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(a) Explain what is meant by a Letter of Credit (L/C), and why it is used in international trade. (5 marks) (b) Explain, in detail

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(a) Explain what is meant by a Letter of Credit (L/C), and why it is used in international trade. (5 marks) (b) Explain, in detail (and with relevant examples) the following types of letters of credit: i. Red clause letter of credit (10 marks) ii. Revolving letter of credit (10 marks)

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