Application For Letter Of Credit

Business, Legal & Accounting Glossary

Definition: Application For Letter Of Credit


Application For Letter Of Credit


Full Definition of Application For Letter Of Credit


A promise to pay. This is standard in international trade because banks act as an uninterested party between buyer and seller. Importers/exporters may utilize letters of credit to protect themselves legally. A bank issues a letter of credit if they know a buyer will pay. In certain situations, a buyer has to have the funds to cover the letter of credit, or may use a line of credit with the bank.


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https://payrollheaven.com/define/application-for-letter-of-credit/
Modern Language Association (MLA):
Application For Letter Of Credit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 04, 2021 https://payrollheaven.com/define/application-for-letter-of-credit/.
Chicago Manual of Style (CMS):
Application For Letter Of Credit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/application-for-letter-of-credit/ (accessed: December 04, 2021).
American Psychological Association (APA):
Application For Letter Of Credit. PayrollHeaven.com. Retrieved December 04, 2021
, from PayrollHeaven.com website: https://payrollheaven.com/define/application-for-letter-of-credit/

Definition Sources


Definitions for Application For Letter Of Credit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.