Search results
Results from the WOW.Com Content Network
The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods.
The performance test or "PT" is a section of bar examinations in the United States that is intended to mimic a real-life legal task that future lawyers may face. Of the three parts of most states' bar exams -- MBE, essay, and performance test—the performance test is supposed to be the most reflective of how well a candidate will perform outside of an academic setting.
The institute's efforts to harmonize international law and practice have resulted in the ISP98 (International Standby Practices) and ICLOCA (International Center for Letter of Credit Arbitration). It has also played an important role in reforms such as U.S. Revised UCC Article 5 and the United Nations Convention on Independent Guarantees and ...
A business line of credit can be unsecured or secured (typically, by inventory, receivables or other collateral). Lines of credit are often referred to as revolving and can be tapped into repeatedly. For instance, if there is access to a $60,000 line of credit and $30,000 is taken out, access to the remaining $30,000, if necessary, remains.
An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
Performance is an abstract concept and must be represented by concrete, measurable goals or objectives. For example, baseball athlete performance is abstract as it covers many different types of activities. Batting average is a concrete measure of a particular performance attribute for a particular game role, batting, for the game of baseball.
The measurement of the subjective and the objective abilities can be in absolute or relative terms. When done in absolute terms, self-assessment and performance are measured according to objective standards, e.g. concerning how many quiz questions were answered correctly. When done in relative terms, the results are compared with a peer group.