Letter of Credit
A Letter of Credit, also referred to as Documentary Credit, is a formal undertaking issued by a bank representing an importer, promising to pay the exporter a specified amount within a set timeframe and upon presentation of agreed-upon documents. This commitment is governed by the International Chamber of Commerce’s Uniform Customs and Practice for Documentary Credits, publication number 500.
Sight & Time Letter for Credit
Confirmed Letter Of Credit (L/c).
Revocable and irrevocable letter of credit (L/c).
A Revocable Letter of Credit can be cancelled without the exporter’s consent, whereas a Revocable Letter can’t be cancelled or modified without consent from all parties, including the exporter.