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

Bank guarantee

A contract between a bank (as guarantor) and a beneficiary, in which a bank commits itself to pay a certain amount of money under certain specified conditions. A demand bank guarantee is one in which the bank agrees to pay…

Read More

Bareboat charter

The lease (charter) of an entire vessel under an agreement whereby the lessor only provides the bare vessel; that is, operation of the vessel is not included in the lease, and the charterer must arrange to hire a ship´s master…

Read More

Beneficiary

In letter of credit context, generally the exporter-seller; the one on whose behalf the letter of credit is opened by the applicant (the importer-buyer) the party to whom the L/C is opened, generally the exporter-seller. In a guarantee/bond context, the…

Read More

Bid bond

A bond or guaranty, which has been issued as security for one party´s bid. If that party, known as the principal, wins the biding process and then fails to take up the resulting contract, the beneficiary may obtain payment under…

Read More

Bill of exchange

An unconditional order in writing, signed by a creditor (drawer) such as a buyer, and addressed to another person (drawee), typically a bank, ordering the drawee to pay a stated sum of money to yet another person (payee), often a…

Read More