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One set of documents under collection was received by Asia Islamic Bank from the suppliers...

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Accounting

One set of documents under collection was received by Asia Islamic Bank from the suppliers bank, Noriz Islamic Bank, which was subject to ICC Uniform Rules for Collections (URC522). However, the collection instruction did not specify the instruction on the delivery of the documents. Nevertheless, Asia Islamic Bank was notified by the customer that they were given a term of 60 days from the shipment date which was consistent with the invoice that was enclosed in the collection. The customer also informed that this was the term they normally receive from their supplier. The bill of lading was consigned to Asia Islamic Bank.

  1. Explain the following terminologies as per URC522

  1. Clean collection

  1. Financial documents

  1. Presentation

  1. Under URC522, explain what Noriz Islamic Bank and the customers supplier, as the parties thereto, are known as?

  1. What is obligation of Asia Islamic Bank in the above situation as stated in URC522?

  1. The bill of lading was consigned to Asia Islamic Bank. Can Asia Islamic refuse to take the delivery of the goods? Explain your answer.

pls answer as soon as possible

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