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Simple English definitions for legal terms

standby letter of credit

Read a random definition: ex officio information

A quick definition of standby letter of credit:

A standby letter of credit is a document issued by a bank that promises to pay a third party if the bank's customer fails to fulfill their obligation. It's like a safety net for the third party, ensuring that they will still receive payment even if the customer doesn't follow through. Standby letters of credit are often used in business transactions and are governed by commercial law.

A more thorough explanation:

A standby letter of credit is a type of letter of credit that serves as a guarantee for a monetary or non-monetary obligation. It is issued by a bank at the request of a customer, and it promises to pay a beneficiary if the customer fails to fulfill their obligation. The standby letter of credit is governed by Article 5 of the UCC.

For example, a construction company may request a standby letter of credit from their bank to guarantee their performance on a project. If the company fails to complete the project, the bank will pay the beneficiary (such as the project owner) the amount specified in the letter of credit.

Another example is a standby letter of credit used in international trade. A seller may request a standby letter of credit from the buyer's bank to ensure payment for goods shipped. If the buyer fails to pay, the seller can draw on the letter of credit.

standby guardianship | standby underwriting

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19:37
google contracted with reddit to train their ai how people talk. lol the 'ai future' is going to be full of search results FED REDDIT POSTS. unplug the internet now! https://www.reuters.com/technology/reddit-ai-content-licensing-deal-with-google-sources-say-2024-02-22/
Google AI is actually pretty cool though. Only when its actually accurate though.
19:40
by pretty cool, do you mean smug pseudo intelect?
Dkk
19:40
THE INTERNET WAS A MISTAKE. END IT NOW.
Dkk
19:40
Google AI kept telling me schools were not binding ED when they were. Really annoyed me.
Dkk
19:41
Yeah, when accurate it is nice.
this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
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