documentary credit

documentary credit
International
The most frequent form of payment in international trade. A letter of credit is a contract under which a bank agrees to pay the seller, in connection with the export of specific goods, against the presentation of specified documents relating to those goods. The letter of credit is issued at the request of the buyer (who is then referred to as the applicant for the credit) in favour of the seller (the beneficiary of the credit).
For more on letters of credit, see Practice note, Letters of credit: overview (www.practicallaw.com/1-107-3740).
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • documentary credit — ➔ credit1 * * * documentary credit UK US noun [C or U] (ABBREVIATION DC, also documentary letter of credit) COMMERCE ► in international trade, an arrangement in which a bank in a country importing goods agrees to pay for goods bei …   Financial and business terms

  • documentary credit — Credit which is extended on documents of title or other legal documents …   Black's law dictionary

  • documentary credit — Credit which is extended on documents of title or other legal documents …   Black's law dictionary

  • documentary credit — /ˌdɒkjυment(ə)ri kredɪt/ noun a credit document used in export trade, when a bank issues a letter of credit against shipping documents …   Dictionary of banking and finance

  • documentary credit — See: letter of credit …   Accounting dictionary

  • documentary credit — See letter of credit …   Big dictionary of business and management

  • documentary credit — /ˌdɒkjumɛntri ˈkrɛdət/ (say .dokyoohmentree kreduht) noun a credit established by a banker at the request of an importer, under which the banker s name is used as drawee of bills of exchange covering the cost of goods sold to the importer, such… …  

  • Documentary Credit — ⇡ Akkreditiv …   Lexikon der Economics

  • documentary credit — bank loan received by opening an account for the purpose of importing goods …   English contemporary dictionary

  • documentary letter of credit — UK US noun [C or U] COMMERCE ► DOCUMENTARY CREDIT(Cf. ↑documentary credit) …   Financial and business terms

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