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Regardless of these instruments that are formalized through legal procedures, there are other simpler but equally useful in commercial transactions. The simplicity is not at odds with the lack of legislation but are the way business people conduct their business transactions on credit and ask for it guarantees immediate sales needs and risk.

Especially in places inside the country where trade is not modernized and trade are governed by custom arising by the idiosyncrasies and lifestyles of its inhabitants who have imposed certain rules that are part of trading.

14.1. CHECK
The check is an immediate payment document specified as a title-value differs from previous instruments to be effective in its sole presentation. It is also a straightforward order issued against a bank that pays a certain amount of money in favor of a third party. The requirements for issuance and circulation are in the Securities and Exchange Law.

fundamental requirement is to draw a check, in which the spinner must have sufficient funds or overdraft authorization granted by the bank because this is a means of immediate payment by exchange effects.

in trade is often used to support credit operations, as collateral to issue the check future date, to coincide with the maturity of the debt payment. This custom is rooted in business, so its use as an instrument of guarantee.

The check is a negotiable instrument and easily by means of endorsement. To check compliance with this requirement is necessary to take into account:

1. Should indicate the name and signature of the endorser.
2. Must contain the name of the endorser.
3. It should contain the kind of endorsement.

Different takes on the check names give rise to various forms of use, such as, for example: Cheque Cruzado, check to cover current account Nontransferable check, certified check, cashier checks and travelers checks .

Requirements
1. The corresponding number.
2. The pure and simple order to pay a certain amount of money.
3. The name and address of the drawee bank.
4. The name of the place and date of issue.
5. The signature of the drawer that has the capacity of principal.

14.2. COMMERCIAL INVOICE
The commercial invoice is not an instrument of securities, not to be regulated by the Securities and Exchange Act, therefore its enforceability will be different. This however is a document that serves as evidence of the conduct of a commercial transaction being mandatory issue. This document is subject to requirements and tax formalities until details of the fate of their copies, prior authorizations for printing and file special form, nature and purpose is different from the conformal factor.

is however many transactions business transactions are done at your request and one representation. It can also serve as collateral for the transmission of a good position to be bought on credit that while this is not paid in full, the position it is not transferable to those who require it.


Requirements 1. Numeration.
2. Name or consignee to whom the invoice is issued.
3. Customer name or consignee.
4. Description and price of the goods.
5. Total amount in numbers and letters.
6. Cancellation Date.
7. Other requirements of law.

14.3. PRIVATE CONTRACTS
The business is very often makes use of contracts to formalize a commercial operation agreement, a promise of sale, a promise of payment, etc. pre-order. The simple act of signing a contract and recognizes allows a contractual relationship between a debtor and a creditor.

A contract is an agreement that creates a bond between the people who make and extinguished according to their compliance. More explicitly, we refer to the civil code which says that the contract is an agreement between two or more parties to create, regulate, modify or terminate a legal relationship equity. Implicit in this definition are two elements: the manifestation of will and the creation of a legal relationship. These can be improved with the consent of the parties, except those that also must observe the manner prescribed by law on pain of nullity.
There are several types of contracts either by their nature, form and conditions, but we only refer to the types of contracts used in commerce.

These can be by classification in perfect and imperfect. The perfect are those who do not have any requirements for full legal force and we have contracts that are formalized by the rule of law such as the Note the Warrant, the Learsing, the Mortgage, the Bond, etc. and imperfect that for making them show no imperative law, for example, the purchase and sale, the promissory note, agreement of parties, the advance payment, etc. supply contract.

The law of contract is found in the commercial code (Art. From 50 to 62) and general provisions, and its legal system in the civil code (Art. 1351 to 1490).

Requirements
1. The legal obligation of the contract must be lawful.
2. That persons involved in the contract have legal capacity to execute.
3. The possible lawful act and the act of fulfilling it.
4. A contract must be in writing and consented by the people involved in them.

15. CONSERVATION AND CONTROL OF CREDIT INSTRUMENTS
a credit instrument for registration, maintenance and control must have certain characteristics, among them are:

1. Contains an economic right.
2. It is a document that is intended to run through different mechanisms such endorsement or transfer nominative power or real value this has.
3. To comply with the formalities and procedures established by law or you will lose your destination circulatory and nature of securities.

According to these characteristics, a credit document is a security whose preservation should be held by the company in order to bring actions for change. But even if this occurs, these documents may be destroyed in whole or in part by altering the value and causing inefficiency in collection.

According to Securities and Exchange Act may occur the text of the document is altered so that the essential data for identification persist, in this case is not necessary to declare their inefficiency, but the rightful owner of the document may find it difficult at the time of transfer by endorsement (in the case a bill of exchange), as third parties in order to acquire the property do not brazen.

Thesis Statement On A Abortion

Supplemental Credit Instruments Systematization

For an effective collection is essential to have knowledge of the purpose and use of each instrument to promote and secure credit because they constitute the basic tools to support work professional each transaction of this nature includes and represents the security and the creditor's right to receive payment.

Trade credit is generally used in securities such as bills of exchange for his versatility and knowledge in the area, the credit card, the Promissory Notes or the Warrant are used in the financial system security instruments in the granting of bank credit, credit operations and business customers frequently to increase their working capital, purchase goods or increase their assets. It is our understanding that the versatility and use of securities, assume the virtue of providing marketing of goods and services as the holder of the credit, do not have to notify its transfer to the debtor. Deserves special attention as a title check value to ensure loans in special circumstances and that its use is common in local trade.

But what is a securities?, Under the law is a document that contains a wealth of private law intended to run in compliance with the formalities established by law. Is a necessary tool to enforce the law literally and self-contained in that document.

Another instrument used by banks and financial institutions is the Letter of Guarantee and Learsing or lease, the bank guarantee as a form of special credit, since the new law on banks and financial institutions considered as active and as the name assume the characteristics of credits. Similarly Invoice Factoring as compliance and new forms of financial instruments.

documents also have well-known in commercial practice such as invoices, receipts, and private contracts that are usually considered as debt instruments between traders and customers.
can not be denied the speed and volume of commercial transactions in modern times requires trade, makes every day are required legal instruments, mechanisms and appropriate markets for the movement of capital, able to provide legal certainty and effective and efficient delivery of care business.

Before describing the characteristics of each of the credit instruments, knowledge of the use thereof by the employer can be classified into short-term loans, medium and long term. This can be treated for giving credit to the funding it. However, in the trading system is not well known credits long term.
then analyze them either one by one:

13.1. POINT OF CHANGE
is a credit instrument that tests required by its mere existence, without being necessary to consider the causes that gave rise, considering this ground as a tool for abstract and autonomous.

addition, the bill of exchange has the characteristic of the payment order, and that through it a person who has a claim against another and that is not expired but will expire, may be financed through a bank or a future date assume that a third party debt in solidarity. Also, the bill of exchange is the title higher value employment in the business.

The letter serves to support trade credit purchase, or as collateral for short-term. Likewise, the letter can be endorsed because it is a paper currency and finance because it is accepted in the banking and financial system as a tool for collection.

The letters also can be backed up, secured and guaranteed. Are endorsed when its business and its acceptance are paid by individuals or corporations the same as by accepting, consisting this in the relevant securities. Is to strengthen when backed by a letter of solidarity bond, irrevocable, unconditional and immediate implementation, issued by a bank or financial. Is guaranteed when its release have specific additional safeguards.

bill of exchange, to be valid as such and in accordance with securities law can only be rotated:

1. The View: Pay your own presentation.
2. Ahead Views: When the deadline for payment starts to be calculated from acceptance.
date
3. Ahead: The paid on the appointed days counted from the date of issue.
4. Fixed Ahead: We pay as directed according to the document.
   

Depending on who use the bill of exchange and according to its format, individuals use a simple typeface, while legal persons (companies or organizations) are doing with their own impressions. Do not forget that any bill of exchange is payable at the address specified in it, as this ensures compliance with the obligation.

Requirements
According to securities law Securities and bill of exchange must contain:

1. The term bill of exchange or other equivalent.
2. The unconditional order to pay a certain amount of money.
3. The name of the person in charge of turning point.
4. The expiration date.
5. The indication of place of payment.
6. The name of the person to whom payment must be made.
7. The indication of the date and place of issuance of the letter.
8. The name and signature of the person issuing the letter.

13.2. PAYING
a security is suitable for documenting credit direct cash obligations between a creditor and a debtor, the latter being where the note is in favor of the former. Unlike the bill of exchange that is a security causal order, ie in this document are agreed the conditions that give rise to the claim, including in it the collateral that secures the obligation, giving him an advantage over point as to minimize the risk of a credit covenant because this compelled to point out the cause and ensuring as optional.

The promissory note is almost always used to obtain bank credit for being a security point most complete, but commercial use is increasingly widespread and accepted. Hence the name of bank notes and commercial. In this lending is recognized that the interest payable will be the default interest and compensation. It should also take into account that the default interest, to be charged, must be compact, otherwise only be receivable compensatory interest or otherwise in legal interest.

The note has a term not less than 30 days nor more than 180, which can be either renewable.

Requirements

1. The name of Pay or Pay to the Order of:
2. The indication of the date and place of issue.
3. The straightforward promise to pay a sum of money within a specified period or determinable in the case of legally admitted capital adjustment.
4. The name of the person to whom payment must be made.
5. The indication of the maturity and the place to be paid.
6. The name and signature of the sender.
   

13.3 The BONUS WARRANT OR TURN
is a debt issuing general deposit warehouses. The deposit certificate evidencing ownership of the goods or items left in the store that issued the title.

The Warrant is a test title and the presence of a claim of lien on the goods or property as specified in the "Certificate of deposit" for. This Certificate is issued by the Warehouses that certifies the ownership of the goods and merchants deposited in the warehouse. Goods delivered to stores must be insured against fire or other disaster or emergency presented. The holder of the warrant certificate and may sell the goods, without having to physically deliver it to the buyer because it is enough to make delivery of the certificate and the respective Warrants.

is appropriate to note that by endorsing a warrant, the creditor has a preferential right over any other creditors that their loans will be paid, may in case of failure to make forced to auction the goods, rights not invalidate or even bankruptcy, disability or death of the obligor, and the Warrant is solid warranty.

You can also occur if the holder of the Warrants can certificaos and collateralized loan request with the documents that makes consideration of the entities that require these guarantees to give their credit.

This instrument is often used by industrial companies rather than by trade or service, because it has more advantage in obtaining loans using as collateral their finished products.

However, the wholesaler, you can also leave deposit their merchandise sales are seasonal and do not necessarily need them, but to a new sales campaign. Additionally, the title means Warrant, Certificate of deposit indicates the characteristics of the property deposited in the store, both can be endorsed or used as security documents.
Requirements

1. Name and address of the depositor.
2. Date of issue.
3. Technical description of the quantity, weight and quality of the goods that are left on deposit.
4. Warehouse Designation and seal and signature of the Administrator.
5. Certificate Order Number
6. Name of Bank or entity to whom the merchandise is entered.
7. insurance amount, name and address of the insurer.
8. Total payment for the storage, maintenance and operations related to the goods.
   

13.4. CREDIT CARD
consider a direct short-term credit and its use is by credit card used as payment methods. The advantage of this type of loan is that it is versatile and practical for use. Its operation and moving it takes money to call it "plastic."

financial institutions make loans to managers or owners of the enterprises based on income amounts determined to be handled in savings accounts and / or checking accounts. Its use is oriented to obtain credit in the short term, especially for consumer goods and services.

Assuming a classification, we can say that in our environment are outstanding bank credit cards and business credit cards, although both are aimed at meeting the credit needs of the users we can say that there is marked difference between them. No credit cards or commercial bank lending is characterized by revolving, ie lines that are activated as the client is canceling their quotas. The amounts granted are variable and that these respond to customer qualification, availability and management of financial institutions.

We can affirm that the commercial credit cards are differences in the bank because they are less risky, for that reason the interest rates are lower.

Requirements

1. Savings Account and / or current account.
2. Enforceable requirements
3. Application and Contract
4. required by the Bank Guarantees
   

13.5 The BANK DEPOSIT
This is not a negotiable document under the terms of the security, but the right arising from the letter is assignable, as any economic right, after notification of the assignment to the debtor, or the issuing bank from paying.

the bank security is a secured document and is personally guaranteed by debtor and creditor with specific responsibility of the issuing bank, who will be required to answer for the debt if the debtor defaults.

is very common to use letters of guarantee and guarantees to third parties, is required use in bidding participation or support for the performance of work or business, there various uses, such as contract signing, advance bail guarantee of payment, etc.

letters are supportive bonds, irrevocable and automatically. Just a creditor of the client's delivery of a notarized notice to the bank, on behalf of this, have to pay.

This instrument is little known in the business but common to see its effectiveness in supporting trade credit obligations.

Requirements

1. Date of issue.
2. Name of the issuing bank.
3. Name of the Beneficiary.
4. Purpose and amount approved.
5. Deadline for cancellation of credit.
6. additional requirements.
   

13.6. LEASE OR LEASE
constitutes a form of medium-term credit is allowed in the trade because is a contract for the lease object or location of movable and immovable property acquired by a third party lessor company for the use of the lessee. This Agreement transfers to the lessee contract transfers all benefits and risks inherent in the ownership rights to the leased asset. States that the financial operation is generally learsing made between legal persons and that tax has some benefits, not so for natural persons. By paying regular installments and an option for the lessee to buy the goods at a value agreed.

has to specify that the lessor is a company Financial, while the Tenant shall be a legal person. The main characteristic Learsing flexible in its structure of periodic payments that are perfectly suited to the needs of each user.
This feature adds three basic options that may be available to the lessee at the end of contract period: First, the tenant may choose to buy either a residual value. The second option is to extend or renew the contract and, as a third possibility the contract expires with no further obligation to lease can be a domestic or foreign.

should also be noted that this financing mechanism is based on two distinct features of the property subject to security: the ownership and use. Because the company buys the right to use an asset for a predetermined time without the need to commit to purchase. In this way the user company is in leasing and ownership entity, a landlord. The Learsing comes to a commercial contract, yet typical, reciprocal and expensive, have a continuous duration in time.

Elements Involved in the Learsing

1. lessor Company or landlord.
2. Lessee or tenant.
3. Contract specification of goods.
4. residual value.
   

13.7. MORTGAGE LOANS
This financial instrument credit allows a natural or legal person can access a credit line of medium and long term to finance acquisition of fixed assets.

here plays as a fundamental guarantee the mortgage. The contribution of the Bank or financial institution will be up to an amount of 75%, while the applicant provides the other 25%. The limit the credit is allocated according to the monthly capacity to present the credit applicant. An important feature is that the bill may be traded on the Stock Exchange. It is also important to note that these credits can be both legal persons in case of commercial enterprises, as dependent and independent individuals, provided they maintain a significant income and meets the requirements of the bank. A variant of this instrument is the negotiable mortgage title and becomes support for merchants who have property and wish to arrange bank loans.

Requirements

1. the issuing bank.
2. The letter mortgage.
3. intermediary institution.
4. Conditions required by law.
   

13.8. FACTORING
Factoring is one by which a financial institution known factor undertakes to buy (outright purchase) Current Assets such as the Bills, Notes, Invoices and credits (outstanding liabilities) whose ownership corresponds customers as a result of the operations of marketing goods or services made by these third parties, for a certain sum.

In simplest terms, is an operation or financial management technique by which an employer handles the exclusive claims against third parties that results in its business to a factor which may be a bank or financial , which is responsible for managing and accounting for such credits, which can assume the risk of insolvency of debtors of the receivables, as well as the mobilization of such by the advance of those in favor of his client. This operation involves both the customer and the billing company also called Factor. (Financial Company or the Bank that authorized by law).

If the company has working capital, but customers have asked for financial solvency and advance payments on account of orders, these documents may be established as instruments of collateral for credit in the banking system. This allows rapid attainment of short-term liquidity, the same can serve as backup for commercial operations by the company or client. Factoring in turn is divided into the following categories:

1. Factoring financing.
2. Factoring without funding.
Requirements

1. Factor
2. Factor.
3. Guarantee documents.
4. Contract.

13.9. COMPOSED BILL
This is also a credit financial instrument designated as negotiable instrument that has the same nature and characteristics very different from the Commercial Invoice. The only similarity we find is that the described property and credit sales transaction documents contain both belong to the same transaction. A of advantages over the bill of exchange or promissory note is that the bill is made up title causal value, because it provided evidence of the existence of a commercial transaction that creates or causes the issue, outlined in detail the subject of trade goods credit which represents partial or full payment, and constitutes acknowledgment of receipt of such property by the debtor, with the deferred payment agreement. It also represents the security right on the property described in the title.

For the retailer will have more confidence this new title-value because it is very easy to prove the cause of law and also to keep on goods sold on credit, preferred security interest that is not achieved by simply using the letter. In short, we can say that the factory made a negotiable instrument caused nominative and transferable by endorsement, also represents the right to claim arising in the commercial transaction that arises, and the preferential right of pledge on the goods described therein title, whose price has been deferred payment with a guarantee of their own property.

Requirements
1. Made up the name Bill.
2. Place and date of issue.
3. Name or corporate name of the seller.
4. Detailed description of the goods sold.
5. Unit prices and totals of the merchandise.
6. The amount paid by the buyer.
7. The expected date for payment.
8. The signature of both seller and buyer.

13.10. ORGANISE CREDIT
Within active operations of banks, credit syndication is a new form of syndicated loans that promote a number of national and foreign banks to a company that requires financial resources of great value, which is usually long term.

This appropriation is apportioned under the same terms and conditions for an individual credit agreement.

These loans are offered under a single interest rate and the same guarantee, the banks participating in the unionization are united in the performance and accountability.

The syndicated loan participants includes all types of institutions institutions, including international banks or banking agent being a leader who leads and coordinates the amounts, timing and facilities payments and the recipient of the funds until the maturity of the projects implementation.

syndication credits is under the new banking law and enter to work as a form of bank credit as of July 1992. Today many business enterprises in our country are asking syndicated loan from foreign bank branches, especially by low interest rates and extended financing terms.

While this credit mode is new, not others indicate that their knowledge in the commercial sector is required for credit transactions even within the country.

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Credit Credit and Collections Records

The specialization principle should be applied permanently not only in the office of credit and collections, but in all areas of organizations where management requires significant amounts of information. Also these areas should be interconnected according to the compatibility of its functions in coordination with the activities of credit and collections.

is difficult to achieve efficiency of the process if you do not have the equipment (hardware), programming languages \u200b\u200band programs (software) appropriate and adequate for the basic needs of the organization.

Keep in mind that the common factor of the market leaders is the computer hardware and software, systems defined in information processing: versatile, functional, effective and responsive to a direct dynamic modernization the company on par with their competition and their environment.

12.1. BENEFITS OF SYSTEMATIC

1. Services available detailed and timely information to make decisions planning and financial control.
2. High speed data processing, which determines an effective and efficient.
3. management results are obtained with greater accuracy and in less time than what has been done manually.
4. facilitates the issuance of status reports on the status of clients and overdue accounts, with better display quality.
5. Improved control of credit operations and monitoring of delinquent accounts.
6. Easy access to any type of information processed.
7. Updated permanent and immediate information.
8. can make all kinds of analysis qualitative and quantitative assessment of credit applications.
9. is a strategic marketing, as the vision of a computer in the company accounts for customer: credit, organization and safety in the handling of accounts.
   

12.2. OPERATING SYSTEMS FLOW OF CREDIT AND COLLECTIONS
Depending on the type and size of business, operational structure should be designed in a functional and objective process the customer information and update the status of state trading accounts.

How Long After D & C For Period

driving under control is essential the permanent record of customers who could identify them easily, also classify them according to a machining procedure for this purpose.

This requires maintaining classified information:

• Credit Application
• Verification Report
• customer record sheet
• Copies of dunning
• commercial processed documents
• Agreement and guarantees
• Extract financial statements, etc..
  

11. INFORMATION FLOW
information is also very important, to process the incoming and outgoing correspondence of the department has with the normal operations of the credit and collection procedures.

11.1. EXECUTIVE ROLE OF CREDIT AND COLLECTIONS
This role depends on many factors besides personality skills and experience.

Chief Credit and Collections must be a well-trained, educated and adapted to deal with staff of their own department, the heads of other areas, management and customers.

When the credit and collections manager, work in a large company, your role is restricted only to the area of \u200b\u200bcompetence, as there is sufficient staff to other departments. However it may be the case otherwise, as may be required to serve on various committees because your opinion is of great value to decision making in the company.

In any case, it is important to designate the right person according to certain personal qualifications, professional and managerial. Must have some features that ensure positive results in the company.

scores normally required the executive that are within the designated role, are:

11.1.1. Personal Qualifications

a) Justice : One of the great personal qualities of the Head of Credit and Collections in the broad sense, dispassionate and impartial justice (Objectivity).

b) Initiative: While the sense of justice is vital to the success of its management, the initiative is an important part, because he will be recognized by management and expand their expectations of the company (Suggestions, Innovation , Creativity for Change).

c) Perseverance : The Credit and Collections executive must not only make decisions, but they persevere to the end. If you hesitate or doubt against the pressures of their work, not be contributing to the objectives of the company and especially to focus and do their work effectively.

d) Touch : To achieve sales growth of credit and recover the money from these sales, the executive will have to display a refined touch to meet the demands of work and the work represents its assigned staff to fully comply with their duties.

c) Leadership : The Executive is a leading credit and to be able to motivate members of his department to work efficiently and coordinately. Must be competent, demanding, and show enthusiasm for their ongoing and effective management. This will significantly help to maintain group unity and efficiency of the labrum in time.

11.1.2. Professional Qualifications
To be effective, the Credit and Collections Executive must possess special knowledge and skills in the following areas:

2. General Accounting Financial Statement Analysis
4. Commercial Law Credit and Collection Techniques
5. Business Management Psychology
8. Marketing Public Relations
   

some extent, their knowledge and skills identified will depend more on experience than a vocational or technical training requiring mainly a degree of specialization.

11.2. MANUAL OF ORGANIZATION, POLICIES AND PROCEDURES
The need for manual Credit and Collections must be greater in companies where operations are more comprehensive credit and must ensure the monitoring of policies and procedures.

The Credit Manual is particularly valuable as a guide to management. Is a reference to control the actions and decisions that take place in the Credit and Collection Department. It is indisputable its relevance to large companies but also medium and small. This is because that the Manual should contain all the rules regulations and procedures necessary to give consistency to the daily operations

The executive in charge of Credit and Collections Department is the ideal person to view the objectives of the Manual and all possible uses that can be given. In some commercial enterprises to the Handbook information is obtained by special departments of Rationalization (Organization and Methods) and are responsible for its drafting and publication.

Whether the manual was drafted in the Credit and Collections department or outside it, it is important that staff from other areas involved have the opportunity to participate in the drafting and adoption of those aspects that affect their areas.

a) Form of Credit and Collections Handbook : The Manual can be prepared separately or as part of overall business manual.

You should not use the system for binding together the Manual. The loose-leaf system for archiving in Pioneer can replace updated information sheets, and its management is more advisable not to mention that the use of computers can be applied to the design of templates and exchange information quickly and efficiently.

b) Maintenance Manual : To meet its objective the information contained in the manual should sermantenida day. Responsible for the maintenance of the Manual should be alert to changes that may affect the system and procedures for credit and collections, both within and outside the company (social, economic or legal).

c) Manual Contents: content depend on the type of business activity, and the credit system adopted. On such a basis will determine the points that need to include or exclude in the manual to make.

Let's look at the model of a typical structure of Credit and Collections Handbook.

Credit and Collections Handbook

1. Presentation
2. Credit and Collection Policy
3. Organizational structure of Credit and Collections Department
4. Approval Credit Lines and Guarantees Guarantees
6. Extension lines Credit
7. Collection and Control Procedures
offs of uncollectible accounts
10. Information Systems Appendix: Guidelines and form used in the Department as well as existing legislation.
    

11.3. THE COMMITTEE ON APPROPRIATIONS AND COLLECTIONS
This committee is made up primarily by the Credit and Collections Executive, Management, Marketing, Finance, Production, etc.

is not essential that the committee requires all middle managers to conform. This will depend crucially on the kind of company and especially the magnitude of operations.

Its main functions are:

1. approve the credit and collection policies planned and defined by the department.
2. approve the granting of loans whose amounts exceed the limit established by the credit policies.
3. evaluate corrective measures on the credit and collections management.
4. approve the investment and financing program required by the Credit and Collection Department.
   

The implementation of this Committee has an important meaning even the effective management of Credit and Collection Department, as periodically evaluates the efficiency and effectiveness of the department. Its establishment can, in turn, interrelated areas or departments involved in meeting the goals and objectives set by the company, therefore, must be on a regular and ongoing.