Letter of credit

From ACT Wiki
Revision as of 11:23, 15 August 2013 by John Grout (Talk | contribs) (To add link to UCP)

Jump to: navigation, search

(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