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LSDefine
Simple English definitions for legal terms
clearing
Read a random definition: class suit
A quick definition of clearing:
Clearing is a process where banks exchange checks and make sure that all accounts are balanced. It's like making sure that everyone has paid what they owe and received what they are owed. In maritime law, clearing means that a ship has followed all the rules and regulations before leaving port. This includes customs and health checks. It's like getting permission to leave. In movie theaters, clearing means that a movie can only be shown once in a certain area before a certain amount of time has passed. This gives each theater a chance to show the movie exclusively.
A more thorough explanation:
Definition: Clearing refers to the process of exchanging checks and balancing accounts in banking. In maritime law, it refers to the departure of a ship from port after complying with customs, health laws, and other local regulations.
- When you deposit a check into your bank account, the bank will go through a clearing process to ensure that the check is valid and that the funds are available before crediting your account.
- Before a ship can leave port, it must go through a clearing process to comply with customs, health laws, and other regulations. Once the ship has been cleared, it is allowed to depart.
These examples illustrate how clearing is a process that ensures that everything is in order before proceeding. In banking, clearing helps to prevent fraud and ensure that funds are available before they are credited to an account. In maritime law, clearing helps to ensure that ships comply with regulations and are safe to depart from port.