documentary letter of credit documentary credit
1letter of credit — letter of credit: a document issued to a beneficiary at the request of the issuer s customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer s debt compare… …
2letter of credit — documentary credit A letter from one banker to another authorizing the payment of a specified sum to the person named in the letter on certain specified conditions (see letter of indication). Commercially, letters of credit are widely used in the …
3letter of credit — documentary credit A letter from one banker to another authorizing the payment of a specified sum to the person named in the letter on certain specified conditions. Commercially, letters of credit are widely used in the international import and… …
4documentary letter of credit — UK US noun [C or U] COMMERCE ► DOCUMENTARY CREDIT(Cf. ↑documentary credit) …
5Letter of credit — After a contract is concluded between buyer and seller, buyer s bank supplies a letter of credit to seller …
6letter of credit — An obligation issued by a bank on behalf of a bank customer to a third party. There are many different kinds of letters of credit. The two most common are commercial letters and standby letters. A commercial or trade letter of credit is a bank… …
7letter of credit — noun A document, used primarily in trade finance and issued generally by a financial institution, in which the institution promises to pay debts up to a certain limit to be acquired by the beneficiary against delivery of documents specified in… …
8standby letter of credit — see letter of credit Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. standby letter of credit …
9Red Clause Letter Of Credit — A specific type of letter of credit in which a buyer extends an unsecured loan to a seller. Red Clause Letters of Credit permit documentary credit beneficiaries to receive funds for any merchandise outlined in the letter of credit. These letters… …
10open letter of credit — An unrestricted letter of credit which will be paid on a simple draft without the need of documentary title. See also letter of credit …
