letter of credit
Definition:
Financial document issued by one bank generally to a correspondent bank instructing it to pay money to a third person, e.g. to an exporter who has shipped goods and has documents which he can present to the bank to prove it.
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Figures:
© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [James M. Livingstone and Michael J. Baker],.