documents sent on approval
Definition
Letter of credit (L/C) arrangement in which the negotiating bank does not certify the documents (presented by the beneficiary) that they meet the requirements of the L/C. Instead, the documents are sent to the issuing bank for examination and acceptance and (if any discrepancy is found) to obtain any waiver from the account party.
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documents sent on approval is in the Banking, Commerce & Finance and International Trade & Relations subjects.
documents sent on approval appears in the definition of the following term: approval basis
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