Letter Of Credit
A letter of credit (LC) is a financial document issued by a bank or financial institution that guarantees the payment of goods or services to the seller once the seller provides the necessary documents. In maritime trade, a letter of credit is often used as a payment method between the buyer and seller of goods, especially when they are located in different countries. The letter of credit ensures that the seller will receive payment for the goods shipped, while the buyer is protected by the bank's guarantee that the goods will be delivered as agreed. The letter of credit also serves as a legal document that outlines the terms and conditions of the transaction, including the shipping date, the amount of payment, and the documents required for payment.
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