Financing of Commercial Contracts

Bank of Palestine provides financing commercial contracts services to its customers by means of letters of credit and collection bills the value of which Bank of Palestine pays to the source, while granting customers an agreed upon moratorium.

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 Letters of Credit

Letters of credit are considered the most common means used in international commerce and financing. Both the source and importer secure their rights if they comply with the terms they agree on. Banks act as a mediator that undertakes responsibility in line with specific work conditions and procedures. Banks issue a statement of payment if they secure the incoming of bills in line with the agreed terms and conditions.

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 Bill Collection

This service is granted to inland importers. It consists of an agreement whereby the goods are shipped and the relevant bills of invoice is sent to the source bank with detailed collection instructions that are presented to the importers by the bank correspondent in the importer’s country.

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