P

Packing Credit

A loan given to the beneficiary by the bank to enable him to purchase raw materials. The beneficiary is usually requested to deposit the DC with the bank as security.

Past Due

Bill or loan that has not been paid on the maturity date/due date.

Paying Bank

The bank that makes payment to the beneficiary of a payment DC after presentation to it of documents stipulated in the DC.

Perils of the Seas

They are accidents or casualties of the sea. The ordinary actions of the winds and waves are not included. Heavy or tempestuous weather on a voyage is of sufficient violence to constitute a peril of the sea.

Power of Attorney

Authority given to one party to act for another.

Presentation