Which of the following is the technical term used for "letter of Credit"?

Documentary credit

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Documentary evidence

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Documentary instrument

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Documentary proposal

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Solution

The correct option is A Documentary credit
A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. The technical term for Letter of Credit is 'Documentary Credit'.

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