assignment of proceeds

listen to the pronunciation of assignment of proceeds
English - Turkish
(Ticaret) alacakların devri
English - English
order transferring the right to compensation from an insurance company
An acknowledgement by a paying/negotiating bank issued at the request of the beneficiary of the credit to pay a third party for services rendered or goods sold under a separate contract It conveys no engagement on the part of the bank making such an acknowledgement and payment is only made if and when funds have become available under the credit
Request by a beneficiary to assign the proceeds of any draft honored under a letter of credit to a third party
Legal mechanism by which the beneficiary of a letter of credit may pledge the proceeds of future drawings to a third party Assigning proceeds involves giving the letter of credit to a bank, which will hold the L/C until drawn upon, along with irrevocable instructions to the bank to disburse proceeds, when generated, in a specified way, e g , "pay 75% of each drawing to XYZ Company " The bank will acknowledge the assignment to the assignee but has no obligation actually to pay any funds to the assignee unless the L/C is drawn upon by the beneficiary and payment is received from the issuing or confirming bank An assignment of proceeds is not an assignment or transfer of the letter of credit and the assignee acquires no rights to perform under the L/C in order to generate funds
The beneficiary of a letter of credit may instruct the negotiating bank, in writing, to pay all or a portion of the proceeds due them to a third party The request to assign the proceeds should be accompanied by the original letter of credit and the fee that the negotiating bank may charge for this service
assignment of proceeds

    Hyphenation

    as·sign·ment of pro·ceeds

    Turkish pronunciation

    ısaynmınt ıv prōsidz

    Pronunciation

    /əˈsīnmənt əv prōˈsēdz/ /əˈsaɪnmənt əv proʊˈsiːdz/
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