Offshore Banking

Offshore bank:
 
An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax area that provides financial and legal advantages like greater privacy, low or no taxation, easy access to deposits in terms of regulation, protection against local political or financial instability.

Contingent Contract

Contingent contracts:

A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. (sec31)

Illustration: A contracts to pay B Tk 10000, if B’s house is burnt. This is a contingent contract.

UCP-600 summary

UCP stands for Uniform Customs and Practice for Documentary Credit

There are 39 articles

Article 1: Application of UCP
Article 2: Definitions of Advising bank, Application, Banking day, Beneficiary, Complying presentation, Confirmation , Confirming bank, Credit, Honour, Issuing bank, Negotiation,  Nominated Bank, Presentation, Presenter.