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Simple English definitions for legal terms

clean letter of credit

Read a random definition: H1-B visa

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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renard99
14:18
^ find that rando in your circle and ask them where they've stored all their cycle letters
ReminiscentZestyFish
14:18
Vandy??
renard99
14:18
Possibly in a dark corner of the attic in a box
VANDY
soyalmondoatmilk
14:18
vandy A let's gooooo
all the Vandy
ReminiscentZestyFish
14:18
Aint no way
jackfrost11770
14:19
Wow that's awesome nothing from vandy
GreyCeaselessMammoth
14:19
what
GreyCeaselessMammoth
14:19
fuck
renard99
14:19
@soyalmondoatmilk: Congratulations!!!
jackfrost11770
14:19
I applied in November
jackfrost11770
14:19
Idk when the As did
GreyCeaselessMammoth
14:19
does anyone know if they usually release all at once or waht
nothing
jackfrost11770
14:20
Well I hope not otherwise I'm screwed
jackfrost11770
14:21
Anderson cooper PLEASEEEEE
For ED and their last wave of decisions it was an email all at once
GreyCeaselessMammoth
14:22
ugh
gonna go cry
jackfrost11770
14:22
Ugh
jackfrost11770
14:22
:(
ReminiscentZestyFish
14:23
Small ahh wave
GreyCeaselessMammoth
14:23
yeah the smallness of this wave makes me think there might be more to come? am i being crazy? only one wave a month it should be a tsunami rn
14:24
@jackfrost11770: chillll it still early in the cycle, especially relative to this and last yearrrr
its also still early in the day
i think theres def more waves todayu
StillDoingMyBest
14:25
do y'all think the lsat is easier or harder without the logic games
[] starfishies
14:25
ppl prob need a few minutes to update their results
pee pee poo poo
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