What is the use of LC? How is it useful in export sales?
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Answer Posted / Vinesh Kumar
LC (Letter of Credit) is a bank document used in international trade that guarantees payment to the exporter upon meeting certain conditions. It provides security for both buyer and seller, as the bank ensures that funds will be released once the agreed-upon terms are met. In export sales, LC helps mitigate risks associated with cross-border transactions such as non-payment or disputes.
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