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

The owner has total control over the business, usually a sole proprietor, or husband and wife who may direct the entire business: marketing, production, and financial management.

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 partnership is defined as "an association of two or more persons to carry on as co-owners of a business for profit." While no particular form of contract is necessary to create a partnership, a partnership contract usually provides what the partners' ri

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 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 net assets of an individual enterprise, partnership, corporation, including not only the original investment, but the gains and profits from the business.

A partnership established by two or more persons to carry out a specific undertaking with each partner having unlimited liability for the duration of the agreement.

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

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 corporation's owners but frequently not the individuals who control and manage the firm day by day.

A medium of exchange; coined or stamped currency.

The unsecured promissory notes of large, financially sound corporations.

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