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Types Of Letter Of Credit Slideshare. Before the advent of modern technology made communication so easy, the art of writing a letter was considered an important requirement. Notably, the letter can be canceled or amended at any time by either the buyer or the issuing bank without any formal notification.
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There are various types of letter of credit (lc) prevails in the trade transactions. Following is the process of a documentary letter of credit: Notably, the letter can be canceled or amended at any time by either the buyer or the issuing bank without any formal notification.
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The inland letter of credit. A letter of credit 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. Here, the bank gains as the value of currency is bound to go up since it belongs to a developed country. There are various types of letter of credit (lc) prevails in the trade transactions.
