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Definition of Letter of credit
1. Noun. A document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit.
Generic synonyms: Credit, Document
Specialized synonyms: Commercial Letter Of Credit, Traveler's Letter Of Credit, Traveller's Letter Of Credit
Specialized synonyms: Commercial Letter Of Credit, Traveler's Letter Of Credit, Traveller's Letter Of Credit
Definition of Letter of credit
1. Noun. (finance banking) A document, used primarily in trade finance and issued generally by a financial institution, in which the institution promises to pay debts up to a certain limit to be acquired by the beneficiary against delivery of documents specified in the letter. ¹
¹ Source: wiktionary.com
Lexicographical Neighbors of Letter Of Credit
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