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[무역 영어]Various Functions Of The Letter of Credit

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Various Functions Of The Letter of Credit &
Why the Letter of Credit and When Should I Use It?

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Various Functions Of The Letter of Credit &
Why the Letter of Credit and When Should I Use It?

BUYING AND SELLING GOODS INTERNATIONALLY

WHAT IS A LETTER OF CREDIT?

REVOCABLE VS. IRREVOCABLE LETTERS OF CREDIT

CONFIRMED VS. UNCONFIRMED

OTHER TYPES OF LETTERS OF CREDIT

LETTER OF CREDIT RULES - INTERNATIONAL CHAMBER OF COMMERCE
PAYMENT ON A LETTER OF CREDIT
USUAL LETTER OF CREDIT CONDITIONS
Commercial Letter of Credit
ADVANTAGES OF LETTER OF CREDIT

본문내용

Letters of Credit assure certainty of payment to exporters and address the importer`s wishes that they pay only for the goods and/or services they contracted to purchase from the exporter.

A Letter of Credit is a written financial document, issued by the buyer`s bank, authorizing the seller to request payment in accordance with certain terms and conditions. The document guarantees payment if the seller requests payment and if the seller can present documents that absolutely conform to the requirements imposed by the Letter of Credit.
The purpose of the Letter of Credit is to assure sellers of payment for their goods and services, through the reassurance of an independent financial third party to the transaction. It acts like an insurance contract for both buyers and sellers.
Compare the following example: When we want to buy a T.V., we can go to our local retailer and see and touch what we want to buy. We then hand over the cash or use our credit card to settle the purchase. However, how do the wheels of commerce turn when the buyer and seller are in different countries? No longer can the buyer see and touch the merchandise he wishes to buy. Furthermore, how does the seller (exporter) ensure that he is going to be paid?
To address the concerns of the buyer (importer) and seller (exporter) engaged in international trade, a mechanism must exist to address the concerns of both of the parties involved.
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