Who is lc dating
A Letter of Credit is a payment term generally used for international sales transactions.
It is basically a mechanism, which allows importers/buyers to offer secure terms of payment to exporters/sellers in which a bank (or more than one bank) gets involved.
The idea in an international trade transaction is to shift the risk from the actual buyer to a bank.
Thus a LC (as it is commonly referred to) is a payment undertaking given by a bank to the seller and is issued on behalf of the applicant i.e. The Buyer is the Applicant and the Seller is the Beneficiary.
Thus the process works both in favor of both the buyer and the seller.
The Seller gets assured that if documents are presented on time and in the way that they have been requested on the LC the payment will be made and Buyer on the other hand is assured that the bank will thoroughly examine these presented documents and ensure that they meet the terms and conditions stipulated in the LC.
And if so, have the LC amended before shipping the goods.
The technical term for Letter of credit is 'Documentary Credit'.
At the very outset one must understand is that Letters of credit deal in documents, not goods.
To provide a common terminology for international shipping, Incoterms® (International Commercial Terms) have been developed under the auspices of the International Chamber of Commerce (ICC) and is a registered trademark of ICC.
At first glance, the Browns are a typical big American family, but as patriarch Kody explains; “I fell in love, fell in love again, and then again, and then again.” This is a look at the polygamist lifestyle of Kody Brown, his 4 wives, and their extraordinary family.