letter of credit Meaning in Cambridge Business English Dictionary
Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

Meaning of "letter of credit" - Business English Dictionary

See all translations

letter of credit

noun [C]
 
 
( plural letters of credit) ( abbreviation L/C)
FINANCE, COMMERCE a financial document in which a bank formally promises to pay a particular amount of money into the bank of a person selling goods if the goods are delivered by an agreed date and in an acceptable condition. Buyers often use letters of credit to buy goods from other countries: The bank issued the letter of credit on the instructions of the importer. For export sales, the price of the goods are secured by a letter of credit.
FINANCE in a situation in which bonds, etc. are sold, a written promise by a bank to pay the lender if the borrower is unable to do so: The notes are secured by bank letters of credit.
→  See also confirmed letter of credit , documentary letter of credit , irrevocable letter of credit , confirmed letter of credit , standby letter of credit
Translations of “letter of credit”
in Chinese (Traditional) 信用狀…
in Chinese (Simplified) 信用证…
(Definition of letter of credit from the Cambridge Business English Dictionary © Cambridge University Press)
What is the pronunciation of letter of credit?
Add Cambridge dictionaries to your browser to your website

Definitions of “letter of credit” in other dictionaries

Word of the Day
hurdle

a frame or fence for jumping over in a race

Word of the Day

When’s dinner? (Words for different meals)
When’s dinner? (Words for different meals)
by Kate Woodford,
July 22, 2015
Here at ‘About Words’ we’re always happy to get ideas for posts that we could write. A reader of this blog recently asked for a post on the language of meals and we thought this an excellent idea. If you are reading this post and have an idea for a topic or

Read More 

exoskeleton noun
exoskeleton noun
July 27, 2015
a robotic device which goes around the legs and part of the body of a person who cannot walk and allows them to move independently and in an upright position The device, known as an exoskeleton, is strapped to the outside of a person’s limbs and can then be controlled by them.

Read More