Under LC, there are four key steps to the process:
The LC is issued.
Ship the products.
Delivering the documents to the confirming bank.
Receive payment from the importer and take custody of the items.
A Letter of Credit (LC) is a document that guarantees payment to the seller by the buyer. It is given by a bank and ensures that the seller is paid on time and in full. If the buyer is unable to make such a payment, the bank pays the entire or remaining balance on the buyer's behalf.
An LC contract is a request by a customer to have a letter of credit issued, advised, or confirmed for a trade transaction. An LC substitutes the name and credit of a bank for the names and credit of the people concerned. Even if the remitter fails to pay, the bank promises to compensate the seller/beneficiary.
Main types of LC
Irrevocable LC. This LC cannot be canceled or modified without the consent of the beneficiary
(Seller).
Revocable LC.
Stand-by LC.
Confirmed LC.
Unconfirmed LC.
Transferable LC. .
Back-to-Back LC.
Payment at Sight LC.
You can open a Letter of Credit with your bank. The bank's responsible official assists you in completing the essential application for an LC. Because the LC is opened on the basis of your purchase contract, a copy purchase order / export contract, as well as other needed papers, must be produced.
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Jay Vyas
5
This is just awesome course. I gained so much knowledge about Import-Export Business by learning this course.
LearnVern, you are doing an awesome job by teaching for free.
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Rudra S
5
Excellent Tutor Kunal Sir has a lot of knowledge about the topic
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AKASH KIRAN GURAV
5
Detailed course 👍🏻
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dsfdsfsdf
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Toibur rahman
4
great content. make new updated course please
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Ketan Santosh Sawant
5
Thank you so much LearnVern....😀And Specially kunal Sir
"This course offers knowledge that is not freely available on any platform. The entire course has been taught step by step, providing a comprehensive understanding."
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chauhan vijay
5
What a course..... thank u so much for this opportunity...
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Raj kalariya
5
The course content is excellent, attractive, and understandable. If there is a detailed PDF of the course content, then it will be very helpful for viewers to revise the content.
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Abhishek Bharti
5
The course offers comprehensive content on the export-import process, including documentation, regulations, and logistics. The instructor is experienced, sharing practical insights alongside theory. Hands-on assignments add value, though more real-world projects could enhance learning. The certification is well-recognized, adding credibility to a resume. While resources and flexibility are strong, student support could be faster. Overall, it provides excellent value for those seeking to advance in international trade.
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prabhat sharma
5
how many companies of import and export are hiring ? please provide the list and is it possible to start it without office as an individual ?
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