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    Back to Back Letter of Credit, Garnishment and Back Work Ratio

    Today's Finance Jargon
    Back-To-Back Letters Of Credit
    Two letters of credit (LCs) used together to help a seller finance the purchase of equipment or services from a subcontractor. With the original LC from the buyer's bank in place, the seller goes to his own bank and has a second LC issued, with the subcontractor as beneficiary. The subcontractor is thus ensured of payment upon fulfilling the terms of the contract.

    Today's Law Jargon
    The entire process of petitioning for and getting a court order directing a person or entity (garnishee) to hold funds they owe to someone who allegedly is in debt to another person, often after a judgment has been rendered. Usually the actual amounts owed have not been figured out or are to be paid by installments directly or through the sheriff.

    Today's Engineering Jargon
    Back Work Ratio
    Is the fraction of the gas turbine work used to drive the compressor.

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