Letter of Credit (LC)
A bank's written undertaking to pay the seller a stated amount once documents that comply exactly with the credit's terms are presented. It protects both parties: the seller relies on the bank's promise and the buyer pays only against shipping documents. Discrepancies between documents and the credit can delay payment, so terms must be agreed carefully.
Related terms
Incoterms
A set of eleven trade terms published by the International Chamber of Commerce that define the responsibiliti…
Proforma Invoice (PI)
A preliminary invoice sent before shipment that sets out the goods, quantities, prices, Incoterm, payment ter…
Lead Time
The time between confirming an order and dispatching the goods, or sometimes delivering them. It includes sou…
Karl Fischer Titration
A titration method that determines water content specifically, based on the reaction of water with iodine and…
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