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¨ Who benefits from payment by letter of credit – the Buyer or the Seller?
¨ Who are involved in this way of payment?
¨ Comment on the difference between Exhibits on Pages 496-497.
STEP 1. The Seller (beneficiary) and the Buyer (applicant) make a sales contract providing for payment by letter of credit.
STEP 2. The Buyer instructs his bank (issuing bank) to issue a credit in the Seller’s favour.
STEP 3. The Buyer’s bank issues a letter of credit and asks the Seller’s bank (advising bank) to advise of opening a credit.
STEP 4. After shipment the Seller is to submit to his bank (confirming bank) shipping documents to prove shipment. The bank releases money out of the letter of credit against the documents.
Дата публикования: 2015-01-14; Прочитано: 198 | Нарушение авторского права страницы | Мы поможем в написании вашей работы!
