red clause letter of credit


red clause letter of credit
Also known as anticipatory credits. A letters of credit which contains a clause (traditionally printed in red) authorising the nominated bank to make advances to the seller before shipment/presentation of documents. It is generally of value to middlemen and dealers in areas of commerce that require a form of pre-financing and where the buyer would be willing to make special concessions of this nature.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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