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It relates to the general provisions of the law. According to the first article, the organic law has two purposes. The first is to adapt the Spanish law from what is contained in the General Data Protection Regulation and "guarantee that the digital rights of the citizen conform with the mandate established in article 18.4 of the Constitution."
Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
In many countries, a company limited by guarantee must include the suffix Limited in its name; alongside private companies limited by shares. Until 1981, it was possible in the United Kingdom to form a company limited by guarantee with a share capital, although the number of these companies remaining is very small., [4]
A bank guarantee allows the customer, or debtor, to acquire goods, purchase equipment or draw down a loan. [1] A bank guarantee is a promise from a bank or other lending institution that if a particular borrower defaults, the bank will cover the loss. A bank guarantee is similar to, but not the same as a letter of credit. [2]
A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.
In law, non-repudiation is a situation where a statement's author cannot successfully dispute its authorship or the validity of an associated contract. [1] The term is often seen in a legal setting when the authenticity of a signature is being challenged.