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LSDefine

Simple English definitions for legal terms

acceptance credit

Read a random definition: Cooperative State Research, Education, and Extension Service

A quick definition of acceptance credit:

Acceptance credit is a type of letter of credit where a bank agrees to pay a third party if they meet certain conditions, regardless of whether the original agreement between the customer and the third party is fulfilled. It is often used in international transactions to ensure payment to the seller.

A more thorough explanation:

An acceptance credit is a type of letter of credit that is honored by the issuer accepting drafts drawn under it. It is also known as a time letter of credit. A letter of credit is a commercial instrument issued by a bank at the request of a customer, which guarantees payment to a third party (beneficiary) as long as certain conditions are met.

For example, if a company in the United States wants to purchase goods from a supplier in China, they may use an acceptance credit to ensure that the supplier will be paid once the goods are delivered. The supplier can present drafts to the bank, which will be accepted and paid by the customer's bank at a later date.

Another example is when a construction company needs to purchase materials from a supplier but does not have the funds to pay upfront. They can use an acceptance credit to guarantee payment to the supplier once the materials are delivered and the work is completed.

acceptance company | acceptance criteria

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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