Puerto Rico Sample Letter regarding Finance Agreement
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How to fill out Puerto Rico Sample Letter Regarding Finance Agreement?
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FAQ
Letter of credit discounting occurs when your bank offers to advance you the letter of credit payment before you have completed the steps needed to present the sales and shipping documents. It is called a discount because you do not receive the full payment amount.
Discounting is provided with the right to receive reimbursement to the amount of the due representation under the LC from the Issuing Bank upon the maturity of payment under the LC ing to the deferral.
To discount an LC, the seller submits required export documents to his/her bank. LC advice is issued to the exporter by his/her bank. The money availed is used to process the order and deliver goods or services as per the terms.
Sight letters of credit should not require any discount mechanism as issuing banks or confirming banks must honor at sight credits as soon as they determine that the beneficiary's presentation is complying.
Discounting of Letter of Credit is a short-term credit facility provided by the bank to the beneficiary. Bank purchases the documents or bills of the Seller (beneficiary) after he fulfills certain compliances and provides the required documents to be dispatched to LC opening bank.