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Letter Of Credit
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used extensively in the financing of international trade, when the reliability of contracting parties cannot be readily and easily determined. Its economic effect is to introduce a bank as an underwriter that assumes the counterparty risk of the buyer paying the seller for goods. Typically, after a sales contract has been negotiated, and the buyer and seller have agreed that a letter of credit will be used as the method of payment, the ''applicant'' will contact a bank to ask for a letter of credit to be issued. Once the ''issuing bank'' has assessed the buyer's credit risk, it will issue the letter of credit, meaning that it will provide a promise to pay the seller upon presentation of certain docum ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Credit 1
Letter, letters, or literature may refer to: Characters typeface * Letter (alphabet), a character representing one or more of the sounds used in speech or none in the case of a silent letter; any of the symbols of an alphabet * Letterform, the graphic form of a letter of the alphabet, either as written or in a particular type font * Rehearsal letter in an orchestral score Communication * Letter (message), a form of written communication ** Mail * Letters, the collected correspondence of a writer or historically significant person **Pauline epistles, addressed by St. Paul to various communities or congregations, such as "Letters to the Galatians" or "Letters to the Corinthians", and part of the canonical books of the Bible ** Maktubat (other), the Arabic word for collected letters * The letter as a form of second-person literature; see Epistle ** Epistulae (Pliny) ** Epistolary novel, a long-form fiction composed of letters (epistles) * Open letter, a public letter as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automated Teller Machine
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff. ATMs are known by a variety of other names, including automatic teller machines (ATMs) in the United States (sometimes RAS syndrome, redundantly as "ATM machine"). In Canada, the term automated banking machine (ABM) is also used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM rather than ABM. In British English, the terms cashpoint, cash machine and hole in the wall are also used. ATMs that are Independent ATM deployer, not operated by a financial institution are known as "White-label ABMs, white-label" ATMs. Using an ATM, customers can access their bank deposit or credit accounts in order to make ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Risk
Credit risk is the chance that a borrower does not repay a loan In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the deb ... or fulfill a loan obligation. For lenders the risk includes late or lost interest and principal payment, leading to disrupted cash flows and increased collection costs. The loss may be complete or partial. In an efficient market, higher levels of credit risk will be associated with higher borrowing costs. Because of this, measures of borrowing costs such as yield spreads can be used to infer credit risk levels based on assessments by market participants. Losses can arise in a number of circumstances, for example: * A consumer may fail to make a payment due on a mortgage loan, credit card, line of credit, or other loan. * A company is unable to repay asset- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agreement On The Application Of Sanitary And Phytosanitary Measures
The Agreement on the Application of Sanitary and Phytosanitary Measures, also known as the SPS Agreement or just SPS, is an international treaty of the World Trade Organization (WTO). It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade (GATT), and entered into force with the establishment of the WTO at the beginning of 1995. Broadly, the sanitary and phytosanitary ("SPS") measures covered by the agreement are those aimed at the protection of human, animal or plant life or health from certain risks. Under the SPS agreement, the WTO sets constraints on member-states' policies relating to food safety (bacterial contaminants, pesticides, food inspection, inspection and food labelling, labelling) as well as animal health, animal and plant health (phytosanitation) with respect to imported pests and diseases. There are 3 standards organizations who set standards that WTO members should base their SPS methodologies on. As provided for in Article 3, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shipping List
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. The term shipping originally referred to transport by sea but in American English, it has been extended to refer to transport by land or air (International English: "carriage") as well. "Logistics", a term borrowed from the military environment, is also used in the same sense. History Prehistoric Era Initial human civilization relied heavily on domesticated animals, such as horses, camels, and donkeys, to transport their goods. The invention of the wheel in Mesopotamia in 5000BC improved this efficiency by allowing for carts and carriages to be created, which animals could pull. Classical Era Romans The Romans built a vast network of roads, which facilitated trade across the numerous cities in its empire. Silk Road Transport along the silk road, a land-based route, was generally done through caravans, equipped with ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Invoice
An invoice, bill, tab, or bill of costs is a commercial document that includes an itemized list of goods or services furnished by a seller to a buyer relating to a sale transaction, that usually specifies the price and terms of sale, quantities, and agreed-upon prices and terms of sale for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice. To avoid confusion and consequent unnecessary communications from buyer to seller, some sellers clearly state in large and capital letters on an invoice whether it has already been paid. From a seller's point of view, an invoice is a ''sales invoice''. From a buyer's point of view, an invoice is a ''purchase invoice''. The document indicates the buyer and seller, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negotiable Instrument
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings, depending on its use in the application of different laws and depending on countries and contexts. The word "negotiable" refers to transferability, and " instrument" refers to a document giving legal effect by the virtue of the law. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. #Consideration is p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Of Lading
A bill of lading () (sometimes abbreviated as B/L or BOL) is a document issued by a common carrier, carrier (or their Law of agency, agent) to acknowledge receipt of cargo for shipment. Although the term is historically related only to Contract of carriage, carriage by sea, a bill of lading may today be used for any type of carriage of goods. Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. The other two documents are a insurance policy, policy of insurance and an invoice. Whereas a bill of lading is negotiable, both a policy and an invoice are assignment (law), assignable. In international trade outside the United States, bills of lading are distinct from waybills in that the latter are not transferable and do not confer title. Nevertheless, the UK Carriage of Goods by Sea Act 1992 grants "all rights of suit under the contract of carriage" to the lawful holder of a bill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of International Banking Law & Practice
The Institute of International Banking Law & Practice is a non-profit American educational and research organization that studies banking law and practice. It was founded in 1987. The institute's efforts to harmonize international law and practice have resulted in the ISP98 (International Standby Practices) and ICLOCA (International Center for Letter of Credit Arbitration). It has also played an important role in reforms such as U.S. Revised UCC Article 5 and the United Nations Convention on Independent Guarantees and Standby Letters of Credit. The institute has also helped combat commercial and financial instrument fraud. General The Institute sponsors projects, programs, and publications intended to harmonize letter of credit law and practice. The Institute issued the International Standby Practices (ISP98) (ICC Publication 590). Its principles have also played an important role in the revision of U.S. UCC Article 5, the formation of the United Nations Convention on Inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negotiable Instruments
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings, depending on its use in the application of different laws and depending on countries and contexts. The word "negotiable" refers to transferability, and " instrument" refers to a document giving legal effect by the virtue of the law. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. #Consideration is p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Method
A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine. Payments can be effected in a number of ways, for example: * the use of money, whether through cash, cheque, mobile payment or bank transfers. * the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another. In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly affected in the local currency of the payee unless the partie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Data Interchange
Electronic data interchange (EDI) is the concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders, advance ship notices, and invoices. Technical standards for EDI exist to facilitate parties transacting such instruments without having to make special arrangements. EDI has existed at least since the early 1970s, and there are many EDI standards (including ASC X12, X12, EDIFACT, OFTP, ODETTE, etc.), some of which address the needs of specific industries or regions. It also refers specifically to a family of standards. In 1996, the National Institute of Standards and Technology defined electronic data interchange as "the computer-to-computer interchange of a standardized format for data exchange. EDI implies a sequence of messages between two parties, either of whom may serve as originator or recipient. The formatted data representing the documents may be transmitted from originator to recipient via telecommun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
