The term Acceptance means an undertaking by the drawee (who then becomes the “acceptor”), of a Bill of Exchange to pay to the person presenting the bill (called the holder in due course) the face value of the bill on the due date.
More from this Section
- Presenting Bank
Presenting Bank is the collecting bank making presentation (of the collection) to the drawee.
- Trade Creditors
Trade Creditors organisations, which are owed money for goods and services supplied.
- Certificate of Inspection
Certificate of Inspection is a document certifying the quality, quantity and/or price of a given shipment of goods.
- Back to Back Credits
Back to Back Credits or Head and Counter Credits is a documentary credit (counter) taken out by an importer to allow purchase of goods required to meet a sale covered under an original (head) credit.
- Inter corporate deposits
Inter Corporate Deposits is to deposit another company not more than one month on 12% to 15% interest.It is easy to convert cash but having more risk.
Insolvent is the condition when one is unable to pay one’s debt obligations when due.
Consignee is the intended receiver of a cargo shipment.