What do we call an agreement whereby an issuing Bank at the request of the Importer (Buyer) undertakes to take payment to the exporter (Beneficiary) against stipulated documents? | Faculties

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Q. What do we call an agreement whereby an issuing Bank at the request of the Importer (Buyer) undertakes to take payment to the exporter (Beneficiary) against stipulated documents?

(A) bill of exchange
(B) letter of exchange
(C) letter of credit
(D) bill of entry

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✅ Correct Answer: (C) letter of credit

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