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LSDefine

Simple English definitions for legal terms

confirmed letter of credit

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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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i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
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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
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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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
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