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Home > Terms > English, UK (UE) > acceptance letter of credit
acceptance letter of credit
A letter of credit which instead of agreeing to pay the beneficiary immediately upon presentation of documents, requires presentation of a time draft drawn by the beneficiary upon the issuing bank or another bank. However, the beneficiary may, in effect, obtain prompt payment by discounting the draft.
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: International economics
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