LOC has various meanings in the Business category. Discover the full forms, definitions, and usage contexts of LOC in Business.
A financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo, if certain terms and conditions are fulfilled, usually the receipt by the bank of certain documents within a given time. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made. An Irrevocable Letter of Credit is one which obligates the issuing bank to pay the exporter when all terms and conditions of the letter of credit have been met. None of the terms and conditions may be changed without the consent of all parties to the letter of credit.
BusinessGenerally an informal understanding between the borrower and the bank as to the maximum amount of credit that the bank will provide the borrower at any one time.
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