Daisy White Level 1 asked 2014-06-16

What is Letter Of Credit (L/C) 1

Question Category: Payment Views: 83340

I need the details of L/C, don't know much.

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  • Dreamer Tobe 2014-06-16 Best Answer

    L/C is the most used payment term in International Trade and I'll be fairly specific on this topic. L/C is a perfect procedure to equally protect your interests and your buyer's interests. Using L/C as a term of payment, you risk almost nothing and at the same time it
    ensures the buyer that goods are shipped before the payment has occurred. However, you only will be paid if all terms stipulated in the L/C are met and all documents specified in the L/C strictly comply with agreed conditions and are presented in time.
    Before choosing L/C as a term of trade, you must understand what it is, how it works and what you can do to minimise risks involved in the L/C payment process.

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    • kamdem blaise 2015-05-27

      my credit card number 4084610000263449 was linked to this site I would like it to be loose. I am told that it is linked to another site when I want to use. and I think that's Aliexpress. how to untie?

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    • Chess 2015-02-05

      The main point of the L/C is;

      The customers bank will always some irrelevant discrepancies at the documents .

      You have 21 days to  ship the documents after the  b/l date.

      Ship the documents immediately  after the shipment if the bank finds any mistakes they have to inform you in maximum 5 days after receiving the documents. You can send the corrected documents ,as a rule the bank cant find any more discrepancy on the corrected documents.

      But be aware  that   you have to finish this process in 21 days after the b/l date.

       

       

      Otherwise the applicant or the bank has the right to refuse the document.

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