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

A medium of exchange; coined or stamped currency.

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 deception used to induce a supplier to sell. In a fraud, the debtor has no intention of repaying debt. debtor has no intention of repaying debt. debtor has no intention of repaying debt.

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.

or business entity that owes money.

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

An agreement under which a grantor, promissor or obligor places the instrument upon which he is bound with a third person called an escrow holder, until the performance of a contract or the happening of an event stated in the agreement permits the escrow

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.

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.

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.

or business entity that owes money.

Compensation paid for damage or loss sustained or anticipated.

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

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

The unsecured promissory notes of large, financially sound corporations.

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