letter of credit (LOC) is a legal document issued by a buyer's bank that upon presentation of required documents payment would be made. Usually confirmed by the seller's bank, protection is given to the seller that payment will be made if the goods are shipped correctly, and protection is given to the seller that the goods will be shipped before payment is made.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). letter of credit (loc). Retrieved September 28, 2026, from http://smartdefine.org/letter_of_credit_(loc)/definitions/1157104 |
| Chicago | Barry Goldsmith. 2010. "letter of credit (loc)" http://smartdefine.org/letter_of_credit_(loc)/definitions/1157104 (accessed September 28, 2026). |
| Harvard | Barry Goldsmith 2010, letter of credit (loc), Smart Define, viewed 28 September, 2026, <http://smartdefine.org/letter_of_credit_(loc)/definitions/1157104>. |
| MLA | Barry Goldsmith. "letter of credit (loc)" 21 October 2010. Web. 28 September 2026. <http://smartdefine.org/letter_of_credit_(loc)/definitions/1157104> |