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Home→The Westburn Dictionary of Marketing→O→open account

open account

Definition:
In this situation an exporter merely presents his accounts to the overseas buyer for payment at the agreed time, without any preliminary documentary proof that the terms of the export contract have been met. This is probably the simplest method of export finance, but it is advisable only where there is no danger of disagreement about whether the terms of the contract have been met.

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [James M. Livingstone and Michael J. Baker], [1998].