elastic clause
A. Supremacy clause A. Constitution is the supreme law B.Full faith and credit clause B. States must cooperate C.Republican government clause C. Federal government will protect states
full credit
Laws of which, the States or Federal government? Article IV, Section 1, the Full Faith and Credit Clause requires states to honor other STATES' laws and court decisions.the full faith and credit clause
Full Faith and Credit Clause
Red clause LC is a credit sample of swift format. In the swift format you will give detailed explanations about trade practitioners.
A red clause letter of credit is similar to a letter of Credit which is written to state or confirm the availability of funds for a particular transaction between the seller and buyer. However, a clause is included in the letter stating that the stated amount or credit can be advanced immediately on showing the letter.
IN red clause letter of credit the applicant(buyer)authorizes the confirming bank or any other nominated bank to pay a specified amount to the beneficiary.this clause was traditionally wriiten in red so it was called as red caluse letter of credit. this type of lc would part finance the middle men r the dealers of the beneficiary and the buyer may be willing to have concessions on his pament. this type of lc is hevily used in fur industry in China & Australia .
Article IV Section 1 The Full Faith and Credit Clause.
Full Faith and Credit Clause
elastic clause
A. Supremacy clause A. Constitution is the supreme law B.Full faith and credit clause B. States must cooperate C.Republican government clause C. Federal government will protect states
Commerce Clause
Special provosion in documentary credit where the beneficiary (usually the seller) is authorized to obtain an advance from the corresponding bank on an unsecured basis. The liability for default is assumed by the account party (usually the buyer) through the issuing bank. This clause is written usually in red ink, hence the name.
full credit
Scorpion Clause in L/C a clause which renders it impossible for the beneficiary, or seller, to fulfill the conditions of the letter separately and independently of the purchaser.
Article 4