Glossary

The A.C.P. countries (Africa, Caribbean, Pacific) are a group of countries that benefit from preferential agreements with the European Union

A creditor is liable to be attacked by third parties for abusive support" when he has granted credit significantly in excess of his customer's foreseeable repayment capacity."

Immediate payment of due and undue debts. Forfeiture of the term may be provided for in the general terms and conditions of sale. It may also be provided for by law in the event of the buyer filing for bankruptcy. In the event of non-payment of a contractual due date, this clause renders all of the buyer's debts due and payable, regardless of their due dates.

Balance sheet account in which all invoices and credit notes per customer and their payments are recorded.

Case of an arbitration where the arbitrator is specially appointed and the dispute is determined

Activity consisting, for the credit insurer, in assessing the financial strength of the Buyers with a view to issuing an approval (see Approval).

Arbitration is a way of settling a dispute that has arisen in the course of a transaction by calling in an arbitrator. It is the most flexible method of settlement (compared with litigation), but its cost and the time it takes depend on the willingness of the two parties involved

See Credit Limit

This is a personal guarantee given on a commercial paper or by private deed to guarantee payment on behalf of the drawee. The endorsement on a commercial paper must clearly state Good for endorsement on behalf of the drawee"."