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 ?
"Gleaned from the tenor of the two resolutions, which were both unanimously approved by the Sanggunian Bayan members, and the purpose or objective for which they were adopted, there should be no room for doubt that accused Mayor Penera was actually clothed with authority to purchase the needed property that would serve as a site for the DSWD assisted housing project," the court ruled.
'The provincial government has purchased equipment for government hospitals worth Rs1 billion while another Rs1 billion would be released for health machinery.' The minister added that district hospitals were given authority to purchase medicines, while necessary medicines for snake venom distributed in all DHQs.
Speaking on the occasion, the DC said that all hospital heads had the authority to purchase required medicines, adding that number of diabetic patients visiting the hospital department was increasing.
The Senate has recently signed an agreement with the Bases Conversation and Development Authority to purchase the new home of the chamber, which is made up of 18,230 square meters of land at the Navy Village Property, Fort Bonifacio, Taguig City.
Auto Business News-October 12, 2017--Singapore's Land Transport Authority to purchase 50 Volvo diesel-electric hybrid buses
Of this number oblige the Contracting Authority to purchase a specified initial order (+/- 5%).
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.
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).
In addition, the Virginia Economic Development Partnership approved a $1.2 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.