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Simple English definitions for legal terms

import letter of credit

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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

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