LC discounting is a short- term credit facility provided by the bank to the seller. In this case, LC issuing bank confirms all the original documents and provide acceptance to the confirming bank
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A letter of credit works as an assurance given to the exporter that he will be paid by the bank for the trade. iStock. LC is a written document issued by the importer’s bank, on behalf of the importer, to the exporter’s bank. If you are in the business of export and import, you might understand how important it is to build trust.
Standby Letter of Credit - SLOC: A standby letter of credit (SLOC) is a guarantee of payment issued by a bank on behalf of a client that is used as "payment of last resort" should the client fail
Key Takeaways. A standby letter of credit means a bank-issued document that protects a seller if a buyer doesn’t pay for goods or services. SLOCs are used in both domestic and international trade. Since they help carry out foreign trade smoothly, they are more frequent in international trade.
The Issuing Bank - Applicant/buyer’s bank that issues the standby LC. 3. The Beneficiary - Also known as exporter or seller in whose favor the letter of credit is issued. 4. Confirming Bank - The bank that adds its confirmation to the credit upon the issuing bank’s request. 5. 5qxcQ.
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