Illustrated Guide to Letters of Credit (L/C)

Illustrated Guide to Letters of Credit (L/C)

Professional Industry Report

Pages: 20

Publication Date: 1996 (Updated 2001-2007-2020)

Author: Edward G. Hinkelman

Size: 8.5″ x 11″ (21.59 x 27.94cm)


Letters of Credit

In simple terms, a letter of credit (also called a documentary letter of credit) is a bank’s promise to pay a seller on behalf of the buyer so long as the seller complies with precisely defined terms and conditions as specified in the letter of credit. A letter of credit provides almost equal security to the buyer and seller, and is often the preferred method of payment in international transactions. Sellers and buyers often prefer to use letters of credit when they are unfamiliar with the other party to the transaction, or when they simply want to have the additional security that a bank can offer.

Illustrated Guide to Letters of Credit (L/C)

The World Trade Press ‘Illustrated Guide to Letters of Credit (L/C)’ is an industry standard professional guide, with more than 200,000 copies in print worldwide.

The guide provides buyers, sellers and bankers a clear, step-by-step presentation of how letters of credit work. The guide is made even more understandable with professionally drawn illustrations for each step in the process.

In addition, the World Trade Press ‘Illustrated Guide to Letters of Credit (L/C)’ explains the different types of letters of credit, the role of banks, the ‘Uniform Customs and Practice,’ parties to the transaction, issuance, amendment, utilization, settlement, availability, settlement, details on transactions, complying with a letter of credit, revocable vs. irrevocable letters of credit, confirmed vs. unconfirmed letters of credit, and bank forms for application and issuance of letters of credit, all with step-by-step illustrated procedures.

Contents

  • Introduction to Letters of Credit (documentary letters of credit)
    • Letters of Credit Defined
    • Types of Letters of Credit
    • Limitations of Letters of Credit
    • The Role of Banks in Letters of Credit
    • The ‘Uniform Customs and Practice’
  • Introduction to Parties to the Transaction
    • Buyer
    • Buyer’s Bank
    • Seller
    • Seller’s Bank
    • Intermediary Banks
  • Basic Letter of Credit Procedures (illustrations for each step)
    • Issuance
    • Amendment
    • Utilization
    • Settlement (availability)
  • Opening a Letter of Credit
    • Application Process
    • Sample Application
    • Details on Parties and Procedures
  • Standard Letters of Credit (Includes descriptions, step-by-step illustrations, and sample documents)
    • Revocable Letter of Credit
    • Irrevocable Letter of Credit
    • Confirmed Letter of Credit
    • Unconfirmed Letter of Credit
    • Straight Letter of Credit
    • Negotiation Letter of Credit
  • Settlement Procedures
    • Settlement by Payment
    • Settlement by Acceptance
    • Settlement by Negotiation
  • Special Letters of Credit (Includes descriptions, step-by-step illustrations, and sample documents)
    • Standby Letters of Credit
    • Revolving Letters of Credit
    • Red Clause Letters of Credit
    • Transferable Letters of Credit
    • Back-to-back Letters of Credit
  • Issues and Checklists
    • Regarding the Role of Banks
    • Common Problems
    • Discrepancies With Documents
    • Electronic Application
    • Fraud
    • Contract Provisions
    • Notes on Insurance
    • Notes for the Buyer
    • Notes for the Seller-1
    • Notes for the Seller-2

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