| WAIVER |
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| Often in the form of a waiver letter whereby a party agrees to forego certain right or privileges. A bank, may for example waive its right of Recourse to another party in the event of non-payment. |
| WAREHOUSE RECEIPT |
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| A written receipt whereby a warehouse, depot or storage facility confirms that it has taken delivery of specified goods or commodities. |
| WITHOUT RECOURSE / NON RECOURSE |
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| Where, in the context of an export financing operation, the financier takes on the risk of non-payment. |
| WTO |
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| World Trade Organization, the successor to GATT. Set up to foster free trade and combat restrictive international trade practices among member countries such as quota restrictions and import tariffs. |
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