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What are the payment terms of a letter of credit and how do you cancel it?

April 26, 2017cancel credit letter payment terms

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What are the payment terms of a letter of credit and how do you cancel it?

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A letter of credit is a letter from a bank that states that you have certain funds available. It is typically then provided by you to another party or bank, often abroad, so that goods are released for shipment or delivery to you. Ask your bank what they require to provide one. A letter of credit is not a credit card, loan, etc.