LC in export stands for Letter of Credit. LC is a financial document issued by a bank to guarantee payment to the exporter. It provides assurance to the exporter that they will receive payment for the goods or services exported. LC serves as a secure method of payment in international trade. It reduces the risk for both the exporter and the importer. LC includes details such as the amount, terms, and conditions of the payment. It ensures that the exporter will be paid once they fulfill the agreed-upon obligations. LC can be irrevocable, meaning it cannot be changed or canceled without the consent of all parties involved. Example: An exporter in the United States receives an LC from a bank in the importing country, guaranteeing payment upon successful delivery of the goods.

Wind World Interview Questions: What is LC in export

Asked inWind World,Assistant Manager

What is LC in export

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LC in export stands for Letter of Credit.

LC is a financial document issued by a bank to guarantee payment to the exporter.
It provides assurance to the exporter that they will receive payment for the g...read more