Presentation – Types of Letters of Credit

Understanding the types of letters of credit, their usage purposes and main distinctions.

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1. Commercial Letters of Credit

  • Commercial credits are used mainly in export and import transactions of tangible goods.
  • Majority of commercial letters of credit are issued subject to the latest version of UCP (Uniform Customs and Practice for Documentary Credits).
  • UCP (Uniform Customs and Practice for Documentary Credits) are the set of rules that governs the commercial letters of credit procedures.
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