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Investments glossary

Letter of Credit

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Quotes of the day:

Truth may be stretched, but cannot be broken, and always gets above falsehood, as does oil above water.

— Miguel Cerbantes

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.

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