Fixed discontinuous contract

Classified in Law & Jurisprudence

Written at on English with a size of 1.21 KB.

DC(separate from contract):Arrangement in which a bank (issuing), acting for and on behalf of the customer (buyer), pay the beneficiary (seller) a sum of money (or to accept a BE), or to authorise another bank (advising bank, confirming bank) to do so on presentation by the beneficiary of specified docs and on condition that all other credit terms are met. BE=uncond order requiring payment at fixed future time of a x sum of money to the bearer of the draft or to the order of a specified person; endorsement PN=uncond promise to pay at a fixed future time a x sum of $ to the bearer of the note or to the order of a specified person (abstract-independents of the contract, formal req)

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