A B C D E F G H I K L M N O P R S T U V

About

A letter of credit term meaning plus or minus 10% of whatever immediately follows. The terms approximately and circa are synonymous

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Acceptance

The act of formally acknowledging a debt by signing a financial instrument called a draft. When done by a non-bank party, a trade acceptance is created. When done by a bank, a banker´s acceptance is created. See banker´s acceptance.

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Acceptance date

The date on which a draft was signed. For drafts drawn at “X days from sight”, the acceptance dates begins the time period toward maturity.

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Acceptance letter of credit

A letter of credit, which requires, amongst the documents stipulated, provision of a term bill of exchange. The bill is then generally accepted by the bank on which it is drawn or discount. The practical result is that the beneficiary…

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Accepting bank

In a letter of credit, this is the financial institution that executes a banker´s acceptance.

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