Account Party

(redirected from Account Parties)

Account Party

Party who applies to open a bank for the issuance of a letter of credit.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Account Party

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
Mentioned in ?
References in periodicals archive ?
Summary: Manila [Philippines], November 14 (ANI): Prime Minister Narendra Modi has called for an investigation of North Korea's proliferation links and hold into account parties who have supported these unlawful programmes.
Manila [Philippines], November 14 ( ANI ): Prime Minister Narendra Modi has called for an investigation of North Korea's proliferation links and hold into account parties who have supported these unlawful programmes.
"Prime Minister pointed out at the East Asia Summit meet that it was important North Korea's proliferation links must be investigated and to hold into account parties who have supported these unlawful programmes," she added.