Letter of Credit (LC)
A credit instrument issued by a bank that guarantees payments on behalf of its customer to a third party when certain conditions are met.
Legal entity
A legal entity is a body such as a corporation or labour union that, under the law, possesses rights and responsibilities, notably including the ability to initiate or be targeted in a lawsuit.
Legal person
An entity or group, such as a corporation, has rights and responsibilities like a human being, notably the ability to file or defend a lawsuit.
Legal Risk
The risk of loss is caused by an inadvertent or negligent failure to meet a professional (legal) commitment to a specific customer (including fiduciary and appropriateness standards) or by the nature or design of a product. It is a recognised risk category in regulatory frameworks worldwide (Basel II/III standards), usually called Customer, Products and Business […]