The full form of LC is Letter of Credit. It is a document used in international trade to provide exporter with economic guarantees from trusted banks. It has been used since ancient times in Europe, and international laws govern it instead of national rules and regulations. In the past, letters of credit were only available in paper form. However, in the 21st century, the vast majority of LCs are now issued in electronic form and are completely “paperless”. It is also known as Documentary credit, letter of undertaking and bankers commercial credit.
Types of LC
There are several types of Letter of Credit.
- Import/Export
- Confirmed
- Unconfirmed
- Restricted
- Unrestricted
- Transferable
- Un-transferable
- Revocable
- Irrevocable
- Deferred
- Usance
Other LC Full Form
| S.No. | Category | Full-Form |
|---|---|---|
| LC | Science | Langerhans Cells |
| LC | Legal | Law Corporation |
| LC | People | Lorne Cardinal |
| LC | Organization | Lotta Continua |
| LC | Government | Library of Congress |
| LC | Finance | Local Currency |
| LC | Typography | Lower Case |
| LC | Vehicle | Land Cruiser |
| LC | Company | Lending Club |
| LC | Place | Lewis Center |
| LC | Miscellaneous | Liquid Crystal |
| LC | Music | Living Colour |
| LC | Education | Laguna College |
| LC | Game | Lego Chess |
| LC | Finance | Letter of Credit |