Definition –  A letter of credit is a bank issued document guaranteeing the buyer’s payment of a specified amount in a specified currency to the seller provided the defined conditions are met and the prescribed documents are submitted. Required documents may include a  bill of lading , commercial invoice, packing list, and certificate of origin.

History –  The name “letter of credit” derives from the French word “accréditation,” a power to do something, which derives from the Latin “accreditivus,” meaning trust.


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