Definition : Letter Of Undertaking
Category : Governmental » Law & Legal
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What does LOU mean?

Letter Of Undertaking (LOU) is an assurance by one party to another party that they will undertakes or fulfill the obligation that had been previously agreed on.

In banking, Letter of Undertaking (LOU) is a form of document issued by a bank to a person or a firm. LOU is a bank guarantee given by one bank to another bank to repay a loan on behalf of a client. LOU is generally used for international transactions.

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