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Letter of credit   /lˈɛtər əv krˈɛdət/   Listen
Letter of credit

noun
1.
A document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit.



Related searches:
commercial letter of credit
traveler's letter of credit
traveller's letter of credit


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"Letter of credit" Quotes from Famous Books



... necessary. Being favoured by the secretary of the Association, the late Henry Beaufoy, Esq., with a recommendation to Dr. John Laidley (a gentleman who had resided many years at an English factory on the banks of the Gambia), and furnished with a letter of credit on him for 200 pounds, I took my passage in the brig Endeavour—a small vessel trading to the Gambia for beeswax and ivory, commanded by Captain Richard Wyatt—and I became impatient ...
— Travels in the Interior of Africa - Volume 1 • Mungo Park


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