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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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YRDSL
17:08
im a 1 issue voter - if i want someone to be elected i vote for them
woof
texaslawhopefully
17:08
I've seen some that could be as high as 7k though
17:08
@jackfrost11770: ya prolly don't buy any lotto tickets tonite
get on that trump coin before the rug pull lol
Dkk
17:09
@BigStrongBug: I don't consider myself a one issue voter but if I had to pick one it would be gender relations.
i am a one issue voter for the economy, which is why i voted harris
texaslawhopefully
17:10
Here's a fairly well respected estimate fruitybat: The proposed tariffs could cost consumers an additional $2,500 to $7,600 a year per household, according to estimates, said Jonathan Gold, vice president of supply chain and customs policy for the National Retail Federation.
i am a voter so i voted
17:11
Lol what does gender relations mean
17:11
Like are you anti gay marriage?
texaslawhopefully
17:11
@Dkk: So you care about gender relations over the Constitution, institutional stability, the economy, political norms, etc.?
blue collar trump voters are gonna blame anything but him anyway when the price of their household consumption goes through the roof. I wonder how they'll spin that narrative.
17:11
Or are you an all inclusive hater and include trans folks too
texaslawhopefully
17:12
Even if you have conservative social values you still shouldn't like Trump lol, but that's a whole diff convo
I love when people prefer putting not talking about gender in schools at the top of the agenda instead of dealing with school shootings
this is going to blow your mind but once you realize women and men are more similar than different you will drown in pussy or dick
17:12
@HopefullyInLawSchool: $45k @ KS is really good. $145k is to attend it is not a bad deal
facts knowledgeable
Also love how he put an EO to leave the Paris climate agreement in the midst of the LA wildfires and places who haven’t gotten snow in 15 years now getting storms
@llama: it would only be 17,000 ish per year
17:15
yeah and i think after 1L u get in state? not certain
I dont think so based on my very brief research
17:16
hmm I know some school offer that in their offer (I also believe KS does not negotiate) but I wonder which schools would reconsider with a condition of in state after 1L yr?
Dkk
17:17
@texaslawhopefully: Not necessarily but I believe what Aristotle used to say. He used to say you could not have a functioning political system if you can not get gender relations right. Or essentially that.
KS does negotiate! I got an email saying theyre doing it for the first time this year
its rather limited but its not nothing
17:18
@HopefullyInLawSchool: noted, thanks for the intel. I know we joke around but all things conidered, KS is goated
Dkk
17:18
@BigStrongBug: Nah aristotle only applies gender as a role which I think either sex could fulfill. My issue with Trump's EO to limit things to only sex but I am fine with him doing it for now.
Yeah and Aristotle old as hell boy he would’ve died of hysteria after learning what the internet and tiktok is
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