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It requests the payment of all due invoices of this year in order to clear customer account and avoid question of the auditors about reasons of overdue invoices.
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The letter of credit
The letter of credit is often equated with the documentary credit which it differs by the absence of advising and confirming bank. This assimilation is an abuse of language that can...
The letter of credit standby
The standby letter of credit is a bank guarantee of payment which is close to the documentary credit except that it is only a guarantee of payment and not a means of payment. It is used only in the...