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[citation needed] When a delay occurs with product delivery, the delivery party can elect to claim a no fault delay by submitting a demurrage charge. Criteria for allowable demurrage, payment conditions, and payment terms for demurrage are typically prenegotiated and accepted by the vendor via contract prior to conduct of business.
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]
Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
On the other hand, If the euro to U.S. dollar exchange rate is 0.50 one month later, the U.S. importer is able to prepare €1000 with $500 for the payment. Thus, if a rise in the exchange rates is expected in the future, the buyer may delay the payment of goods because such a delay can make purchasing the goods less costly. [ 2 ]
In finance, discounting is a mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee. [1] Essentially, the party that owes money in the present purchases the right to delay the payment until some future date. [ 2 ]
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Expediting is a concept in purchasing and project management for securing the quality and timely delivery of goods and components. [1]The procurement department or an external expeditor controls the progress of manufacturing at the supplier concerning quality, packing, conformity with standards and set timelines.
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