by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Accommodation Bill?An Accommodation Bill is signed by a third party called an accommodation endorser. This bill enables the second party to obtain a loan or credit for a specific purpose. The third party stands as the guarantor for the second person to...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Promissory Note? A Promissory Note is a financial instrument specifying a written promise from one party (the issuer or maker of the note) to pay a certain sum of money to another party, either at a specified future date or on demand. This note contains all...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is the Uniform Customs and Practice for Documentary Credits (UCP)?The Uniform Customs and Practice for Documentary Credits (UCP) is a set of clearly-defined rules developed by the International Chamber of Commerce (ICC) for governing the issuance and applications...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Acceptance Letter of Credit?A letter of credit is issued by a bank as a promise to pay a specific amount when the terms of the letter or met. Read more about how a Letter of Credit works.An Acceptance Letter of Credit, also known as Documents Against...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Wire Transfer?A wire transfer is a financial transaction that allows individuals transfer funds from one account into another account through electronic communication. How is a Wire Transfer Used? For a bank wire transfer, the sender deposits the cash into...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Allonge? An allonge is the slip of paper fixed at the end of a document to give space for further endorsements. The word allonge is a French word, meaning output. Allonge is often fixed to the negotiable instrument. They are primarily used in civil law...
