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FrançaisA letter of credit provision allowing the beneficiary to draw partial advance payments under the credit. This provision in used to be set out in red ink, therefore red clause designation. Generally, the beneficiary is only required, in order to…
Read MoreReimbursing bank
The bank named in a letter of credit from which the paying, accepting or negotiating bank may request cover after receipt of the documents in compliance with the letter of credit. The reimbursement bank is often but not always, the…
Read MoreRemittance
Funds forwarded from one person to another as payment for bought items or services.
Read MoreRemittance following collection
In instances when a shipper has performed services incident to the transportation of goods, a carrier will collect payment for these services from the receiver and remit such payments to the shipper. Carriers charge nominal fees for this service.
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