L/C Terms ÐÅÓÃÖ¤ÊõÓï
L/C Letter of Credit ÐÅÓÃÖ¤
L/C is a reliable and safe method of payment, facilitating trade with¡¡unknown buyers and giving protection to both sellers and buyers.
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1. The issuance of a L/C starts with the buyer who instructs his bank to open a credit ( issue an L/C ) in favor of the seller for the amount of the purchase.
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2. The buyer¡¯s bank ( opening bank ) sends the L/C to its correspondent in the seller¡¯s country, giving instructions about the amount of the credit, the beneficiary, the currency, the documents required and other special instructions.
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3. Upon receipt of the L/C, the correspondent advises the seller of the same immediately.
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4. The seller deals with the correspondent bank and prepares for the shipment of the buyer¡¯s order.
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5. After shipment, the seller presents the relative shipment documents to the bank, which should be clearly marked with ¡®On board MV xxx¡¯ together with a bill of exchange (»ãƱ) drawn on the opening bank.
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6. The correspondent bank pays the money to the seller when
documents presented are found to be in order.
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7. The correspondent bank then sends all the shipping documents to the buyer¡¯s bank, which, in turn, passes them to the buyer, who finally reimburses the correspondent bank through the buyer¡¯s bank.
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to meet the applicable L/C requirements ÒÔÂú×ãÐÅÓÃÖ¤ÒªÇó
L/G Letter of Guarantee ÒøÐб£º¯
L/I Letter of Indemnity Åâ³¥±£Ö¤Êé
Opening £¨Issuing£©Bank at importers place ¿ª£¨ÐÅÓã©Ö¤ÐÐ
Advising £¨Notifying£©Bank at exporters place ֪ͨÐÐ
Paying £¨Drawee£©Bank at exporters place ¸¶¿îÐÐ
Negotiating Bank A bank named in the credit£»examines the documents
and certifies to the issuing bank that the terms are
complied with¡£ Ò鸶ÐÐ
