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Simple English definitions for legal terms

clean letter of credit

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A quick definition of clean letter of credit:

A clean letter of credit is a document issued by a bank that promises to pay a third party (the beneficiary) if they meet certain conditions, regardless of whether the original agreement between the customer and beneficiary is fulfilled. It is called "clean" because no documents need to be presented along with it. This type of letter of credit is often used in international transactions to ensure payment to the seller.

A more thorough explanation:

A clean letter of credit is a type of letter of credit that is payable on its presentation without the need for any accompanying documents. It is a commercial law instrument that is issued by a bank at the request of a customer, and it guarantees payment to a third party beneficiary as long as the draft or demand for payment meets certain conditions.

For example, if a seller in an international transaction requests a clean letter of credit from the buyer's bank, the bank will issue the letter of credit to the seller's bank. The seller can then present the letter of credit to their bank for payment without the need for any additional documents.

Another example is when a bank issues a clean letter of credit to a beneficiary who needs to receive payment for services rendered. The beneficiary can present the letter of credit to the bank for payment without the need for any additional documents.

In summary, a clean letter of credit is a simple and straightforward way to guarantee payment to a beneficiary without the need for additional documentation.

clean house | clean-slate rule

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BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
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