Letter of credit (L/C) - SmallBusiness.com: The free small business wiki sourcebook

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Letter of credit (L/C)

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A letter of credit is a document issued mostly by a financial institution which usually provides an irrevocable payment undertaking (it can also be revocable, confirmed, unconfirmed, transferable or others e.g. back to back: revolving but is most commonly irrevocable/confirmed) to a beneficiary against complying documents as stated in the Letter of Credit.

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