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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 MoreReefer container
A controlled temperature shipping container, usually refrigerated. Refrigeration may either be mechanical, which means involving an external power supply, or by expendable refrigerant (dry ice, liquefied gases, etc.), which requires no external power supply.
Read MoreRegional trade agreements (RTAs)
The WTO uses the term Regional trade agreements (RTAs) as a generic name for all reciprocal agreements such as customs unions, FTAs, and partial scope agreements. This can be explained by the fact that, initially, such treaties were within the jurisdiction of…
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 MoreReinsurance
Reinsurance occurs when multiple insurance companies share risk by purchasing insurance policies from other insurers to limit the total loss the original insurer would experience in case of disaster. By spreading risk, an individual insurance company can take on clients whose…
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