Letter Of Credit Definition
A letter from a bank asking that the holder of the letter be allowed to draw specified sums of money from other banks or agencies, to be charged to the account of the writer of the letter.
Webster's New World
A financial instrument, typically issued by a bank, in which the issuing institution commits to pay a draft presented by a third party in a specified format or meeting certain criteria.
Webster's New World Law
Other Word Forms of Letter Of Credit
Singular:letter of credit