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TermsofPayment

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentCharacteristicsofInternatio

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentCharacteristicsofInternationalPaymentIssuesReducedCreditInformationLackofPersonalContactDifficultandExpensiveCollectionsNoEasyLegalRecourseHigherLitigationCostsMistrustCharacteristicsofInternation

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentRisksinInternationalTradeCountryRisk

Countryriskisalsoknownaspoliticalrisk.Theprobabilityofnotgettingpaidbyacreditor,becausethecreditor’scountryhas:Insufficientforeignexchangereserves.Notallowedthecreditortopaythedebt(politicalembargo).Politicalriskcanalsomeantheprobabilityofnationalizationofafirm’ssubsidiarybythehostcountry.RisksinInternationalTradeCoRisksinInternationalTradeCommercialRisk

Theprobabilityofnotgettingpaidbyacreditor,becausethiscreditordoesnothavethefundstopaythedebtorbecausethecreditorrefusestopaythedebt.Exposure

Therelativeconsequencesofabad-debtriskforanexporter;theriskofa$50,000losswouldrepresentagreaterexposureforasmallexporterthanforalargeexporter.RisksinInternationalTradeCo

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardAlternativeTermsofPaymentCaAlternativeTermsofPaymentTable7-1:AdvantagesandDisadvantagesofSeveralTermsofPaymentTermofpaymentProbabilityofLosingtheBusinessbecauseoftheChoiceofMethodofPaymentProbabilityoflossduetoNon-PaymentCashinAdvanceHighNilLetterofCreditFairlyHighAlmostNilDocumentaryCollectionLowLowOpenAccountNilRelativelyHighTradeCardLowAlmostNilAlternativeTermsofPaymentTe

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTrade

AlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentCashinAdvanceDefinitionInaCashinAdvancetransaction,theexporterrequeststhatthecustomerprovidepaymentinadvance,beforeshipmentofthegoodscantakeplace.Itistheultimate“risk-free”alternativefortheexporter.InaCashinAdvancetransaction,theriskiscompletelytransferredtotheimporter.CashinAdvanceDefinitionCashinAdvanceApplicability

Thismethodisonlyjustifiedinrarecases.Itcouldbeusedwhentheimporterisperceivedasbeingveryhighrisk(commercialorcountryrisk).Itshouldbeavoided.CashinAdvanceApplicability

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentOpenAccountDefinition

InanOpenAccounttransaction,theexporterconductsinternationalbusinessinamannersimilartothewayitconductsbusinessdomestically.Theexportershipsthegoods,accompaniedbyaninvoice,andexpectstheimportertopaywithinadefinedtimeperiod(30-60days).OpenAccountDefinitionOpenAccountApplicabilityTheexporterisconfidentthattheimporterwillpay(e.g.long-standingbusinessrelationship).TheexporteriscompetingwithcompaniesthatofferOpenAccountterms.Theexporterwantstocreategoodwill.Incaseswheretheexporterisunsureoftheimporter’scredit,theexportercanusecreditinsurance.OpenAccountApplicabilityOpenAccountCreditInsurance

Aninsurancepolicyunderwhichcommercialriskiscovered.Theinsurancecompanybearstheriskofnon-paymentbytheimporter,deductingaslightpercentageofthereceivable.Creditinsurancedoesnotcoverpoliticalrisk,unlesstheexporterhasexplicitlyaskedforadditionalpoliticalcoveragethatisobtainedthroughtheEx-ImBank.OpenAccountCreditInsuranceOpenAccountInternationalFactoringAmeansoffinancinginternationalreceivableaccounts.Thefirmcanaskafactoringcompanytoadvancefundsonareceivableaccount:Withrecourse

wheretheowneroftheaccountreceivableisstillresponsibleforcollectingit.Withoutrecourse wherethecollectionresponsibilityentirelyshiftstothefactoringhouse.OpenAccountInternationalFact

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentLetterofCreditDefinitionALetterofCreditisadocumentwithwhichtheimporter’sbankpromisestopaytheexporteriftheimporterdoesnotpay.ALetterofCreditisdocumentary;theexporterisonlypaidifitcanproducethedocumentsrequiredbytheimporter’sbank.Theexporterisnotpaiduntilitproducesalloftherequireddocumentstotheimporter’sbank.AlsocalledDocumentaryCredit.LetterofCreditDefinitionLetterofCreditIssuingBank

ThebankprovidingtheLetterofCredittotheimporter.Thebankthatwillpaytheexporterwhenitprovidesallthenecessarydocuments,shouldtheimporterbeunabletopay.AdvisingBankThebankthatdetermineswhetherthetermsoftheLetterofCreditofferedbytheIssuingBankareappropriate.TheAdvisingBankisgenerallytheexporter’sregularbank.Insomecases,theexporter’sbankwilldelegatethisroletoanotherbankwhichismoreexperiencedininternationaltrade.LetterofCreditIssuingBankLetterofCreditApplicantThefirmaskingtheIssuingBankforaLetteraCredit.Usually,theapplicantistheimporter.Beneficiary

ThefirmnamedinaLetterofCreditasthefirmtowhichtheissuingbankispromisingpaymentiftheimporterdoesnotpay.Usually,thebeneficiaryofaLetterofCreditistheexporter.LetterofCreditApplicantLetterofCredit(Process)Issuance

FirstStep--Negotiationbetweenexporterandimporter.SecondStep--Applicant(Importer)requeststhebanktoopenaLetterofCredit(L/C)onimporter’sbehalfandnamingexporterasbeneficiary.ThirdStep--IssuingBanksendsthisL/CtoAdvisingBank(Exporter’sBank).FourthStep--TheAdvisingBanknotifiesthebeneficiarythattheL/Cisacceptable.LetterofCredit(Process)IssuLetterofCreditIssuanceofaLetterofCredit

LetterofCreditLetterofCredit(Process)Shipment

FifthStepTheexportershipsthemerchandisetotheimporter.Afteralldocumentsarecollected,theexportersendsthemtotheAdvisingBank,whichchecksthemagainstthetermsoftheL/C,andsendsthemtoIssuingBank.Sixthstep--Afterreceivingandcheckingthedocuments,theIssuingBanknotifiestheimporter,whousesthemtoclearCustoms.LetterofCredit(Process)ShipLetterofCredit(Process)ShipmentUnderaLetterofCreditLetterofCredit(Process)LetterofCredit(Process)PaymentSeventhStep--

ImporterpaysIssuingBank.EighthStep--IssuingBankpaysAdvisingBank.NinthStep--AdvisingBankpaysExporter.LetterofCredit(Process)PaymLetterofCredit(Process)PaymentUnderaLetterofCreditLetterofCredit(Process)LetterofCredit(Process)

Entire(Simplified)ProcessofaLetterofCreditLetterofCredit(Process)LetterofCreditALetterofCreditis:IrrevocableItcannotbealteredwithouttheexpressconsentofallpartiesinvolved.VirtuallyallLettersofCreditareirrevocable.DocumentaryThebeneficiarymustpresentacertainsetofdocuments(billoflading,invoiceandmiscellaneouscertificates)tothebank.Itispaidondocuments,notthesafearrivalofthegoods.LetterofCreditALetterofCLetterofCreditConfirmedLetterofCredit

TheexporterasksabanktoprovideanadditionallevelofpaymentsecuritytoaLetterofCredit.Iftheimporterdoesnotpay,andtheIssuingBankdoesnotpay,theConfirmingBankpays.CorrespondentBank

Aforeignbankwithwhichadomesticbankhasapreferredbusinessrelationship.LetterofCreditConfirmedLettLetterofCreditDiscrepanciesAdifferencebetweenthedocumentsrequiredbytheLetterofCreditandthedocumentsprovidedbytheexporter.Adiscrepancycanbeassimpleasamisspellingandassignificantasachangeintheinvoiceamount.SinceLettersofCreditaredocumentary,anydiscrepancyis,intheory,aviolationofthetermsoftheLetterofCreditandthereforeinvalidatesit.Inpractice,lettersofcreditareamendedwiththeapprovalofboththeissuerandthebeneficiary.LetterofCreditDiscrepanciesLetterofCreditLeadingCausesofDiscrepanciesinLettersofCredit[asapercentageofalldiscrepancies]LetterofCreditLetterofCreditAmendments

AchangetoaLetterofCredittowhichallpartiestoaLetterofCreditagree:theexporter,theimporter,theIssuingBank,andtheAdvisingBank.Ingeneral,amendmentsareonlymadeiftherearediscrepancies,aseveryamendmentcoststheexporterandimportermoney.LetterofCreditAmendmentsLetterofCreditDrafts

LettersofCreditcanalsobeaccompaniedbyDrafts,iftheExporterwantstoextendcredittotheImporter.DraftsareexplainedunderDocumentaryCollection.LetterofCreditDraftsLetterofCreditUCP500

UniversalCustomsandPracticeforDocumentaryCredit,1993Revision,InternationalChamberofCommerce.

URR525

UniformRulesforBank-to-BankReimbursementsunderDocumentaryCredits.OutlinestheresponsibilitiesofthebanksinvolvedininternationaltransactionsundertheUCP500.LetterofCreditUCP500LetterofCreditApplicability

LettersOfCreditusedtobetheinstrumentofallinternationaltransactions.LettersofCreditareanoutstandingmeansofmakingsurethattheexporterwillbepaid.LettersofCreditarecostly.LettersofCreditarecumbersome.LetterofCreditApplicabilityLetterofCreditStand-ByLettersofCredit

Haveamuchlongervalidityperiod.(Sometimeslongerthanoneyear).Usuallyapplytomorethanoneshipmentfromtheexportertotheimporter.Stand-ByLettersofCreditwerecreatedbyUnitedStatesbanksasasubstituteforbankguarantees.LetterofCreditStand-ByLette

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentDocumentaryCollectionDefinitionItisaprocessbywhichanexporterasksabankto“safeguard”itsinterestsintheforeigncountrybynotreleasingthedocuments.ItisaccompaniedbyaBillofExchange(alsocalledaDraft).ItinvolvesaLetterofInstructionstothePresentingBank.DocumentaryCollectionDefinitDocumentaryCollectionRemittingBank

ThebankthatinteractswiththeexporterandwiththePresentingBankintheimportingcountry.ReceivesthedocumentsfromtheexporterandthensendsthemtothePresentingBank.Ithasnoobligationtorenderjudgmentoradviceonthequalityofthepacketofdocuments;itjusttransmitsthemtothePresentingBank.PresentingBank

Thebankthatinteractswiththeimporteronbehalfoftheexporter.ReceivesthedocumentsfromtheexporterorfromtheRemittingBankandholdsthemuntiltheimportereithersignsadraftorpaystheexporter.FollowstheLetterofInstructionsfromtheExporter.DocumentaryCollectionRemittiDocumentaryCollectionSightDraft

TheRemittingBankisinstructedtoreleasethedocumentsonlywhentheImporterpays.Theimporterhastopay“onsight.”TimeDraft

TheRemittingBankisinstructedtoreleasethedocumentsonlyaftertheImporterhassignedtheDraft.APromissoryNotethattheimporterhastopayin30,60,90or180daysafterthedateatwhichitsignstheDraft.Theexporterextendscredittotheimporter.DocumentaryCollectionSightDDocumentaryCollectionDateDraft

TheRemittingBankisinstructedtoreleasethedocumentsonlyaftertheImporterhassignedtheDraft.APromissoryNotethattheimporterhastopayin30,60,90or180daysafterthedateatwhichthegoodswereshipped(BOLdate).Theexporterextendscredittotheimporter.DocumentaryCollectionDateDrDocumentaryCollectionBanker’sAcceptance

TheRemittingBankisinstructedtosigntheDraftonbehalfoftheImporter.TheRemittingBankonlydoessoifitisconvincedthattheImporterwilleventuallypay.TheRemittingBank“avals”theDraft.Theoppositeof“Trader’sAcceptance.”DocumentaryCollectionBanker’DocumentaryCollectionApplicability

AlmostassecureasaLetterofCreditifusedwithaBanker’sAcceptance,butaboutasexpensiveinthatcase.DocumentaryCollectionApplicaDocumentaryCollectionProcessofADocumentaryCollectionDocumentaryCollection

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentProcurementCardsDefinition

A“CreditCard”foracompany.EachdepartmentofthecompanyhasaCreditCardwithaspecificnumberandcanmakepurchaseslimitedtocertainvendorsandcertainamounts(pertransactionandpermonth).Thecompanygetsaitemizedbillattheendofthemonth.ProcurementCardsDefinitionProcurementCardsProcess

Apurchaseismade.TheExportergetspaid“rightaway,”butatadiscount(2-3percent).TheImporterdoesnothavetopayuntilthebillingdate.TheImporter’sBank(issuingtheProcurementCard)istheoneextendingcredittotheImporter.ProcurementCardsProcessProcurementCardsAdvantagesExcellentexchangerates.PaymenttermsareadvantageoustoExporter.TheImporterdoesnothavetopayuntilthebillingdate.MinimalRiskforExporter.ProcurementCardsAdvantagesProcurementCardsDisadvantagesExchangeRatefees(2-3percent).Nodocumentationrequirements.ProcurementCardsDisadvantages

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentTradeCardDefinitionSimilartoaProcurementCard.TheExporterdoesnotgetpaiduntilitprovidesTradeCardwithallthedocumentationnecessaryfortheImportertoclearCustoms.TradeCardtransmitsallthedocumentstotheImporter.TradeCardextendscredittotheImporter.TradeCardDefinitionTradeCardAdvantagesAsgoodasaLetterofCreditintermsofriskfortheExporter.AsgoodasaLetterofCreditintermsofriskortheImporter.MuchlowercostthanaLetterofCredit.DisadvantagesRequiresthatbothExporterandImporterhaveTradeCardaccounts.Notwidelyknown/used.BanksarenotkeenonTradeCard.TradeCardAdvantages

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCard

TermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentTermsofPaymentasaMarketingToolTheexportershouldoffertheTermofPaymentthatistheleastconstrainingfortheimporterandwhichisgenerallythebestalternative.Theexportershouldprotectitsintereststhroughmeansthatareinvisibletotheimporter(CreditInsurance).Europeancompetitorswilltendtooffer“OpenAccount”terms.TermsofPaymentasaMarketin

TermsofPayment

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentCharacteristicsofInternatio

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentCharacteristicsofInternationalPaymentIssuesReducedCreditInformationLackofPersonalContactDifficultandExpensiveCollectionsNoEasyLegalRecourseHigherLitigationCostsMistrustCharacteristicsofInternation

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentRisksinInternationalTradeCountryRisk

Countryriskisalsoknownaspoliticalrisk.Theprobabilityofnotgettingpaidbyacreditor,becausethecreditor’scountryhas:Insufficientforeignexchangereserves.Notallowedthecreditortopaythedebt(politicalembargo).Politicalriskcanalsomeantheprobabilityofnationalizationofafirm’ssubsidiarybythehostcountry.RisksinInternationalTradeCoRisksinInternationalTradeCommercialRisk

Theprobabilityofnotgettingpaidbyacreditor,becausethiscreditordoesnothavethefundstopaythedebtorbecausethecreditorrefusestopaythedebt.Exposure

Therelativeconsequencesofabad-debtriskforanexporter;theriskofa$50,000losswouldrepresentagreaterexposureforasmallexporterthanforalargeexporter.RisksinInternationalTradeCo

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardAlternativeTermsofPaymentCaAlternativeTermsofPaymentTable7-1:AdvantagesandDisadvantagesofSeveralTermsofPaymentTermofpaymentProbabilityofLosingtheBusinessbecauseoftheChoiceofMethodofPaymentProbabilityoflossduetoNon-PaymentCashinAdvanceHighNilLetterofCreditFairlyHighAlmostNilDocumentaryCollectionLowLowOpenAccountNilRelativelyHighTradeCardLowAlmostNilAlternativeTermsofPaymentTe

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTrade

AlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentCashinAdvanceDefinitionInaCashinAdvancetransaction,theexporterrequeststhatthecustomerprovidepaymentinadvance,beforeshipmentofthegoodscantakeplace.Itistheultimate“risk-free”alternativefortheexporter.InaCashinAdvancetransaction,theriskiscompletelytransferredtotheimporter.CashinAdvanceDefinitionCashinAdvanceApplicability

Thismethodisonlyjustifiedinrarecases.Itcouldbeusedwhentheimporterisperceivedasbeingveryhighrisk(commercialorcountryrisk).Itshouldbeavoided.CashinAdvanceApplicability

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentOpenAccountDefinition

InanOpenAccounttransaction,theexporterconductsinternationalbusinessinamannersimilartothewayitconductsbusinessdomestically.Theexportershipsthegoods,accompaniedbyaninvoice,andexpectstheimportertopaywithinadefinedtimeperiod(30-60days).OpenAccountDefinitionOpenAccountApplicabilityTheexporterisconfidentthattheimporterwillpay(e.g.long-standingbusinessrelationship).TheexporteriscompetingwithcompaniesthatofferOpenAccountterms.Theexporterwantstocreategoodwill.Incaseswheretheexporterisunsureoftheimporter’scredit,theexportercanusecreditinsurance.OpenAccountApplicabilityOpenAccountCreditInsurance

Aninsurancepolicyunderwhichcommercialriskiscovered.Theinsurancecompanybearstheriskofnon-paymentbytheimporter,deductingaslightpercentageofthereceivable.Creditinsurancedoesnotcoverpoliticalrisk,unlesstheexporterhasexplicitlyaskedforadditionalpoliticalcoveragethatisobtainedthroughtheEx-ImBank.OpenAccountCreditInsuranceOpenAccountInternationalFactoringAmeansoffinancinginternationalreceivableaccounts.Thefirmcanaskafactoringcompanytoadvancefundsonareceivableaccount:Withrecourse

wheretheowneroftheaccountreceivableisstillresponsibleforcollectingit.Withoutrecourse wherethecollectionresponsibilityentirelyshiftstothefactoringhouse.OpenAccountInternationalFact

CharacteristicsofInternationalPaymentIssuesRisksinInternationalTradeAlternativeTermsofPaymentCashinAdvanceOpenAccountLetterofCreditDocumentaryCollectionProcurementCardsTradeCardTermsofPaymentasaMarketingToolTermsofPaymentTermsofPaymentLetterofCreditDefinitionALetterofCreditisadocumentwithwhichtheimporter’sbankpromisestopaytheexporteriftheimporterdoesnotpay.ALetterofCreditisdocumentary;theexporterisonlypaidifitcanproducethedocumentsrequiredbytheimporter’sbank.Theexporterisnotpaiduntilitproducesalloftherequireddocumentstotheimporter’sbank.AlsocalledDocumentaryCredit.LetterofCreditDefinitionLetterofCreditIssuingBank

ThebankprovidingtheLetterofCredittotheimporter.Thebankthatwillpaytheexporterwhenitprovidesallthenecessarydocuments,shouldtheimporterbeunabletopay.AdvisingBankThebankthatdetermineswhetherthetermsoftheLetterofCreditofferedbytheIssuingBankareappropriate.TheAdvisingBankisgenerallytheexporter’sregularbank.Insomecases,theexporter’sbankwilldelegatethisroletoanotherbankwhichismoreexperiencedininternationaltrade.LetterofCreditIssuingBankLetterofCreditApplicantThefirmaskingtheIssuingBankforaLetteraCredit.Usually,theapplicantistheimporter.Beneficiary

ThefirmnamedinaLetterofCreditasthefirmtowhichtheissuingbankispromisingpaymentiftheimporterdoesnotpay.Usually,thebeneficiaryofaLetterofCreditistheexporter.LetterofCreditApplicantLetterofCredit(Process)Issuance

FirstStep--Negotiationbetweenexporterandimporter.SecondStep--Applicant(Importer)requeststhebanktoopenaLetterofCredit(L/C)onimporter’sbehalfandnamingexporterasbeneficiary.ThirdStep--IssuingBanksendsthisL/CtoAdvisingBank(Exporter’sBank).FourthStep--TheAdvisingBanknotifiesthebeneficiarythattheL/Cisacceptable.LetterofCredit(Process)IssuLetterofCreditIssuanceofaLetterofCredit

LetterofCreditLetterofCredit(Process)Shipment

FifthStepTheexportershipsthemerchandisetotheimporter.Afteralldocumentsarecollected,theexportersendsthemtotheAdvisingBank,whichchecksthemagainstthetermsoftheL/C,andsendsthemtoIssuingBank.Sixthstep--Afterreceivingandcheckingthedocuments,theIssuingBanknotifiestheimporter,whousesthemtoclearCustoms.LetterofCredit(Process)ShipLetterofCredit(Process)ShipmentUnderaLetterofCreditLetterofCredit(Process)LetterofCredit(Process)PaymentSeventhStep--

ImporterpaysIssuingBank.EighthStep--IssuingBankpaysAdvisingBank.NinthStep--AdvisingBankpaysExporter.LetterofCredit(Process)PaymLetterofCredit(Process)PaymentUnderaLetterofCreditLetterofCredit(Process)LetterofCredit(Process)

Entire(Simplified)ProcessofaLetterofCreditLetterofCredit(Process)LetterofCreditALetterofCreditis:IrrevocableItcannotbealteredwithouttheexpressconsentofallpartiesinvolved.VirtuallyallLettersofCreditareirrevocable.DocumentaryThebeneficiarymustpresentacertainsetofdocuments(billoflading,invoiceandmiscellaneouscertificates)tothebank.Itispaidondocuments,notthesafearrivalofthegoods.LetterofCreditALetterofCLetterofCreditConfirmedLetterofCredit

TheexporterasksabanktoprovideanadditionallevelofpaymentsecuritytoaLetterofCredit.Iftheimporterdoesnotpay,andtheIssuingBankdoesnotpay,theConfirmingBankpays.CorrespondentBank

Aforeignbankwithwhichadomesticbankhasapreferredbusinessrelationship.LetterofCreditConfirmedLettLetterofCreditDiscrepanciesAdifferencebetweenthedocumentsrequiredbytheLetterofCreditandthedocumentsprovidedbytheexporter.Adiscrepancycanbeassimpleasamisspellingandassignificantasachangeintheinvoiceamount.SinceLettersofCreditaredocumentary,anydiscrepancyis,intheory,aviolationofthetermsoftheLetterofCreditandthereforeinvalidatesit.Inpractice,lettersofcreditareamendedwiththeapprovalofboththeissuerandthebeneficiary.LetterofCreditDiscrepanciesLetterofCreditLeadingCausesofDiscrepanciesinLettersofCredit[asapercentageofalldiscrepancies]LetterofCreditLetterofCreditAmendments

AchangetoaLetterofCredittowhichallpartiestoaLetterofCreditagree

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