Account Party(redirected from Account Parties)
Party who applies to open a bank for the issuance of a letter of credit.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
An importer or other buyer that applies for a letter of credit from a bank. The account party, upon receiving the letter of credit, is able to guarantee the exporter (or other seller) that it will receive payment for the goods shipped even if the account party itself defaults.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved