Forex Terms

Trade Glossary Glossary of terms A | B | C | D | E | F | G | I | L | M | N | O | P | Q | R | S | T | U | W   -- A -- bridal The act of giving a scripted undertaking on the face of a usance agitate of exchange to pay a stated sum on the maturity date indicated by the drawee of the bill, (usually in exchange for documents of human action to goods shipped on D/A terms) - see Collections Introduction. Acceptance Credit A documental credit which requires the benefactive role to draw a usance bill for subsequent acceptance by the put out bank or the advising bank or any other bank as the credit stipulates - see Documentary impute. Accommodation Bill In the context of fraud, a bill skeletal without a genuine underlying commercial transaction. Accountee Another epithet for the applicant/opener of a documentary credit i.e. the importer = the soul for whose account the transaction is made. Advice of Fate The collecting bank informs the remitting bank of: a) non- salary/non-acceptance or b) of D/A bill acceptance and the bill maturity date. (seeHandling Import Collections) Advising Conveying the terms and conditions of a DC to the beneficiary.

The advising bank is the issuing banks agent and is usually placed in the beneficiarys country. (seeExport - DC Advising) The advising bank withal takes reasonable care to verify the authenticity of the credit. (ICC UCC 500 fraud 7). Amendment Any changes/amendments to the term of a DC must be initiated by the applicant and issued and advised to the beneficiary. If the credit is irrevocable the beneficiary has the right to refuse an amendment. (seeAmendments to DCs) Applicant Any party, usually the importer, who applies for a documentary credit. Avalise A banks guarantee of payment of a B/E or promissory note by exploitation the endorsement phrasegood per aval on the note. Alternatively, the bank may... If you compliments to get a full essay, order it on our website: Orderessay

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