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• LC Letter of credit Term

  Trade Study

  A letter of credit (LC), also known as a documentary credit, bankers commercial credit, is a payment mechanism used in international trade to perform the same economic function as a guarantee, by allocating risk undertaken by contracting parties. At law, a letter of credit is categorised within Finan...

  AbigBizJul-15

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• CIF-Cost,Insurance and Freight,CIF

  Trade Study

  Cost, Insurance and Freight (CIF) is one of 13 international commerce terms known as Incoterms. Incoterms are commonly known trade terms first developed by the International Chamber of Commerce (ICC) in 1936 to govern the shipping policies and responsibilities of buyers and sellers, who engage in int...

  AbigBizJul-14

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• FOB-Free On Board

  Trade Study

  FOB, Free On Board, is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms 2010 standard published by the International Chamber of Commerce. FOB is only used in...

  AbigBizJul-14

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