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What are the major documents used in credit transactions?

Letter of Credit. A letter of credit may be described as a letter issued by a bank authorizing a designated individual firm or corporation to draw on it up to the total amount for which the credit is established. ... Bill of Lading. ... Trust Receipt. ... Warehouse Receipts. ... Mortgage. ... Pledge.

How much does an LC cost?

The standard cost of a letter of credit is around 0.75% of the total purchase cost. For letters that are in the 6 figures (typically around $250,000), these fees can add up and benefit the bank. In some cases, the letter of credit commission could fall close to 1.5%.

Who prepares the letter of credit?

Issuing bank The issuing bank (also called an opening bank) is responsible for issuing the letter of credit at the request of the buyer. Advising bank The advising bank is responsible for the transfer of documents to the issuing bank on behalf of the exporter and is generally located in the country of the exporter.

What are 4 types of letter of credit?

There are four types of Letters of Credit and they are given below. A revocable letter of credit. An irrevocable letter of credit. A standby letter of credit. Revolving letter of credit.

How does a LC work?

A Letter of Credit (LC) is a document that guarantees the buyer's payment to the sellers. It is issued by a bank and ensures timely and full payment to the seller. If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer.

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