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 to English translations [PRO]
Law/Patents - Aerospace / Aviation / Space
English term or phrase: letter of credit option
Помогите, пожалуйста с переводом фразы replacement letter of credit and letter of credit option в данном контексте. Спасибо!!!!


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").
Ainagul Akmuldina
Kazakhstan
English translation:'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 ...
Selected response from:

Daryo
United Kingdom
Local time: 06:21
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +2'Option [included in / allowed by the contract] to pay by letter of Credit"
Daryo
Summary of reference entries provided
Letter of Credit definitions
Jack Doughty

Discussion entries: 2





  

Answers


18 hrs   confidence: Answerer confidence 5/5 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 ...

Daryo
United Kingdom
Local time: 06:21
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 4
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  bonafide1313
17 hrs
  -> Hvala!

agree  Tina Vonhof
19 hrs
  -> Thanks!
Login to enter a peer comment (or grade)




Reference comments


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
Jack Doughty
United Kingdom
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4

Peer comments on this reference comment (and responses from the reference poster)
neutral  Daryo: surely useful to know, but not needed here - the "option" HERE is an option of the contract itself, not any of the many "options" available when opening a Letter of Credit.
13 hrs
Login to enter a peer comment (or grade)



Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.

KudoZ™ translation help

The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.


See also:

Your current localization setting

English

Select a language

Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search