UNIT 4

banking day

• a definite undertaking (commitmen: cam kết) of the confirming bank, in addition to that of the issuing bank, to honour (thanh toán) or negotiate a complying presentation

• a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed

• the party in whose favour a credit is issued

• the bank that adds its confirmation to a credit upon the issuing bank's authorization (ủy quyền) or request

applicant

• export/import financing in which an exporter ships merchandise and later bills the importer for its value

• a beneficiary, bank or other party that makes a presentation

• the party on whose request the credit is issued

• export/ import financing in which the importer's bank issues a document stating that the bank will pay the exporter when the exporter fulfills the terms of the document

beneficiary

• the party in whose favour a credit is issued

• the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/ or documents under a complying presentation, by advancung or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank

• export/ import financing in which a bank acts as an intermediary (bên trung gian) without accepting financial risks

• a contract between the exporter and carrier that specifies destination and shipping costs of the merchandise

issuing bank

• the bank that adds its confirmation to a credit upon the issuing bank's authorization (ủy quyền) or request

• a document ordering an importer to pay an exporter a specified sum, or money at a specific time

• requires the importer to pay when the goods are delivered

• the bank that issues a credit at the request of an applicant or on its own behalf

advising bank

• a beneficiary, bank or other party that makes a presentation

• a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard bank practice

• the bank with which the credit is available or any bank in the case of a credit available with any bank

• the bank that advises the credit at the request of the issuing bank

confirming bank

• either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered

• the bank that adds its confirmation to a credit upon the issuing bank's authorization (ủy quyền) or request

• a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard bank practice

• the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/ or documents under a complying presentation, by advancung or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank

confirmation

• a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed

• requires the importer to pay when the goods are delivered

• a definite undertaking (commitmen: cam kết) of the confirming bank, in addition to that of the issuing bank, to honour (thanh toán) or negotiate a complying presentation

• export/import financing in which an importer pays on exporter for merchandise before it is shipped

complying presentation

• any agreement, however named or described that is irrevocable (không hủy ngang) and thereby constitutes a definite undertaking of the issusing bank to honour a complying presentation

• extends the period of time (typically 30, 60, or 90 days) following delivery by which the importer must pay for the goods

• a document ordering an importer to pay an exporter a specified sum, or money at a specific time

• a contract between the exporter and carrier that specifies destination and shipping costs of the merchandise

credit

• the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/ or documents under a complying presentation, by advancung or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank

• any agreement, however named or described that is irrevocable (không hủy ngang) and thereby constitutes a definite undertaking of the issusing bank to honour a complying presentation

• a beneficiary, bank or other party that makes a presentation

• export/import financing in which an importer pays on exporter for merchandise before it is shipped

honour

• to pay at sight if the credit is available by sight payment (trả ngay)

• to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment (trả chậm)

• any agreement, however named or described that is irrevocable (không hủy ngang) and thereby constitutes a definite undertaking of the issusing bank to honour a complying presentation

• the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/ or documents under a complying presentation, by advancung or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank

• to accept a bill of exchange ("draft": hối phiếu) drawn by the beneficiary and pay at maturity if the credit is available by acceptance