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Simple English definitions for legal terms

circular letter of credit

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A quick definition of circular letter of credit:

A circular letter of credit is a document issued by a bank that promises to pay a third party (the beneficiary) if they meet certain conditions. This is often used in international trade to ensure that the seller gets paid even if the buyer doesn't fulfill their obligations. There are different types of letters of credit, including ones that require specific documents to be presented and ones that can be paid without any additional paperwork. It's important to understand the terms of a letter of credit before using it in a transaction.

A more thorough explanation:

A circular letter of credit is a type of letter of credit that is issued by a bank at the request of a customer. It guarantees payment to a third party, known as the beneficiary, as long as certain conditions are met. This payment is made regardless of whether the underlying agreement between the customer and the beneficiary is fulfilled.

For example, if a company in the United States wants to buy goods from a company in China, they may use a circular letter of credit. The US company would ask their bank to issue the letter of credit, which would guarantee payment to the Chinese company once they provide the required documents and meet the specified conditions.

Circular letters of credit are governed by Article 5 of the Uniform Commercial Code (UCC). There are different types of letters of credit, including:

Overall, circular letters of credit are a useful tool for businesses engaging in international trade, as they provide a level of security and assurance for both the buyer and seller.

circuity of action | circular note

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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
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@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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