trade acceptance

The SWGSTAIN Executive Board shall vote on the Subcommittee's accepted draft document or work product.

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. To simplify the judgment, because of the alleged fraud, Paribas as issuing bank was deemed not to be obliged to reimburse Santander who had discounted a deferred payment undertaking, whereas Paribas would have been obliged to reimburse if Santander had accepted and discounted a 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."