letter of credit

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  • noun

Words related to letter of credit

a document issued by a bank that guarantees the payment of a customer's draft

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Indian firms trading with China would benefit from settling in RMB documentary credits as China would offer greater discounts because it would not have to hedge against the USD.
Without a text of this nature, the practitioner looking for advice on credits is left to divine the relevant rules of a documentary credit transaction through deep study of the Uniform Customs and Practices for Documentary Credits and the Code of Federal Regulations without the benefit of Hinkelman's handy diagrams, flow charts, and sample documents.
In his book, Sindberg shares insight and offers recommendations to assist specialists in reducing refusals of transport documents presented under documentary credits.
The credit facilities renewed by Riyad Bank comprise of 45 per cent tawarroq and murabaha and 55 per cent multi bonds and documentary credit.
As part of its strategy to support and protect the interests of the business community and to promote Dubai as an international business hub, Dubai Chamber has organised this seminar for the benefit of businesses that are exposed to global trading partners and need to make use of the documentary credit tools that provide maximum payment security in foreign trade transactions," he said.
The UK banking group has also conducted its first cross-border RMB denominated documentary credit (DC) transaction.
VTB Bank has approved a 500 million rouble documentary credit line for construction company Privolzhtransstroi, under which the company received two bank guarantees worth a total of 428 million roubles for a term of up to 545 days.
The Documentary Credit Insurance Policy will help APICORP effectively manage risks affecting its Letter of Credit (LC) transactions and LCs of petroleum products exports in ICIEC member countries.
Among these policies were the popular short-term trade credit and documentary credit policies, the foreign investment insurance policy; critical/strategic supplies (CAPEX) policy for supplies made by foreign companies into local projects of strategic nature; and XoL policy suitable for crude oil suppliers and aluminium smelters and other projects.
Sayam pointed out that the Company will propose the investment insurance of Algerian enterprises and documentary credit insurance.
Fee and commission income from the documentary credit for the second quarter of this year, amounting to $907,000, was 62 per cent more than the $558,000 earned in the first quarter.
Letters of credit: refer to the Uniform Customs and Practices for Documentary Credit (UCP 500)
Whilst concentrating on the most common forms of documentary credit governed by the UCP 600, such as letter of credits and standby letter of credit, this book also covers other forms as such as demand guarantee bonds.
Services include account and deposit services, loans and advances, bill acceptance and discounting, dealing in government and financial bonds and non-equity foreign currency-denominated securities, documentary credit and bank guarantees, remittance and settlement, foreign exchange, debit cards and credit cards, and overseas investment services for local residents and enterprises.
Speakers were: Vincent O'Brien, a member of the ICC Banking Commission and ICC and Chair of the ICC Market Intelligence Group (MIG); and Khalil Matar a Certified Documentary Credit Specialist, a Certified Internal Auditor, and the seminar was attended by trade professionals, experts in documentary credit, sales and purchasing managers and trade consultants, bankers and others.