Search results
Results from the WOW.Com Content Network
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.
Reimbursement is the act of compensating someone for an out-of-pocket expense by giving them an amount of money equal to what was spent. [1]Companies, governments and nonprofit organizations may compensate their employees or officers for necessary and reasonable expenses; under US [2] [3] law, these expenses may be deducted from taxes by the organization and treated as untaxed income for the ...
The term "reservation of rights" (particularly a "reservation of rights letter”) is often used in connection with insurance claims. The insurance company issues a reservation of rights letter stating that it may deny coverage for some or all of the claim even while the company is investigating the claim or beginning to treat the claim as if ...
An advising bank (also known as a notifying bank) advises a beneficiary (exporter) that a letter of credit (L/C) opened by an issuing bank for an applicant (importer) is available. [1] An advising bank's responsibility is to authenticate the letter of credit issued by the issuer to avoid fraud.
Reporting requirements for 2009 and 2010 were fulfilled in a letter dated 8 July 2011 sent to the Chairman of the Senate Committee on Homeland Security and Government Affairs, [4] which reported that $163.13 billion were obligated in cost-reimbursement contracts in 2009 (including a proportion of "combination contracts" likely to have reflected ...
Alternatively, it means a payment made on behalf of a client to a third party, for which reimbursement is subsequently sought from the client. It is a term most commonly used by solicitors in the UK to refer to payments which they have made or will make to third parties in connection with the matter they are dealing with on behalf of the client ...
Entrepreneur and Cost Plus Drugs cofounder Mark Cuban (right) speaks with Andrew Nusca, editorial director of Fortune’s Brainstorm series, at a Brainstorm Tech dinner on Monday, Jan. 6, 2025, in ...
Major differences distinguish letters of credit from "demand guarantees"; in the latter instrument the obligation to pay is conditioned within the terms of the bank's promise, therefore if the demand guarantee is payable upon the beneficiary's written first demand he is assured payment notwithstanding any defence related to any other underlying ...