Topical Terminology > Letter Of Credit (Loc)
Letter Of Credit (Loc)
For Letter Of Credit (Loc) we have terms and definitions in 2 topics. The topics are Accounting and Finance.
Letter Of Credit (Loc) (Accounting) 
is a legal document issued by a buyerÂ’s bank that upon presentation of required documents payment would be made. Usually confirmed by the seller's bankprotection is given to the seller that payment will be made if the goods are shipped correctlyand protection is given to the buyer that the goods will be shipped before payment is made.
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Letter Of Credit (Loc) (Finance)
A form of guarantee of payment issued by a bank on behalf of a borrower that assures the payment of interest and repayment of principal on bond issues.
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