Documentary

Documentary Remittances

Using a documentary remittance, the seller authorises the bank to present forwarding and transportation documents to the buyer after the contractually agreed payment has been made.

In foreign trade, the documentary remittance is a type of payment where:

  • The payment occurs in the place where the buyer is located.
  • The seller gives the documentary remittance.
  • The bank has no obligation to certify the legal validity of the documents.
  • The seller has to pay for all the costs unless otherwise mentioned in the contract.

Benefits

For the buyer: Payment is made only upon delivery of goods by the seller and presentation of the required documents in the bank.

For the seller: Forwarding documents are made available to the buyer only after the payment has been effected.


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