Definition – A letter of credit is a bank issued document guaranteeing the buyer’s payment of a specified amount in a specified currency to the seller provided the defined conditions are met and the prescribed documents are submitted. Required documents may include a bill of lading, commercial invoice, packing list, and certificate of origin.History – The name “letter of credit” derives from the French word “accréditation,” a power to do something, which derives from the Latin “accreditivus,” meaning trust.
In addition to Ocean and Air, we manage every transfer between truck and train, coordinate schedules, and provide real-time updates to keep your cargo on track.
