Quotes of the day:
Truth may be stretched, but cannot be broken, and always gets above falsehood, as does oil above water.
A letter of credit, or credit letter is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. It may be offered as a facility.