what is loc payments

This forum is to discuss different features/issues of Oracle Financials modules ( GL - General Ledger, AP - Accounts Payable, AR - Accounts Receivable, FA - Fixed Assets & CM - Cash Management ).
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segu_tulasi55
Posts: 31
Joined: Wed Dec 19, 2007 10:21 am
Location: India

what is loc payments

Post by segu_tulasi55 »

what is letter of credit
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ramesh.nalem
Posts: 37
Joined: Tue Feb 27, 2007 1:17 am
Location: India

Post by ramesh.nalem »

<b>Letter Of Credit</b>

A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase
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