clean collection definition

clean collection

Documentary collection whereby only the financial document (draft or bill of exchange) is sent through the banks—without a bill of lading and/or other shipping documents (which are sent separately by the consignor to the consignee). Used usually in open account arrangements, clean collection allows a consignee to take delivery of the shipment without paying and without making a firm commitment to pay on a fixed date.

clean collection is in the Banking, Commerce & Finance and International Trade & Relations subjects.

clean collection appears in the definitions of the following terms: clean and clean credit

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