May 31, 2019
When dealing with Bank Guarantees (Demand Guarantees) and Letters of Credit (Documentary Letters of Credit), you may often hear someone discuss the use of SWIFT MT799.
The MT799 is a type of SWIFT message that banks use to securely communicate authenticated free format...
When choosing what type of letter of credit to use, the importer should consider the standard payment methods in the exporter's own country.
The importer should keep all of the details of the purchase short and concise.
The importer should use a...
An At Sight Letter of Credit is a letter of credit (LC) that is payable once the exporter/seller meets all of the requirements of the letter of credit.
This type of LC provides the fastest mode of payment to the exporter/seller, when selling to their overseas importers...
June 14, 2017
In the trade finance market, there are really only two basic forms of letters of credit: The Standby Letter of Credit (SBLC) and Documentary Letter of Credit (DLC).
Revocable or Irrevocable Documentary Letters of Credit
Documentary Letters of Credit (DLC) can be issued a...
June 12, 2017
Many times, in a contract or agreement, there is a need for a third party (often a bank) to guarantee to pay a specific amount of money to one party if the counterparty defaults.
By receiving a Bank Guarantee (BG), the guarantee transfers the creditworthiness of the app...