letter of credit (redirected from Commercial letters of credit)

letter of credit

n. pl. letters of credit Abbr. L/C

A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies.

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letter of credit

n

1. (Economics, Accounting & Finance / Banking & Finance) a letter issued by a bank entitling the bearer to draw funds up to a specified maximum from that bank or its agencies

2. (Economics, Accounting & Finance / Banking & Finance) a letter addressed by a bank instructing the addressee to allow the person named to draw a specified sum on the credit of the addressor bank

Thesaurus

Noun

1.

letter of credit - a document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit credit - money available for a client to borrow commercial letter of credit - a letter of credit given to a business concern for commercial purposes traveler's letter of credit, traveller's letter of credit - a letter of credit given to a traveler document - a written account of ownership or obligation

Translations

letter of credit n → lettera di credito
documentary letter of credit → lettera di credito documentata