A corporation may be defined as a voluntary association of persons who are organized under state or federal law and recognized by the law as having a corporate name, and being entirely separate and distinct from the people who own it; having continuous li

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

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). exporter and importer. In shipping: shipper and consignee. In letters of credit: beneficiary (seller) and applicant (buyer). exporter and importer. In shipping: shipper and consignee. In letters of credit: beneficiary (seller) and applicant (buyer).

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

or business entity that owes money.

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.

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

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.

A medium of exchange; coined or stamped currency.

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

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. issuing bank that terms of letter of credit have been met.

The privilege of buying goods, services or borrowing money in return for a promise of future payment.

The balance sheet, income statement, statement of changes in financial position, statement of changes in owners' equity accounts, cash flow statement and notes.

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

or business entity that owes money.

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.

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

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.

Compensation paid for damage or loss sustained or anticipated.

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.

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

A company, usually a corporation, that is controlled by a parent company.

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

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

The unsecured promissory notes of large, financially sound corporations.

The account party's bank that issues or opens the credit.