• An agreement from a bank stating that a foreign buyer has established a line of credit at the seller's disposal, and that payment will be made upon presentation of certain documents that comply with the letter of credit.
  • The letter of authorization from a banker to its correspondent confirming that the person named in the letter has the right to draw on the banker's credit up to a certain amount.
  • The letter is addressed by the banker to the person to whom the credit is granted, authorizing him to draw on the issuing bank or a bank in the country of the creditor up to a certain amount, and guaranteeing to accept the drafts if they are duly made; also known as a commercial letter of credit, a confirmed letter of credit or a letter of confirmation of credit.
  • There are many types of credit letters, each representing a different undertaking and subject to different conditions.

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