MLchartDataset catalogue

Letter of credit

Term · Law · MLC-T-LAW-003006

A financial instrument issued by a bank or other financial institution, guaranteeing payment to a seller of goods or services. It assures the seller that they will receive payment from the issuing bank, provided the terms and conditions of the letter of credit are met. Letters of credit are commonly used in international trade.

Table 1. Record
IdentifierMLC-T-LAW-003006
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003006",
  "term": "Letter of credit",
  "field": "Law",
  "definition": "A financial instrument issued by a bank or other financial institution, guaranteeing payment to a seller of goods or services. It assures the seller that they will receive payment from the issuing bank, provided the terms and conditions of the letter of credit are met. Letters of credit are commonly used in international trade.",
  "url": "https://mlchart.com/terminology/law/letter-of-credit/"
}

Record 2,957 of 5,445 in Law terminology (MLC-0107). Request the full dataset.