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Letter of Credit Types

Revocable and Irrevocable Letters of Credit

Revocable and Irrevocable Letters of Credit

Revocable Letters of Credit: Revocable letter of credit can be modified or cancelled by the issuing bank after its issuance at any moment without...
What are the Differences Between MT 700 and MT 760?

What are the Differences Between MT 700 and MT 760?

MT700 and MT760 swift message types that banks use when issuing documentary credits and guarantees, respectively. Banks use MT700 when issuing a commercial letter...
How to Add a Confirmation to a Letter of Credit?

How to Add a Confirmation to a Letter of Credit?

Confirmation gives additional payment assurance to the exporters. When an irrevocable letter of credit is issued, the risk of payment rests with the issuing bank....
Revolving Letter of Credit

Revolving Letter of Credit

Revolving letter of credit is a special type of letter of credit, which is not covered under the UCP 600 rules. Contrary to popular belief,...
Understanding the benefits of confirmed lc at sight.

Confirmed L/C at Sight

Confirmed L/C at sight covers two definitions: Confirmed letter of credit which is payable at sight. Letters of credit can permit the beneficiary to be...
Red Clause Letter of Credit Sample

Red Clause Letter of Credit Sample

Letter of credit that carries a provision (traditionally written or typed in red ink) which allows a seller to draw up to a fixed...
What are the Differences Between Standby Letters of Credit and Commercial Letters of Credit?

What are the Differences Between Standby Letters of Credit and Commercial Letters of Credit?

Standby letters of credit and commercial letters of credit are two main documentary credit types used in international trade transactions. A standby letter of credit...
What are the main types of stand-by letters of credit?

Types of Standby Letters of Credit

What are the Main Types of Stand-by Letters of Credit? In this post after giving the standby letter of credit (SBLC) definition, we will have...
Understanding standby letters of credit.

Stand-by Letters of Credit

Classification of Letters of Credit Documentary credits, however named, have certain characteristics in common. First of all, they are separate transactions by their nature from the...
Is It Possible to Confirm a Bank Guarantee?

Is It Possible to Confirm a Bank Guarantee?

In this article following topics will be explained: What is the definition of confirmation in letters of credit? What are the advantages of confirmation? ...
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