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The document is an application for an irrevocable documentary credit issued by Bank of Baroda. It outlines the applicant's request for a letter of credit, detailing the beneficiary's information, amount, and required documentation for shipment. The document specifies conditions regarding drafts, insurance, and responsibilities of both the applicant and the bank. It also includes terms related to interest rates, payment obligations, and potential penalties for default. Overall, it serves as a formal request to facilitate international trade transactions.

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What is LC requirements?

Banks typically require a pledge of securities or cash as collateral for issuing a letter of credit. Because a letter of credit is typically a negotiable instrument, the issuing bank pays the beneficiary or any bank nominated by the beneficiary.

What is LC used for?

A Letter of Credit, commonly known as LC, is a formal document issued by a bank or financial institution. Its primary purpose is to ensure payment on behalf of the buyer to the seller in a business transaction.

What are the types of LC?

Main types of LC Irrevocable LC. This LC cannot be cancelled or modified without consent of the beneficiary (Seller). Revocable LC. Stand-by LC. Confirmed LC. Unconfirmed LC. Transferable LC. Back-to-Back LC. Payment at Sight LC.

What is a LC?

A Letter of Credit (LC) is an undertaking by a buyers bank to pay its suppliers for goods or services, subject to agreed conditions. LCs are used extensively in financing of international trade because they offer assurance that both the parties will fulfil their obligations in the trade.

What is the form of LC?

A Letter of Credit (LC) is a document that guarantees the buyers 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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What are the documents for LC?

So based on the above-listed 10 requirements respectively, lets generate the document list: Commercial Invoice (Proof of Value) Bill of Lading (Proof of Shipment) Packing List (Proof of Packing) Certificate of Origin (Proof of Origin) Inspection Certificate (Proof of Quality) Insurance Certificate (Proof of Insurance)

What is the full form of LC?

A Letter of Credit (LC) is a financial instrument used in international trade to provide payment security.