Guaranteed negotiation system and method
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United States of America Patent
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-
Aug 17, 2010
Grant Date -
Mar 26, 2009
app pub date -
Dec 2, 2008
filing date -
Jun 19, 2003
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A system and method for facilitating the negotiation of credits. The bank issuing the credit and a nominated bank agree to program conditions pursuant to which the nominated bank, based upon its own examination of documents presented under the credit and before said documents are forwarded to, received, and accepted by the issuing bank, will pay, accept, or negotiate the credit with no or limited recourse to the issuing bank for discrepancies in the documents.
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