Promissory Note Collection

Encashment of bills of exchange along with supporting commercial documents (such as invoices, transport documents, documents of title controlling disposition of the goods or other similar documents) consists in the Bank carrying out operations with bills of exchange and accompanying commercial documents (if any) based on the instructions received from the principal in order to:

  • Receive payment and / or acceptance of bills of exchange.
  • Transfer the bills and commercial documents against their payment and / or acceptance.
  • Transfer the bills and commercial documents on other terms and conditions.

In the course of encashment of bills of exchange, the Bank is responsible only for the timeliness, correctness of taken actions and the accuracy in execution of the Customer’s order.

The Bank is not in charge for insolvency, negligence, misconduct, errors or failures of another bank or payer, or notary notifying a protest, as well as for delays, loss or destruction of documents during their transfer or at the time they are in possession of other parties.

The encashment operation of bills of exchange is performed on the grounds of an encashment agreement concluded between the bill holder and the Bank. The agreement should contain complete and accurate instructions of the holder to the Bank regarding the conduct of encashment operations. The Bank takes actions only in accordance with the aforesaid instructions provided by the bill holder and the current legislation.

The bank remitter has the right to perform all actions related to encashment on its own or to involve another bank (or banks) in these operations unless otherwise specified by the order for encashment.

The bill holder must timely address the bank remitter for the encashment operation. In case of necessity to attract another bank (other banks) for the encashment operation, it is also necessary to take into account the timeframes for transferring documents between banks.