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letter of credit meaning, definition, what is letter of credit: an official letter from a bank allowing ...: Learn more.
Definition A commercial instrument for guaranteeing payment. In the sale-of-goods context, a buyer gives a seller the letter on the credit of a third party, such as a bank or financial institution, which will pay the seller upon delivery of the goods. ...
Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4. Supporting Letter of Credit has the meaning specified in Section 1.3(g). Canadian Letter of Credit...
Learn the definition and meaning of a letter of credit (LC) and understand its working. Explore the various types of LC and view a letter of credit...
Letter of Credit Agreement has the meaning specified in Section 2.03(a). Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Le...
Meaning ofLetter of Credit (LC): Letter of credit is a letter issued by a bank at the instance of its customer favouring the supplier of goods, whereby the issuing bank undertakes to make payment on submission of certain documents, as specified in the letter. Letters of cr...
Definition of credit, letter of in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is credit, letter of? Meaning of credit, letter of as a legal term. What does credit, letter of mean in law?
A letter of credit (LC) is a financial document that facilitates international and domestic trade. It substitutes the bank credit for the credit of the customer. There are two basictypes of letters of credit– commercial and standby. The commercial LC is the primary payment mechanism, while the...