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One who applies to his bank to issue a documentary credit; in the majority of credits issued the applicant is an importer of goods
Avalise
The act by a bank in guaranteeing payment of a bill of exchange or promissory note by endorsing the reverse with the words good per aval and signed by the bank, or by the issuance of a separate guarantee.
B
Back-to-Back Credit
A credit issued against the security back of another credit (master credit) on the understanding that reimbursement will stem from documents eventually presented under the first credit (master credit) issued - see Special DCs. It follows therefore that each side of a B/B transaction covers the shipment of the same goods.
Beneficiary
A payee or recipient, usually of money.
A party in whose favour a documentary credit is established, usually the exporter.
Bill for Collection (BC)
Document(s) or cheque submitted through a bank for collection of payment from the drawee.
Bill of Exchange (B/E)
An unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
Bill of Lading (B/L)
A receipt for goods for shipment by sea. It is a Document of Title: see Documents.
Bill Receivable (BR)
Bills which are financed by the receiving branch, whether drawn under a DC or not, are treated as BRs by both the remitting branch and the receiving branches - see Bills Receivable.
Blank Endorsed
When a bill of lading is made out to order or shipper order and the shipper has signed on the back of it, it is said to be blank endorsed. The bill of lading then becomes a bearer instrument and the holder can present it to the shipping company to take delivery of the goods.
C
Carrier
Person or company undertaking for hire the conveyance of goods e.g. shipping company
Case of Need
Agent nominated by a principal, to whom the collecting bank may refer in specified circumstances concerning collections - see the sections on Collections.
Chaser
Reminder sent by the collecting (or DC issuing) bank to the importer, repeating a request for payment - see Handling Import Collections.
Clean
Used to describe a draft/cheque with no shipping documents - see Collections Introduction.
Used to describe a bill of lading without clauses that expressly declare a defective condition of the goods or the packing.
Clean Bill Purchased
A collection bill purchased with no shipping Purchase documents - see Financing Export Collections.
Clean Bill Receivable (CBR)
BR (Bill Receivable) with no shipping documents. The term is more often used for non-trade bills such as travellers cheques.
Clean Collection
A draft with no documents Collection attached - see Collections ?Introduction?
Clean Import Loan (CIL)
A loan granted to an importer for payment of import bills, without the Bank having any claim to the goods.
Collection Bank
Bank in the drawee country that is instructed to collect payment from the drawee - see Collections Introduction.
Collection Order
Form submitted, with documents, to the Remitting/Negotiating Bank by an exporter with his instructions - see Collections ?Introduction.
Confirming
Act of a bank other than the issuing bank assuming the liability for payment, acceptance or negotiation of correctly presented documents under a DC - see Confirmation of DCs.
Consigment
Shipment of goods.
Consignee
The person/company/bank to whom the goods are delivered - usually the importer or the Collecting Bank - see Handling Import Collections.
Consignor
Also called shipper, is the person/company who sends goods by ship, by land or air.
Contingent Liability
A liability that arises only under specified conditions, e.g. when a bank opens a DC it incurs an obligation to make a future payment on condition that the terms are fully met.
D
DC Bills
Bills drawn under documentary credits.
Deferred Payment Credit (DPC)
A DC which allows the nomination of a bank, or the issuing bank to effect payment against stipulated documents at a maturity date as specified or determinable from the wording of the credit.
Demurrage
A charge made by a shipping company or a port authority for failure to load or remove goods within the time allowed.
Discounting
Act of purchasing an accepted usance bill of exchange at an amount less than the face value.
Discrepancy
Any deviation from the terms and conditions of a DC, or the documents presented thereunder, or any inconsistency between the documents themselves - see Negotiation under DCs.
Dishonour
Non-payment or non-acceptance.
Documentary Credit (DC)
A conditional undertaking by a bank to make payment, often abbreviated to credit. More precisely, it is a written undertaking by a bank (issuing bank) given to the seller (beneficiary) at the request of the buyer (applicant) to pay a sum of money against presentation of documents complying with the terms of the credit within a set time limit.
Documents
The characteristics and importance of the various documents associated with Import/Export operations are explained and illustrated in Deciding on Documents.
Documents Against Acceptance (D/A)
Instruction for commercial documents to be released to the drawee on acceptance of the Bill of Exchange - see Collections ?Introduction.
Documents Against Payment (D/P)
Instruction for documents to be released to the drawee only on payment - see Collections ?Introduction.
Documents of Title
Documents that give their owner the right to the goods, I.e. Bill of Lading.
Draft
Bill of exchange issued by an exporter and submitted to his bank for collection, or under a DC - usually submitted with attached shipping documents - not to be confused with a bankers draft which is sometimes used as a vehicle for reimbursement.
Drawee
Party on whom a bill is drawn and the one to whom presentation is to be made according to the collection order - the importer (NB: for DC bills, the drawee is usually the DC issuing bank).
Drawer
The exporter, who draws the Bill of Exchange/draft which in itself is a claim for payment.
Due Date
Maturity date for payment
E
Expiry Date
Latest date, usually in the country of the beneficiary, on which negotiation/payment of a DC can take place.
F
Financed Bills
Bills sent on collection in which the remitting branch has a financial interest.
Foreign Bill Purchased (FBP)
A bill remitted to a correspondent bank in which the remitting branch is financing the exporter - see Financing Export Collections.
Forward Exchange Contract
Contract between the Bank and its customer to buy/sell a fixed amount of foreign currency at a future date at a specified rate. This could be for a customer to make payment under a DC or to sell the proceeds received from an export negotiation.
Freight
Goods OR the cost of transporting goods.
G
General Average
Loss which is the result of a sacrifice voluntarily made or an expense incurred; for the sole purpose of saving a ship and its cargo in face of a common danger (e.g. jettison of cargo to lighten a ship in distress). The loss is borne proportionately by ship and cargo owners according to their respective interests in the voyage.
Gross Weight
The weight of the merchandise in its shipping form, I.e. including all its packaging.
I
ICC 322
Uniform Rules for Collections
ICC 323
Standard Forms for Issuing Documentary Credits
ICC 420
Guide to the Prevention of International Trade Fraud.
ICC 460
Incoterms 1990. Explains the 13 standard Incoterms.
ICC 500
Uniform Customs and Practice for Documentary Credits (1993 revision) replaced the previous ICC 400 as from 1 January 1994.
ICC 522
Uniform Customs and Practice for Documentary Credits (1995 revision) replaced the previous ICC 322 as from 1 January 1996.
Import License
A permit issued by the importing country'S authorities in respect of goods subject to import licensing restrictions.
Incoterms
Shipping Terms - see Introduction to International Trade.
Indemnity
Also known as Letter of Guarantee (L/G), it is an undertaking given in respect of discrepancies in documents presented under a credit. The beneficiary who issues the indemnity is primarily liable to repay funds received from the negotiating bank in settlement under the credit, if the negotiating bank cannot obtain reimbursement from the issuing bank as a result of documents being rejected by the applicant.
Inherent Vice
The propensity of a commodity to self-destruction which gives rise to a high insurance risk, therefore cover is given only after payment of an additional premium (e.g. fruit rots, coal-dust spontaneously ignites).
International Chamber of Commerce (ICC)
The international body which promotes and facilitates world trade, and which codifies world trade practices in various publications - see ICC Rules?under Introduction to International Trade.
Irrevocable Credit
Constitutes a definite undertaking of the issuing bank and the confirming bank, if any, to honour the credit provided the terms of the credit are observed. It may be advised to the beneficiary without engagement by the advising bank, and cannot be amended or cancelled unless the issuing bank, the confirming bank and the beneficiary agree.
Issuing Bank
The bank that opens a documentary credit at the request of its customer, the applicant.
Letter of Credit (L/C)
American term for documentary credit. In the United States, the terms D/C can often be confused for documentary collection.
Letter of Hypothecation
A promise to hold goods as security taken from customers who are granted loans against goods imported on a collection basis.
Loan Against Imports (LAI)
Loans granted to import customers for payment of bills.
M
Master Credit
In back-to-back operations, the original export credit against which the second credit is opened
Maturity
Due date of payment of a usance bill or promissory note.
N
Negotiable/Non-Negotiable
Usually used with regard to Bills of Lading: a negotiable B/L is a valid document of title, while a non-negotiable B/L is not - the beneficiary of a DC (the exporter) may send the importer a non-negotiable B/L for information.
Negotiation
Purchase of drafts under a documentary credit which the issuing bank has undertaken to pay.
Net Weight
The weight of the merchandise before any packaging.
Non-DC Bills
Bills not drawn under DC I.e. sent on a collection basis (D/P or D/A). In common usage we distinguish between Non DC bills which are financed collections and DCs which are non-financed.
Non-Financed Bills
Bills sent on collection in which the remitting branch has no financial interest.
Noting
The first stage in protest of a dishonoured bill: if instructed to protest for non-payment/non- acceptance, the collecting bank must send the bill to a notary public who will represent it to the drawee on the same day it was refused, or the next business day. If the drawee still refuses the bill the notary public notes on the bill: the amount of his charges, the date and his initials. The eRefinanceloanshomeequity Zh Tag Pinky And The Brain Refinance Loans Home Equity 国际贸易>国际结算专用词汇 x e Refinance Loans Home Equity Refinance Loans Home Equity dRefinanceloanshomeequity Zh Tag Pinky And The Brain Refinance Loans Home Equity 国际贸易>国际结算专用词汇 m v f f Loans Refinance Loans Home Equity Loans