A company may request a bank to either loan them money or pay them money which is due but not yet cleared funds. The bank may do this stating that the agreement is with recourse or without recourse. With recourse would mean that should the funds not become available the bank has the right to claim the money back from the company. Without recourse would mean that the bank would have to pursue payment from the payer and not the company.
Industry language for the term 'refrigerated container'.
The bank that the DC-issuing bank has named to pay the value of the DC to the negotiating/paying bank.
This clause is usually included in the terms of conditions of doing business. It means that in event of non payment by the buyer as a result of the buyer no longer trading the seller is able to claim back the goods without the goods becoming part of the buyers assets.
A credit that is automatically reinstated each time a draw takes place or upon receipt of authorization from the DC-issuing bank. The credit carries limits on duration and on the borrowing amount (cumulative or non-cumulative) involved for each draw.
The RHA is a membership organisation offering a range of services to the Road Haulage industry.
Short for roll on/roll/off. A ro/ro ship is designed with ramps that can be lowered to the dock so cars, buses, trucks or other vehicles can drive into the belly of the ship, rather than be lifted aboard. A ro/ro ship, like a container ship, has a quick turnaround time of about 12 hours.
Regional Trade Agreements have to be notified to the World Trade Association/Gatt These are usually agreements that allow free trade between countries within a particular region or bilateral trade at greatly reduced rates of duty.
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