LETTER OF CREDIT


Meaning of LETTER OF CREDIT in English

Instrument or document issued by a bank, guaranteeing the payment of a customer's drafts up to a stated amount for a specified period. Letters of Credit substitute the bank's credit for the buyer's and eliminate the seller's risk. They are used extensively in international trade.

UNODC Money-Laundering terms English dictionary.      Английский словарь терминов управления ООН по отмыванию денег, преступности и наркотикам.