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... > social science subjects > business and management > finance > financial institutions > banking (finance) > letter of credit
social science subjects > economics > economic concepts > international trade > letter of credit
... > contexts > population characteristics > socioeconomic factors > poverty > economics of poverty > international trade > letter of credit
social science subjects > business and management > international business > international trade > letter of credit
social science subjects > politics and international relations > international relations > international trade > letter of credit
... > social science subjects > criminology and criminal justice > criminology > law and society > law and political science > international trade > letter of credit
... > social science subjects > politics and international relations > political science > law and courts > law and society > law and political science > international trade > letter of credit

Preferred term

letter of credit  

Definition

  • A letter of credit (LC) or documentary credit is a means of payment in a trade transaction that commits the issuer, usually a commercial bank, on behalf of its customer, a buyer, to pay a seller contingent on documentary evidence that the seller has met the terms and conditions of the letter of credit. A letter of credit is commonly used in international trade. [Source: Encyclopedia of Business in Today's World; Letter of Credit]

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https://concepts.sagepub.com/social-science/concept/letter_of_credit

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