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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 buyer to the seller. It ensures that the seller will receive payment for goods or services provided, as long as the terms and conditions specified in the letter of credit are met. The LC reduces the risk of non-payment in international transactions where ________ __________ ______ ____ __________ ____ _____ __________ ______ ___ ________ ___.
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