letter of credit option
English translation: 'Option [included in / allowed by the contract] to pay by letter of Credit"
| 00:15 May 11, 2018 |
| English language (monolingual) [PRO] Law/Patents - Aerospace / Aviation / Space | |||||
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|  Selected response from: Daryo United Kingdom Local time: 17:36 | ||||
Grading comment
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| SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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| 5 +2 | 'Option [included in / allowed by the contract] to pay by letter of Credit" |
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| Letter of Credit definitions |
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| Discussion entries: 2 | |
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Answers
18 hrs confidence: 
peer agreement (net): +2
peer agreement (net): +2| "Letter of Credit Option" 'Option [included in / allowed by the contract] to pay by letter of Credit" Explanation: As an alternative to paying the Advance Deposit (in accordance with Schedule 1) for each Aircraft, the Customer may from time to time elect to provide to the Supplier a letter of credit (the "Letter of Credit", which term shall include any replacement letter of credit provided to Lessor under Paragraph 4) complying with the requirements of Paragraph 2 (the "Letter of Credit Option") What is an "option" here is the possibility, instead of effectively / really paying the "Advance deposit", to give a "Letter of Credit" [basically a type of "promise to pay later" - usually accepted only if unconditional and backed by a guaranty from a solid bank] What "Letter of credit" is deemed to be acceptable is specified in this Paragraph 2 - and there is nothing "optional" about these requirements - the "options" are either: (1)paying the Advance Deposit or (2)giving a "Letter of Credit" exactly as required by this Paragraph 2. -------------------------------------------------- Note added at 19 hrs (2018-05-11 19:18:28 GMT) -------------------------------------------------- IOW this Paragraph 2 gives all the requirements regarding a "Letter of Credit" that would be an acceptable as an option if the Customer doesn't want to pay / give an Advance Deposit. -------------------------------------------------- Note added at 19 hrs (2018-05-11 19:25:54 GMT) -------------------------------------------------- Usually only an "Irrevocable Letter Of Credit" would be considered as acceptable. -------------------------------------------------- Note added at 1 day 11 hrs (2018-05-12 12:02:14 GMT) -------------------------------------------------- correction: ... usually accepted only if "irrevocable" and ... |
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5 hrs |
| Reference: Letter of Credit definitions Reference information: In case you haven't found this already, it may be of some help. https://www.managementstudyguide.com/letter-of-credit.htm |
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