Glossary of Trade Terms

Back-to-back credit	A transaction in which the existence of one letter of credit serves as collateral/security to support the issuance of a second, though independent, letter of credit (called the counter-credit).
Bank (wire) transfer	An electronic transfer of funds between financial institutions, theoretically on the same day.
Bid (contract) bond	The process of resolving a dispute or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding.
Bill of Landing	A contract prepared by the carrier or the freight forwarder with the owner of the goods. The foreign buyer needs this document to take possession of the goods.