Question
Letter of credit
Answer :
Word Count : 233
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A Letter of Credit (L/C) is a financial instrument used in international trade to provide a guarantee from a bank that a seller will be paid for goods or services provided, as long as they meet the conditions set in the credit. It serves as a written commitment from the buyer’s bank to pay the seller a specified amount, provided that the seller fulfills the terms and conditions outlined in the letter.
L/Cs are commonly used in transactions where the buyer and seller are located in different countries, reducing
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