Non-negotiable letter of credit
A non-negotiable letter of credit is a financial instrument used in international trade to provide payment security for the seller or exporter. Unlike a negotiable letter of credit, which can be bought and sold on the secondary market, It cannot be transferred to a third party. It is only valid between the parties mentioned in the letter, i.e., the buyer and the seller. The terms and conditions of it are generally agreed upon by both parties in advance and outlined in the contract. The letter of credit is issued by the buyer’s bank and guarantees that payment will be made to the seller upon completion of the specified conditions.
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