Parties in a Documentary Collection

We should be able to identify the parties in a documentary collection and understand their roles and responsibilities.  the " pri...

We should be able to identify the parties in a documentary collection and understand their roles and responsibilities.

1.  the "principal" who is the party entrusting the handling of a collection to a bank;
2.  the "remitting bank" which is the bank to which the principal has entrusted the handling of a collection;
3.  the "collecting bank" which is any bank, other than the remitting bank, involved in processing the collection;
4.  the "presenting bank" which is the collecting bank making presentation to the drawee.
5.  the "drawee" is the one to whom presentation is to be made according to the collection instruction.

Documentary Collection Process (Cash Against Document Transaction Flow)