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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Did you know that the oldest way to get paid in international commerce is via an international commercial letter of credit (L/C)?
A commercial letter of credit was issued in favor of the defendant to finance the purchase.
Still, I can identify two separate justifications for use of the commercial letter of credit as a verification institution: verifying to the seller the likelihood that the buyer will pay, and verifying to the government the legitimacy of the transaction.
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.(148)

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