A letter of credit cannot extend for a period of more than five (5) years.

Name: A letter of credit cannot extend for a period of more than five (5) years.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A letter of credit can extend for more than five years as its duration is determined by the agreement between the parties involved (applicant, beneficiary, and issuing bank) and can be set according to the specific needs of the transaction, including extensions beyond five years if required.

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