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Glossary

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Balance Sheet

A financial statement showing assets and liabilities of a business at a certain date. The balance sheet forms a part of the financial accounts of a company and is normally prepared annually.

Bank Reference

A statement made by a bank usually to another, generally regarding the credit status of a bank customer.

Bankruptcy

Legal procedure for liquidating a business which cannot fully pay its debts out of its current assets. Bankruptcy can be brought upon itself by an insolvent debtor or it can be forced on court orders issued on creditors' petition.

Bill of Lading

An important document in international trade that provides evidence of receipt of goods by the shipper, which gives details of the conditions of transport and normally conveys title to the goods.

Buyer / Commercial Risk

The risk of deterioration in the creditworthiness or financial situation of a buyer, resulting in non-payment of the buyer, not caused by circumstances or occurrences defined as country risk, such as bankruptcy or insolvency and payment default.
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