Aval

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    Payment undertaking given by a bank in respect of a bill of exchange drawn on a buyer. By doing this, the bank guarantees payment in the event that the drawee defaults on payment of the bill at maturity. This action is known as an "avalisation" and can be provided on behalf of the exporter upon request to secure documentary collections by adding aval of the buyer’s bank on the bill of exchange which is accepted by the buyer. 

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