L/C

   Letter of Credit. A letter of credit is a guarantee by a bank on behalf of its corporate customer that a payment will be made if contractual obligations are met. Letters of credit can be traded on the secondary market.

   ► See also Secondary Market.

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L/C UK US noun [C] (also l.c.) FINANCE

► WRITTEN ABBREVIATION for LETTER OF CREDIT(Cf. ↑letter of credit): »

We have opened an L/C for your use with the second contract.