L/C , LOC , Letter of Credit
Posted by admins on 4 July, 2009
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This item was filled under [ Letter of credit, Payment Terms ]
Letter of credit
After a contract is concluded between buyer and seller, buyer’s bank supplies a letter of credit to seller.
Seller consigns the goods to a carrier in exchange for a bill of lading.
Seller provides bill of lading to bank in exchange for payment. Seller’s bank exchanges bill of lading for payment from buyer’s bank. Buyer’s [...]