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The parties to a Letter of Credit are (1) the Buyer (the applicant) (2) the Buyer's bank (the issuing) (3) the Beneficiary (the seller/payee) (4) the beneficiary's bank (the ADVISING BANK). (5) the CONFIRMING BANK (often the same as the advising bank) The LC outlines the conditions under which payment (credit) will be made to a third party (the Beneficiary). The conditions are specified by the buyer and may include insurance forms, Way Bills, Bills of Lading, Customs forms, various certificates - i.e. whatever documents the Buyer feels are necessary to safeguard the integrity of the purchased product or service upon delivery. It is the responsibility of the issuing bank to ensure, on behalf of its client (the Buyer), that all documentary conditions have been met before the Letter of Credit funds are released. In effect, a basic Letter of Credit is a financial contract between the bank, the bank's customer, and the beneficiary, and this contract* involves the transfer of goods or services against funds.
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When you have a credit card that has been charged off what do the credit card companies do?
The usual action is the account is sold to a third party collector. That agency will use regular procedure to collect. Generally it will be by mail or phone contact. There are a few ca's that send collectors to the residence of the debtor, however, this action is seldom used. If a satisfactory arrangement cannot be made between the involved parties, legal action may be the next step. Whether a lawsuit is filed depends on many factors, the main one being if the debt is collectible. ("Macky"...macky83@juno.com)
Is it possible to get a discount for credit card processing?
Yes it possible to get a discount for credit card processing at many places. Many companies are giving discount for credit card processing online, but many companies charge more for credit card processing.
How many types of credit reports?
There are three different credit reports. Experian, Equifax, TransUnion
What companies offer free credit reports online?
There are many companies that offer free credit reports online. These include Experian, Equifax, Noodle, Check My File, and many more credit report sites.
How many points does a charge off take from your credit score?
first it depends what kind of charge off it is. and your credit score is all up to which credit company your checking your credit on .. there is no real answer to that question.
How many Parties are involved in hire purchase transaction?
check
How many parties are involved in a transaction?
Most contracts are between two parties. It is not uncommon for there to be more than two involved. Three party contracts are very common. There technically is no limit to the number of parties to a contract.
How many parties involved in clearing and forwarding?
There are several parties involved inclearing and forwarding, the following are among of them; Ministry of finance (for instance in Tanzania), Banks, Insurance companies, customs authorities, port authorities, and so on.
The Alberta provincial opposition parties and leaders are?
The Alberta Provincial parties are made up of Liberals, New Democrats, Wildrose, Social Credit and many other parties. The current opposition party is the Wildrose.
How many parties involved in general check?
there are three parties. The drawer, the one who The drawee bank, who issued the check and the payee, the one who is entitled to own the check.
Factors affecting decision making?
There are so many factors affecting decision making. Some of them include the parties involved, urgency of the matter, stakes involved and so much more.
Who is responsible for company credit card after the company declares bankruptsy?
The company. The liability is one of the many the BK will resolve. Of course, if there was a cosigner or such on the credit line, they are involved too.
What are t problem of coordination?
There are many problem of coordination. The parties involved in coordination have problems in matters to do with adaptation to each other and the entire network.
Who are the main users of credit card scores?
Credit card scores are used by many companies involved in the financial sector. These involve companies that give loans which use credit scores to assess whether you qualify for a loan.
Which has greater liability actual or apparent authority?
I think Actual Authority has greater liability because in cases of apparent authority in many cases the liabilities are shared by the parties involved i.e the parties other than the plaintiff.
Does bad personal credit history affect business credit history?
In many cases, yes, it will hurt the business credit history due to you having bad personal credit history. Being a "silent" partner is the best option you have if you want to be involved in the business.
How can you find out how many credit cards have been issued in your name?
You need to obtain a copy of your credit report. There are many places that will provide this for a small fee (under $20.00), or if you are turned down for credit, you can obtain one for free. The rejection letter they mail you should give instructions for this.
