LETTER OF CREDIT Definition

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LETTER OF CREDIT (LOC) is a legal document issued by a buyer's bank that upon presentation of required documents payment would be made. Usually confirmed by the sellers bank, protection is given to the seller that payment will be made if the goods are shipped correctly, and protection is given to the buyer that the goods will be shipped before payment is made.

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COMPARATIVE STATEMENT is a form of financial-statement presentation in which current period results and positions are presented with corresponding figures for previous periods.

CONDUIT is a primary means by which something is transmitted,

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