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Letter of Credit

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If you are unable to find reliable credit information about your foreign buyer, there is a trade finance tool available that provides a high level certainty of payment to exporters called the Letter of Credit.
A Letter of Credit is a contractual commitment by the foreign buyer’s bank to pay once the exporter ships the goods and presents the required documents to the exporter’s bank as proof.
By Using a Letter of Credit, the exporter gets a guarantee of payment, while offering the importer reasonable payment terms.
As a trade finance tool, Letters of Credit are designed to protect both exporters and importers. They can help you win business with new clients in foreign markets.
For more: https://www.trade.gov/lettercredit
December 11, 2020

Letter of Credit

How a Sight Letter of Credit works (Letter of Credit)

The workflow of a Sight Letter of Credit involves the Importer (Applicant), Issuing Bank, Advising Bank and Exporter (Beneficiary) in diagrams and animation.
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Under the method of payment of Documentary Credit also known as Letter of Credit – we have 2 types which is Sight and Usance. This video specifically looks at How a Sight Letter of Credit works in International Trade.
This video is a step by step workflow of what happens after the Exporter and Importer have entered into a sales contract \u0026 the Importer applies for a Letter of Credit with the Issuing Bank. This video also addresses the definition of a Letter of Credit.
Letter of Credit (LC) is an undertaking of payment given by the Importer’s Bank to the Exporter for a specified sum provided the Exporter ships out the goods and present the required compliant documents by a predetermined deadline. Hence LC is a tool used to reduce the risk of nonpayment and is a fundamental component of international trade. LC is governed by a set of guidelines called the Uniform Customs and Practice for Documentary Credits (UCP 600), which is issued by the International Chamber of Commerce.
What is important to note about Letter of Credit is strict compliance with documentary requirements. In the video, you will note that the Exporter needs to check the LC with the sales contract to see if the terms both documents match. As well as the Advising Bank (Nominated Bank) \u0026 Issuing Bank have to check the documents forwarded by the Exporter that it complies with the LC.
This video is designed to provide those operating within International Trade: Exporters, Importers, Bankers \u0026 Insurers, Freight forwarders and Carriers an opportunity to broaden their understanding of Sight Letter of Credit in International Trade.

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This video was produced by
1. Mr. Billy Fong Goon Poy, ACIB, MITD, Master Trainer
2. Ms Sook Ling, Online Content Creator
Tradelinks Resources conducts public training programs for the following International Trade courses in Malaysia
1. Incoterms 2010
2. Letters of Credit
3. Bills of Lading Correct Preparation To Avoid Rejection by Banks

How a Sight Letter of Credit works (Letter of Credit)

Standby Letter of Credit (SBLC SLOC) \u0026 Simple Letter of Credit / LC

The Standby Letter of Credit is a payment technique used in international trade. It is a guarantee of payment by a bank on behalf of their client.A Standby Letter of Credit (SBLC / SLOC) is a guarantee that is made by a bank on behalf of a client, which ensures payment will be made even if their client cannot fulfill the payment. It is a payment of last resort from the bank, and ideally, is never meant to be used. There are many differences between a letter of credit and standby letter of credit pertaining to meaning, features, goals, bank requirements, etc in this video you will get full understanding about standby letter of credit and understanding about simple letter of credit and these LCs work in our routine business. Standby Letters of Credit (SBLC SLOC) \u0026 Simple Letter of Credit / LC.
what is standby letter of credit and simple letter of credit.
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Standby Letter of Credit (SBLC SLOC) \u0026  Simple Letter of Credit / LC

Types of Letter of credit

There are various types of letter of credit (LC) used in the trade transactions. Some of them may be defined by their purpose. They are Commercial, Export / Import, Transferable and NonTransferable, Revocable and Irrevocable, Standby, Confirmed and Unconfirmed, Revolving, Back to Back, Red Clause, Green Clause, Sight, Deferred Payment, and Direct Pay LC.
To learn more click on the below link:
https://efinancemanagement.com/sourcesoffinance/typesofletterofcreditlc

Types of Letter of credit

LC(letter of credit) คืออะไร

วิชาเศรษฐศาสตร์ธุรกิจวิศวกรรม ผลงานนักศึกษาธุรกิจวิศวกรรม(EB) รุ่นที่ 5 ภาควิชาวิศวกรรมเครื่องกล คณะวิศวกรรมศาสตร์และเทคโนโลยีอุตสาหกรรม มหาวิทยาลัยศิลปากร

LC(letter of credit) คืออะไร

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