Right to demand return of money paid.
In negotiation of a letter of credit, payment by the negotiating bank will normally be with recourse (i.e. if the Issuing bank subsequently does not pay).
A letter of credit instructing an advance payment to be made to the beneficiary upon advice of the credit but before shipment of the goods.
Bank specified as a source of funds in a letter of credit transaction.
Not a party to the letter of credit.
Document given by a bank to a buyer to enable buyer to claim the goods from the carrier. Used when goods are consigned to the bank as a means of retaining constructive control.
Party making a payment.
In a collection, bank who remits the documents overseas and in due course receives payment.
Endorsement transferring title or right to a named party. See also: blank endorsement.
Revocable letter of credit
Letter of credit which may be amended or cancelled unilaterally. Offers no security to seller and so very rare.
Revolving letter of credit
Letter of credit designed to cover a series of similar consignments over a period of time.
Road consignment note
Transport document used for goods despatched by road. Not a document of title.