documentary credit terms

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• documentary credit — International Also known as a letter of credit (letters of credit). The most frequent form of payment in international trade. A letter of credit is a contract under which a bank agrees to pay the seller, in connection with the export of specific… …   Law dictionary

• credit — an entry made on the right hand side of an account and indicating a gain to a liability, owner s equity or revenue account. Glossary of Business Terms money loaned. Bloomberg Financial Dictionary * * * ▪ I. credit cred‧it 1 [ˈkredt] noun 1.… …   Financial and business terms

• Credit — Money loaned. The New York Times Financial Glossary * * * ▪ I. credit cred‧it 1 [ˈkredt] noun 1. [uncountable] COMMERCE an arrangement with a shop, supplier etc to buy something now and pay for it later: • They are saving for new furniture… …   Financial and business terms

• documentary credits — Payment collection through documentary credits involves using various documents including bills of exchange and letters of credit. They involve banks as intermediaries in collection and payment and provide a formal framework for payments and, in… …   Law dictionary

• Credit default swap — If the reference bond performs without default, the protection buyer pays quarterly payments to the seller until maturity …   Wikipedia

• Documentary collection — A documentary collection is a process, in which the seller instructs his bank to forward documents related to the export of goods to the buyer s bank with a request to present these documents to the buyer for payment, indicating when and on what… …   Wikipedia

• Letter of credit — After a contract is concluded between buyer and seller, buyer s bank supplies a letter of credit to seller …   Wikipedia

• letter of credit — letter of credit: a document issued to a beneficiary at the request of the issuer s customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer s debt compare… …   Law dictionary

• Uniform Customs and Practice for Documentary Credits — The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilised by bankers and commercial parties in more than 175 countries in trade finance. Some 11 15% of… …   Wikipedia

• letters of credit — A letter of credit is an undertaking, which is irrevocable, by the customer s bank to pay a stated sum of money to the exporter, provided certain specified conditions are met including the receipt of the necessary documentation proving… …   Law dictionary

• standby letter of credit — see letter of credit Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. standby letter of credit …   Law dictionary