Difference between revisions of "Account Party"
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Latest revision as of 23:02, 10 February 2020
Definition
Account Party. It is the party for whom a letter of credit is opened.Account party and applicant are the same. Sometimes one party agrees with the issuing financial institution to make all payments under a letter of credit showing the name of another party (as in the case of affiliated companies). Banks may refer to one of these parties as the applicant and the other as the account party.
