Difference between revisions of "Letter of credit"

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* [[LOC backed]]
 
* [[LOC backed]]
 
* [[Standby letter of credit]]
 
* [[Standby letter of credit]]
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* [[Uniform Customs and Practice for Documentary Credits]]
 
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Revision as of 11:23, 15 August 2013

(LC). A promise document issued by a bank or another issuer to a third party to make a payment on behalf of a customer in accordance with specified conditions. Letters of credit are frequently used in international trade to make funds available in a foreign location.

See also