When do banks refuse or accept to pay letter of credit
a. Serve the interests of the bank
b. Accommodate the needs of its buyer
c. None of the these
d. Protect the public interest
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2
Answer:
A Letter of Credit is also known as Documentary Credit
A Letter of Credit is a primary means of payment in an international trade transaction
By default a Letter of Credit is irrevocable
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Answer:
A letter of credit, or "credit letter," is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.
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