Glossar Trade & Export Finance
Glossar (D)

D/A

Documents against Acceptance. Instructions under a collection order to hand over the documents to the purchaser against acceptance of the bill of exchange drawn on him/her.

D/C, Documentary Credit

Explanation see under «Letter of Credit».

Deadline for examining documents (by the bank)

The banks are allowed time to examine the documents presented under the credit, such time not to exceed 5 bank working days following the day of receipt of the documents. See UCP Art. 14b.

Deadline for submitting documents

Explanation see under «Latest date for presentation».

Debt rescheduling

Adjustment of the terms applying to the existing liabilities of an overindebted company or country; for example, a reduction of interest rates and an extension of the time required for payment moratorium.

Deductible (in connection with insurances)

The deductible is the portion of an insured loss that is borne by the policyholder. Insurance documents that refer to a deductible are accepted in the context of documentary credits, unless expressly ruled out. See UCP Art. 28j.

Default Guarantee

See under «Payment Guarantee».

Defence

The presentation of new facts to dispute an opponent's rights.

Deferred payment

Description of goods

The description of the goods in the commercial invoice must correspond to that in the documentary credit. In all other documents it may be expressed in general terms, not inconsistent with the description of the goods in the documentary credit. See UCP Art. 18.

Direct Bank Guarantee

Is issued by the issuing bank directly to the beneficiary. See also «Indirect bank guarantee » and «Notify/Notifying Bank».

Discounting

The beneficiary under a usance/term documentary credit has the possibility of discounting (bill of exchange) his claim. The bank credits the beneficiary with the value of the documents, less the discount.

Discrepancies (in the documents)

Information (or missing information or missing documents/ papers, etc.) in the documents submitted under a documentary credit, which

  • is not consistent with the terms and conditions of the credit

  • is inconsistent with other documents submitted

  • does not meet the requirements of the Uniform Customs and Practice for Documentary Credits (UCP), brochure no. 600, 2007 revision.If the documents show discrepancies of any kind, the issuing or confirming bank is no longer obliged to pay. See UCP Art. 16.

  • is not in conformity with international banking practice.

Documentary Credit (definition)

A documentary credit is an irrevocable engagement given by an issuing bank to honour a complying presentation thereunder. See UCP Art. 2.

Documents

Commercial invoice, transport document, certificate of origin, packing list, etc. required under a documentary credit or collection.

Documents against Payment

For explanation, see under «D/P».

Double insurance

Goods insured by several insurers against the same risks for an identical time period and voyage. The total sum insured exceeds the value of goods. Not to be mixed up with Subsidiary Insurance Explanation see under «Subsidiary Insurance».

D/P

Documents against Payment. Instructions under a collection order to hand over the documents to the purchaser against payment.

Draft (Bill of exchange)

Documentary credits often require presentation of a draft drawn by the beneficiary on the issuing bank, the confirming bank or a designated bank.

Due Date

On the due date the obligee can demand performance and the obligor must comply. The right arising from such demand accrues to the creditor on the due date.