Negotiation of a draft, or other negotiable instrument, or letter of credit documents without the normal warranty on the part of the seller of the instrument/documents that the obligor named in the instrument (the "drawee," "payor," or "maker") will pay. n of a draft, or other negotiable instrument, or letter of credit documents without the normal warranty on the part of the seller of the instrument/documents that the obligor named in the instrument (the "drawee," "payor," or "maker") will pay.

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 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.

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

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.

The transfer of a negotiable instrument in such form that the transferee becomes a holder.

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.

(See Draft.)

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

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.

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.

The party to which the rights under a transferable letter of credit are transferred.

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.

The decision, pronouncement, or sentence rendered by a court upon an issue in which it has jurisdiction.

The authority to try causes and determine cases.

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 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.

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

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.

Occurs when a debtor buys back or redeems his pledged property when he pays the debt.

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

The unsecured promissory notes of large, financially sound corporations.

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

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