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Simple English definitions for legal terms

commercial letter of credit

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A quick definition of commercial letter of credit:

A commercial letter of credit is a document issued by a bank that promises to pay a third party (the beneficiary) if they meet certain conditions. It is often used in international trade to ensure that the seller gets paid for their goods. The letter of credit is governed by Article 5 of the UCC and can come in different types, such as irrevocable, documentary, or standby. It is important to distinguish it from other contracts and agreements involved in the transaction.

A more thorough explanation:

A commercial letter of credit is a legal document issued by a bank at the request of a customer. It guarantees that the bank will pay a third party (the beneficiary) a certain amount of money if the beneficiary meets specific conditions. This type of letter of credit is commonly used in international trade to ensure that the seller gets paid for their goods or services.

For example, let's say a company in the United States wants to buy goods from a company in China. The U.S. company can ask their bank to issue a commercial letter of credit in favor of the Chinese company. The Chinese company can then ship the goods to the U.S. company, and once the U.S. company receives the goods and confirms that they meet the agreed-upon specifications, the bank will release the payment to the Chinese company.

There are different types of commercial letters of credit, including:

Overall, a commercial letter of credit provides security for both the buyer and the seller in an international trade transaction.

commercial lease | commercial loan

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18:18
you cooked
dasfi0990ut1
18:22
She Paris on my Hilton
fedclerkhopeful
18:31
@sadpadresfan: are you still set on Cornell?
dasfi0990ut1
18:32
@fedclerkhopeful: did u get that uCHI A?
dasfi0990ut1
18:32
miss ya, worried about u (llama)
fedclerkhopeful
18:33
nope I got the WL
dasfi0990ut1
18:33
fk this cycle.
fedclerkhopeful
18:33
still prolly set on reapplying unless SLS comes in clutch
dasfi0990ut1
18:34
Good on you! LS will always be there. I hope either way it works out- IK it will! Keep ya head up!
fedclerkhopeful
18:34
thank you :)
18:35
is the 50~70% conversion rate for Cornell ii accurate?
dasfi0990ut1
18:35
:)
fedclerkhopeful
18:35
yep
[] ararara
18:36
@fedclerkhopeful: what are your goals?
[] ararara
18:38
You remind me of a friend of mine from back in the day. They came in at the top of their class at a T14 but reapplied before doing this to get HYS. They still didn't get it the second time with perfect stats. That stuff is competitive and what does it matter anyway? Just saying!
18:42
Sometimes I’m like yeah i could work for five years and get into Harvard but that’s sooo much work
18:42
No thank you!
dasfi0990ut1
18:43
@dubiously: same. in 5 years ill either be in prison for fraud or retired in the caymen islands
18:43
This white boy don’t miss u would swear u saw Luka
fedclerkhopeful
19:10
@ararara: appellate clerkship and then civil liberties law
fedclerkhopeful
19:11
And yes, I have near perfect stats and would regret going to a lower tier school when reapplying is a viable option
omelette
19:12
lower tier and its mfing cornell
[] ararara
19:27
Haha didn't realize you were admitted at Cornell not why I'm saying this haha. I've also seen a few people get H and one person get Y the second time around. Hopefully things just work out now but if it doesn't go your way the second time don't worry ✌️ you 🫵 are amazing! For the record though my housemate's friend who graduated from Cornell has an appellate clerkship.
[] ararara
19:28
@dubiously: 💀😵👻
when do we think FSU and UF will have all decisions out
19:37
I know a guy who got an appellate clerkship out of a regional t100. He’s old now but still
dasfi0990ut1
19:43
@dubiously: was it Kansas by chance?
19:44
Of course. Kansas is an appellate clerkship powerhouse
dasfi0990ut1
19:45
KS to the T14 by 2028!
[] ararara
19:47
@FumblingRightfulLemur: I would look back at last cycle ✌️❤️ but also actually wouldn't even pay attention that's usually when it happens haha
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