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| Beneficiary |
| The Exporter in a Letter of Credit, or the party authorised to claim from a bank under a Guarantee/Bond. |
| Bid Bond/Guarantee |
| A guarantee issued by a bank on behalf of a seller to a buyer to support the sellers bid or tender for a contract. If the sellers bid is accepted, and they fail to sign a contract, the buyer can claim compensation under the guarantee. |
| Bill of exchange |
| This is an unconditional order in writing drawn up by the seller asking the buyer to pay a specific amount of money immediately or at a future date. |
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