Documentary Credit - GlossaryDocumentary Credit - Glossary

Here you can find an explanation of relevant words and expressions used in relation to documentary credits.
Term  Explanation
About  Used in connection with amount or quantity, it means +/- 10%
Acceptance An accepted draft
Advise To forward a documentary credit or an amendment to a documentary credit to the beneficiary
Advising bank The bank (other than the issuing bank) that forwards the documentary credit to the beneficiary
Air waybill (AWB) Air transport document
Applicant The party on whose behalf a documentary credit is issued
Approximately See About above
Assignment Signing over the documentary credit amount, either wholly or partly, to another party, for example a subcontractor
At sight Payment on a sight basis (no credit time)
Available with The bank where the documents must be presented
Beneficiary The party in whose favour the documentary credit is issued
Bill of lading Sea transport document

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Document Checklist
What to look out for in every document involved in the documentary credit process:

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