Definition of Acceptance:
An acceptance is a contractual agreement by an importer to pay the amount due for receiving goods at a specified date in the future. Documents are presented for acceptance in international trade. The buyer of the goods or importer agrees to pay the draft and writes "accepted," or similar wording indicating acceptance. The buyer becomes the acceptor and is obligated to make the payment by the maturity date.
The action of consenting to receive or undertake something offered.
Shipping: Acknowledgment by a consignee of the receipt of a consignment, thus terminating the contract of carriage.
The action or process of being received as adequate or suitable, typically to be admitted into a group.
Documentary credit: Creation of an unconditional and binding promise to pay a bill of exchange, by signing it under the word accepted. Generally, anyone who signs a bill of exchange on which the accepting firms name is not mentioned in legible characters, is held personally liable for the amount of the bill if it remains unpaid. See also general acceptance and qualified acceptance.
An acceptance agreement is part of the documentary collections during international trade. During a documentary collection, the exporter's bank is responsible for collecting the funds from the importer's bank. The payment is made once the documents, listing the shipped goods, are presented to the buyer (importer). The buyer has the choice to accept the documents and, if accepted, must pay the invoice based on the terms of the collection. With the documents in hand, the buyer takes them to the shipping port or point of entry and presents them to take possession of the merchandise.
Legal: Execution of an official document by an authorized agent or representative of the government.
Commerce: Buyers approval of the goods supplied at their invoiced price, signified by the act of taking delivery, and/or use, of the goods without protest.
Agreements: Granting of an unqualified consent (whether express or implied) to the terms of a contract by the involved parties. When an offer is received, it is either accepted or countered (with a counter offer). A counter offer obligates the other party to accept it or respond with its own counter offer. Accepting an offer (or a counter offer) creates a binding contract. Sometimes, the term subject to contract is used in offers or acceptances to indicate that the parties intend to be bound only under a formal contract when it is prepared and signed (executed).
Agreement with or belief in an idea, opinion, or explanation.
Synonyms of Acceptance
Welcome, Welcoming, Favourable reception, Embracing, Embrace, Approval, Adoption, Integration, Credence, Credence in, Belief, Belief in, Trust, Trust in, Confidence, Confidence in, Faith, Faith in, Reliance, Reliance on, Dependence, Dependence on, Traction, Receipt, Receiving, Taking, Obtaining, Acquiring, CD, IOU, John Hancock, MO, OK, Acceptance bill, Acceptation, Acception, Accession, Accord, Acknowledgment, Acquiescence, Acquisition, Adherence, Admiration, Admission, Admittance, Adoption, Affiliation, Affirmance, Affirmation, Affirmative, Affirmative voice, Agreement, Agreement in principle, Allowance, Appreciation, Approbation, Approval, Assent, Assentation, Assumption, Authentication, Authorization, Avowal, Aye, Bank acceptance, Bank check, Baptism, Bill, Bill of draft, Bill of exchange, Blank check, Blessing, Certificate, Certificate of deposit, Certification, Certified check, Check, Checkbook, Cheque, Clemency, Clementness, Comfort, Commercial paper, Compassion, Complaisance, Compliance, Composure, Concession, Concurrence, Confession, Confirmation, Connivance, Consent, Content, Contentedness, Contentment, Countenance, Countersignature, Debenture, Declaration, Deference, Demand bill, Demand draft, Derivation, Draft, Due bill, Eagerness, Ease, Easiness, Easygoingness, Embracement, Endorsement, Endurance, Enlistment, Enrollment, Entire satisfaction, Espousal, Esteem, Euphoria, Exchequer bill, Favor, Favorable vote, Forbearance, Forbearing, Forbearingness, Fortitude, Fulfillment, General agreement, Gentleness, Getting, Go-ahead, Green light, Happiness, Hearty assent, Homage, Humaneness, Humanity, Immission, Imprimatur, Inauguration, Induction, Indulgence, Initiation, Installation, Instatement, Intromission, Investiture, Kneeling, Laxness, Lenience, Leniency, Lenientness, Lenity, Letter of credit, Long-sufferance, Long-suffering, Longanimity, Mercifulness, Mercy, Mildness, Moderateness, Money order, Negotiable instrument, Nod, Nonopposal, Nonopposition, Nonresistance, Notarization, Note, Note of hand, Obedience, Obeisance, Okay, Ordination, Paper, Passiveness, Passivity, Patience, Patience of Job, Patientness, Peace of mind, Permission, Perseverance, Pity, Postal order, Profession, Promissory note, Promptitude, Promptness, Ratification, Readiness, Receipt, Receival, Received meaning, Receiving, Reception, Recognition, Reconcilement, Reconciliation, Resignation, Resignedness, Respect, Rubber stamp, Sanction, Satisfaction, Seal, Seal of approval, Self-control, Sight bill, Sight draft, Sigil, Signature, Signet, Softness, Stamp, Stamp of approval, Stoicism, Subjection, Submission, Submittal, Subscription, Sufferance, Supineness, Support, Sweet reasonableness, Taking, Tenderness, The nod, Time bill, Time draft, Tolerance, Toleration, Trade acceptance, Treasury bill, Ungrudgingness, Unloathness, Unreluctance, Usage, Validation, Visa, Vise, Voice, Vote, Voucher, Waiting game, Waiting it out, Warm assent, Warrant, Welcome, Well-being, Willingness, Yea, Yea vote, Yielding
How to use Acceptance in a sentence?
- Only after getting acceptance from all interested parties can you move on to the next stage of a project at this company.
- Charges involving the acceptance of bribes.
- Acceptance of the teaching of the Church.
- Our boss gave his enthusiastic acceptance over the innovative business proposal our work team presented to him last week at the conference.
- Once the importing company accepts the documents from its bank, the company has entered into a promise to pay.
- It is important that if you are in a negotiation that you can take some sort of acceptance to the other parties offer.
- You must wait for acceptance into the club.
- An acceptance is an agreement by an importer to pay the seller for goods received by a specified date in the future.
- The acceptance allows the importer to collect the documents and present them to the shipping port in exchange for the goods.
Meaning of Acceptance & Acceptance Definition