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1. Documentary Letters of Credit
A documentary letter of credit, used in international and local trade, ensures:
- the importer : that payment will be made only when the documents have been presented in strict accordance with the terms and conditions of the documentary letter of credit and
- the exporter : an irrevocable payment commitment from the bank.
The documentary Credit are regulated by The Uniform Customs and Practice for Documentary Credit, Publication No.600 / 2007 of the International Chamber of Commerce, Paris.
2. Collection
The collection is a procedure through which the bank processes financial or commercial documents, in accordance with received orders, to:
- obtain acceptance for the future due payment (D/A) or the at sight due payment (D/P) of documents;
- remit ,internationally or locally, documents against acceptance for the future due payment (D/A) or at sight due payment (D/P).
The collections are regulated by The Uniform Rules for Collection, Publication No.522/ 1996 of the International Chamber of Commerce, Paris.
3. Letters of Guarantees
A letter of guarantee is an irrevocable commitment undertaken by a bank, based on the written request of the bank’s customer, for the payment of the requested amount to the beneficiary of the guarantee but not exceeding the amount of the letter . The payment will be executed only on demand for payment in accordance with the terms and conditions stipulated in the the letter of guarantee.
Bank guarantees are usually regulated by The Uniform Rules for Demand Guarantees, Publication No.458 of the International Chamber of Commerce, Paris.
4. Foreign Currencies Cheques
Foreign currency cheques are used by the Bank’s customers, for encashment of their foreign debtors.
A cheque is a payment tool through which the issuer gives the bank an unconditional order to pay an amount to the payee of the cheque.. The encashment period is of aprox.30 days.
5. Conditional Payment Orders
Conditional payment orders are payment orders that include a financial or commercial condition.
For more information on the Trade Finance, please contact us: 021-2067074,021-2067085, 021-2067150.
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