Date of shipment can be determined in two ways on a bill of lading. In the first scenario we will face a situation where bill of lading does not contain any date of shipped on board notation. In the second scenario we will be having a bill of lading which contains a dated shipped on board notation.
Forfaiting means the discount of future payment obligations on a without recourse basis, in other words, forfaiting is discounting of trade‐related receivables secured with trade finance instruments such as bills of exchange, promissionary notes or deferred payment letter of credit.
On this page I will try to explain you import letter of credit process in a very simple way. After reading this article you should understand the working mechanism of an import letter of credit in general terms.
We discuss how to open a letter of credit on this page in detail. Also you can find related terms in regards to letter of credit application process such as letter of credit application form, draft lc, mt 700 issue of a documentary credit swift message.