尉所委所贺易大考 1 Background terminology
Background & Background & terminology terminology
Background and terminology 1) open account:记账赊销 In a foreign transaction, an open account is a convenient i method of payment t and may be satisfactory if the buyer is well established, has demonstrated a long and favorable payment record, or has been thoroughly checked for credit worthiness.Under open account,the exporter s simply bills the customer, who is expected t to pay under agreed terms at a future date. 制价爱行蜀易大考
Background and terminology Background and terminology 1) open account: 记账赊销 In a foreign transaction, an open account is a convenient method of payment and may be satisfactory if the buyer is well established, has demonstrated a long and favorable payment record, or has been thoroughly checked for credit worthiness. Under open account, the exporter simply bills the customer, who is expected to pay under agreed terms at a future date
Background and terminology 2)credit:信用 A contractual agreement for deferred payment in which a borrower receives something of value now,with the agreement to repay the lender at some date in the future as a result of a positive opinion by the particular lender concerning such borrower's solvency and reliability. 贵价爱，所蜀易大考
Background and terminology Background and terminology 2) credit: 信用 A contractual agreement for deferred payment in which a borrower receives something of value now, with the agreement to repay the lender at some date in the future as a result of a positive opinion by the particular lender concerning such borrower's solvency and reliability
Background and terminology 3)documentary credit A letter of credit,often abbreviated as an LC or L/C,and also referred to as a documentary credit,often abbreviated as DC or D/C, documentary letter of credit,or simply as credit,is a document issued mostly by a financial institution which provides an irrevocable payment undertaking to a beneficiary against complying documents as stated in the credit. 贵价爱，所質易大孝
Background and terminology Background and terminology 3) documentary credit A letter of credit, often abbreviated as an LC or L/C, and also referred to as a documentary credit, often abbreviated as DC or D/C, documentary letter of credit, or simply as credit ， is a document issued mostly by a financial institution which provides an irrevocable payment undertaking to a beneficiary against complying documents as stated in the credit
Background and terminology This means that once the beneficiary or a presenting bank acting on its behalf,makes a presentation to the issuing bank or confirming bank,if any,within the expiry date of the LC, comprising documents complying with the terms and conditions of the LC,the issuing bank or confirming bank,if any,is obliged to pay irrespective of any instructions from the applicant to the contrary.In other words,the obligation to pay is shifted from the applicant to the LC issuing bank or confirming bank,if any. 制行运行贸易大孝
Background and terminology Background and terminology This means that once the beneficiary or a presenting bank acting on its behalf, makes a presentation to the issuing bank or confirming bank, if any, within the expiry date of the LC, comprising documents complying with the terms and conditions of the LC, the issuing bank or confirming bank, if any, is obliged to pay irrespective of any instructions from the applicant to the contrary. In other words, the obligation to pay is shifted from the applicant to the LC issuing bank or confirming bank, if any