LOC in Freight Meaning
The LOC meaning in Freight terms is "Letter of Credit". There are 1 related meanings of the LOC Freight abbreviation.
LOC on Freight Full Forms
- 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.
Frequently Asked Questions (FAQ)
What does LOC stand for Freight?
LOC stands for Letter of Credit in Freight terms.
What is the shortened form of Letter of Credit in Freight?
The short form of "Letter of Credit" is LOC for Freight.
Citation
LOC in Freight. Acronym24.com. (2021, December 15). Retrieved December 31, 2024 from https://acronym24.com/loc-meaning-in-freight/
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