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A bank received the payment of an outstation bill on behalf of his customer but before the money could be credited to the customer's account the bank failed what is relationship between the bank?
Principal and Agent.
What is letters of credits?
Letters of credit is a binding document that a buyer can request from his bank in order to guarantee that the payment of goods will be transferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the shipment of goods within a given time frame. It is often used in international trade to eliminate risks such as unfamiliarity with the foreign country, customs, or political instability.
Standby letter of credit?
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 assurance of his ability to perform under the terms of a contract between the beneficiary
House payment with tax included?
Commonly your mortgage payment is PITI, principal, interest, taxes and insurance...as all those things are what the kender cares about..they simply work as a billing/payment agent for the T&I, collecting from you monthly and paying on your behald to the dept or isn co. The morgage co sends a statement saying how much taxes and insurance were actually paid on your behalf (normally as part of the statement saying how much interest you paid), and what was paid (not what they collected), is useful for income taxes.
How does cosigning on a mortgage work?
You assume responsibility for a loan for a house. It is not a recommended thing to do, because non payment can affect your credit rating. Also, the amount of the loan affects your debt to income ratio, so you may have a problem borrowing on your own behalf.
How do you collect invoice payment delay?
i have made the client payment very late i want to apologize by writing letter to the vendor on behalf of my management
What is letter credit ...?
A letter of credit is a legal document that guarantees the on-time payment to the exporter. It is issued by the importer’s bank on the behalf of the importer to ensure full payment to the exporter but in the event, if the importer is unable to make a payment, the full or the remaining amount will be paid by the issuing bank on the behalf of the importer. It is widely used in international dealings due to factors involved such as distance, different laws of countries, and unfamiliarity of parties with each other. It facilitates global trade & transactions as well as reduces the risk of default of non-payment and non-performance by importer and exporter.
What is the difference between Indemnity and Pay on Behalf of in an insurance policy?
Indemnity, indemnify (as I understand it) is protection from loss, and to make whole, after a loss has been sustained. On Behalf of would be the person the sum is being paid for/in your stead/representing you/in stead of you. Your insurance company made payment to the injured/damaged property that you were responsible for, thus indemnifying them, on your behalf, (rather than you paying it yourself).
What is a third party payment processor?
Non-Bank, or third-party, Payment Processors are financial institution customers that provide payment processing services to merchants and other business entities, typically initiating transactions on behalf of merchant clients that do not have a direct relationship with the Payment Processor's financial institution.
What is the journal entry if bank pay the amount to vendor on behalf of the company?
No entry at the time of payment by bank and entry is recorded when bank reconciliation with bank and information arrive from bank.
What is trade letter?
A letter of credit is a document issued by a guaranteeing bank on behalf of a buyer. It is aimed at assuring the seller that he will receive payment once delivery conditions have been met.
A bank received the payment of an outstation bill on behalf of his customer but before the money could be credited to the customer's account the bank failed what is relationship between the bank?
Principal and Agent.
Which is correct in behalf or on behalf?
Depends on what your talkin about but usally onbehave
When do you use the phrases on your behalf and in your behalf?
You use on your behalf when you are representing me and in your behalf when you do not want to put a lot of emphasis on what you are saying.
What is the difference in using in behalf and on behalf?
in behalf of is incorrect usage (Delete me if I am worng)
What is a behalf?
A behalf is an advantage or favour, to do something on someone else's behalf is to do it in order to someway assist them.
What is letters of credits?
Letters of credit is a binding document that a buyer can request from his bank in order to guarantee that the payment of goods will be transferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the shipment of goods within a given time frame. It is often used in international trade to eliminate risks such as unfamiliarity with the foreign country, customs, or political instability.
