What is Irrevocable Letter of Credit? Definition and Application
Irrevocable letter of credit (ILOC) is a type of documentary credit which can not be cancelled or amended by the issuing bank without the...
Confirmation Fee
Confirmation fee can be defined as charges collected by the confirming banks, against the risks they will be having to posses by confirming the...
What is a Transferable Letter of Credit?
Transferable letters of credit are a tool used by trading companies, or other third parties, to facilitate a trade transaction. (1)
Transferable 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...
Standby Letter of Credit Sample in Swift Format
A standby letter of credit is the bank's undertaking of fulfilling the applicant's obligations.
A standby letter of credit is issued as collateral and is...
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....
Confirmation and Confirmed Letter of Credit
When an irrevocable letter of credit is issued, the risk of payment rests with the issuing bank. This type of letter of credit is defined...
Types of Letters of Credit
Have you ever heard any of the following trade finance terms and wonder their meanings: red clause, confirmed, standby, irrevocable.
These are the terms that...
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...
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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