an alternative to the letter of credit, to maintain control of documents until PAYMENT is made, when the exporter has built up with his buyer, a level of mutual trust and understanding.

[1] The exporter's bank (MCB), acts only as the agent collecting and sending the documents related to the shipment.

[2] The overseas bank hands over the documents to the buyer upon payment or acceptance for payment at a future date, in accordance with the exporter's instructions.