Aval

  

Categories: Regulations

We're going to try to get "aval" rolling as slang for "available," as in "what's your aval for the movies tonight?" In the meantime, an aval relates to payment guarantees.

An aval is an endorsement added to a financial instrument by a third party, guaranteeing payment. It's typically given by a bank as an additional assurance that payment will be made. Avals apply to things like checks, bills of exchange, bonds and notes. They are more popular in Europe (like train travel and electronic music) due to regulatory differences between the EU and the U.S.

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