confirmed letter of credit
- A guarantee of payment issued by a foreign bank, whose assurance is validated by a domestic bank, providing security to an exporter against default from the foreign buyer or bank
- Due to concerns over the stability of the foreign bank, the exporter insisted on a confirmed letter of credit.
- A confirmed letter of credit provided the seller with peace of mind about the transaction.
- Through a confirmed letter of credit, the local bank endorsed the financial obligation of the foreign bank.
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