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 ...
Definition: A letter of credit is a financing agreement most commonly used for trade arrangements where goods are crossing international borders. The letter is intended to facilitate the transfer of funds between the buyer and the seller. Under this agreement, the bank of the importer (the issuing bank) authorizes a letter of credit document under which the bank of the exporter will be paid a certain amount if specific conditions are met.