Русско-англо-русский юридический словарь

DEFINITION of 'Escrow Agreement' A legal document that outlines the terms and conditions between parties involved in an escrow. An escrow agreement defines the arrangement by which one party deposits an asset with a third person (called an escrow agent), who will in turn make delivery to another party if and when the specified conditions of the contract have been met. (Investopedia)

Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. (Investopedia)

An irrevocable letter of credit, or ILOC, cannot be canceled or modified in any way without explicit consent by the affected parties involved. For example, the issuing bank has no power to change the terms of an ILOC simply because the letter requester is having second thoughts. (Investopedia)

In commercial practice, particularly when transactions of considerable complexity are involved, it is quite frequent that after prolonged negotiations the parties sign an informal document called “Preliminary Agreement”, “Memorandum of Understanding”, “Letter of Intent” or the like, containing the terms of the agreement so far reached, but at the same time state their intention to provide for the execution of a formal document at a later stage (“Subject to Contract”, “Formal Agreement to follow”). (UNIDROIT PRINCIPLES 2010 )