SBLC stands for 'stand by letter of credit'. The standby letter of credit serves a different function than the commercial letter of credit. The commercial letter of credit is the primary payment mechanism for a transaction. The standby letter of credit serves as a secondary payment mechanism. A bank will issue a standby letter of credit on behalf of a customer to provide assurances of his ability to perform under the terms of a contract between him and the beneficiary. The parties involved with the transaction do not expect that the letter of credit will ever be drawn upon.
The standby letter of credit assures the beneficiary of the performance of the customer's obligation. The beneficiary is able to draw under the credit by presenting a draft, copies of invoices, with evidence that the customer has not performed his obligation. The bank is obligated to make payment if the documents presented comply with the terms of the letter of credit.
Standby letters of credit are issued by banks to stand behind monetary obligations, to insure the refund of advance payment, to support performance and bid obligations, and to insure the completion of a sales contract. The credit has an expiration date.
The standby letter of credit is often used to guarantee performance or to strengthen the credit worthiness of a customer. In the above example, the letter of credit is issued by the bank and held by the supplier. The customer is provided open account terms. If payments are made in accordance with the suppliers' terms, the letter of credit would not be drawn on. The seller pursues the customer for payment directly. If the customer is unable to pay, the seller presents a draft and copies of invoices to the bank for payment.
The domestic standby letter of credit is governed by the Uniform Commercial Code. Under these provisions, the bank is given until the close of the third banking day after receipt of the documents to honor the draft.
What does RWA mean in the oil trading business
carriage paid to
Sales and Purchase Agreement,
RWA = ready, willing and able POF = Proof of funds
fco in international trading is:Full Corporate Offer .This is the final, detailed, specific offer that the seller is sending to the buyer.Doron Tamir, Advocate.http://law.tamir.co.il/?cf=wikians
The two trading terms were that she had learned how to tie a shoe and how to steal others notes
POF stands for proof of fund that is used for collateral or securities. It proofs that one has fund to maintain any cost.
RDl/c means REVOLVING DOCUMENTARY LETTER of CREDIT - it is banking instrument & it usual payment term in Int' trading when we speaking for yearly contracts. in this case each month shipment-loading has the same value.
CIS: Chinese International Shipping
Performance bond A surety bond between two parties, insuring one party against loss if the terms of a contract are not fulfilled. Usually part of a construction contract or supply agreement.
what does a trading partner mean
The International Ship and Port Facility Security Code (ISPS Code)
Incoterms is a set of trade terms wich define the costs and risks for sellers and buyers in the international trade. Incoterms is a trademark of the International Chamber of Commerce.
It basically just means borrowing(:People just have different ways of saying it.ex. Regrouping, Trading, ect.
Like the neggas of the west are matchin' up with the neggas of the east ya know?
International Bank Account NumberBank Information Center
about in mathematical terms mean to round!
NIV is a translation of the Bible. "New International Version" It is one of the most popular versions and very easy to read.
what do you mean the bullet in computer terms
the same : international
What does code610 mean in medical terms
The mean, or the average.
what do you mean by GPA 3.5 in terms of percentage
I am looking what does mean PAD in Shipping freight terms
- trading slave