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Simple English definitions for legal terms

time letter of credit

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A quick definition of time letter of credit:

A time letter of credit is a type of letter of credit where a bank agrees to pay a third party if they meet certain conditions, even if the original agreement between the customer and the third party is not fulfilled. This type of letter of credit is honored by the bank accepting drafts drawn under it. It is also known as an acceptance credit or usance credit.

A more thorough explanation:

A time letter of credit is a type of letter of credit, which is a commercial instrument issued by a bank at the request of a customer. The bank agrees to pay a third party, known as the beneficiary, as long as certain conditions are met. The time letter of credit is different from other types of letters of credit because it is only honored by the issuer accepting drafts drawn under it.

For example, if a company in the United States wants to buy goods from a company in China, they may use a time letter of credit. The Chinese company would ship the goods and then present a draft to their bank, which would then be sent to the American company's bank for acceptance. Once the draft is accepted, the Chinese company would receive payment.

Another example would be a construction project where a contractor is required to provide a time letter of credit to guarantee their work. The bank would only pay out if the contractor fails to complete the project according to the agreed-upon terms.

time insurance | time loan

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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
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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