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Letter of credit: Difference between revisions
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{{g}}An old fashioned form of {{t|credit support}}. A bank writes an unconditional letter Lots of formal rules and legal form-obeisance. | {{g}}An old fashioned form of {{t|credit support}}. A bank writes an unconditional letter promising to pay a (usually large) sum on money on demand and without argument to a third party on behalf of a client. This gets small companies a bit of breathing space with trade creditors. Banks charge through the nose for them: they are a form of committed funding. | ||
Lots of formal rules and legal form-obeisance. | |||
Often talked about, seldom seen, as [[credit support]] for a {{gmsla}} | |||
{{sa}} | |||
*[[GMSLA Anatomy]] | |||