What is a L/C?

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I've heard alot of mention in business for payment or financing of something called a L/C or LC. What is that?

2006-08-18 09:58:25 · 4 answers · asked by choyryu 2 in Business & Finance ➔ Credit

4 answers

LC refers to a Letter of Credit. It's a letter from your financial institution stating that if you don't pay the specified company (usually municipalities, cities, etc), that the company can present the letter of credit and get paid. You would have to put up collateral for a Letter of Credit, usually a deposit account or CD.

2006-08-18 12:54:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋

Letter of Credit

2006-08-18 17:04:57 · answer #2 · answered by Daniela 1 · 1⤊ 0⤋

Are you referring to Late Charge?

2006-08-18 17:04:59 · answer #3 · answered by xtowgrunt 6 · 0⤊ 0⤋

line of credit

2006-08-18 17:14:25 · answer #4 · answered by El4teen 2 · 0⤊ 0⤋