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What is the unique feature of the letter of credit? How does it offer security to the buyer and the seller?
What is the unique feature of the letter of credit? How does it offer security to the buyer and the seller?
The bilateral security is the unique feature of the letter of credit. The seller has the security to get paid provided he presents impeccable documents while the buyer has the security to get the goods required through the documents he stipulates in the credit.
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