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DOP will mean that the instructions by an exporter to a bank that the documents attached to the draft for collection are deliverable only after his or her payment of the draft.
DOA will mean that the instructions by an exporter to a bank that the documents attached to the draft for collection are deliverable after his or her acceptance of the goods.
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Difference between documents against acceptance and documents against payment?
Documents against payment (DP): The documents get registered with a bank and you get prompted to pay them to release the documents to free the goods. Documents against acceptance (DA): You are asked to sign an agreement that states after 30 or 45 days the bank is allowed to deduct the amount from your bank account. You will receive the documents immediately after the agreement is signed. The main difference is in order to receive the documents in a DP you have to pay immediately, for DA a written confirmation that you will allow the bank to deduct the money will release the documents. DP's are more secure since the money is immediately deducted, DA's bear a certain risk, if at the time of deduction the amount is not on the bank account and the account can not go into minus, the process will be delayed and the bank will try to recover the necessary funds from the bank account owner.
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DA mean documents against acceptance, where company give acceptance to pay their liabilities on due date, but he can pay remit the DA before its due date , but in case of Letter of Credit, UCP are not allowed to pay the LC liabilities before its due date. Thanks Anup Das
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