Letter of Credit (LC)
A financial document issued by a bank guaranteeing that the seller will receive payment once shipment conditions are met.
Definition
A financial document issued by a bank guaranteeing that the seller will receive payment once shipment conditions are met. Letters of credit reduce risks for both buyers and sellers by ensuring secure transactions especially in international trade
Related Terms
Landed Cost
The total cost of a product upon arrival at its final destination including purchase price transportation fees duties taxes insurance and any additional costs.
Last Mile Delivery
The final stage of the delivery process where goods are transported from a distribution center or warehouse to the consignee's address.
LCL (Less than Container Load)
A shipping method where multiple smaller shipments from different shippers are consolidated into a single container.
Liftgate
A hydraulic platform attached to the rear of a truck that enables cargo to be raised or lowered during loading and unloading.
Line Haul
The long-distance movement of freight between major hubs or terminals.
Loading Dock
A designated area in a warehouse or distribution center where cargo is loaded or unloaded from trucks.
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