A method of payment for goods in which the buyer establishes his credit with a local bank, clearly describing the goods to be purchased, the price, the documentation required, and the limit for completion of the transaction. Upon receipt of documentation, the bank is either paid by the buyer or takes title to the goods themselves and proceeds to transfer funds to the seller. The banks insist upon complete compliance with the terms of the sale, and will not pay if there are discrepancies. The L.C. is issued by the buyer
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