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Simple English definitions for legal terms

transferable letter of credit

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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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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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