Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

import letter of credit

Read a random definition: delinquent

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
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
LSD+ is ad-free, with DMs, discounts, case briefs & more.