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A letter of credit (LC) is a widely used financial instrument in international trade that guarantees payment to the exporter on behalf of the importer, provided that the terms and conditions specified in the LC are met. It is issued by a bank at the request of the importer and serves as a formal commitment to pay the exporter, reducing the risk of non-payment in cross-border transactions. The _____ _____ ______ _________ __________ ____ _________.
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