Definition of mechanical: Camera-ready, final layout of all elements of a work to be reproduced through a commercial printing process. It is a pasteup of the typeset text and images on a sheet of paperboard, usually with a ...
Standby Letter of Credit. A statement issued by a bank to the buyer of a good stating that the seller will receive payment on time and in the correct amount. If the buyer fails to make payment, the bank will do so on his/her behalf.
DEFINITION of 'Straight Credit' A type of letter of credit. A straight credit can only be paid at the counters of the paying bank or a named drawee bank that has been authorized to make payment. Payment can only be made to the beneficiary named in the letter of credit, and not to an intermediary or negotiating bank.