Letters of credit process
Single letter of credit operations with the process outlined as follows:
1.Buyers and sellers in the trade under the contract with the use of single letter of credit.
2.Buyer informed the local bank (open issuers) to the seller for the opening of the beneficiaries of letters of credit.
3.Issuing bank to request another notice or letters of credit confirmations.
4.Notice to notice to the seller,letters of credit had been opened.
5.Seller received letters of credit,and to ensure that they can fulfil the conditions laid down in letters of credit,that is,the shipment of goods.
6.Seller documentation will be submitted to the designated banks.The bank may be opened to permit,as specified in the letter of credit or payment,acceptance or negotiation banks.
7.Audit of the Bank in accordance with the letter of credit documentation.Meet the documentation requirements such as letters of credit,bank letters of credit will be provided for payment,acceptance or negotiation.
8.Trip outside the issuing banks will be authorized to send documentation.
9.Authorized to audit documentation After that,in the form of a prior agreement,in accordance with the letter of credit payment,acceptance or negotiation bank payment.
10.Issuing firms to pay the buyer's payment alone,and then with the buye