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The document discusses letters of credit and letters of guarantee. A letter of credit is a payment undertaking issued by a bank on behalf of an importer to provide secure payment terms to an exporter. It guarantees payment to the exporter if they present complying documents within a specified timeframe. A letter of guarantee is similar, but issued by a bank on behalf of a customer to guarantee payment to a supplier in case of a transaction failure by the customer. Both mechanisms provide assurance of payment to beneficiaries if certain terms are met.
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Bills of exchange
This document provides information about bills of exchange, including definitions, parties involved, types of bills, acceptance, endorsement, discounting, dishonor, noting, and more. It defines a bill of exchange as an unconditional written order by the maker to pay a specific sum of money. The key parties are the drawer, drawee, and payee. Bills can be payable at sight or after a term. Acceptance involves the drawee signing to pay the bill. Discounting allows getting cash from a bank before the due date. Dishonor occurs if a bill is not accepted or paid when due.
Letter of Credit
This document discusses letters of credit, which are issued by banks to facilitate international trade. It defines letters of credit and explains the key parties involved - applicant, issuing bank, beneficiary, and advising bank. It outlines the typical documents required in a letter of credit transaction and provides benefits to both sellers and buyers. Finally, it describes different types of letters of credit such as revolving, transferable, anticipatory, standby, and clean letters of credit. It cautions that rejection of documents can frustrate importers and exporters and stresses ensuring all terms and conditions of the letter of credit are satisfied.
Letters of Credit
Letters of Credit (L/C) are a documentary credit issued by a bank on behalf of a buyer of goods to a seller. The bank promises to pay the seller once they provide documents showing the goods were shipped according to the terms of the L/C. L/Cs allow banks to act as intermediaries, assuring payment for the seller while also assuring the buyer only pays once the goods are received. There are different types of L/Cs including standard, revolving, and standby credits. L/Cs provide advantages of guaranteed payment for sellers and assurance goods will be delivered for buyers, but do not ensure quality of goods or resolve other disputes.
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The document discusses various payment methods and instruments used in international trade to address the dilemmas importers and exporters face. It describes prepayment, letters of credit, drafts, consignment, and open accounts. Letters of credit are discussed in depth, including the parties involved, the process, types of letters of credit, and risks. It provides details on how letters of credit work, the steps in the process, and benefits for both importers and exporters.
Transferable Letters of Credit
Animated flow diagrams illustrating how transferable commercial letters of credit work. Part of a series on structures for mitigating risk in international trade and financing export sales. Extracted from training classes developed and conducted by Global Trade Risk Management Strategies LLC.
Cycle diagrams
The document describes the process for payment using documentary collections with sight drafts. It involves 7 steps: 1) The buyer and supplier agree to terms of sale and payment via sight draft collection. 2) The supplier ships goods. 3) The supplier prepares shipping documents and a sight draft, presenting them to the buyer's bank. 4) The bank requests payment from the buyer. 5) Upon payment, the bank releases documents to the buyer. 6) The buyer collects goods. 7) The bank remits payment to the supplier.
Red Clause Letters of Credit
Red clause letters of credit originated as a means of providing sellers financing for purchases or production of goods. They allowed sellers to receive advances from the issuing or confirming bank before shipment using the letter of credit as collateral. While once common, red clause credits are now rarely used, being largely replaced by other forms of financing. Recent cases discuss liability and remedies under these historical letters of credit, but they remain mostly a thing of the past, confined now to only occasional or niche uses.
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The document discusses various methods for financing international trade: open account, letter of credit, bills for collection, and advance payment. It provides details on each method, including how they work, their level of risk for the exporter, and the role of banks. A letter of credit issued by a bank is the safest method, as it guarantees payment for the exporter if documents are presented as stated in the letter. Bills for collection are less safe since payment depends on the importer. Advance payment is the safest for exporters but may not be practical in all cases.
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This document provides information about bills of exchange, including definitions, parties involved, types of bills, acceptance, endorsement, discounting, dishonor, noting, and more. It defines a bill of exchange as an unconditional written order by the maker to pay a specific sum of money. The key parties are the drawer, drawee, and payee. Bills can be payable at sight or after a term. Acceptance involves the drawee signing to pay the bill. Discounting allows getting cash from a bank before the due date. Dishonor occurs if a bill is not accepted or paid when due.
Letter of Credit
This document discusses letters of credit, which are issued by banks to facilitate international trade. It defines letters of credit and explains the key parties involved - applicant, issuing bank, beneficiary, and advising bank. It outlines the typical documents required in a letter of credit transaction and provides benefits to both sellers and buyers. Finally, it describes different types of letters of credit such as revolving, transferable, anticipatory, standby, and clean letters of credit. It cautions that rejection of documents can frustrate importers and exporters and stresses ensuring all terms and conditions of the letter of credit are satisfied.
Letters of Credit
Letters of Credit (L/C) are a documentary credit issued by a bank on behalf of a buyer of goods to a seller. The bank promises to pay the seller once they provide documents showing the goods were shipped according to the terms of the L/C. L/Cs allow banks to act as intermediaries, assuring payment for the seller while also assuring the buyer only pays once the goods are received. There are different types of L/Cs including standard, revolving, and standby credits. L/Cs provide advantages of guaranteed payment for sellers and assurance goods will be delivered for buyers, but do not ensure quality of goods or resolve other disputes.
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The document discusses various payment methods and instruments used in international trade to address the dilemmas importers and exporters face. It describes prepayment, letters of credit, drafts, consignment, and open accounts. Letters of credit are discussed in depth, including the parties involved, the process, types of letters of credit, and risks. It provides details on how letters of credit work, the steps in the process, and benefits for both importers and exporters.
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Animated flow diagrams illustrating how transferable commercial letters of credit work. Part of a series on structures for mitigating risk in international trade and financing export sales. Extracted from training classes developed and conducted by Global Trade Risk Management Strategies LLC.
Cycle diagrams
The document describes the process for payment using documentary collections with sight drafts. It involves 7 steps: 1) The buyer and supplier agree to terms of sale and payment via sight draft collection. 2) The supplier ships goods. 3) The supplier prepares shipping documents and a sight draft, presenting them to the buyer's bank. 4) The bank requests payment from the buyer. 5) Upon payment, the bank releases documents to the buyer. 6) The buyer collects goods. 7) The bank remits payment to the supplier.
Red Clause Letters of Credit
Red clause letters of credit originated as a means of providing sellers financing for purchases or production of goods. They allowed sellers to receive advances from the issuing or confirming bank before shipment using the letter of credit as collateral. While once common, red clause credits are now rarely used, being largely replaced by other forms of financing. Recent cases discuss liability and remedies under these historical letters of credit, but they remain mostly a thing of the past, confined now to only occasional or niche uses.
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The document discusses various methods for financing international trade: open account, letter of credit, bills for collection, and advance payment. It provides details on each method, including how they work, their level of risk for the exporter, and the role of banks. A letter of credit issued by a bank is the safest method, as it guarantees payment for the exporter if documents are presented as stated in the letter. Bills for collection are less safe since payment depends on the importer. Advance payment is the safest for exporters but may not be practical in all cases.
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2) Common purposes of bank guarantees include providing security deposits, mobilizing funds, and ensuring performance or payment on contracts.
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The document describes several trade finance instruments: cash in advance, letters of credit, documentary collections, bank guarantees, bills of exchange. It provides details on each: cash in advance avoids credit risk but is least attractive to buyers; letters of credit provide secure payment if terms are met; documentary collections use banks to collect payment in exchange for documents; bank guarantees ensure debt payments if the debtor fails; bills of exchange are written orders to pay a fixed sum at a future date. It also compares letters of credit to bank guarantees, noting letters of credit transfer funds after conditions are met while bank guarantees only pay if the opposing party does not meet obligations.
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The document discusses letter of credit, which is a payment mechanism in international trade. It defines key terms like applicant, beneficiary, issuing bank. It describes different types of letters of credit like revocable, irrevocable, confirmed, sight, usance, back-to-back and transferable letters of credit. It also discusses standby letters of credit and fees involved like opening charges, retirement charges. Finally, it mentions some common uses of export letters of credit.
Letter of credit
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This document discusses letters of credit (L/Cs), which are payment mechanisms used in international trade that involve banks. It covers:
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This document provides information about various types of letters of credit (LC), terms related to LCs, required documentation, and guidelines for LC transactions. It defines common LC types like sight LC, usance LC, and revolving LC. It describes key parties in an LC like the issuing bank, advising bank, and negotiating bank. It lists important documents required for LC transactions like commercial invoices, bills of lading, certificates of origin, and insurance policies. It also discusses international standards like UCP600, ISBP, and Incoterms that govern LC practices.
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Letter of Credit
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Parties Involved in LC Transaction
Letter of Credit Process
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The document provides details about the author's 6-week internship project at Vardhman Textiles Limited. The project involved studying inland bill discounting under letters of credit and analyzing the working capital of the yarn division. Key points included:
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This document provides an overview of letters of credit (LCs), including:
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This document provides an overview of letters of credit from the perspectives of importers and exporters. It defines the key parties involved, such as the issuing bank, advising bank, exporter, and importer. It explains that a letter of credit is a payment mechanism where a bank guarantees payment to the exporter if they present documents that meet the terms outlined in the letter of credit. The document then walks through the step-by-step process of a typical letter of credit transaction and highlights some of the advantages and disadvantages for importers and exporters.
Letter of credit (loc)
This document provides an overview and instructions for importers and exporters using letters of credit for international trade. It defines the key parties involved, describes the basic process of how a letter of credit transaction works, and highlights advantages and disadvantages for both importers and exporters. The second half provides detailed instructions for importers on completing a letter of credit application form, including explanations of each field. It also covers common questions around amendments, documents required, and other letter of credit types.
Letter of credit and bill of exchange
There are two main payment mechanisms used in international trade: letters of credit and bills of exchange. Both guarantee payment to the seller as long as documentation and terms are met. Letters of credit involve a buyer's bank guaranteeing payment to the seller's bank once goods are delivered. Bills of exchange allow one party to pay a fixed amount to another at a predetermined future date, facilitating credit. The major parties for letters of credit are the applicant (buyer), issuing bank, beneficiary (seller), advising bank, and confirming/negotiating banks.
Banks
Banks play a crucial role in international trade by providing financial services and advice. They facilitate various payment methods between importers and exporters, including letters of credit, wire transfers, and banker's drafts. Letters of credit are one of the most widely used payment mechanisms, where the importer's bank provides a letter of credit to the exporter guaranteeing payment upon presentation of shipping documents. The key parties involved in a letter of credit transaction are the applicant/importer, issuing bank, beneficiary/exporter, advising bank, confirming bank, negotiating bank, and reimbursing bank. Banks help reduce risk and ensure secure payment for both parties in international trade transactions.
UNIT 4.pptx
This document discusses international transaction laws and letters of credit. It defines a letter of credit as a commitment from a bank to guarantee payment for an import/export transaction. The document outlines the key parties in a letter of credit transaction and the process, from the buyer obtaining a letter of credit to the goods being shipped and payment being made. It also discusses different types of letters of credit and factoring, including recourse vs. non-recourse factoring.
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El hosiny
- 1. C ORPORATE B ANKING
- 2. L ETTER OF C REDIT The LC is a payment undertaking issued by a bank ( issuing bank ) upon the request of client ( buyer / importer ) according to certain terms and conditions , and it’s issued in favor of beneficiary ( exporter/ seller ) ,undertaking paying of money with in a period of time upon representation of a certain documents .
- 3. L ETTER OF C REDIT A mechanism, which allows importers/buyers to offer secure terms of payment to exporters/sellers in which a bank (or more than one bank) gets involved. is a payment undertaking issued by a bank ( issuing bank ) to the seller and is issued on behalf of the applicant. ‘the buyer’. The Buyer is the Applicant and the Seller is the Beneficiary. The Bank that issues the LC is referred to as the Issuing Bank which is generally in the country of the Buyer. The Bank that Advises the LC to the Seller is called the Advising Bank which is generally in the country of the Seller.
- 4. L ETTER OF C REDIT Benefits of L/Cs : Note that the Bank scrutinizes the 'documents' and not the 'goods' for making payment. Thus the process works both in favor of both the buyer and the seller. Provide assurance of payment upon representation of documents within the specified time frame . Buyer is assured that the bank will thoroughly examine these presented documents and ensure that they meet the terms and conditions stipulated in the LC.
- 5. L ETTER OF C REDIT Typically the documents requested in a Letter of Credit are the following : : Commercial invoice Bill of lading or Airway bill, Insurance document; Inspection Certificate Certificate of Origin But there could be others too.
- 8. L ETTER O F G UARANTEE A type of contract issued by a bank on behalf of a customer who has entered a contract to purchase goods from a supplier and promises to meet any financial obligations to the supplier in the event of default.
- 9. L ETTER O F G UARANTEE
- 10. L ETTER O F G UARANTEE L/Gs are guarantee of payment only in case of transaction failure
- 11. L ETTER O F G UARANTEE Benefits of L/Gs : in case you need a financial institution to commit, on your behalf In case you do not have enough financial resources or collaterals available If you participate frequently in public bids in order to obtain various contracts In case of an Advance Payment Guarantee, advance he paid will be returned to him, upon his request, if the seller does not comply with the delivery obligations for which he received the advance .
- 12. L ETTER O F G UARANTEE The obligations of the issuing bank cease in the following situations: Upon expiry of the Letter of Guarantee Upon receipt of the beneficiary’s request for the Letter of Guarantee cancellation After honoring the payment demand received from the beneficiary.
- 13. Thank You