A Letter of Credit (LC) is a payment undertaking issued by a bank on behalf of an importer, guaranteeing the exporter will receive payment provided the stipulated documents are presented within the agreed timeframe.
Source: https://iccwbo.org/business-solutions/ucp-600/
Matching tools and partners
You might also be interested in these terms
Analyze all 11 Incoterms 2020: cost matrix, risk timeline, insurance gap detector and customs responsibility – free, no login required.
Free · No password · Never a paywall. Weekly top news and facts from logistics.
Content reviewed and editorially cleared.
Share your knowledge, ask follow-up questions, or add practical insights to this page. Every contribution is moderated before publication.