ابدأ بالتواصل مع الأشخاص وتبادل معارفك المهنية

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متابعة

What are the points to check before opening a letter of credit?

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تم إضافة السؤال من قبل Abraham Kollarachavadiyil , ACCOUNTS EXECUTIVE , BISHARA ESTABLISHMENT LLC
تاريخ النشر: 2016/01/27
Gopalakrishnan Manavalan
من قبل Gopalakrishnan Manavalan , Group Financial Controller , Zumran Mining & Exploration Limited

1. Beneficiary details (exporter / seller's details)

2. terms of shipment

3. Port of loading & Port of discharge; in some cases (where either the origin / destination is a land locked place) - Place of taking in charge and Place of final destination

4. whether the transportation document should be issued by the shipping company or a freight forwarder's documents are enough (depending on the place / countries of the trade)

5. documents required - mostly your banker / financier will advice. Commercial Invoice, Packing List, Transporter document (Airway Bill / Bill of Lading / Lorry Receipt / Frieght Forwarder's Receipt etc), Certificate of Origin (whether to be given by OEM / dealer; whether to be attested by buyer's country's embassy at the seller's country etc - this depends on the law of the land), certificate of confirmity / quality - either issued by the seller or a third party etc etc

6. trigger point for payment / honouring of the LC - that is payment to be made from ___ days from the date of invoice / bill of lading etc. THIS IS MOST IMPORTANT IF THE LC IS A USANCE LC (i.e., payment is after certain days / not a sight LC)

7. last date of shipment

8. date within which the documents have to be negotiated by the seller (that is submited to his bank and his bank check the documents and forward to buyer's bank)

9. whether partial shipments / trans shipment is allowed

10. information of the SWIFT code etc of the all the banks (including the routing banks) in the transaction

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