When a drawee acknowledges in writing on the face of the draft that the buyer will pay the draft at maturity. (See also Draft, Drawee.)

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

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

The beneficiary delivers the documents to the advising bank to negotiate on the seller's behalf. advising bank to negotiate on the seller's behalf. advising bank to negotiate on the seller's behalf.

A negotiable instrument that calls for payment of money. The drawer (or seller) orders in writing for the drawee (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange. negotiable instrument that calls for payment of money. The drawer (or seller) orders in writing for the drawee (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange. negotiable instrument that calls for payment of money. The drawer (or seller) orders in writing for the drawee (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange.

The person, company, or bank upon which a draft is drawn.

Party entrusting a draft and/or documents to a bank for collection of payment, generally the seller of goods.

Typically, a commercial invoice, bill of lading, insurance certificate, and consular invoice. invoice, bill of lading , insurance certificate , and consular invoice. bill of lading, insurance certificate, and consular invoice.

Any bank other than the remitting bank involved in the collection of a draft and/or documents.

In a draft collection transaction, the bank that contacts the drawee, generally the buyer of goods, for acceptance and/or payment.

In a draft collection transaction, the first bank in the chain of collection, i.e., the principals or sellers bank.

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.

The bank that receives a letter of credit issued by the applicant 's bank (the issuing bank) and forwards it to the beneficiary without assuming any responsibility or liability other than to verify the authenticity of the letter of credit.

(See Draft.)

The person, company, or bank that creates the draft and receives payment.

A medium of exchange; coined or stamped currency.

Quality belonging to a document to transfer ownership of money, goods, or other items of value specified in the document by endorsement and/or delivery of the document.

Document signed by a transportation company ("carrier") to show receipt of goods for transportation from and to the points indicated.

A commercial invoice that has been reviewed by the Consulate of the buyer's country for the purpose of determining the value and quantity of the shipment and to ensure that no indigenous laws or regulations governing imports are being broken.

A document issued by an insurance company covering a particular shipment of merchandise.

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

A financing 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.

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

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

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

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.

(See Draft.)

The person, company, or bank that creates the draft and receives payment.

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.

A medium of exchange; coined or stamped currency.

Quality belonging to a document to transfer ownership of money, goods, or other items of value specified in the document by endorsement and/or delivery of the document.

Compensation paid for damage or loss sustained or anticipated.

Writing one's name upon paper for the purpose of transferring the title.

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

The bank that receives a letter of credit issued by the applicant's bank (the issuing bank) and forwards it to the beneficiary without assuming any responsibility or liability other than to verify the authenticity of the letter of credit.

Document signed by a transportation company ("carrier") to show receipt of goods for transportation from and to the points indicated.

A commercial invoice that has been reviewed by the Consulate of the buyer's country for the purpose of determining the value and quantity of the shipment and to ensure that no indigenous laws or regulations governing imports are being broken.

A document issued by an insurance company covering a particular shipment of merchandise.

The unsecured promissory notes of large, financially sound corporations.

The exclusive rights, powers, privileges and immunities to property, real and personal, tangible and intangible.