Forfaiting v. Forfeiting

Disclaimer

The names of the parties, as well as the data and information in the cases stated below, have been sanitized in order to protect the identity of the parties involved. The complexities of the cases have also been simplified to facilitate easy understanding of the key issues involved.
Our expert's opinions do not necessarily reflect the views of the ICC or the ICC Commission on Banking Technique and Practice. No legal imputation should be attached to any of the contents of the cases and no legal responsibility is accepted for any errors, omissions or misleading statements or opinions caused by negligence or otherwise. Our expert's opinions are given for your reference only and you should not rely upon or act on our opinions, of which we are not held liable. You should consult your legal counsel or other experts for their opinions in your specific cases.
No article, opinion, or comment can be reproduced in whole or in part without our express written permission.

December 14, 2007

Dear Members,
I understand that there are two ways to spell "forfaiting". The other way is "forfeiting".
In MS Words, when I type "forfaiting", the spell check considers this as a typo and prompts me to change it to "forfeiting".
In Google search, you can find both spellings pointing to the same fiancial function.
According to International Forfaiting Association, the offical term should be "Forfaiting" to avoid confusion.
"Forfeiting" may also mean penalty by removing one's rights, such as forfeiting deposit after the deadline date to enter into a contract.
Best regards,
T. O.

(905) 237-6465

(905) 237-6867