ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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LETTER OF CREDIT Definition
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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LIBOR see LONDON INTERBANK OFFERED RATE.
CONTINGENT is a result that is determined by conditions or circumstances not yet established.