What do you understand by letter of credit? Briefly explain various kinds of letter of credit.

A letter of credit is essentially a financial contract between a bank, a bank's customer and a beneficiary. Generally issued by an importer’s bank, the letter of credit guarantees the beneficiary will be paid once the conditions of the letter of credit have been met.Letters of credit are used to minimize risk in international trade transactions where the buyer and the seller may not know one another.If you are an importer, using a letter of credit can ensure that your company only pays for goods after the supplier ____ _________ ____ _______ ____ ___ _____ __________ _______ _____.
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