A CHEQUE is a written order to a bank given and signed by someone who has money deposited there to pay a certain amount mentioned in a cheque to a person named on it. A BILL of EXCHANGE ( a sight draft )is a bill which is paid immediately on presentation. A term draft is a bill to be paid at a later date(30-day, 60-, 90- and 120-day drafts).

Deposit Telegraphic transfer (TT) Mail remittance Bill of lading Insurance policy Invoice Acceptance Letter of credit

What is a cheque? What are the two types of drafts? What is L/C? What is an invoice?

In international commerce, an agreement between the seller and the buyer as to who is responsible for the cost and risk of delivering the goods. Cost and risk may rest exclusively with either party, or may be split at a certain point. The International Chamber of Commerce has set approximately a dozen different terms of delivery costriskInternational Chamber of Commerce

| CFR | CIF | CIP | CPT | DAF | DDP | DDU | DEQ | DES | EXW | FAS | FCA | FOB | CFR CIF CIP CPT DAF DDP DDU DEQ DES EXW FAS FCA FOB oterms oterms

CFR Cost and Freight Cost and Freight CFRCost and Freight CIF Cost, Insurance and Freight Cost, Insurance and Freight CIFCost, Insurance and Freight CIP Carriage and Insurance Paid Тo Carriage and Insurance Paid Тo CIPCarriage and Insurance Paid Тo CPT Carriage Paid To Carriage Paid To CPTCarriage Paid To DAF Delivered At Frontier Delivered At Frontier DAFDelivered At Frontier

DDP Delivered Duty Paid Delivered Duty Paid DDPDelivered Duty Paid DDU Delivered Duty Unpaid Delivered Duty Unpaid DDUDelivered Duty Unpaid DEQ Delivered Ex Quay Delivered Ex Quay DEQDelivered Ex Quay DES Delivered Ex Ship Delivered Ex Ship DESDelivered Ex Ship EXW EX Works EX Works EXWEX Works

FCA Free Carrier Free Carrier FCAFree Carrier FOB Free On Board Free On Board FOBFree On Board