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| What is a Letter of Credit?
May be revocable or irrevocable - A document, consisting of specific instructions by a buyer of goods, that is issued by a
bank to the seller who is authorized to draw a specified sum of money under certain conditions, i.e., the receipt by the bank of certain documents within a
given time. An irrevocable L/C provides guarantee by the issuing bank in the event that all terms and conditions are met by the buyer (or drawee). A
revocable L/C can be canceled or altered by the drawee after it has been issued by drawee's bank. A confirmed L/C is one issued by a foreign bank which is
validated or guaranteed by a U.S. bank for a U.S. exporter in the case of default by the foreign buyer or bank.
source:http://www.onlinewbc.gov/docs/starting/glossary.html
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