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• Coffee buyers in Central America are required to have proof of financing, such as a letter of credit.
• The irrevocable letter of credit confirmed on a US bank surely saved us from a very bad debt situation.
• The notes are backed by a letter of credit from Morgan Guaranty Trust Co.
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The bank issued the letter of credit on the instructions of the importer.
»For export sales, the price of the goods are secured by a letter of credit.
The notes are secured by bank letters of credit.
COMBS:
opening [issue\] of a letter of credit — выставление [открытие, выдача\] аккредитива
date of a letter of credit — дата аккредитива
letter of credit issuing bank — банк-эмитент аккредитива
to issue [to open\] a letter of credit — выставлять [открывать, выдавать\] аккредитив
Letters of credit are often used in international transactions to ensure that payment will be received. Due to the nature of international dealings including factors such as distance, differing laws in each country and difficulty in knowing each party personally, the use of letters of credit has become a very important aspect of international trade. The bank also acts on behalf of the buyer (holder of letter of credit) by ensuring that the supplier will not be paid until the bank receives a confirmation that the goods have been shipped.