No. Trading on a collection basis means that documents will not be handed over until payment has been made or a draft has been accepted, but in contrast to a documentary credit, the buyer is not obliged to pay or accept a draft.
There is no simple answer as to what documents must be presented under a collection – it depends on what you have arranged with your buyer. Typical documentation includes a bill of lading (or a transport document), invoice, certificate of origin, insurance certificate (if required) and bill of exchange.
The international rules for collections do not stipulate when the importer must make payment. You can certainly defer the payment until the goods arrive unless you have arranged otherwise with the seller.
The importer cannot waive charges under a collection if the collection instructions state that this is not permitted.
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