LETTER OF CREDIT IS AN INSTRUMENT ISSUED BY BUYER'S/IMPORTERS BANK TO

what is the meaning of LETTER OF CREDIT?

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Answer Posted / harikrishnan

LETTER OF CREDIT IS AN INSTRUMENT ISSUED BY BUYER'S/IMPORTERS BANK TO THE BANK OF EXPORTER,AND GUARANTEEING THAT THEY WILL UNDER TAKE RESPONSIBILITY TO PERFORM THE OBLIGATION IF THE IMPORTER FAILS TO DO SO

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