LOC in Trade Meaning
The LOC meaning in Trade terms is "Letter of Credit". There are 1 related meanings of the LOC Trade abbreviation.
LOC on Trade 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 Trade?
LOC stands for Letter of Credit in Trade terms.
What is the shortened form of Letter of Credit in Trade?
The short form of "Letter of Credit" is LOC for Trade.
Citation
LOC in Trade. Acronym24.com. (2021, December 15). Retrieved April 25, 2024 from https://acronym24.com/loc-meaning-in-trade/
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