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Letter of credit
A document commonly used in connection with the sale and purchase of goods.
It is a written undertaking by a bank (the issuing bank) given at the request of, and in accordance with the instructions of, the applicant (the buyer of the goods) to the beneficiary (the seller of the goods), to effect a payment of a stated amount of money, within a prescribed time limit, against the production of stipulated documents (such as evidence of shipment of the goods).
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