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Letter of credit
Meaning
Noun
●
In Banking & Finance:
A
document
, used
primarily
in
trade
finance
and
issued
generally
by a
financial institution
, in which the
institution
promises
to
pay
debts
up to
a certain
limit
to be
acquired
by the
beneficiary
against
delivery
of
documents
specified
in the letter.
Sourced from
Wiktionary
Synonyms
Letters Of Credit
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