what is letter of credit
Answers were Sorted based on User's Feedback
Answer / k. phanindra kumar
if one company imports goods from another company from
another country then the imported company will approach bank
for issuing a letter. the bank will give assurance to the
export company. On the delivery of the goods the imported
company will make payment
Is This Answer Correct ? | 22 Yes | 3 No |
Answer / kapil waghmare
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
Is This Answer Correct ? | 5 Yes | 0 No |
Answer / jochandu
bank given assurence is called letter of credit
Is This Answer Correct ? | 5 Yes | 1 No |
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