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LSDefine

Simple English definitions for legal terms

acceptance credit

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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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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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