What does account party mean?

account party meaning in Law Dictionary

celebration who would like a letter of credit to greatly help another party. A finance company is named the candidate in addition to importer the account celebration. AKA accountee or applicant.

account party meaning in Business Dictionary

Entity (usually an importer) whom relates to a bank to ascertain a letter of credit (L/C) in support of another entity (the 'accredited party' or 'beneficiary,' generally an exporter). But where a finance organization is applicable for a L/C with respect to an importer, the finance business is usually called the 'applicant' together with importer is known as the 'account party.' Also referred to as accountee or applicant.