Authority to Purchase

Authority to Purchase

In international commerce, notification given to a seller stating that an importer (instead of the importer's bank) will accept a bill of exchange from the seller within a certain period of time to pay for a good. Authority to purchase documents are used in East Asian countries, most notably in Japan. See also: Authority to pay.
References in periodicals archive ?
The Alaska Industrial Development and Export Authority Board authorized the authority to purchase Pentex Alaska Natural Gas Company LLC and its assets, including Fairbanks Natural Gas, under AIDEA's Development Finance Program.
a brief description ofProcurement as a result of framework contracts under the wishes of the contracting authority to purchase laboratory chemicals, reagents, solvents, reagents, media, media additives, solvents, analE-E-sikomplekte analyzes and / or sample preparation (finished packages, which consist of reagents and procedures for carrying out the necessary accessories) as well as other educational and Research work of the necessary materials (diagnostic sera, antigens, the type of crops, etc.
The entity's legal authority to purchase banks' shareholdings is good through March 31, 2012.
110-289, gave Treasury the authority to purchase obligations and securities of Fannie Mae and Freddie Mac, and Treasury exercised that authority on September 7, 2008, to take over those corporations.
The new law simply extends--for another year--certain temporary provisions, including granting the Secretary of Education the authority to purchase loans from lenders within the federal guaranteed loan program (to ensure they continue to have access to capital to originate new loans).
2 million loan to the Wise County Development Authority to purchase equipment and machinery for the start-up plant.
The Wall Street Journal reported on Monday that the investment bank was in talks with the Port Authority to purchase the rights to build a tower on the parcel, now occupied by the derelict skyscraper, 130 Liberty Street, whose deconstruction has been long delayed.
He said: "I am delighted the council has chosen bio-fuel cars to replace older cars as it is more environmentally friendly and promotes the use of renewable fuel resources "We are the first local authority to purchase bio-fuel cars and I hope this will encourage both the private and public sectors to follow our lead.
Mr Brown said: "What is needed is an economic development authority to purchase the whole site so the ownership can be consolidated.
According to the newspaper, SORTA chief executive officer Michael Setzer said the funds must be located "by the end of the summer" in order for the transit authority to purchase the cleaner-burning buses this year.
Critics are dubious of the authority's cost-effectiveness in part because more than 50 percent of its revenues fund expenses related to guards - for supervision, administration and transportation of inmate workers - and because the law permits the authority to purchase wholesale and resell products and services when prison factories or inmate personnel cannot meet demand.
In Congress' haste to fortify the nation against terrorism, it granted Homeland Security a kind of "fast-track" authority to purchase from the private sector and assign grants.