Phương thức thanh toán L/C | irrevocable letter of credit คือ

Phương thức thanh toán L/C

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Phương thức thanh toán L/C

HOW IRREVOCABLE LETTER OF CREDIT WORKS?

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HOW IRREVOCABLE LETTER OF CREDIT WORKS?

Story By Amlan Contribution’s by Runold Fernandes .

I am wanting to buy coke bottles from Coa Cola USA …..so evidently , i am the buyer
Alway’s remember that the receive of the payment (seller ) is termed the beneficiary …..so here Coca Cola USA is the benefeciary ….

Let’s also understand what is a letter of credit ….it is credit ( payment offered ) against documents and so also called documentary credit …. amechanism wherein the seller of the goods is assured of his payment because the buyer’s bank take’s guarantee to make the payment …the seller is not concerned whether the buyer goes bankrupt or not

So , in this case my bank is SBI , Cuffe parade ….this is called the issuing bank ….say , i want to buy 100 crates Coke bottles worth 10 million dollars …..i go and ask the bank to open a letter of credit (the process is called issuing letter of credit ) favoring the bebenficiary and the beneficiary bank as follows

Beneficiary Coca Cola Ltd
Beneciary Bank Citi Bank Los Angeles
Coca Cola Lts had already intimated me that he bank he desires for his payment to be credited shall be Citi Bank (Los Angeles )…..

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Case 1
In present arrangement , SBI Cuffe parade is the issuing bank , Citi Bank Los anageles is the Bneficiary bank

Once the LC is opened , SBI sends across the letter of credit to the advising bank which then advises Coca Cola that the LC has come and asks for the documents
Say , Coca Cola ships the Material on 16Th May ….he gets the bill of lading and collects all the other documents like the invoice , ciountry of origin , Test certificate , inspection certicate ads mentioned in the LC and makes a presentation of the documents to the advising bank ( not neccesary that documents are to be submitted to the advising bank )
The bank ( in this case Citi Bank checkls the documents …if it finds any discrepancy , it lets know to the seller( Coca Cola ) of the discrepancy …say test certificate was missing , it lets Coca cola know of the same …Coca cola then furnishes the remaining document…once the advising bank is satisfied that all documents are in order , it sends the documents to the issuing bank (SBI , cuffe parade )

If SBI , cuffe parade also finds that the docs are in order , then since it has taken guarantee for payment , it will have to make payment for the issued LC i.e pay the advising bank 2000 $ against the docs collected
It then contacts me (buyer ) that all the docs are with it and asks me to make payment and collect the documents
( Sometimes while issuing the letter of credit , the bank blocks that much fund from my account and when the docs arrive debits my account and sends across the documents )
Using the Bill of lading document) document, i go to the Mumbai port to get my shipment released upon subsequent payment of Import duty for the coke trenches
That’s it
The basics are clear ,
Hope You enjoyed ,
Cheers ,
Amlan

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HOW IRREVOCABLE LETTER OF CREDIT WORKS?

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)

Why Not to Use an Irrevocable Trust for Asset Protection

Learn more at https://legalees.com/assetprotectiontrust/

Why Not to Use an Irrevocable Trust for Asset Protection

Letters of Credit – What is a Letter of Credit (Trade Finance Global LC Guide)

Visit https://www.tradefinanceglobal.com/lettersofcredit/ for the TFG Letter of Credit Guide
A Letter of Credit is relevant where there is an exporter and an importer; and there needs to be prepayment or a confirmation of payment in order for goods to be shipped.
A letter of credit is an instrument from a bank, which guarantees a buyer’s payment to a seller if certain criteria are met.
If the buyer can’t pay up, due to the agreed contract through the Letter of Credit, the bank will cover the remaining price.
Letters of Credit are fundamental components of international trade. They’re governed universally by a set of guidelines called the UCP 600, which are issued by the International Chamber of Commerce.
An LC is a promise written on a legal document that comes from a bank with a promise to pay the holder if the holder fulfills certain obligations. Obligations include payment when the goods are shipped if certain criteria are met.
A Letter of Credit is usually used when the buyer and seller do not know each other well and this is why it is used so frequently in international trade.
Letters of Credit are incredibly specific and a close attention to detail is required. If there is a misspelling in the contract, for example, the name of the goods is incorrectly spelt, there may be nonpayment until a new, corrected LC is issued and accepted.

Letters of Credit - What is a Letter of Credit (Trade Finance Global LC Guide)

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