Import letter of credit,
Definition of Import letter of credit:
A letter issued by a bank to another bank (especially one in a different country) to serve as a guarantee for payments made to a specified person under specified conditions.
Designation given by the importer (and his or her bank) to the commercial letter of credit (L/C) established in favor of an exporter. The same L/C is called export letter of credit by the exporter (and all other banks).
How to use Import letter of credit in a sentence?
- By way of illustration, take a case in which the customer requests the bank, or other institution, to issue a letter of credit or guarantee to back his purchase of goods.
Meaning of Import letter of credit & Import letter of credit Definition