A letter of credit, also known as Documentary Credit or Letter of Undertaking is a legal document from a bank or financial institution guaranteeing the buyer’s payment will be made to the seller on-time for the delivered goods and services. In the event, if the buyer is not capable of doing so, it will be covered by the issuing bank. Whether you are an importer or exporter, dealing in global trade involves certain risks such as the risk of non-payment and non-fulfillment of the terms & conditions of the contract. To eliminate these risks, availing a letter of credit service is a great idea.
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