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 ...
SIGHT OR TERM/USANCE. Letters of credit can permit the beneficiary to be paid immediately upon presentation of specified documents. (sight letter of credit), or at a future date as established in the sales contract (term/usance letter of credit). REVOCABLE OR IRREVOCABLE. Letters of credit can be revocable.