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The most common contemporary letters of credit are commercial letters of credit, standby letters of credit, revocable letters of credit, irrevocable letters of credit, revolving letters of credit, and red clause letters of credit, although there are several others.
Outstanding Letter of Credit Balance means the sum of (i) the un-drawn amount of the Letters of Credit, plus (ii) all amounts paid by the Bank in connection with drawings under the Letters of Credit for which the Bank has not been reimbursed in accordance with the Applications or this Agreement.
Small businesses should begin by following up by email to request the overdue payment from the client. If several attempts to secure payment by email dont work, then follow up with the client by phone. Have a polite conversation about the overdue invoice and attempt to secure payment from the client by phone.
What should a late payment letter include? your company name and address. recipients name and address. todays date. a clear reference and/or any account reference numbers. the amount outstanding. original payment due date. a brief explanation that no payment has been received.
Share: The definition of an outstanding check is a check that has been written, but it hasnt been cashed-deposited by the bank, or otherwise cleared the bank. An outstanding check can be a personal or a business check.
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Outstanding Payment means the value of any payment that remains outstanding after the date on which that payment was due to be made in accordance with this Agreement. Party means a party to this Agreement and Parties means both of them.
This should include, but is not limited to: Legal name and address of the company (you) Name and address of the customer. Invoice date and number. Number of client. The date when the email or letter is sent. New payment due date. Overdue amount, including taxes and/or discounts if applicable;
Letter of Credit Reserve means, at any time, an amount equal to (a) the aggregate amount of Letter of Credit Liability with respect to all Lender Letters of Credit outstanding at such time plus, without duplication, (b) the aggregate amount theretofore paid by Agent or any Lender under Lender Letters of Credit and not
Whats a letter of credit? A letter of credit, also known as a credit letter, is a document from a bank or other financial institution guaranteeing that a specific payment will be made in a business transaction. Importantly, the process involves an impartial third party in the transaction.
Outstanding Letter of Credit means any Letter of Credit which has not been cancelled, expired, utilized or fully drawn down. Outstanding Letters of Credit shall be deemed to be outstanding in an amount equal to the aggregate amount available for drawing as of the date of or at any time after the date of calculation.

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