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1. What is letter of credit?
2. Types of letter of credit.
1) Revocable letter of credit
2) Irrevocable letter of credit
3) Transferable letter of credit
4) Confirmed letter of credit
5) Unconfirmed (Advised) letter of credit
6) Back to back letter of credit
7) Standby letter of credit
8) Cash advance against letter of credit
9) Revolving commercial letter of credit
10) Periodic letter of credit
11) Cumulative and Non-cumulative credit
12) Deferred payment letter of credit
13) Sight letter of credit
14) Usance letter of credit
15) Documentary letter of credit
16) Teletransmitted and pre-advised letter of credit

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1. What is letter of credit?
A letter of credit is basically a document issued by a bank guaranteeing a client's ability to pay for goods or services. A bank or finance company issues a letter of credit on behalf of an importer or buyer, authorizing the exporter or seller to obtain payment within a specified timeframe once the terms and conditions outlined in the letter of credit are met. The letter of credit acts like an insurance contract for both the buyer and seller and practically eliminates the credit risk for both parties, while at the same time reducing payment delays. A letter of credit provides the exporter or seller with the greatest degree of safety when extending credit. It is useful when the importer or buyer is not well known and when exchange restrictions exist or are possible. Proper letters of credit have the following basic components:

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