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Simple English definitions for legal terms

export letter of credit

Read a random definition: Section 4(1 ½)

A quick definition of export letter of credit:

An export letter of credit is a document issued by a bank that promises to pay a seller for their goods as long as certain conditions are met. It is used in international trade to ensure that the seller gets paid and the buyer receives the goods they ordered. The letter of credit is a guarantee from the bank that the seller will be paid, even if the buyer doesn't fulfill their obligations. It is an important tool for businesses that want to reduce the risk of non-payment in international transactions.

A more thorough explanation:

An export letter of credit is a type of letter of credit used in international trade. It is issued by a foreign bank at the request of a foreign buyer in favor of a domestic exporter. The letter of credit guarantees payment to the exporter as long as they meet the specified conditions.

For example, let's say a company in the United States wants to export goods to a company in China. The Chinese company requests an export letter of credit from their bank, which is issued to the U.S. exporter's bank. The U.S. exporter ships the goods and presents the required documents to their bank, which then sends them to the Chinese bank for payment.

The export letter of credit provides security for both the buyer and the seller in an international transaction. The buyer knows that the goods will be shipped and the seller knows that they will be paid as long as they meet the conditions of the letter of credit.

export declaration | export quota

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2big2fail
20:10
didnt even look at it
Dkk
20:12
R.I.P.
Dkk
20:13
https://www.youtube.com/watch?app=desktop&v=0uzynaLi4Tg&t=0s such a minor joke, so good to me.
babycat
20:16
I hate The Good Morty
Dkk
20:21
I hate him too. So lame.
Dkk
20:23
If someone has over like a 170 and they report their stats in the 2023-2024 cyle, I really question if they deserved that 170.
Dkk
20:23
I'm gunna report all my shit in the 2025-2026 cycle for now on.
babycat
20:28
Dk have you gotten into any schools yet?
Dkk
20:28
Nope! Heard nothing so far!
babycat
20:28
oh okay it’s coming!
Dkk
20:28
No Wl, No R, No A. It will probably be a while for me cus of my weird stats and softs.
babycat
20:28
me neither but I applied this month
Dkk
20:29
Yeah, I would say you gotta wait until Chrsitmas or early january now.
babycat
20:29
I’ll probably wait another month or two before I start freaking out
2big2fail
20:29
@Dkk: what are weird softs
Dkk
20:29
That is a good plan.
babycat
20:30
he’s a crypto billionaire
2big2fail
20:30
he beat mike tyson in a boxing match
2big2fail
20:30
last week
babycat
20:30
he also has a hot tub which is a big deal
Dkk
20:30
Paralegal, military, entrepreneurship, crypto, weird other work experiences like Disney. COVID issues, UCLA issues, drug addiction with my brother.
Dkk
20:31
Yeah, hot tub is the biggest one.
@Dkk: I feel ur pain with no responses yet
2big2fail
20:31
were you a disney channel child star
we are all going crazy
babycat
20:32
he’s bridgit mendler
2big2fail
20:32
im just waiting for pellerdine
2big2fail
20:32
peggerdine
Dkk
20:32
Crypto is booming right now and my friend is CPO of a carbon creidt company on the blockchain and the Canadian government has called him like 3 times this week and he needs help so he actually just gave me a job offer today.
i aspire to be bridgit mendler
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