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What is letter of credit ? Explain others mode of payment in international business

Letter of credit tells who is d importer. It is issued by Shipping firm. For more details, refer BS book.
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A letter of credit is like a bill of exchange that is provided by the importer's bank to the exporter ensuring the prompt payment for the purchase.
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A letter of credit is a document provided by the importer bank to the exporter. Exporter can use the letter of credit and purchase all the raw material needed to fulfill the importer demand.
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