Case of Need
From Open Risk Manual
Revision as of 13:30, 13 February 2020 by Wiki admin (talk | contribs)
Definition
Case-of-Need. It is an agent of the exporter located in the country of the buyer who is to be notified by the presenting financial institution under a draft collection of any difficulties in collecting payment.
The case of need may be given the power to change the collection instructions or even the draft amount, or may just be expected to make arrangements to store the products and find an alternate buyer. Whatever authority the case of need has should be specified in the collection instructions letter.
