Simple English definitions for legal terms
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A commercial set is a group of important papers that are needed when goods are shipped from one place to another. These papers usually include an invoice, a bill of lading, a bill of exchange, and a certificate of insurance. They are also required when a letter of credit is used.
A commercial set refers to a group of important documents that are needed when goods are being shipped from one place to another. These documents usually include:
These documents are very important because they help to ensure that the goods are shipped and paid for correctly. For example, if the buyer doesn't pay for the goods, the seller can use the bill of exchange to force them to pay. If the goods are lost or damaged during shipment, the certificate of insurance can be used to make a claim and get compensation.
Another example of a commercial set is the documents required under a letter of credit. A letter of credit is a document that guarantees payment to the seller as long as they meet certain conditions, such as providing the correct documents. The documents required under a letter of credit are usually the same as those in a commercial set.