Contents
    I. Instruments
    A. A brief introduction
    1. What s instruments? ① a broad sense: a commercial document of title;
    ② a narrow sense: a specific, negotiable security for the purpose of paying money signed by the drawer on it which is unconditionally agreed to pay a sum in certain by the himself or by another. E.g. if agreed to pay by the maker, it is promissory note; if agreed to pay by another, it may be a draft or a cheque.
    Contents
    I. Instruments
    A. A brief introduction
    1. What s instruments? ① a broad sense: a commercial document of title;
    ② a narrow sense: a specific, negotiable security for the purpose of paying money signed by the drawer on it which is unconditionally agreed to pay a sum in certain by the himself or by another. E.g. if agreed to pay by the maker, it is promissory note; if agreed to pay by another, it may be a draft or a cheque.
    UK Customer: outward remittance in GBP--- how to record ?
    C ustomer AC Vostro AC
    Dr. GBP xxxx │ │Cr. GBP xxxx
    UK Customer: outward remittance in forCurrency--- how to record?
    C ustomer AC Nostro AC
    Dr. GBP xxxx │ │Cr. ForCurrency xxxx
    III. Means of payment P9--15
    1. Cash in advance P9--10
    2. Open account P10
    3. Collection P10--12
    4. Documentary credit P12--15
    IV. Collection P15--30
    1. Outward Documentary Collection P15--25
    2. Inward Documentary Collection P25--30
    V. Documentary letter of credit P30--58
    (I). Concepts of the Documentary Credit P30--35
    1. An overview P30
    2. Stages of a Documentary Credit P30--31
    3. Review of the Documentary Credit application & Security Agreement by the Issuing Bank P31--33
    4. Utilization of the Documentary Credit P33
    5. Common Sense Rules for the Beneficiary P33--34
    6. Honoring the Obligation under the Documentary Credit P34--35