Explain the different types of letters of credit used in international procurement
Question
Solution 1
A Letter of Credit (LC) is a document issued by a bank that essentially acts as an irrevocable guarantee of payment to a beneficiary. This means that if the buyer is unable to fulfill their payment obligations to the seller, the bank will cover the full or remaining amount. Letters of Credit are com Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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