Types of Letters of Credit We Offer:
- Irrevocable Letter of Credit – This means the credit cannot be changed or canceled without the agreement of all parties involved (the beneficiary, the applicant, and the bank).
- Standby Letter of Credit – Acts as a bank guarantee from the issuing bank to the external beneficiary against the client’s (applicant’s) failure to fulfill obligations.
- Export Letter of Credit – Provides a guarantee for the exporter, who will be paid upon delivery of goods and services according to the terms specified in the sales contract.
- Sight Letter of Credit – Means the importer must pay the amount stated in the documents when those documents are presented to their bank (the issuing bank), provided the documents comply with the terms of the letter of credit.
- Usance (Deferred Payment) Letter of Credit – Means the importer must pay the amount stated in the documents on the date specified in the terms of the issued letter of credit.
- Unconfirmed Letter of Credit – Issued, managed, and processed directly by the importer’s bank.
- Confirmed Letter of Credit – Issued, managed, and processed by another bank that is involved based on an agreement or request from the importer and exporter, relying on the relationship between the issuing bank and the confirming bank.
- Transferable Letter of Credit – Allows the first beneficiary to act as an intermediary and transfer their rights under the letter of credit to the seller of the goods.
