„Letter Of Credit“
What does Letter Of Credit stand for?
A commitment, usually by a bank on behalf of a client, to pay a beneficiary a stated amount of money under specified conditions.
Source:
Documentation and Legal Papers, Financial and BankingView all itemsCrane, D.B., Froot, K.A., Mason, S.P., Perold, A.F., Merton, R.C., Bodie, Z., Sirri, E.R., & Tufano, P. (1995). The Global Financial System: A Functional Perspective. Harvard Business School Press, pp. 175-178.
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