Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

import letter of credit

Read a random definition: general non est factum

A quick definition of import letter of credit:

An import letter of credit is a document issued by a bank that promises to pay a third party (the beneficiary) on behalf of a customer (the importer) for goods or services received. The letter of credit ensures that the beneficiary will receive payment as long as they meet certain conditions, regardless of whether the importer fulfills their obligations. This type of letter of credit is used in international trade to provide security for both the importer and the beneficiary.

A more thorough explanation:

An import letter of credit is a commercial document issued by a domestic bank at the request of an importer, in favor of a foreign seller. It is a type of letter of credit, which is a legal instrument under which the issuer (usually a bank) agrees to honor a draft or other demand for payment made by a third party (the beneficiary), as long as the draft or demand complies with specified conditions, and regardless of whether any underlying agreement between the customer and the beneficiary is satisfied.

For example, if a company in the United States wants to import goods from a company in China, the U.S. company can request its bank to issue an import letter of credit in favor of the Chinese company. The Chinese company can then use the letter of credit to obtain payment from the U.S. company's bank, as long as it complies with the conditions specified in the letter of credit.

Import letters of credit are commonly used in international trade to provide security for both the importer and the exporter. The importer is assured that the goods will be delivered before payment is made, while the exporter is assured that payment will be made once the goods are delivered.

Import–Export Clause | import quota

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
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
LSD+ is ad-free, with DMs, discounts, case briefs & more.