Clean Collection

Based on the negotiations between Iranian and foreign parties about the foreign party's debt, the principal (Iranian party) will issue a clean collection and will submit it to one of the F.X. branches of BSI for acceptance and collection at the specified maturity date. Having  received charges for post and stamp cancellation services, the bank will forward the bill of exchange to its correspondent bank in the specified foreign country. In case of documents payable at sight, the foreign party will accept and sign the Bill of exchange. In case of documents payable at a specified maturity date, the fund will be credited to Iranian party’s account at maturity. And in case of nonpayment the bill of exchange can be protested and submitted to the Iranian party to adopt consequent legal actions.
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