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Commercial Letter of Credit - A letter from a bank or lending institution that authorizes an account holder to draw drafts within set limits, and requires the repayment of such drafts by the account holder. Related Terms: Commercial Letter of Credit - account | debt | draft | letter of credit | loan | Irrevocable Letter of Credit - A letter of credit that may only be revoked if the account holder fails to meet the terms of credit; a guaranteed letter of credit.Related Terms: Irrevocable Letter of Credit - account | debt | draft | letter of credit | loan | Letter of Credit - A letter from a bank or lending institution that authorizes an account holder to draw drafts within set limits, and requires the repayment of such drafts by the account holder. Acronym: LOCRelated Terms: Letter of Credit - account | debt | draft | commercial letter of credit | loan |
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WWW Virtual Library of Logistics Ver 4, Sep, 1999, Matthew D. Cox, logistics@logisticsworld.com Sponsored by LogisticsWorld. Copyright © 1995, 1996, 1997, 1998, 1999 MDC, All rights reserved. |