Name
Collection and acceptance
Introduction
It is a settlement method that the payee entrusts the bank to collect payments from the payer who is in another city according to purchasing contract after goods delivery, and the bank asks for payer's acceptance. Collection and acceptance e is only available for cross-city settlement.
Features
1. The payer and the payee should appoint the collection and acceptance as the settlement mode;
2. The payer's bank bears the obligation of verification on the items agreed by the payee and the payer, when the payer refuses to pay.
Scope of Application
It is applicable to corporate customers for domestic cross-city settlement which is agreed by both parties in the contract.
Application Qualifications
The payer and the payee must sign the contract of purchase and sale, as well as stipulate the collection and acceptance as the settlement method in the contract.
Process
1. The payee fills collection and acceptance voucher of M/T(Mail Transfer) or T/T(Telegraphic Transfer), as well as submits it to payee's bank together with the shipping documents (or other relevant documents) and trading vouchers;
2. The remitting bank (payee's account-opening bank) starts the collection from payer's bank;
3. The remitting bank delivers the accounting receipt to the payee after collection.
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