Thawing the Markets, Part 2
Letters of Credit: Going Going Gone?Just as the business world is dependent upon commercial paper as its life blood the world of global trade depends on letters of credit (LOC). Without LOCs the world of trade quickly freezes up.If you’re a manufacturer of a product and want to sell to someone outside your borders you typically require a letter of credit from the buyer before you load any cargo at a port. A letter of credit from a prime bank is considered to be proof of your ability to pay. It not only can be a source of ultimate ...
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