STANDBY LETTER OF CREDIT Definition

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STANDBY LETTER OF CREDIT is a guarantee of payment. If the beneficiary does not get paid from its customer it can then demand payment from the customers Bank by forwarding the copy of the invoice that was not paid along with predetermined supporting documentation.

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TRADE RECEIVABLES (NET) are all accounts from trade, net of allowance for doubtful accounts.

ULLAGE is the empty space present when a shipping container is not full.

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