account party
Definition
Entity (usually an importer) who applies to a bank to establish a letter of credit (L/C) in favor of another entity (the 'accredited party' or 'beneficiary,' usually an exporter). However, where a finance company applies for a L/C on behalf of an importer, the finance company is usually called the 'applicant' and the importer is called the 'account party.' Also called accountee or applicant.
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