Traditional Culture Encyclopedia - Traditional culture - Why doesn't documentary draft have the nature of "unconditional payment instruction" of traditional draft?
Why doesn't documentary draft have the nature of "unconditional payment instruction" of traditional draft?
Documentary draft does not have the nature of "unconditional payment order" of traditional draft, because the draft drawn by the exporter to the importer needs to be accompanied by some relevant documents, and the bank acts as an intermediary for acceptance and payment. Traditional bill of exchange is an unconditional payment order, that is, the holder can ask the payer to pay the amount of the bill without providing other conditions and documents. Documentary bills do not have the nature of such unconditional payment orders. Documentary draft is a special trade financing tool, which is usually used in international trade. It is a draft drawn by the exporter to the importer, which needs to be accompanied by some relevant documents, and the bank will accept and pay as an intermediary. Therefore, the payment of documentary draft is conditional, which needs to meet certain conditions and requirements, such as providing relevant documents, meeting the stipulated shipment date and destination port.
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