A Letter of Credit (General) is a payment document used in international trade. It is a guarantee from a bank or financial institution to an exporter that a buyer's payment will be received on time and for the full value of the goods or services provided. The bank or financial institution issuing the Letter of Credit is known as the issuing bank, while the bank that confirms the Letter of Credit is known as the confirming bank. The exporter is the beneficiary of the Letter of Credit and is the party that will receive payment upon the successful presentation of documents in accordance with the terms of the Letter of Credit. There are four main types of Letter of Credit: Sight Letter of Credit, Revocable Letter of Credit, Irrevocable Letter of Credit, and Standby Letter of Credit. Sight Letter of Credit is the most common form of Letter of Credit, and it requires the beneficiary to present documents to the issuing bank for payment. Revocable Letter of Credit can be modified or cancelled by the issuing bank without prior notification to the beneficiary. Irrevocable Letter of Credit is a legally binding document that cannot be modified or cancelled without the agreement of all parties involved. Standby Letter of Credit is a guarantee that the buyer will fulfill its obligations and is typically used in place of a deposit or guarantee.
Letter of Credit ( General )
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