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Simple English definitions for legal terms

confirmed letter of credit

Read a random definition: fides facta

A quick definition of confirmed letter of credit:

A confirmed letter of credit is a document issued by a bank that promises to pay a third party (the beneficiary) if they meet certain conditions. This is often used in international trade to ensure that the seller gets paid even if the buyer doesn't fulfill their obligations. A confirmed letter of credit is different from a regular letter of credit because it involves a second bank (the confirming bank) that guarantees payment in case the issuing bank can't fulfill its obligations. This provides extra security for the beneficiary.

A more thorough explanation:

A confirmed letter of credit is a type of letter of credit that involves a bank (the issuer) agreeing to pay a third party (the beneficiary) on behalf of a customer, as long as certain conditions are met. This type of letter of credit is often used in international trade to ensure that the seller will receive payment for their goods or services.

For example, let's say a company in the United States wants to buy goods from a company in China. The Chinese company may require a confirmed letter of credit to ensure that they will receive payment for the goods. The U.S. company would work with their bank to issue the letter of credit, which would then be confirmed by a Chinese bank. Once the goods are delivered and the conditions of the letter of credit are met, the Chinese bank would pay the Chinese company on behalf of the U.S. company.

confirmavi | confirmee

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21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
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