International Trade vocabulary · Payment Methods and Letters of Credit
Applicant
Meaning in international trade, with examples
/ˈæplɪkənt/nounCommon term
In international trade, applicant means: In a letter of credit, the buyer who asks its bank to open the credit in favour of the seller and who will pay the bank in the end.
In Turkish: akreditif amiri, amir
How it is used
The standard UCP 600 word for the buyer in an L/C; older texts say 'opener' or 'accountee'. The applicant fills in the L/C application, and amendments are also made at the applicant's request.
Example sentences
The applicant has asked the issuing bank to extend the expiry date.
Discrepant documents can still be paid if the applicant accepts them.
Common collocations
applicant's bank
at the request of the applicant
applicant's waiver
applicant and beneficiary
Related terms
beneficiaryThe person or company that will receive the money under a letter of credit, guarantee or bank transfer; in trade it is usually the exporter.
issuing bankThe buyer's bank that opens a letter of credit and gives its own promise to pay if the seller presents complying documents.
letter of creditA bank's written promise to pay the seller a set amount, provided the seller presents documents that meet the exact conditions of the credit within the stated time.
importerA person or company that buys goods from another country and brings them in, usually paying the import duties and taxes.
