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Letter of credit l/c

• A letter written by a company's bank to the company's foreign supplier, stating that the bank guarantees payment of an invoiced amount if all the underlying agreements are met.

• A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues.

 
 

Follow this link for all the terms related to credit.

 
 Embedded terms in definition
 Bond
Foreign
Interest
Principal
Underlying
 
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Beware of fraud originating in phone messages and faxes: FDIC Consumer News has warned before about crooks who call or e-mail consumers and pretend to be legitimate companies or government agencies wanting people to "verify" or "resubmit" (divulge) confidential information such as bank account or credit card numbers as well as Social Security numbers, passwords and personal identification numbers. Here are variations to know about. More...

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