Difference between revisions of "Letter of credit"

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Revision as of 12:25, 13 August 2014


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

Other links

Letters of credit and supply chain finance, Will Spinney, ACT 2009