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 ...
To better understand letters of credit, it may help to know the following: 1  Abbreviations for 'letter of credit' include L/C, LC, and LOC. 2  Applicant - the buyer in a transaction. 3  Beneficiary - the seller or ultimate recipient of funds. 4  Issuing bank - the bank that promises to pay. 5  Advising bank - helps the beneficiary use the letter of credit.