from The American Heritage® Dictionary of the English Language, 4th Edition
- n. A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. A document, used primarily in trade finance and issued generally by a financial institution, in which the institution promises to pay debts up to a certain limit to be acquired by the beneficiary against delivery of documents specified in the letter.
from the GNU version of the Collaborative International Dictionary of English
- n. a letter or notification addressed by a banker to his correspondent, informing him that the person named therein is entitled to draw a certain sum of money; when addressed to several different correspondents, or when the money can be drawn in fractional sums in several different places, it is called a circular letter of credit.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. 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
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