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Simple English definitions for legal terms

irrevocable letter of credit

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A quick definition of irrevocable letter of credit:

An irrevocable letter of credit is a document that a bank issues to guarantee payment for a transaction. Once the letter of credit is issued, it cannot be cancelled or changed without the consent of all parties involved. This means that the seller can be sure they will receive payment as long as they meet the terms of the letter of credit.

A more thorough explanation:

Definition: An irrevocable letter of credit is a financial instrument issued by a bank that guarantees payment to a seller on behalf of a buyer. Once the letter of credit is issued, it cannot be cancelled or changed without the agreement of all parties involved.

Example: A company in the United States wants to purchase goods from a supplier in China. The supplier requires payment before shipping the goods, but the buyer is hesitant to send money without any guarantee that the goods will be delivered. To solve this problem, the buyer can request an irrevocable letter of credit from their bank, which guarantees payment to the supplier once the goods are shipped. This gives the supplier confidence that they will be paid, and the buyer confidence that they will receive the goods they paid for.

This example illustrates how an irrevocable letter of credit can be used to facilitate international trade by providing a secure payment method for both the buyer and the seller.

irrevocable guaranty | irrogare

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1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
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