Payment instrument issued and negotiated by banks to provide certainty to both Seller and Buyer in a domestic or international transaction.
Payment obligation issued by a Bank, to pay a domestic or international Seller the amount stated in the letter of credit upon meeting the terms and conditions stipulated in such instrument.
Payment of the total amount of money indicated by the buyer (Originator) within a determined time period and against the delivery of documents.
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Contracting and compliance of conditions set by the Credit.