What Letter of Credit (L / C) is?
Now we can discuss a little understanding of the Letter of Credit (L / C).
L / C are the instrument of payment in export-import transactions are commonly used to protect the exporter (seller) and importer (buyer) of the risk of not compliance with the obligations requirement by both parties.
While the purpose of the L / C itself to the exporters feel the exports will be paid (the payment guarantee) provided that the terms-requirement L / C can be met and also at the same time providing security for the parties involved in transactions that were held since L / C is also a bank agreement to resolve international commercial transactions.
L / C in the export trade in general is Irrevocable L / C means the L / C opening bank said this promise cannot be withdrawn in the payment of export or money order filed with the documents required in L / C and L / C This can only be canceled with the consent of the parties concerned.
Also sometimes we often get offers from importers to accept the L / C transferable nature. The purpose of the L / C is that the L / C can be transferred from the beneficiary of origin / first to one or several other beneficiary. Type L / C can be transferred only once, which means that the second beneficiary is not allowed to move into the third beneficiary unless there are instructions / other statements that clearly stated in the L / C is. The transfer of L / C is to be conducted in accordance with the L / C of the original exception as follows:
Name and address of the first beneficiary can replace the name applicator of L / C (importer) is.
Value of L / C is transferred can be reduced in accordance with the desired profit margin of the first beneficiary.
Period of validity of L / C can be shortened.
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