commercial letter of credit


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Noun1.commercial letter of credit - a letter of credit given to a business concern for commercial purposes
letter of credit - 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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
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Did you know that the oldest way to get paid in international commerce is via an international commercial letter of credit (L/C)?
Letters of Credit
A commercial letter of credit was issued in favor of the defendant to finance the purchase.
A comparative analysis of the standard of fraud required under the fraud rule in letter of credit law
Still, I can identify two separate justifications for use of the commercial letter of credit as a verification institution: verifying to the seller the likelihood that the buyer will pay, and verifying to the government the legitimacy of the transaction.
The role of letters of credit in payment transactions
The letter of credit is a unique and ancient(146) commercial specialty that serves two primary functions in modern transactions: first, the commercial letter of credit effects swift and certain payment in sale of goods transactions;(147) second, the standby letter of credit secures proper performance of contractual obligations.(148)
Liberty, trade, and the Uniform Commercial Code: when should default rules be based on business practices?

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