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In this video tutorial, we will be focusing on the documentary collection method DP, also known as documents against payment. This method is used when there is a lack of trust between the importer and exporter, who are new to each other. They cannot compromise on open account or advance payment, so they turn to the bank for assistance. Two methods were invented by bankers to solve this issue - documentary collection method and documentary credit methods. Under the documentary collection method, there are two types - documents against payment (DP) and documents against acceptance (DA). This video specifically looks at the DP method, where the exporter (principal) and importer (drawee) have entered into a contract agreeing on the method of payment.
