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What is side draft in LC (letter of credit)?

Accounting Journal Entries
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Question added by Musheer Syed , Accountant , Kadhema Scientific Consultancy & Services
Date Posted: 2013/06/26
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Zeeshan Ali CA ACCA CIPFA
by Zeeshan Ali CA ACCA CIPFA , Tax Manager , INSPIRE MS TAX CONSULATANCY

Well there is an agreement in place so the seller is might too confident about the payment he recieved .it provide more flexibilty and trust in transaction

kashif yasin
by kashif yasin , ACCOUNTS & FINANCE MANAGER , HAROON CORPORATION

THE INSROMENT L.C IS A GURANTEE OF THE PAYEE (VENDER) WHO TAKE A BANK FOR THE PURPOSE OF PURCHASE SOME GOODS TO GIVE THE PAYMENT FROM THE VENDER.

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