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UK Importation
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Letters of Credit

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Opening Letters of Credit


A letter of credit is a letter from the importer's Bank, addressed to the exporter giving the Bank's promise to pay an agreed sum of money to the named exporter for goods ordered by the importer.

This is a considerably secure method of payment as it replaces the unknown credit of the buyer with the unimpeachable credit of the Bank.
The Letter of Credit can be clean or documentary.
A clean Letter of Credit makes cash available on demand.

Letters of Credit used by traders are always documentary. This means that the exporter is required to produce documents stated in the Letter of Credit evidencing current shipment of the goods ordered before the money is released.

 

     

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