A B C D E F G H I K L M N O P R S T U V
Ab Ac Ad Af Al Am Ap Ar As At Av

After sight

In banking, a notation on a draft that indicates that the payment is due a fixed number of days after the draft has been presented to the drawee. For example, “60 days after sight” means that the drawee has 30…

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Allowance

An amount paid or credited by a seller as a refund or reimbursement due to any one of a number of causes including: faulty packaging, shipment of good which do not meet buyer´s specifications, a late shipment, etc.

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Amendment

In law, an addition, deletion, or change in a legal document. In a letter of credit, a change in terms and conditions of the letter (e.g., extension of the letter of credit´s validity period, shipment deadline, etc.) usually to meet…

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American option

A foreign exchange type of contract containing a provision to the effect that it can be exercised at any time between the date of writing and the expiration date. See currency option; European option.

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Applicant

The party applying for the issuance of a letter of credit. It is also called the account party.

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