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Looking for information on Letter of Credit (LOC)? IRMI offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. A standby letter of credit is an arrangement where a bank guarantees payment to a "beneficiary" if something fails to happen. The bank issues a document describing
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A standby letter of credit is an arrangement where a bank guarantees payment to a "beneficiary" if something fails to happen. The bank issues a document describing the buyer to open a letter of credit with its bank, its credit line for opening a letter of credit. freight, insurance, duty,