A document issued by a bank, at the buyer’s request, guaranteeing payment to the seller upon receipt by the bank of shipping and documents validating the delivery of goods. L/Cs are also used on a ‘standby’ basis to secure recoverables from non-admitted reinsurers to enable the cedant to reduce its provision for unauthorised reinsurance in its statutory statement.

York-Antwerp Rules that are prefixed by a letter rather than a number. The lettered rules apply only when it is impossible to apply the numbered rules.
***
Those of the York-Antwerp Rules that are prefixed by a letter as distinct from a number. The lettered rules are applicable only in circumstances to which it is impossible to apply the numbered rules.