Ⅱ. Necessity of the Letter of Credit
Ⅲ. The Cost of Letters of Credit
Ⅳ. Uniform Customs and Practice for Commercial Documentary Credits (UCP)
Ⅴ. Parties to letters of credit
A Letter of Credit is a financial instrument used to transfer funds from an importer or customer to an exporter or shipper. Letters of Credit are needed to mitigate the importer's credit risk, by substituting the credit worthiness of a foreign financial institution. That way, companies engaged in export sales often use L/C's to minimize their risk of nonpayment. In a practical sense, a Letter of Credit is a written contract to pay money to an exporter, usually subject to the prior receipt of specified documents. If the documents relate to a sale of goods, the L/C is a "Commercial Documentary L/C." If no documents are specified, the L/C is a "Clean L/C."
The Words To Say It The following expressions designate the same phenomenon and can be used interchangeably:
- "Letter of Credit"
- "Documentary Credit"
- "Letter of Commercial Credit", and
- "Documentary Letter of Credit".
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