Terms & Glossaries of Shipping and Trading
Specifically In com., a notification by one person to another in respect to a business transaction in which they are mutually engaged, as information given by one party to another, by letter, as to the bills or drafts drawn upon him; formal official notice.
This document is sent by one party to another to whom a shipment has been sent, on consignment or otherwise. It involves a description of the goods sent, the carrier or other type of transportation being used, the date of departure, and any additional pertinent data. Note: (Bankers use the term letter of advice when notifying interested parties of such actions as the opening of credits, the drawing of drafts and the payment or non-payment of drafts.)
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