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Everything you need to arrange
a journey
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Key in baggage tag
What's on in theatres,
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Association for the Monetary Union of Europe http://amue.If.net/index.htm
International Directory of
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Secrets of International Trade Import Export A letter of credit is a document issued by a bank at the request of the importer. Whereby the bank agrees to accept and/or pay drafts drawn upon it by the exporter so long as the conditions set out in the letter of credit (e.g., latest shipping date, no partial shipments etc.) are complied with. Confirmed versus Unconfirmed - Irrevocable letter of credit from a bank, is still not a cast-iron guarantee of payment. Not every foreign bank is scrupulous or financially solvent. As a result, revocable letters of credit are hardly used in international trade. The foreign importer, perhaps having changed its mind or its financial circumstances, may not pay for the goods when the documents are presented or when the time draft, even though previously accepted, falls due for payment. Consequently, to be on the safe side, the exporter may require a bank letter of credit, as well as a draft. A letter of credit may be revocable or Irrevocable. In other words, the importer may or may not be able to revoke its instructions to its bank, cancel or amend at any moment, by the foreign bank acting under its own or by the foreign importer's instructions. Common sense would dictate, it is the irrevocable letter of credit that is in everyday use. Such a document, once issued, cannot be revoked or amended without the agreement of all the parties involved, the bank, exporter as well as importer. |
