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Open Account
(redirected from Open Accounts)

    Also found in: Dictionary/thesaurus, Financial 0.01 sec.

An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.
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Iraq has told its central bank to open accounts to transfer hundreds of millions of dollars out of a post-Gulf war US fund to protect the money from foreign claims, a government spokesman said on Wednesday.
Iraq readies to protect overseas funds by Staff Reporter / AFP Global Edition
Tananbaum concluded, "CBC has decades of international trade experience and recognizes the paradigm shift that has taken place over the last decade as importers and exporters moved away from using letters of credit to using open accounts.
Capital Business Credit Launches New Division - CBC Trade Finance - ... by PR Newswire
Iran's central bank has agreed to open accounts in Korean currency WON at two South Korean state-owned banks to avert disruption in bilateral trade despite international sanctions, Seoul's finance ministry said.
Iran to open Won accounts in Korean banks by TradeArabia (Manama, Bahrain)
 
 
 
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