Order from exporter or seller instructing the collecting and remitting banks on interest charges, demurrage charges, case of need, protest, and other points. Known also as collection order. Do not confuse this with a letter of collection.t This letter accompanies a demand draft or time draft with shipping and other collection documents.

More On This Topic

Link to This Definition
Did you find this definition of COLLECTION LETTER helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary