Plain-language definitions of 133 terms used in raw material trade: Incoterms, payment, shipping, customs, quality documents, plastics, metals, chemicals, agriculture and energy.
An undertaking by a bank to pay a stated amount when the beneficiary makes a demand. A performance bond secures the seller’s performance of the contract, typically for 5–10 % of the contract value; an advance-payment guarantee ensures the buyer’s deposit is refunded if the goods are not delivered. International deals usually use on-demand guarantees subject to the ICC’s URDG 758.
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