Letter of Credit

Letter of Credit definition

/ˈlɛtə/ /ɒv,(ə)v/ /ˈkrɛdɪt/

What does Letter of Credit mean?

An undertaking of a bank (issuing bank) at the request of the applicant to make payment to a third party (the beneficiary) for an agreed sum at an agreed time usually upon the production of stated documents.

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