An instruction to a third party – usually a bank – to make a payment to the holder of the instrument up to a certain amount at the expense of the drawer; also called an open bill of exchange in older literature. – See letter of credit.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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