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GLOSSARY All Risk Insurance Cover Where a credit stipulates "insurance against all risks", bank will accept an insurance document which contains any "all risks", bank will accept an insurance document which contains any "all risks" notation or clause, whether or not bearing the heading "all risks". Acceptance A draft, payable at a fixed or determinable future date, upon the face of which has been acknowledged in writing the unconditional obligation of the person upon whom it is drawn to pay it at maturity. 1) Bank Acceptance: A draft of which a bank is drawee and acceptor. 2) Trade Acceptance: A draft of which the drawee and acceptor is a mercantile concern. Such an acceptance usually arises from the sale of merchandise. Acceptance Credit An acceptance credit is drawn on and accepted by a bank or acceptance house with whom there is no underlying trade transaction and then discounted either with the accepting bank or a third party which could be another bank or discount house. Accepting Bank A bank which, by writing "accepted" across the face of a bill of exchange and by signing the bill agrees to pay the face amount of the bill at maturity. Acceptor Drawee who signs a bill of exchange and thereby undertakes to pay the bill at its maturity. Accountee (See Drawee) Advance Freight Freight paid in advance. it enables the shipper to endorse the bill of lading with a freight release and
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the importer to take immediate delivery. Advice of Fate Collecting banks are to advise fate in accordance with the following rules containing: (i) Form of advice (ii) Method of advice (ii) (a) Advice of payment (b) Advice of acceptance (c) Advice of non-payment or non-acceptance, protest, etc. Such instructions will be given with the original collection form. Advising Bank A bank usually operating in the exporter's country, that handles letters of credit for a foreign bank by notifying the export firm that the credit had been opened in its favour. The advising bank fully informs the exporter of the conditions of the letter of credit. It is the duty of the advising bank to verify the credit and advise the beneficiary. The advising bank is the issuing bank's agent and is usually located in the exporter's country. After Date When a draft bears this phrase, the time begins to run from its date. The date of maturity is, therefore, fixed and does not depend upon presentation or acceptance. Against all Risks Insured against all generally accepted risks in marine insurance. Air Way Bill An air transport document that covers both domestic and international flights transporting goods to a specified destination. This is a non- negotiable instrument of air transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the airport of destination according to specified conditions. Anticipatory Credit Red/Green Clause Credit or Anticipatory Credit is a Letter of Credit containing a clause authorising the advising bank to make advances to the beneficiary/exporter before the beneficiary presents the required documents under the credit. It is a
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method of pre-shipment finance for the exporter. Alongside The side of a ship. Goods to be delivered "alongside" are to be placed on the dock or barge within reach of the transport ship's tackle so that they can be loaded abroad the ship. Anticipatory Credit Red/Green Clause Credit or Anticipatory Credit is a letter of credit containing a clause, authorising the advising bank to make advances to the beneficiary/exporter before the beneficiary presents the required documents under the credit. it is a method of pre-shipment finance for the exporter. Applicant The person who initiates a Letter of Credit, i.e. the person who applies to his bank to issue a credit in favour of the beneficiary/exporter. The applicant is the importer (buyer) of goods. Assignee/Allocatee A third party to whom, in certain defined circumstances, either a part of all of the proceeds obtained under a Documentary Credit can be paid. The assignee/allocatee does not have a bank guarantee of payment. Assignment/Allocation of Proceeds An assignment follows a request to the Paying/Accepting Bank by the Beneficiary to assign all or part of the proceeds to a third party. This request may be made prior to, or at the time of presentation of documents for payment. At Sight A bill of exchange payable on presentation rather than on a specific date. Aval Payment of a bill of exchange or promissory note which is guaranteed by the signature of a third person on the bill.
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A.A.A. See American Arbitration Association. AAR against all risks Acceptance House Financial institution lending money on the security of bills of exchange. It may lend money on a bill or add its name to a bill drawn on another party, especially in foreign trade. Acceptance houses often lend money to an exporter to cover the gap between the production of goods and the receipt of proceeds from their sale. The loan is made through a Bill of Exchange and is sometimes called an acceptance credit. A/D See After date. ADR See alternative dispute resolution. Ad Valorem Duty A duty assessed as a percentage rate of the value of the imported merchandise. See customs duty. Advance Payment Guarantee/Bond A guarantee that advance payments will be returned if the party having received such payments does not perform its part of the contract. Advance Against Documents A loan made on the security of the documents covering the shipment. Agent One who represents a principal or who buys or sells for another. A person who is authorised by another to act on his behalf in transactions with third parties.
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Agio Premium paid for exchange of one currency for another. Allocation Of Proceeds (See Assignment) Aligned Export Documentation System Method whereby as much information as possible is entered on a 'master' document so that all or part of this information can be reproduced mechanically/electronically on to individual forms of a similar design. Alternative Dispute Resolution (ADR) A general term for a variety of dispute-resolution mechanisms which may be used as alternatives to traditional litigation before governmental courts or tribunals. May be said to include such techniques as conciliation, mediation, arbitration, re-negotiation, and mini-trial. American Arbitration Association (A.A.A.) Perhaps the world's largest arbitration forum and institution; the great bulk of cases handled under its rules and procedures are domestic US cases, although the A.A.A. does have specific rules for international cases. AN Arrival notice. Applicant The person who initiates a Letter of Credit, i.e. the person who applies to his bank to issue a credit in favour of the beneficiary/exporter. The applicant is the importer (buyer) of goods. AQ Any quantity. Arbitration
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A method of resolving commercial disputes where both parties are required to submit the documents relevant to the case to an outside agency for an independent judgement and to accept that judgement. ATA Carnets Everybody who needs to take valuable goods across frontiers temporarily can save time and money by using ATA Carnets. Simple international customs documents, the Carnets enable travellers taking goods abroad (samples of value, exhibits at trade fairs, professional equipment etc.) to avoid all duty payments and tiresome formalities at the customs. Carnets are issued through a 40-country guarantee chain organised by the ICC's International Bureau of Chambers of Commerce. At Call Money or funds at call i.e. immediately available. Bill of Exchange An unconditional order in writing from one person (the drawer) to another (the drawee) directing the drawee to pay a specified amount to a named drawer at a fixed or determinable future date. Bid Bond Broadly speaking, the purpose of the Bid Bond (tender bond) is to provide a financial assurance of the intention of the party submitting the tender (principal) to sign the contract if his tender is accepted. Bill Of Lading (B/L) A document issued when goods are entrusted to a shipping company for carriage. It can serve as a formal receipt for the goods by the shipowner, a memorandum of the contract of carriage, and documentary evidence of control over the goods. The holder or consignee of the bill has the right to claim delivery of the goods from the shipping company when they arrive at the port of destination. Bills of Lading may be negotiable (order B/L) or non- negotiable (straight B/L). Bills of Lading may also be distinguished by the mode of transport used for the shipment. See Marine Bill of Lading, multimodal transport Bill of Lading, air waybill, railway
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