Definitions (3)
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1. General: Formal complaint, disapproval, or dissent by an interested party.
2. Documentary credit: Formal statement by a notary public that a negotiable instrument (such as a bill of exchange) has been dishonored by non-acceptance or non-payment. This statement is addressed to all parties to the instrument, and serves as the basis for initiating legal proceeding against the offender.
3. Law: Assertion by a party that its specified action should not carry an unintended implication. For example, a buyer may dispute an invoice but still pays it in full 'under protest,' thus it reserves the right to recover the payment if the protest is upheld.

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