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FrançaisPayment terms used in bank collections that require the drawee to pay before receiving certain documents. Typically, the drawer will send these documents to the drawee´s bank with instructions that it secure payment before releasing them. Also called CAD (cash…
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A payment term whereby the buyer remits the amount of money at the time the order is placed. Under this term the buyer is actually extending credit to the seller. Also called CWO (cash with order).
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That part of a contract that defines when, where, to whom and in what currency the underlying obligation is to be discharged. The exporter will consider the following factors in negotiating terms of payment for goods to be shipped: Practices…
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In a letter of credit payment made against a non-complaint or questionable presentation, against which the beneficiary agree to repay if reimbursement is nor received from the opening bank within a specified time.
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A bond which guarantees proper fulfillment of the terms of a contract. In practice, the beneficiary of the bond (usually the buyer or services and/or goods), will claim financial restitution under the bond if the principal (supplier of the services…
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