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Letter of Credit [Last Updated by: admin on 2012-01-01]
A Letter of Credit is a written undertaking by a bank, the issuing bank, to the seller(the beneficiary) in accordance with the instructions of the buyer (the applicant) to effect payment up to a prescribed amount within a prescribed time period against prescribed documents, provided these are correct and in order (i.e. they conform with the instructions of the applicant).

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