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Explore what letters of credit are, their types, costs, and real-world examples to understand their role in facilitating secure international trade. A Letter of Credit (LC) is a document that guarantees the buyer’s payment to the sellers. It is issued by a bank and ensures timely and full payment to the seller. If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer. A letter of credit is issued against a pledge of securities or cash. Banks typically collect a fee, ie, a percentage of the size/amount of the letter of credit. Full Form of LC LC stands for Letter of Credit. LC is defined as a financial document commonly utilised in international trade and commerce. It functions as an official commitment from a bank or other financial organisation on behalf of a buyer to pay a seller, a certain amount of money. Elements of Letter of Credit (LC) 1. Beneficiary (Seller): The person to whom the Letter of Credit has been issued is the beneficiary. 2. Applicant (Buyer): The person who asks the bank to issue the Letter ... Get LC full form and full name in details. Visit to know long meaning of LC acronym and abbreviations. It is one of the best place for finding expanded names.
