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Historically, it was a physician's instruction to an apothecary listing the materials to be compounded into a treatment—the symbol ℞ (a capital letter R, crossed to indicate abbreviation) comes from the first word of a medieval prescription, Latin recipere (lit. ' take thou '), that gave the list of the materials to be compounded.
The fundamental principle of all letters of credit is that letters of credit deal with documents and not with goods. The payment obligation is independent from the underlying contract of sale or any other contract in the transaction. The bank's obligation is defined by the terms of the LC alone, and the contract of sale is not considered.
The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
A goodwill letter is a formal letter to a creditor or lender, such as a bank or credit card company, to request forgiveness for a late payment or other negative item on your credit report. In the ...
Sample writing from The Palmer Method of Business Writing The Palmer Method of penmanship instruction was developed and promoted by Austin Palmer in the late 19th and early 20th centuries. It was intended to simplify the earlier " Spencerian method ", which had been the main handwriting learning method since the 1840s. [ 1 ]
Standing order (banking) A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to their bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order . They are typically used to pay rent, mortgage or any other fixed ...
Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. The advice may consist of a literal letter (e.g., "To Whom it May Concern: Your shipment of the 10th inst was received in good order ...
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or ...
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