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Glossary

A B C D E H I L M O P R S U W

Date of Loss

The date on which an insured loss occurred.

Debt Collector

An agency that pursues debtors and seeks recovery of the funds they owe.

Default

The failure of a buyer to make contractually due payments.

Defendant

The person against whom a civil action is brought; the person being accused or charged with a criminal offence in a criminal prosecution.

Delivery

The placing of the goods on the hands of to the buyer or any person acting on its behalf according to the terms specified in the sales contract.

Dispute

A disagreement between the policyholder and the buyer related to any obligations owed by either the policyholder or the buyer under the sales contract that may result in buyer’s refusal of payment or admittance of debt.

Document against Acceptance (DA)

A payment arrangement in which an exporter instructs a bank to hand over shipping documents to the buyer only if the latter accepts the accompanying bill of exchange or draft by signing it.

Document against Payment (DP)

A payment arrangement in which the bank releases the shipping documents to the buyer only against a cash payment in a prescribed currency.

Dormant Company

A company that has either never started or ceased its trading activities, but has not yet been dissolved.

Due Date

The date that payment is due by the buyer in accordance with the relevant sales contract.