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Documents Against Payment |
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Documents against payment Shipping documents that are released to the buyer once the buyer has paid for the draft. Documents Against Payment A terms of payment arrangement in which an exporter entrusts the ownership documents of an assetto his/her bank, which then presents them to an importer only after the bank has received payment for the asset. Essentially, the bank holds hostage the ownership documents, which the importer needs to take possession of the merchandise, until the bank, and, by extension, the exporter, are paid. A risk for the exporter is the possibility that the importer will refuse to pay, and, while he/she will not be able to take possession of the merchandise, the exporter has little legal recourse. The terms of this agreement are set between the importer and exporter at the time of the sale. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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