Letter of Credit (LC) (LOC) 4
Letter of Credit (LC) (LOC) 4 : A document issued by a bank and used to pay for cargo. The buyer arranges a letter of credit from its local bank, creating a fund in a foreign bank near the seller in a specified amount in the seller favor. The buyer authorizes the seller to draw drafts against the fund for goods purchased by the buyer. A sum of money is paid to the seller under specific terms and conditions, including the receipt by the bank of certain documents within a given time. See: Cargo Terms of Sale
No records Found