Back To Back Payment Means

It typically involves three counterparties of which one is the buyer in one transaction and the seller in the other thus acting as an intermediary between the two others.

Back to back payment means. American heritage dictionary of the english language. Close together and facing in opposite. Back to back letter of credit. One of the issues before the court was the meaning of the term back to back payment.

Back to back credit is also called countervailing credit or reciprocal credit. Wan chung engaged the defendant super king as its sub contractor who in turn engaged the plaintiff tim lee as a sub sub contractor. The contract of carriage is generally governed by the contract of carriage of the master bill of lading which usually overrides the house bill of lading contract as far as insurance cover is concerned so one has to be very careful to make sure that the vital details remain the same when issuing a hbl on a back to back mbl. Happening one after another without interruption.

A back to back letter of credit is usually used in a transaction involving an intermediary between the buyer and seller such as a broker or when a seller must purchase the goods it will sell. In housing development the term might refer to houses built adjacent to one another. You might open a back to back letter of credit which contains all the same elements as the previous one. This structure requires however a clear description of each others tasks and also a procedure how the subcontractor can enforce payment if the reason that the client does not pay lies with the main contractor.

A back to back transaction consists of two legally separate but economically linked sale and purchase transactions which otherwise share the same trade details. The amount of salary and other benefits that an employee claims that he or she is owed after a wrongful termination. Back pay is typically calculated from the date of termination to the. Back to back payment with these back to back payments the subcontractor does not only feel responsible for his task but also for the project as a whole.

Back to back synonyms back to back pronunciation back to back translation english dictionary definition of back to back. In general usage back to back means that any document contains all the same terms and characteristics as the following contract.