BILLS PURCHASED Definition

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BILLS PURCHASED, in trade finance, allows a seller to obtain financing and receive immediate funds in exchange for a sales document not drawn under a letter of credit. The bank will send the sales documents to the buyers bank on behalf of the seller.

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SUTA see STATE UNEMPLOYMENT TAX ACT.

LUMP-SUM is an agreed upon sum of money, which is paid in full settlement all at one time.

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