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What does "with recourse" and "without recourse" mean in international letter of credit transaction?

What Does “With Recourse” and “Without Recourse” Mean in International Finance?

Recourse means the right to claim a refund of an amount paid in connection with the negotiation of a documentary credit or the discounting...
discounting a letter of credit

Letter of Credit Discounting

Letter of credit is not a cheque, but rather it is a conditional payment undertaking of the issuing bank. As a result a beneficiary first...
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