PROCESS OF LETTER OF CREDIT
Banking, Business, Commerce

PROCESS OF LETTER OF CREDIT

What is Letter of Credit? 1. The letter of credit is a written instrument issued by the buyer’s bank authorizing the seller to draw in accordance with certain terms and conditions. (Frank Henious) 2. The letter of credit is a commitment on the part of the buyer’s bank to pay or accept draft drawn upon provided such drafts do not…

Continue Reading