27/01/2022 Financial & Legal Services
Letters of credit are assurances or guarantees to sellers that they will be paid for a large transaction. They are particularly common in international or foreign exchanges. Think of them as a form of payment insurance from a financial institution or another accredited party to the transaction. The most common types of letters of credit are commercial letters of credit, standby letters of credit, revocable letters of credit, irrevocable letters of credit, revolving letters of credit, and red clause letters of credit, although there are several others.
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