versus Documentary Drafts in the
Documentary Collections
托收中的光票和跟单汇票
1.
Clean Draft
In a clean draft, no shipping documents
are
attached to the draft sent to the
remitting bank.
The documents are sent
together with the goods,
directly
to
the
buyer.
Therefore,
unless
the
credibility of the buyer
is unquestionable, using
a
clean
draft
in
the
shipment
of
goods
is
risky.
The
clean
draft
is
more
often
drawn
for
the
collection
of
payment
for
the
services,
not
the
goods.
2. Documentary Draft
In
a
documentary
draft,
the
shipping
documents are attached to the draft
sent to the
remitting bank. The buyer
will be able to receive
the shipping
documents from the collecting bank
only
after
he/she
has
accepted
the
draft
for
payment
later or after he/she has paid the draft.
6.2.3 The Parties in the
Collection of Drafts
托收汇票中的各方
1.
Drawer
The
drawer
is
the
party
who
issues
the
draft
and
to
whom
the
payment
is
made.
The
drawer is the seller (the exporter) and
the payee
of
the
draft.
The
payee
could
be
another
party
rather
than
the
exporter,
or
could
be
the
bona
fide holder (the
bearer) of the draft.
2. Drawee
The
drawee
is
the
party
who
owes
the
money
or
agrees
to
make
the
payment
and
to
whom
the
draft
is
addressed
(made
out).
The
drawee
is the buyer (the importer), the acceptor
and
the
payer
of
the
draft
in
a
documentary
collection. In a letter of credit the
drawee most
often is the confirming
bank or the issuing bank,
which is the
acceptor and the payer of the draft.
3.
Remitting Bank
The exporter's bank to
whom the exporter
sends
the
draft,
shipping
documents
and
documentary
collection
instructions,
and
who
subsequently relays them
to the collecting bank
in
a
documentary
collection
is
called
the
remitting bank.
The
term
remitting
bank
as
used
under
a
letter
of
credit
may
refer
to
a
nominated
bank
from
whom
the
issuing
bank or
the
confirming
bank, if any,
receives the shipping documents.
4.
Collecting Bank (Presenting Bank)
The
bank
in
the
importer's
country
(the
importer's bank
usually) involved in processing
the
collection---presents
the
draft
to
the
importer
for
payment
or
acceptance,
and
thereafter
releases
the
shipping
documents
to
the
importer in accordance with the instructions
of the exporter---is called the
collecting bank or
the presenting bank.
6.3 Bills of
Lading
提单
The
bill
of
lading
(in
ocean
transport),
waybill or
consignment note (in air, road, rail or
sea transport), and receipt (in postal
or courier
delivery) are collectively
known as the transport
documents.
The
bill
of
lading
(B/L)
serves
as
a
receipt
for
goods,
an
evidence
of
the
contract
of
carriage,
and
a
document
of
title
to
the
goods.
The
carrier
issues
the
B/L
according
to
the
information
in
a
dock
receipt,
or
in some cases
according
to
a
completed
working
copy
of
the
B/L supplied by the
customs broker.
The B/L must indicate
that the goods have
been
loaded
on
board
or
shipped
on
a
named
vessel,
and it must be signed or authenticated by
the carrier or the master, or the agent
on behalf
of
the
carrier
or
the
master.
The
signature
or
authentication
must
be
identified
as
carrier
or
master,
and
in
the
case
of
an
agent
signing
or
authenticating,
the
name
and
capacity
of
the
carrier
or
the
master
on
whose
behalf
such
agent
signs or authenticates must be indicated.
Unless
otherwise
stipulated
in
the
letter
of
credit
(L/C),
a
bill
of
lading
containing
an
indication
that
it
is
subject
to
a
charter
party
and/or that the vessel
is propelled by sail only is
not
acceptable.
6.3.1 The Date
of Shipment in Ocean Freight
海运中的装船日期
In
cases
where
the
bill
of
lading
(B/L)
has
pre-printed
wording
indicating
that
the
goods
have
been
loaded
on
board
or
shipped
on
a
named vessel, the issuance date of such
a B/L is
considered to be the date of
loading on board or
the date of
shipment.
In
cases
where
the
B/L
does
not
have
pre-printed
wording
indicating
that
the
goods
have
been
loaded
on
board
or
shipped
on
a
named
vessel,
the
loading
on
board
a
named
vessel is
evidenced by the on board notation (e.g.
“
on
board
”
,
“
laden
on
board
”
or
“
shipped
on
board
”
) on the
B/L, which must be initialed and
dated
by the carrier or its agent. The date of the
on board notation is considered to be
the date of
shipment.
6.3.2 Transshipment Clauses in Ocean
Bills of Lading
海运提单中的转船条款
If
the
bill
of
lading
incorporates
clauses
stating
that
the
carrier
reserves
the
right
to
transship,
then
the
transshipment
is
allowed
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