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Thu 3 Jun, 2004 09:56 am
An vendor in China has requested payment by either L/C or COD.
I know what COD is, but not L/C.
Please explain.
Thanks,
General Tsao
I make the guess that is is Letter of Credit. Again, guessing, I guess your bank could handle it.
Our vendors in China and Malaysia frequently ask for letters of credit.
Basically, your bank tells them that you have the money to pay, and in some cases they act in a similar manner to an escrow service.
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