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A letter of credit is a written guarantee provided by a bank (known as the issuing bank) to the seller (known as the beneficiary) based on the buyer's (known as the applicant) instructions.
It assures payment of a specified amount of money either immediately or on a specific future date. The bank's guarantee is contingent upon the beneficiary's adherence to the terms and conditions outlined in the credit, and payment is made upon a "complying presentation."
