No merchant or exporter can operate without proper documentation of goods, hence the need for commercial invoice. A commercial invoice is needful for transaction clarification and payment. It’s a document that gives details of items or services for which a seller is demanding payment. What is a Commercial Invoice? A Commercial invoice is a legal document […]
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What are the benefits of a bank guarantee, and what the main procedures to get it? I am a businessman, and what I hate most is any deal devoid of payment assurance. Every seller is keen at dealing with able buyers who can make payment as and when due. Ultimately, sellers do not want to
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A confirmed Letter of Credit is an LC guaranteed by two banks. However, the confirming bank does not just agree to honour the Letter of Credit but also take responsibility for payment in case both buyer and primary issuing bank default. A confirmed LC requires confirmation by the buyer’s bank or any other bank deemed
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What is a red clause letter of credit, and do some suppliers demand if for order fulfilment? The best way to make money they say is never to lose money. Every seller wants Letters of Credit to be sure they receive payment after order fulfilment but are all LCs safe for buyers? No matter how desperate you
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Letter of credit is a letter assuring a seller of issuing bank’s readiness to make payment to the seller in case their customer, a buyer defaults payment after order fulfilment. In my previous post, I discussed a few basic things you need to know about Letters of Credit. Our focus today will be on often used Letters
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What are the advantages of Letter of Credit? Why do exporters prefer it to other payment instruments? In this article, we will be focusing on the types of LC and its advantages to importers and exporters. Keep reading. Letter of Credit ranks among the best payment instruments in an international transaction. It is one of
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