letter of credit

1. A document issued by a bank that guarantees the payment of a customer's draft;
   Substitutes the bank's credit for the customer's credit (synset 113400926)
   is a type of:

   • credit - money available for a client to borrow
   • document - a written account of ownership or obligation
   subtypes:

   • commercial letter of credit - a letter of credit given to a business concern for commercial purposes
   • traveler's letter of credit, traveller's letter of credit - a letter of credit given to a traveler

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