4277 Payment terms description identifier

ElementBatch

Identification of the terms of payment between the parties to a transaction (generic term).

Element Details

Type ID

LengthMin 1 / Max 17

Codes

<>6
No drafts required.
<>4
Draft(s) must be drawn on the applicant.
<>3
Draft(s) must be drawn on the reimbursing bank.
<>1
Draft(s) must be drawn on the issuing bank.
<>7
An indication that the payment means are specified in a commercial account summary.
<>2
Draft(s) must be drawn on the advising bank.
<>5
Draft(s) must be drawn on any other drawee.