Keyword Analysis & Research: asmr gumroad

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Frequently Asked Questions

What is an LC and how does it work?

The buyer applies for an LC with the issuing bank. The issuing bank offers the LC in favor of the seller in exchange for a specific fee. The issuing bank releases the payment when the seller delivers the goods consignment or services to the buyer. However, if the buyer fails to pay, then the issuing bank has to bear the cost.

What is letter of credit (LC)?

LCs are also known as documentary credit or bankers’ Credit. A letter of credit (LC) is a bank-issued document that affirms the seller. On behalf of the buyer, the bank guarantees payment upon delivery of the goods or services. It is a form of negotiable instrument whereby the buyer makes an unconditional promise to pay.

What is the role of LC in international trade?

If the buyers default, the bank pays the sellers on their behalf. Therefore, an LC is used for mitigating credit risks in international trading. It is a commonly adopted practice in international trade when there is substantial geographical distance or a lack of trust among the parties.

What is a confirmed LC?

A confirmed LC is the one where the advising bank at the request of the issuing bank makes an addition of confirmation that payment will be made. The confirming bank is liable in the same way as that of the issuing to LC from bank. The confirming bank needs to honor the payment if tendered by the beneficiary.

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