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What is a letter of credit

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What is a letter of credit

Posted by Suresh Chand 5 years, 10 months ago

CBSE > Class 11 > Business Studies

1 answers

Yaser Siddiquee 5 years, 10 months ago

A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

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