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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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