Collections - GlossaryCollections - Glossary

Here you can find an explanation of relevant words and expressions used in relation to collections.
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Term  Explanation 
Acceptance  Written acceptance of a draft/bill of exchange against receipt of documents on a D/A basis (see Documents against acceptance) 
Air waybill (AWB)  Air transport document 
At sight Payment with no period of credit
Aval The bank's guarantee of payment of an accepted bill of exchange/draft
Beneficiary Recipient of payment
Bill of lading Sea transport document

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