LETTER OF GUARANTEE Definition

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LETTER OF GUARANTEE is a written promise issued by a bank to compensate (pay a sum of money) to the beneficiary (third party, local or foreign) in the event that the obligor (customer) fails to honor its obligations in accordance with the terms and conditions of the guarantee/agreement/contract.

Learn new Accounting Terms

TREASURY SHARE see TREASURY STOCK.

GROSS PROFIT METHOD is an inventory estimate based on gross margin.

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