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Letter of Credit (L/c)is a international transaction document in Foreign Trade

About Letter Of Credit

A  Letter of Credit is a international transaction document in Foreign Trade, involving between Buyer and Seller, middle involving banks are guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount.  In any case the buyer is unable to make payment on the purchase, and then the bank will be required to cover the full or remaining amount of the purchase from the Buyer or buyer’s bank.

The Letter of Credit (L/C) are of following types:

  • Commercial Letter of Credit
  • Standby Letter of Credit
  • Revocable Letter of Credit
  • Irrevocable Letter of Credit
  • Unconfirmed Letter of Credit
  • Confirmed Letter of Credit
  • Clean Letter of Credit:
  • Transferable Letter of Credit
  • Back-to-Back Letter of Credit
  • Advance Payment (Red Clause) Letter of Credit

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