Import Letter of Credit

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The letter of credit(LC) is commonly used in international trade to facilitate transactions between importers and exporters. It serves as a guarantee from the importer's bank to the exporter that payment will be made once the terms and conditions of the transaction are met. Import LCs provide a level of security for both parties, ensuring that the exporter will receive payment for the goods or services provided and that the importer will receive the goods or services as agreed upon.