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Resource Center
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Latest Shipment Date
Last day on which goods may be shipped, as evidenced by on-board date on bill of lading or flight date on air waybill.
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Letter of Credit
Document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time.
(See Import Letter of Credit, Export Letter of Credit)
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Marine Bill of Lading
Bill of lading for shipment by sea.
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Multi-Modal Bill of Lading
A bill of lading used when more than one mode of transport is involved in a shipment, for example when a consignment travels by rail and by sea. Also called a combined transport or intermodal bill of lading.
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Negotiable Bill of Lading
A title document to the goods, issued "to the order of" a party, usually the shipper, whose endorsement is required to effect its negotiation. Thus, a shipper's order (negotiable) bill of lading can be bought, sold or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original bill of lading to the carrier in order to take possession of the goods.
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On Board Bill of Lading
Bill of lading validated at the time of loading to transport. Most common types: onboard air, boxcar, container, rail, truck and vessel.
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Open Account
Trade arrangement and payment terms in which goods are shipped to a foreign buyer without guarantee of payment.
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Opening Bank
Common terminology among bankers for issuing bank in the letter of credit process.
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Contact Us
Contact us with your international banking needs or call one of our representatives:
Global Trade Finance: 800-937-8226
Commercial and Retail Foreign Exchange: 888-BNG-INTL (888-264-4685)
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