A Letter of Credit is a document issued by a financial institution,
assuring payment to a seller of goods and services provided certain
documents have been presented to the bank.

Seller provides bill of lading
to bank in exchange for payment. Seller's bank exchanges bill of lading
for payment from buyer's bank. Buyer's bank exchanges bill of lading
for payment from the buyer.

Buyer provides bill of lading to carrier and takes delivery of goods.
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