- Industry: Government
- Number of terms: 13754
- Number of blossaries: 0
- Company Profile:
An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned.
Industry:Transportation
A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards.
Industry:Transportation
A condition within the letter of credit which restricts its negotiation to a named bank.
Industry:Transportation
An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocation or amendment will be honored by the issuing bank. Rarely used since there is no protection for the seller.
Industry:Transportation
An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period.
Industry:Transportation
A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank.
Industry:Transportation
A letter of credit that allows the beneficiary to transfer in whole or in part to another beneficiary any amount which, in aggregate, of such transfers does not exceed the amount of the credit.Used by middlemen.
Industry:Transportation
A letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank.
Industry:Transportation
An organization maintained for the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels offered for insurance or employment.
Industry:Transportation
An archaic practice. An acknowledgement of cargo receipt signed by a mate of the vessel. The possessor of the mate’s receipt is entitled to the bill of lading, in exchange for that receipt.
Industry:Transportation
