both lc are for credit period but
in usance L/C
beneficaiary draws bill of exchange
while deffered payment L/C
appllicant submit promissery note called undertaking
see contract act 1872 (draft and promissery note)
According to my understanding deffered payment letter of credit is the same meaning as an usance L/C.
If i see a "usance draft" term somewhere on the text than i understand that writer refers to a "time draft".
International letter of credit consultancy services.
Deferred Payment - No Draft.
Acceptance - Draft will be require.
Regards!!!!
Mujeeb :-)
thanks
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