Hello, Sir. What can we do for you today?
Hello. I've been asked to come and see about something called L / C? What is it exactly?
L / C stands for'letter of credit'. This is necessary for trade between two countries. A Letter of Credit is quite literally that, a letter addressed by the buyer's bank to the seller's bank stating that they could vouch for their good customer, the buyer, and that they would pay the seller in case of the buyer's default. Nowadays, it's sometimes used for domestic trade too.
So the other party could be across the world or just on the other side of the street!