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    Principal/Applicant 

    The party on whose behalf the Guarantee is issued.

    Promissory Note 

    A written, dated and signed unconditional promise by the maker to pay a sum of money to the payee.

    Railwaybill 

    A document issued by a rail carrier giving details and instructions relating to the shipment of a consignment of goods.

    Reimbursement undertaking 

    Means a separate irrevocable undertaking of the Reimbursing bank.

    Reimbursing Bank 

    Means the bank instructed and/or authorised to provide payment pursuant to a reimbursement authorization.

    Revocable 

    The L/C can be revoked or amended unilaterally by the applicant and/or the Issuing Bank, provided the documents have not already been presented to the Nominated Bank.

    Shipper 

    Someone who prepares goods for shipment, by packaging, labeling, and arranging for transit, or who coordinates the transport of goods.

    Silent confirmation 

    If no bank has been nominated to add its confirmation, the Beneficiary might ask the Advising Bank to issue a so-called silent confirmation. Not regulated by any ICC rules, a silent confirmation is a separate agreement outside the L/C.

    Specification 

    A set of requirements.

    Tenor 

    A Guarantee could either have a fixed date an Evergreen Clause or a Termination Clause.

    Transferrable L/C 

    Transferable L/C. The First Beneficiary has the right to transfer all or parts of the L/C to one or more Second Beneficiaries.

    Transhipment 

    If transhipment is allowed, the goods may be transhipped during transport from the place of shipment to the destination. If presented with certain transport documetns, the banks will accept transhipments, even if they are prohibited according to the L/C.

    Underlying reference 

    Contract No., Agreement No., Order No. etc.

    Usuance Credit 

    L/C payable in the future. Can be expressed as deferred payment or XX days sight. In essence, the Seller has given the buyer a credit.

    Validity Period 

    Period of time during which the L/C is valid.

    Weight list 

    A list showing the weight specifics.

    XX days sight 

    Payable XX days after peresentation of documents.
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