International Business INB355 Study Guide - Final Guide: Blackboard, Howlong, Write-Off
28 Jul 2016
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15% - check test 2 learning outcomes on blackboard, Against acceptance or cash against document/ promissory note. Handling of doc by bank to obtain paym. or acceptance, release doc against p or acc. , release doc against other terms and conditions. Publication 522, first 5 articles very important for what is a collection. (textbook explains the articles); responsibility of banks: follow instructions. Art icle 1 0- t ypo= document should not be consigned to bank without agreement. Maybe if the party disappears you are not going to be able to sell it to someone else. Standard send shipment, without consign to buyer, send doc to buyer s bank. Direct: seller send shipment without consign to buyer, documents sent straight to importers bank. Parties to a collection: 5 parties (drawer-seller, drawee-buyer, payee-seller, amount-must match invoice, tenor-when is it due at sight or future time) seller tells buyer to pay him this amount of money at sight or time.
