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A Letter of Credit (LC) is a widely used financial instrument in international trade that provides a guarantee from a bank on behalf of the importer to pay the exporter, provided that the terms and conditions specified in the LC are met. It is primarily used to mitigate the risks associated with cross-border transactions, including non-payment, political risk, and credit risk, ensuring that exporters receive payment once they comply with the ____ _______ _______ ______ _______ ____ ___ _______.
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