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That is to say, a letter of credit is a payment method used to discharge the legal obligations for payment from the buyer to the seller, by having a bank pay the seller directly. Thus, the seller relies on the credit risk of the bank, rather than the buyer, to receive payment.
Debt collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1] Most collection agencies operate as agents of creditors and collect debts for a fee ...
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Microcredit is the extension of very small loans ( microloans) to impoverished borrowers who typically lack collateral, steady employment, and a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans.
The Free Software Foundation ( FSF) is a 501 (c) (3) non-profit organization founded by Richard Stallman [5] on October 4, 1985, to support the free software movement, with the organization's preference for software being distributed under copyleft ("share alike") terms, [6] such as with its own GNU General Public License. [7]
A letter of intent ( LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding. Merger and acquisition agreements, [1] joint venture agreements ...
"Free and open-source software" (FOSS) is an umbrella term for software that is simultaneously considered both free software and open-source software. The precise definition of the terms "free software" and "open-source software" applies them to any software distributed under terms that allow users to use, modify, and redistribute said software in any manner they see fit, without requiring ...
Free software played a significant part in the development of the Internet, the World Wide Web and the infrastructure of dot-com companies. Free software allows users to cooperate in enhancing and refining the programs they use; free software is a pure public good rather than a private good.