Acceptance Letter Of Credit
A letter of credit which, in addition to other re¬quired documents, requires presentation of a term draft drawn on the bank nominated as the accepting bank under the letter of credit See acceptance; bank acceptance; letter of credit.
A bill of exchange accepted by the drawee (ac¬ceptor) By putting his signature (acceptance) on its face. In doing so, (j£ commits himself to pay the bill upon presen¬tation at maturity. See acceptance; bank acceptance; bill of exchange.
A bank who by signing a time draft accepts re¬sponsibility to pay when the draft becomes due. In this case the bank is the drawee (party asked to pay the draft), but only becomes the acceptor (party accepting responsi¬bility to pay) upon acceptance (signing the draft). See ac¬ceptance; bill of exchange.
The party that signs a draft or obligation, thereby agreeing to pay the stated sum at maturity. See ac¬ceptance; bill of exchange.
The process by which a country becomes a member of an international agreement, such as the World Trade Organi¬zation (WTO), the GATT or the European Community (EC). Accession to the WTO involves negotiations to de¬termine the specific obligations a nonmember country must undertake before it will be entitled to membership benefits. See accessions.
(a) Goods that are affixed to and become part of other goods. Examples include semiconductors that are inserted into computers, parts that are added onto vehicles and dials that are used in watches
(b) A nation’s accep¬tance of a treaty already made between other countries. See accession.
Charges made for additional, special, or sup¬plemental services, normally over and above the line haul services.
An action by one individual or legal entity (the ac¬commodation party) that is taken as a favor, without any consideration, for another individual or legal entity (the accommodated party). An accommodation note or paper is a commercial instrument of debt that is issued by or for an ac¬commodated party (who is expected to pay the debt) and that contains the name of the accommodation party. A per¬son may make an accommodation, for example, to help an- other party raise money or obtain credit. An accommodation party is usually treated like a surety, who is responsible for the performance of the accommodated party. The distinction between an accommodation and a surety is that an accommodation is made without consider¬ation, that is, it is freely given.
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