A letter of credit (LC) is a payment instrument used in international trade to provide an economic assurance from a creditworthy bank to a products exporter.
A Letter of Undertaking (LOU) is a bank assurance offered on behalf of the customer to another bank for loan repayment. The LOU is typically used when a person imports anything from another country.
A Letter of Credit (LC) is a document that guarantees payment to the seller by the buyer. It is given by a bank and ensures that the seller is paid on time and in full. If the buyer is unable to make such a payment, the bank pays the entire or remaining balance on the buyer's behalf.
A Letter of Credit is a type of payment that is commonly used in overseas commerce. It is essentially a method that allows importers/buyers to offer secure payment terms to exporters/sellers through the involvement of a bank (or multiple banks).
Commercial, Export/Import, Transferable and Non-Transferable, Revocable and Irrevocable, Stand-by, Confirmed, and Unconfirmed, Revolving, Back to Back, Red Clause, Green Clause, Sight, Deferred Payment, and Direct Pay LC are the different types. In trade operations, a letter of credit is an important financial tool.
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