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buyer's letter of credit

См. также в других словарях:

  • 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

  • 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 — An engagement by a bank or other person made at the request of a customer that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable …   Black's law dictionary

  • letter of credit — An engagement by a bank or other person made at the request of a customer that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable …   Black's law dictionary

  • Letter Of Credit — A letter from a bank guaranteeing that a buyer s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or… …   Investment dictionary

  • letter of credit — Succinctly, a letter authorizing the addressee to pay money or supply a commodity to a third person on the credit of the writer. 24 Am J1st Guar § 20. Wilbert Ward, in his American Commercial Credits at page 9, says: A buyer who can place in the… …   Ballentine's law dictionary

  • Red Clause Letter Of Credit — A specific type of letter of credit in which a buyer extends an unsecured loan to a seller. Red Clause Letters of Credit permit documentary credit beneficiaries to receive funds for any merchandise outlined in the letter of credit. These letters… …   Investment dictionary

  • green clause letter of credit — Also known as anticipatory credits. A letters of credit which contains a clause authorising the nominated bank to make advances to the seller against security (such as a payment guarantee from a third party or the pre shipment storage of the… …   Law dictionary

  • red clause letter of credit — Also known as anticipatory credits. A letters of credit which contains a clause (traditionally printed in red) authorising the nominated bank to make advances to the seller before shipment/presentation of documents. It is generally of value to… …   Law dictionary

  • Standby Letter of Credit - SLOC — A guarantee of payment issued by a bank on behalf of a client that is used as payment of last resort should the client fail to fulfill a contractual commitment with a third party. Standby letters of credit are created as a sign of good faith in… …   Investment dictionary

  • standby letter of credit — An obligation issued by a bank on behalf of a bank customer to a third party. A standby letter of credit is a bank promise to pay the third party in the event of some defined failure by the bank s customer, usually, but not always, a failure to… …   Financial and business terms

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