Definition of mechanical: Camera-ready, final layout of all elements of a work to be reproduced through a commercial printing process. It is a pasteup of the typeset text and images on a sheet of paperboard, usually with a ...
Standby Letter of Credit. A statement issued by a bank to the buyer of a good stating that the seller will receive payment on time and in the correct amount. If the buyer fails to make payment, the bank will do so on his/her behalf.
Refer to related glossary entries. There are two major types of letters of credit: the. commercial letter of credit and the standby letter of credit. Commercial Letter of Credit. The commercial letter of credit (LOC) is commonly used as a means of financing the sale of goods. between a buyer and seller.