commercial letter of credit

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  • noun

Words related to commercial letter of credit

a letter of credit given to a business concern for commercial purposes

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References in periodicals archive ?
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.
It is important to note that prior presentation of the documents to the exporter is not required because the commercial letter of credit is the primary payment mechanism for the transaction.
4 trillion in assets under custody and trust, and has the world's largest commercial letter of credit portfolio, whose value exceeded $7 billion in 2006.
A beneficiary of a documentary or commercial letter of credit looks to the issuer, and not its debtor, for payment.
Ronald Mann's thorough research and rigorous analysis provide compelling evidence that the commercial letter of credit does not further the fundamental purpose traditionally associated with it.
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