GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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11:47 Jul 1, 2020 |
French to English translations [PRO] Bus/Financial - Transport / Transportation / Shipping / supplies contract | |||||||
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| Selected response from: Elena Skokova France Local time: 10:21 | ||||||
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Summary of answers provided | ||||
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4 | payable on demand issued by the Seller's bank |
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4 | sight letter of credit |
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Discussion entries: 3 | |
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(lettre de crédit) \\\"payable à vue ouverte\\\" payable on demand issued by the Seller's bank Explanation: "vue" means bank demand here Reference: http://https://www.quora.com/Who-pays-the-cost-of-a-letter-o... |
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sight letter of credit Explanation: A sight letter of credit refers to a document that verifies the payment of goods or services, payable once it is presented along with the necessary documents. This type of letter of credit is payable to the beneficiary once the required documents are presented to the financial institution backing the letter. Sight letters of credit give each party involved in the transaction some degree of protection and decreases some of the risk involved with business, especially when it comes to international dealings. A sight letter of credit involves three parties including the buyer, the issuing bank, and the seller Source: https://www.investopedia.com/terms/s/sightletterofcredit.asp -------------------------------------------------- Note added at 11 hrs (2020-07-01 23:44:37 GMT) -------------------------------------------------- 'lettre de crédit irrévocable et confirmée payable à vue ouverte auprès de la banque du Vendeur' = irrevocable letter of credit that is confirmed at sight and is backed by the seller's bank -------------------------------------------------- Note added at 1 day 3 hrs (2020-07-02 15:25:47 GMT) -------------------------------------------------- Another translation: 'lettre de crédit irrévocable et confirmée payable à vue ouverte auprès de la banque du Vendeur' = irrevocable, sight letter of credit with the backing of the seller's bank This second translation is based on the fact that a sight letter of credit is both payable at sight and backed by a bank. |
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