Negotiable time drafts, or bills of exchange, that have been accepted by a bank which, by accepting, assumes the obligation to pay the holder of the draft the face value of the instrument on the specified maturity date. Bankers’ Acceptances are generally used to finance export, import, shipment, or storage of goods.
A condition in which a firm (or individual) is unable to meet its (his) obligations and, hence, its (his) assets are surrendered to a court for administration.
One-hundredth of one percentage point (i. e. 0.01%), normally used for indicating spreads or cost of finance.
A guarantee issued by a bank on behalf of a seller to a buyer to support the sellers’ bid or tender for a contract. If the sellers’ bid is accepted, the buyer can claim compensation under the guarantee.
Receiving payment on a bill of exchange prior to the bill’s maturity by surrendering the bill for the face value less applicable interest for the time remaining up to maturity.
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