letter of credit

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Related to Commercial letters of credit: Revocable letter of credit, Irrevocable 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.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

letter of credit

n
1. (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. (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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

let′ter of cred′it


n.
1. a document issued by a banker allowing the person named to draw money to a specified amount.
2. a letter from a bank notifying a person that drafts on the issuer have been authorized up to a specified amount.
[1635–45]
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
Translations
remburssi

letter of credit

nlettera di credito
documentary letter of credit → lettera di credito documentata
Collins Italian Dictionary 1st Edition © HarperCollins Publishers 1995
References in periodicals archive ?
Commercial letters of credit (CLCs) are the most actively used structured payment Instruments In international trade.
The class will cover risks in international trade, Incoterms, and, in detail, payment terms and methods such as Commercial Letters of Credit. Also addresses export financing, basic concepts of foreign exchange and billing customers in U.S.
According to the International Chamber of Commerce (ICC), commercial letters of credit still account for 38% of the trade finance product mix.

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