| Partial shipment |
| This is when a load is sent in more than one consignment. In a letter of credit, the buyer can say whether this is allowed or not allowed. |
| Performance Bond/Guarantee |
| A guarantee issued by a bank, on behalf of a seller to a buyer, to support the sellers ability to perform under the contract. If the seller fails to perform in accordance with the contract the buyer can claim compensation under the guarantee. |
| Performance Risk |
| The risk that the buyer or seller will not complete the contract in accordance with their contractual obligations. |
| Period of Presentation |
| The number of days from the shipment date that the seller is allowed to present documents to the advising or issuing bank under a Letter of Credit. It is normally 21 days, although it can be shorter. |
| Promissory Note |
| A signed undertaking from one party containing a promise to pay a stated sum to specified person or company at a specified future date |
| Protesting (a bill of exchange) |
| Protesting involves getting legal evidence that a bill of exchange or promissory note has not been paid. |
