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LOC in Business Word Meaning

The LOC meaning in Business Word terms is "Letter of Credit". There are 3 related meanings of the LOC Business Word abbreviation.

LOC on Business Word Full Forms

  1. Letter of Credit 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.
  2. Line of Credit Generally 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.
  3. Letter of Comment

Frequently Asked Questions (FAQ)

  1. What does LOC stand for Business Word?

    LOC stands for Letter of Comment in Business Word terms.

  2. What is the shortened form of Line of Credit in Business Word?

    The short form of "Line of Credit" is LOC for Business Word.

Citation

LOC in Business Word. Acronym24.com. (2021, December 15). Retrieved November 22, 2024 from https://acronym24.com/loc-meaning-in-business-word/

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