Letter of Credit Archives | LegaMart Articles
ILC - Irrevocable Letter of Credit in Letter of Credit

Irrevocable Letter of Credit: All You Need to Know

To understand Irrevocable Letter of Credit, Imagin a Jordanian firm (hereinafter buyer) entered into a contract to buy reinforced steel rods from a British firm (hereinafter seller) that were needed to be delivered in two installments, the buyer requested the issuing bank to issue two letters of credit in favor of the seller, out of which one LC was realized as per the delivery of 1st installment. After which it was ...

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SBLC - Irrevocable Letter of Credit in Letter of Credit

Standby Letter of Credit: New Amazing Introduction

Imagine a situation where you have ordered a bunch of goods from Alaska, you have a contract with an international seller, who initially resisted doing business with you because he didn't know you and was worried about getting scammed, but you gave them a standby letter of credit, and now he is happy and relieved. But how? Let’s understand. What is a Standby Letter of Credit (SBLC)? As defined in Investopedia, a standby letter ...

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Revocable letter of credit - Irrevocable Letter of Credit in Letter of Credit

Top Tips About Revocable Letter of Credit 

In the current era, when trade and commerce have no borders, and people buy and sell their goods and services around the world, the issue of how they can secure the payments from the buyers, which they don’t even know, that’s when the letter of credit comes into place. The instrument serves as a guarantee between the parties that the payments will be made if the buyer default on their ...

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