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Contingent liability

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 May 2013 i know bank guarantee is contingent liability.
is letter of credit given by bank also a contingent liabilty?
what exactly is letter of credit.



experts please reply as soon as possible.
please revert back.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 June 2013 Bank guarantee is a contingent liability

Letter of credit is fund based credit facility by the banker

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