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Documentary collection is a form of payment, according to which documents related to supply of goods or provision of services are transferred to the importer or customer of services through bank institutions only against payment of a collection amount or acceptance of a bill issued to the importer or customer of services.
In order for collection to be used as an effective method of payment, the seller and the buyer should agree all the detailed terms and conditions of collection. When conducting collection, banks shall be guided by the international ICC Uniform Customs and Practice for Collection and generally accepted bank practice.
Information updated on 10.10.2011
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