Acceptances Letter Of Credit
A letter of credit which instead of agreeing to pay the beneficiary immediately upon presentation of documents, requires presentation of a time draft drawn by the beneficiary upon the issuing bank or another bank. However, the beneficiary may, in effect, obtain prompt payment by discounting the draft.
Accepted Draft
A draft or a bill of exchange accepted by the drawee (acceptor) by putting his signature and "accepted' on its face. In doing so, he commits himself to pay the bill upon presentation at maturity.
Accepting Bank
A bank which by signing 'accepted' on a time draft accepts responsibility to pay when the draft becomes due.
Advising Bank
An 'advising bank' is a correspondent of a bank which issues a letter of credit, and, on behalf of the issuing bank, the advising bank notifies the beneficiary of the terms of the credit, without engagement on its part to pay or guarantee the credit.
Agent
A person or legal entity authorized to act on behalf of another. In the case a Direct Import program where the buyer does not have an office to represent them in the country where the purchase is to take place, this person is authorized to act on behalf of the buyer.
Agent Bank
A bank acting on behalf of another bank.
Air Cargo
Property of any kind that is transported by aircraft (excluding passenger baggage and mail).
Allowance
A deduction or discount from the price permitted by a seller.
Amendment
An addition, deletion, or modification of a document. In the case of International trade, an amendment usually applies to changing the terms and/or conditions of the Letter of Credit.
Back Order
That portion of an order that cannot be delivered at the scheduled time, but will be delivered at a later date when available
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