லெட்டர் ஆப் கிரெடிட்

லெட்டர் ஆப் கிரெடிட் - பற்றி வலையில் நிறைய பேர் விளக்கம் கேட்டிருந்தார்கள். (வலையில் உலாவும்போது பார்த்தது)
இந்த விளக்கம் நிச்சயமாக பயனுள்ளதாக இருக்கும் என்று நினைக்கின்றேன்.
பயனுள்ள விளக்கங்கள் தேவையெனில் தயவு செய்து தயக்கமின்றி தொடர்பு கொள்ளுங்கள்.

The bank will issue a letter of credit in favour of the seller to assure the payment for the cost of goods sold.

If the seller delivers the goods to the buyer and acts in accordance with the conditions agreed upon by both the buyer and the seller as specified in such a letter of credit, the bank makes payment according to the letter of credit.

The issuance of a domestic letter of credit helps facilitate business conduct between the buyer and the seller and ensues safety in transacting goods between the two parties.

The bank issues a letter of guarantee to its client by making a promise to the recipient (receiver) a guarantee that if the client acts in compliance with the terms and conditions as agreed upon in the letter of guarantee.

This prevents damage to the receiver of the letter of guarantee and if the client fails to make payment, the bank will make payment to the amount specified in the letter of guarantee. eg, guarantee of bidding tender, guarantee of construction contract, guarantee of payment for electricity, etc. The method of issuing a letter of guarantee helps the client & avoids cash as a guarantee.It also acts as a safeguard between both parties.

The buyer and seller agree terms, including means of transport, period of credit offered, latest date of shipment and the relevant Inco-term to be used.

The buyer applies to the bank for a letter of credit to be issued.

The bank will then evaluate the buyer's credit rating, and may require cash cover and/or reduction of other lending limits.

The issuing bank will issue a letter of credit. This will be sent to the advising bank by airmail, telex or SWIFT.

The advising bank will establish authenticity of the letter of credit using signature books or test codes, then informs seller (beneficiary).

The advising bank may confirm the letter of credit, i.e. add its own payment undertaking.

The seller should check that the letter of credit matches the commercial agreement, and that the terms and conditions can be satisfied in goodtime.

If there is anything that may cause a problem, an amendment should be requested.

The seller ships the goods and gathers together all the documents asked for in the letter of credit including the invoice, bill of lading, insurance policy certificate, as well as the certificates of origin and quality.

Before presenting the documents to the bank, the seller should check them for discrepancies against the letter of credit, and correct the documents where necessary.

The documents are presented to one of the banks, usually the advising bank.

The advising bank checks the documents against the letter of credit. If the documents are compliant, the bank pays the seller and forwards the documents to the issuing bank.

The issuing bank will also check the documents. If they are in order the issuing bank will reimburse the seller's bank immediately.

The issuing bank debits the buyer and releases the documents (including transport document), so that the buyer can claim the goods from the carrier.

It should be noted that the letter of credit refers to documents representing the goods, and not the physical goods themselves. The banks do not examine the goods on behalf of their customers but instead only care about the documents representing the goods.