trade acceptance

However, in the Banco Santander/Paribas case in 1999--a case where fraud was discovered or at least alleged between the time documents were presented and the due date for payment--the English courts decided that a deferred payment undertaking was not as robust as an accepted draft.

Following a first reading by the European Parliament on 14 December 2000, EU environment ministers reached political agreement on a common position--that is, an accepted draft of the directive.

Last year, it submitted a specification for the technology to the IEEE 802 standards committee and expects an accepted draft this summer.

Ferrer said both sides remained focused on coming up with a "mutually accepted draft.

The New York branch purchased the accepted draft from us at a discount, wired the funds to us, and we shipped the next load of material to the customer.