malihehhosseini
Lawyer
posted 2 years ago
Letter of Credit
How do I make a Letter of Credit (or equivalent document) so that my bank will pay the exporter only after the imported goods have been inspected?
Country
  • Singapore
Fields:
  • Shipping and Maritime
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evdeantoni
Lawyer
posted 2 years ago
Letters of Credit are generally governed by the Uniform Commercial Code. It may be best to talk to the bank to discuss this requirement. Moreover, you also have to check your Contract with the Exporter what the terms of payment are, and if there are any restrictions as to the bank that will issue the Letter of Credit (or equivalent document) to secure payment of the exported products.