Business, Legal & Accounting Glossary
A way for a contractor to guarantee payment to a subcontractor. When a contractor has received a letter of credit from a buyer, the contractor can then request a letter of credit to be issued to the subcontractor with the first letter of credit as collateral, ensuring the subcontractor will be paid.
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Definitions for Back To Back Letter Of Credit are sourced/syndicated and enhanced from:
This glossary post was last updated: 20th November, 2021 | 0 Views.