BASICS OF INTERNATIONAL LETTERS OF CREDIT - PowerPoint PPT Presentation

BASICS OF INTERNATIONAL LETTERS OF CREDIT

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(c) DORMAN WOOD associates. A documentary credit, or letter of credit is an undertaking issued by a bank for the account of the buyer (applicant), to pay the seller (beneficiary) provided the terms and conditions of the documentary credit are complied with. A documentary credit, or L/C, usually satisfies the seller's desire for cash payment and the buyer's desire for credit..

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BASICS OF INTERNATIONAL LETTERS OF CREDIT

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