The letter of credit
A letter of credit is an instrument of payment security. In case of international sales contracts, the so-called issuing bank serves as an unrelated guarantor. The issuing bank is (e.g. documents letters of credit) to advance precisely designated amount for payment to the beneficiary. The letter of credit is an abstract promise to pay against the presentation for precisely described documents.
The procedure is of a constantly same schema. Letters of credit require strict compliance with the prescribed formalities.
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