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A letter of credit is basically a document issued by a bank guaranteeing a client's ability to pay for goods or services. The letter of credit acts like an insurance contract for both the buyer and seller. It is useful when the importer or buyer is not well known and when exchange restrictions exist or are possible.
A letter of credit is basically a document issued by a bank guaranteeing a client's ability to pay for goods or services. The letter of credit acts like an insurance contract for both the bu…