Confidence level is a degree of confidence expressed as percents like 90%, 95% and 99% prior assigned to the data before the confidence interval is calculated.
In modern business practice, a letter of credit (LC) also known as a Documentary Credit, is a written commitment by a bank issued after a request by an importer (foreign buyer) that payment will be made to the beneficiary (exporter) provided that the terms and conditions stated in the LC been met, as evidenced by the presentation of specified ...
The need for a letter of credit is a consideration in the course of negotiations between the buyer and seller. when the important matter of method of payment is being discussed. Payment can be made in several. different ways: by the buyer remitting cash with his order; by open account whereby the buyer remits payment.