Letter of credit

From ACT Wiki
Revision as of 14:20, 17 October 2013 by Maw@allmanward.com (Talk | contribs) (Link to Bank payment obligation)

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


Other links

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