Article 16
Payment Without Delay
a.Amounts collected (less charges and/or disbursements and/or expenses where applicable) must be made available without delay to the party from whom the collection instruction was received in accordance with the terms and conditions of the collection instruction.
b. Notwithstanding the provisions of sub-article 1 (c) and unless otherwise agreed, the collecting bank will effect payment of the amounts collected in favour of the remitting bank only.
Article 17
Payment in Local Currency
In the case of documents payable in the currency of the country of payment (local currency), the presenting bank must, unless otherwise instructed in the collection instruction, release the documents to the drawee against payment in local currency only if such currency is immediately available for disposal in the manner specified in the collection instruction.
Article 18
Payment in Foreign Currency
In the case of documents payable in a currency other than of the country of payment (foreign currency), the presenting bank must, unless otherwise instructed in the collection instruction,release the documents to the drawee against payment in the designed foreign currency only if such foreign currency can immediately remitted in accordance with the instructions given in the collection instruction.
Article 19
Partial Payments
a.In respect of clean collections, partial payments may be accepted if and to the extent to which and on the conditions on which partial payments are authorized by the law in force in the place of payment. The financial document(s) will be released to the drawee only when full payment thereof has been received.
b. In respect of documentary collection, partial payments will only be accepted if specifically authorized in the collection instruction. However,unless otherwise instructed, the presenting bank will release the documents to the drawee only after full payment has been received, and the presenting bank will not be responsible for any consequence arising out of any delay in the delivery of documents.
c.In all cases partial payments will be accepted only subject to compliance with the provisions of either Article 17 or Article 18 as appropriate. Partial payment, if accepted, will be dealt with in accordance with the provisions of Article 16.
E. Interest, Charges and Expenses
Article 20
Interest
a.If the collection instruction specifies that interest is to be collected and the drawee refuses to pay such interest, the presenting bank may deliver the document (s) against payment of acceptance or on other terms and conditions as the case may be, without collecting such interest, unless sub-article 20 (c) applies.
b. Where such interest is to be collected, the collection instruction must specify the rate of interest,interest period and basis of calculation.
c.Where the collection instruction expressly states that interest may not be waived and the drawee refuses to pay such interest the presenting abnk will not deliver document and will not be responsible for any consequences arising out of any delay in the delivery of document(s). When payment of interest has been refused, the presenting bank must inform by telecommunication or, if that is not possible, by other expeditious means without delay the bank from which the collection instruction was received.
Article 21
Charges and Expenses
a.If the collection instruction specifies that collection charges and/or expenses are to be ofr account of the drawee and the drawee refuses to pay them, the presenting bank may deliver the document(s) against payment or acceptance or on other terms and conditions as the case may be, without collecting charges and/or expenses,unless sub-article 21 (b) applies.
Whenever collection charges and/or expenses are so waived they will be for the account of the party from whom the collection was received and may be deducted from the proceeds.
b.Where the collection instruction expressly states that charges and/or expenses may not be waived and the drawee refuses to pay such charges and/or expenses, the presenting bank will not deliver documents and will not be responsible for any consequence arising out of any delay in the delivery of the document(s). When payment of collection charges and/or expenses has been refused the presenting bank must inform by telecommunication or, if that is not possible, by other expeditious means without delay the bank from which the collection instruction was received.
c.In all cases where in the express terms of a collection instruction or under these Rules, disbursements and/or expenses and/or collection charges are to be borne by the principal, the collecting bank(s) shall be entitled to recover promptly outlays in respect of disbursements,expenses and charges from the bank form which the collection instruction ws received, and the remitting bank shall be entitled to recover promptly from the principal any amount so paid out by it,together with its own disbursements,expenses and charges,regardless of the fate of the collection.
d.Banks reserve the right to demand payment of charges and/or expenses in advance from the party from whom the collection instruction was received, to cover costs in attempting to carry out any instructions, and pending receipt of such payment also reserve the right not to carry out such instructions.
F. Other Provisions
Article 22
Acceptance
The presenting bank is responsible for seeing that the form of the acceptance of a bill of exchange appears to be complete and correct, but is not responsible for the genuineness of any signature or for the authority of any signatory to sign the acceptance.
Article 23
Promissory Notes and Other Instructions
The presenting bank is not responsible fo the genuineness of any signature or for the authority of any signature to sign a promissory note, receipt,or other instruments.
Article 24
Protest
The collection instruction should give specific instructions regarding protest (or other legal process in lieu thereof), in the event of non-payment or non-acceptance.
In the absence of such specific instructions, the banks concerned with the collection have no obligation to have the document(s) protested (or subjected to other legal process in lieu thereof) for non-payment or non-acceptance.
Any charges and/or expenses incurred by banks in connection with such protest, or other legal process,will be for the account of the party from whom the collection instruction was received.
Article 25
Case-of-Need
If the principal nominates a representative to act as case-of-need in the event of non-payment and/or non-acceptance the collection instruction should clearly and fully indicate the powers of such case-of-need. In the absence of such indication banks will not accept any instructions from the case-of-need.
Article 26
Advices
Collecting banks are to advise fate in accordance with the following rules:
a.Form of Advise
All advices of information from the collecting bank to the bank from which the collection instruction was received, must bear appropriate details including, in all cases,the latter bank’s reference as stated in the collection instruction.
b.Method of Advice
It shall be the responsibility of the remitting bank to instruct the collecting bank regarding the method by which the advices detailed in (c) i, (c) ii and (c) iii are to be given. In the absence of such instructions, the collecting bank will send the relative advices by the method of its choice at the expense of the bank from which the collection instruction was received.
c. i. Advice of Payment
The collecting bank must send without delay advice of payment to the bank from which the collection instruction was received, detailing the amount or amounts collected,charges and/or disbursements and/or expenses deducted, where appropriate, and method of disposal of the funds.
ii.Advice of Acceptance
The collecting bank must send without delay advice of acceptance to the bank from which the collection instruction was received.
iii.Advice of Non-payment and/or Non-acceptance
The presenting bank should endeavour to ascertain the reasons for non-payment and/or non-acceptance and advise accordingly, without delay,the bank from which it received the collection instruction.
The presenting bank must send without delay advice of non-payment and/or advice of non-acceptance to the bank form which it received the collection instruction.
On receipt of such advice the remitting bank must give appropriate instructions as to the further handling of the documents. If such instructions are not received by the presenting bank within 60 days after its advice of non-payment and/or non-acceptance, the documents may be returned to the bank from which the collection instruction was received without any further responsibility on the part of the presenting bank.
Payment Without Delay
a.Amounts collected (less charges and/or disbursements and/or expenses where applicable) must be made available without delay to the party from whom the collection instruction was received in accordance with the terms and conditions of the collection instruction.
b. Notwithstanding the provisions of sub-article 1 (c) and unless otherwise agreed, the collecting bank will effect payment of the amounts collected in favour of the remitting bank only.
Article 17
Payment in Local Currency
In the case of documents payable in the currency of the country of payment (local currency), the presenting bank must, unless otherwise instructed in the collection instruction, release the documents to the drawee against payment in local currency only if such currency is immediately available for disposal in the manner specified in the collection instruction.
Article 18
Payment in Foreign Currency
In the case of documents payable in a currency other than of the country of payment (foreign currency), the presenting bank must, unless otherwise instructed in the collection instruction,release the documents to the drawee against payment in the designed foreign currency only if such foreign currency can immediately remitted in accordance with the instructions given in the collection instruction.
Article 19
Partial Payments
a.In respect of clean collections, partial payments may be accepted if and to the extent to which and on the conditions on which partial payments are authorized by the law in force in the place of payment. The financial document(s) will be released to the drawee only when full payment thereof has been received.
b. In respect of documentary collection, partial payments will only be accepted if specifically authorized in the collection instruction. However,unless otherwise instructed, the presenting bank will release the documents to the drawee only after full payment has been received, and the presenting bank will not be responsible for any consequence arising out of any delay in the delivery of documents.
c.In all cases partial payments will be accepted only subject to compliance with the provisions of either Article 17 or Article 18 as appropriate. Partial payment, if accepted, will be dealt with in accordance with the provisions of Article 16.
E. Interest, Charges and Expenses
Article 20
Interest
a.If the collection instruction specifies that interest is to be collected and the drawee refuses to pay such interest, the presenting bank may deliver the document (s) against payment of acceptance or on other terms and conditions as the case may be, without collecting such interest, unless sub-article 20 (c) applies.
b. Where such interest is to be collected, the collection instruction must specify the rate of interest,interest period and basis of calculation.
c.Where the collection instruction expressly states that interest may not be waived and the drawee refuses to pay such interest the presenting abnk will not deliver document and will not be responsible for any consequences arising out of any delay in the delivery of document(s). When payment of interest has been refused, the presenting bank must inform by telecommunication or, if that is not possible, by other expeditious means without delay the bank from which the collection instruction was received.
Article 21
Charges and Expenses
a.If the collection instruction specifies that collection charges and/or expenses are to be ofr account of the drawee and the drawee refuses to pay them, the presenting bank may deliver the document(s) against payment or acceptance or on other terms and conditions as the case may be, without collecting charges and/or expenses,unless sub-article 21 (b) applies.
Whenever collection charges and/or expenses are so waived they will be for the account of the party from whom the collection was received and may be deducted from the proceeds.
b.Where the collection instruction expressly states that charges and/or expenses may not be waived and the drawee refuses to pay such charges and/or expenses, the presenting bank will not deliver documents and will not be responsible for any consequence arising out of any delay in the delivery of the document(s). When payment of collection charges and/or expenses has been refused the presenting bank must inform by telecommunication or, if that is not possible, by other expeditious means without delay the bank from which the collection instruction was received.
c.In all cases where in the express terms of a collection instruction or under these Rules, disbursements and/or expenses and/or collection charges are to be borne by the principal, the collecting bank(s) shall be entitled to recover promptly outlays in respect of disbursements,expenses and charges from the bank form which the collection instruction ws received, and the remitting bank shall be entitled to recover promptly from the principal any amount so paid out by it,together with its own disbursements,expenses and charges,regardless of the fate of the collection.
d.Banks reserve the right to demand payment of charges and/or expenses in advance from the party from whom the collection instruction was received, to cover costs in attempting to carry out any instructions, and pending receipt of such payment also reserve the right not to carry out such instructions.
F. Other Provisions
Article 22
Acceptance
The presenting bank is responsible for seeing that the form of the acceptance of a bill of exchange appears to be complete and correct, but is not responsible for the genuineness of any signature or for the authority of any signatory to sign the acceptance.
Article 23
Promissory Notes and Other Instructions
The presenting bank is not responsible fo the genuineness of any signature or for the authority of any signature to sign a promissory note, receipt,or other instruments.
Article 24
Protest
The collection instruction should give specific instructions regarding protest (or other legal process in lieu thereof), in the event of non-payment or non-acceptance.
In the absence of such specific instructions, the banks concerned with the collection have no obligation to have the document(s) protested (or subjected to other legal process in lieu thereof) for non-payment or non-acceptance.
Any charges and/or expenses incurred by banks in connection with such protest, or other legal process,will be for the account of the party from whom the collection instruction was received.
Article 25
Case-of-Need
If the principal nominates a representative to act as case-of-need in the event of non-payment and/or non-acceptance the collection instruction should clearly and fully indicate the powers of such case-of-need. In the absence of such indication banks will not accept any instructions from the case-of-need.
Article 26
Advices
Collecting banks are to advise fate in accordance with the following rules:
a.Form of Advise
All advices of information from the collecting bank to the bank from which the collection instruction was received, must bear appropriate details including, in all cases,the latter bank’s reference as stated in the collection instruction.
b.Method of Advice
It shall be the responsibility of the remitting bank to instruct the collecting bank regarding the method by which the advices detailed in (c) i, (c) ii and (c) iii are to be given. In the absence of such instructions, the collecting bank will send the relative advices by the method of its choice at the expense of the bank from which the collection instruction was received.
c. i. Advice of Payment
The collecting bank must send without delay advice of payment to the bank from which the collection instruction was received, detailing the amount or amounts collected,charges and/or disbursements and/or expenses deducted, where appropriate, and method of disposal of the funds.
ii.Advice of Acceptance
The collecting bank must send without delay advice of acceptance to the bank from which the collection instruction was received.
iii.Advice of Non-payment and/or Non-acceptance
The presenting bank should endeavour to ascertain the reasons for non-payment and/or non-acceptance and advise accordingly, without delay,the bank from which it received the collection instruction.
The presenting bank must send without delay advice of non-payment and/or advice of non-acceptance to the bank form which it received the collection instruction.
On receipt of such advice the remitting bank must give appropriate instructions as to the further handling of the documents. If such instructions are not received by the presenting bank within 60 days after its advice of non-payment and/or non-acceptance, the documents may be returned to the bank from which the collection instruction was received without any further responsibility on the part of the presenting bank.