P

Packing Credit

A loan given to the beneficiary by the bank to enable him to purchase raw materials． The beneficiary is usually requested to deposit the DC with the bank as security．

Past Due

Bill or loan that has not been paid on the maturity date/due date．

Paying Bank

The bank that makes payment to the beneficiary of a payment DC after presentation to it of documents stipulated in the DC．

Perils of the Seas

They are accidents or casualties of the sea． The ordinary actions of the winds and waves are not included． Heavy or tempestuous weather on a voyage is of sufficient violence to constitute a peril of the sea．

Power of Attorney

Authority given to one party to act for another．

Presentation

Act of requesting the importer抯 payment/acceptance of an import bill． - See Handling Import Collections．

Presenting Bank

The bank that requests payment of a collection bill - may be the Collecting Bank or its nominated branch or local correspondent， which is better placed to contact the importer．

Principal

The exporter in collection transactions， being the initiator of the transaction， whose instructions are followed at all stages （may be used to refer to any customer who initiates a transaction e．g． the opener of a DC）．

Promissory Note

A signed statement containing a written promise to pay a stated sum to specified person at a specified date or on demand．

Protest

The formal representation of a dishonoured bill of exchange： the bill is presented by a notary public to the drawee - if refused again， it is noted?- see noting． The notary public then issues a formal protest， an official certificate that the bill has been refused： the drawer can use this certificate to sue the drawee in court．

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国际结算专用词汇7