Background and terminology Letter of Credit “A letter of credit”means a document issued by a bank authorizing the bearer to receive money from one of its foreign branches or from another bank abroad.The order is nonnegotiable, and it specifies a maximum sum of money not to be exceeded. 制价爱行蜀多大考Background and terminology Background and terminology Letter of Credit Letter of Credit “A letter of credit A letter of credit”means a means a document issued by a bank document issued by a bank authorizing th authorizing the bearer to receive e bearer to receive money from one of its foreign money from one of its foreign branches or from another bank branches or from another bank abroad. The order is nonnegotiable, abroad. The order is nonnegotiable, and it specifies a maximum sum of and it specifies a maximum sum of money not to be exceeded. money not to be exceeded