Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

clearing agreement

Read a random definition: boc

A quick definition of clearing agreement:

A clearing agreement is a type of contract that helps people settle debts with each other when they use different types of money. It allows them to do this without having to use foreign currency reserves.

A more thorough explanation:

A clearing agreement is a type of contract that helps to settle monetary claims between creditors and debtors who are in different currency areas. This is done without the need to use foreign-exchange reserves.

For example, let's say that a company in the United States owes money to a company in Japan. Instead of exchanging U.S. dollars for Japanese yen, the two companies could enter into a clearing agreement. This would allow them to settle their debts without having to worry about currency exchange rates or foreign-exchange reserves.

Another example of a clearing agreement is when two banks in different countries agree to settle their debts with each other. This can help to simplify the process of international banking and reduce the need for complex currency exchanges.

Overall, clearing agreements are a useful tool for businesses and financial institutions that need to settle debts across different currency areas. By simplifying the process of monetary exchange, these agreements can help to reduce costs and improve efficiency.

clearing agent | clearinghouse

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.