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Simple English definitions for legal terms

circular letter of credit

Read a random definition: regional securities exchange

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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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.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
matt gaetz ethics report released
paid for sex with a junior in high school
guarantee people still defend him
BulbasaurNoLikeCardio
9:51
I only read headlines and skimmed a random article of it since I am the only one at work this week. Seems like he is Republican Hunter Biden but not at the paying rent with poop paintings stage
ImpartialLion
9:55
Sent in my transcript at 6 am today and it’s processing. Think it will be processed before lsac closes tmrw?
BulbasaurNoLikeCardio
9:58
I would say it is a toss up, for how much LSAC charges us for everything they are extremely efficient in processing and sending stuff out BUT with a 30% uptake in applicants and the holidays it may be significantly slower unless it is ran through and processed by a computer program. Even if it takes them longer to process it, not like there is anyone at a school to request and review it after LSAC does their thing
Do we know if any of the t14 open at all this week
just called Fordham. they said there will be decisions going out today
so congratulations on pre xmas waves
BulbasaurNoLikeCardio
10:27
Hope schools are chill and just send As leaving the Rs for next month lol
soap
10:49
Fingers crossed for good luck today
BulbasaurNoLikeCardio
10:56
@soap: really hoping to get that UTK call today
11:08
what if instead of a room of one’s own virgina Woolf wrote a cubicle of one’s own
UGA ED deferrals are coming out rn
Only 14 days left until HLS sends out their first wave of decisions. I'm thinking about re-using my advent calendar to help me count down
alcohol advent calendar for decisions sounds incredible
@Unrepentant-Caucasian: ur bio is crazy
11:41
@chickenburgahfart: cauc is the zezemzer with a plan
@chickenburgahfart: Thanks, I guess? lol
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