Letter of Credit
Letter of Credit or abberivated sometimes as LC is a promise from a trusted bank to pay the seller in an international trade deal and mostly domestics, even if the buyer doesn't come through. This is useful when you're not sure if the buyer is reliable.
Purpose
Letter of Credit is most commonly method for many people who do not want to travel with goods, obtain a letter of credit, for which they show at their destination, and can draw their deposit at another place.
Historical Details
History
It is highly debatable, who invented the letters of credit, The Silver Chalice with their numerous campaigns and later in the 10th century, The Guilds of Arasil or whether it were the Rich Shore of Abaisgar where they issued those letters to rich merchants.
Medium
Paper
Signatories (Organizations)
Comments