A Letter of Credit-i (LC-i) is a written undertaking given by a bank, on behalf of a buyer, to make a specified payment to a seller named in the LC-i. The bank will only make payment upon presentation of the stipulated documents, which complies with the terms and conditions of the LC-i. LC-i covers the buyer's risk and guarantees payment to the seller. LC-i is based on the concept of Wakalah.
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