commercial letter of credit


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Noun1.commercial letter of credit - a letter of credit given to a business concern for commercial purposes
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
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The BPO essentially moves all of the manual tasks associated with using a commercial letter of credit and automates them, creating fewer chances for errors throughout the process.
Given the worldwide use of the commercial letter of credit, and its use in a wide variety of contexts, no single explanation captures all of the motivations for its use.
The letter of credit is a unique and ancient(146) commercial specialty that serves two primary functions in modern transactions: first, the commercial letter of credit effects swift and certain payment in sale of goods transactions;(147) second, the standby letter of credit secures proper performance of contractual obligations.

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