A person, business or governmental agency with a claim against a debtor or debtor's business.

(See Insolvency.) Insolvency.) Insolvency.)

United States statute covering the rights and obligations of the various parties involved in the purchase and sale of goods. parties involved in the purchase and sale of goods. parties involved in the purchase and sale of goods.

A right to payment or other equitable remedy in the event of a breach of contract.

or business entity that owes money. money. money.

Financial and commercial documents such as drafts, commercial invoices, packing lists, bills of lading, insurance certificates, etc. In Letter of Credit transactions, banks deal with documents alone and are not involved in underlying sales agreements. commercial documents such as drafts, commercial invoices, packing lists, bills of lading, insurance certificates, etc. In Letter of Credit transactions, banks deal with documents alone and are not involved in underlying sales agreements. commercial documents such as drafts, commercial invoices, packing lists, bills of lading, insurance certificates, etc. In Letter of Credit transactions, banks deal with documents alone and are not involved in underlying sales agreements.

The document that initiates a bankruptcy case. "Pre-petition" events are those that occur before a bankruptcy petition is filed, and "post petition" events are those that occur after the petition is filed.

The process by which a seller demands that an insolvent buyer return goods purchased on credit.

Any company that may transport goods for payment, such as an ocean vessel, aircraft, truck, train, or courier service.

A person who takes possession of a debtor's assets in a bankruptcy proceeding and liquidates them to pay creditors. Appointed by the bankruptcy judge unless the district has a U.S. Trustee.

Document which shows the terms of a sale. Includes a full description of the goods, sale price, charges, and discounts.

The exporting country enter into a reciprocal agreement with an importing country, where both the exporter and importer find their interest. exporter and importer find their interest. exporter and importer find their interest.

An asset pledged as a security guarantee for a financial transaction. guarantee for a financial transaction. guarantee for a financial transaction.

Compensation for the use of money.

The right of one person to retain possession of the goods of another until the latter fulfills an obligation, such as the payment of a debt.

Under the Balance Sheet definition of insolvent in the U.S. Bankruptcy Code, a debtor is insolvent when the value of a debtor's assets is exceeded by the debtor's liabilities.

Individuals involved in a sales transaction. In domestic sales: seller and buyer. In international sales: exporter and importer. In shipping: shipper and consignee. In letters of credit: beneficiary (seller) and applicant (buyer).

A medium of exchange; coined or stamped currency.

Documents, such as commercial invoices, certificates of origin, packing lists, bills of lading, etc., usually covering a merchandise transaction.

A financing instrument issued by a bank in favor of an exporter that substitutes the bank's creditworthiness for that of the importer.

The person or company that sells or arranges to transport goods out of a country.

To assume liability for the debts or obligations of another in the event of a default.

The party (generally buyer/importer) for whose account a letter of credit is established.

The person or company due payment in the letter of credit. Usually the exporter (seller).

An individual or company to whom cargo is shipped or consigned.

Indemnity given by the beneficiary of a letter of credit to the negotiating bank to induce payment despite any discrepancies that may exist in the documents. y given by the beneficiary of a letter of credit to the negotiating bank to induce payment despite any discrepancies that may exist in the documents.

A process set forth by the Bankruptcy Code that allows a debtor to operate the business as a 'debtor in possession" with the protection of the "automatic stay."

A trustee-led liquidation where debtors are forced to sell their property and to pay their creditors.

Goods held for sale or lease that are furnished under contracts of service, usually raw materials, work in process, or materials used or consumed in a business.

Under the Balance Sheet definition of insolvent in the U.S. Bankruptcy Code, a debtor is insolvent when the value of a debtor's assets is exceeded by the debtor's liabilities.

Individuals involved in a sales transaction. In domestic sales: seller and buyer. In international sales: exporter and importer. In shipping: shipper and consignee. In letters of credit: beneficiary (seller) and applicant (buyer).

A medium of exchange; coined or stamped currency.

Documents, such as commercial invoices, certificates of origin, packing lists, bills of lading, etc., usually covering a merchandise transaction.

A financing instrument issued by a bank in favor of an exporter that substitutes the bank's creditworthiness for that of the importer.

The person or company that sells or arranges to transport goods out of a country.

To assume liability for the debts or obligations of another in the event of a default.

A financial statement listing the assets, liabilities and owner's equity of a business entity as of a specific date.

A right to the payment of money such as agency notes, commercial paper, T-Bills, certificates of deposit (CD's), banker's acceptances and repurchase agreements.

Compensation paid for damage or loss sustained or anticipated.

After the seller presents the required documents to this bank for review, it will notify the issuing bank that terms of letter of credit have been met.

Relates to the judicial means or court procedures by which legal and equitable rights are enforced.

A law passed by the legislative body of the state.

A contract granting the use and possession of real property for a specified time and for fixed payments.

Industrial products that are composed of farm and natural products.

The direct material costs, the direct labor costs and the factory overhead costs, that have entered into the manufacturing process but are associated with products that have not been finished.

The unsecured promissory notes of large, financially sound corporations.

Also known as the opening bank. It issues its commitment to the seller in the form of a letter of credit.