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LSDefine

Simple English definitions for legal terms

transferable letter of credit

Read a random definition: Mechanic's Lien

A quick definition of transferable letter of credit:

A transferable letter of credit is a document issued by a bank that allows the beneficiary (the person who will receive the money) to transfer their right to receive payment to someone else. This means that the beneficiary can sell their right to receive payment to another person, who can then collect the money from the bank. It is often used in international trade to help buyers and sellers who do not know each other or do not trust each other.

A more thorough explanation:

A transferable letter of credit is a type of letter of credit that allows the beneficiary (the person who will receive payment) to transfer their right to receive payment to another party. This means that the beneficiary can use the letter of credit to pay someone else for goods or services.

For example, let's say that Company A wants to buy goods from Company B, but Company A doesn't have a good credit rating. Company A can ask their bank to issue a transferable letter of credit to Company B. Company B can then use the letter of credit to pay Company C for the goods. This way, Company A doesn't have to worry about their credit rating, and Company B can still get paid.

Another example is when a company wants to subcontract part of a project to another company. The original company can use a transferable letter of credit to pay the subcontractor for their work.

transferable | transferable vote

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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