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FrançaisA complement to a contract laying down rights and/or obligations that for whatever reasons the contracting parties cannot state in the original contract. A letter of indemnity provided by a shipper to a carrier, inducing the carrier to provide a…
Read MoreBack order
That portion of an order that cannot be delivered at a scheduled time, but will be delivered at a later date when available. Also, to restock requested out-of-stock items.
Read MoreBack to back letter of credit
A new letter of credit opened in favour of another beneficiary on the basis of an already existing one, not a transferable letter of credit. This type of letter of credit is used for trade intermediaries to open a second…
Read MoreBank acceptance
A draft accepted by a bank usually for the purpose of financing the sale of goods to or by the bank´s customer. The bill may be drawn , for example, by an exporter on the importer´s bank and be sold…
Read MoreBank draft
A payment order from a bank, similar to a cashier´s cheque. A bank draft is considered cash and cannot be returned unpaid.
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