What is Business Identifier Code (BIC) and International Bank Account Number (IBAN)?
Whatever your payment method would be, cash in advance, open account, cash against documents, letter of credit or bank payment obligation, you need to...
Letter of Credit Transaction
On my previous posts, I have not only made a definition of a letter of credit, but also clarified its types and parties that involved...
What Does “Made Out to the Order of” Mean in a Bill of Lading?
Majority of the letters of credits are asking for a bill of lading which must be issued made out to the order of the...
What Does Full Set of Bills of Lading Mean?
Under an ordinary letter of credit, the issuing bank demands a full set of clean shipped on board ocean bills of lading from the...
Availability of Letters of Credit
According to letter of credit rules, a credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. (UCP 600...
How Much Does It Cost to Open a Letter of Credit?
On this page, I will try to explain the letter of credit issuance costs, and the main factors that are effecting them.
Letter of credit...
How Does an Import Letter of Credit Work in International Trade Transactions?
On this page, I will try to answer the question “How Does an Import Letter of Credit Work?” by explaining the import letter of...
Means of Conveyance and Mode of Transport
Modes of Transport is a term used to distinguish substantially different ways to perform transport.
The most frequently used modes of transport in international trade...
How to Determine Maturity Date if Letter of Credit States That Tenor of the...
Maturity date is a term related to a time draft.
A time draft is a form of payment that is guaranteed by an issuing bank,...
What Does Duplicate, Triplicate Mean in a Letter of Credit?
Letters of credit have a special jargon.
If you are not familiar with the L/C language, you may not be able to understand what letter...
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