The Documentary Letter of Credit known as LC is a written undertaking given by a bank to the seller (beneficiary) of goods or services. Letters of Credit are a means for financing international trade by which a bank (the issuing bank) takes the irrevocable commitment, at the request and for the account of its client (the applicant), to pay the exporter (the beneficiary) against the submission of various documents complying with the terms of the credit, such proving the fulfillment of a contractual obligation within a set time limit.
Letters of Credit (LC)
