Letter of Credit Assignment Help

Letter of Credit Assignment Help
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Letter of Credit Assignment Help – Finance

Working on a Letters of Credit assignment? BookMyEssay can help you by means of our Letters of Credit (Finance) assignment help that provides you perfect writing service to match your requirements to the perfection.

The Overview of Letters of Credit

Letter of Credit gets its derivation from letter of credit that itself got derived from a French term accreditation. The concept Letter of Credit got crucial to promote ease of business and trade with several countries because it is not possible for different dealers doing the international trade to get to know one another on a personal level. In addition, it is not possible for them to get themselves habituated with the regulations and laws of foreign nations that are being dealt with. It was because of such factors that gave a whole lot of importance to Letter of Credit in global trade. The idea of Letter of Credit was first brought in the picture in Europe by a commercial banking system. A Letter of Credit is basically a letter by means of which the banker of a purchaser becomes a guarantor of purchaser to the banker of a seller and takes on to pay off a total amount of money to the seller if the purchaser fails to pay.

A Letter of Credit is the one that a bank issues in support of the seller ensuring a certain amount of money that the goods have been bought by the purchaser on credit for, to repay at the right time and if the buyer is not able to make the payment, the bank accepts to repay the amount of money to the seller. The Letter of Credit has become an extremely famous financing method when transactions of business are carried out nationally and internationally. It has become a central tool of business finance and is basically utilized by fiscal establishments. Letter of Credit makes sure of the security of payments to the exporter or seller and allows the imported or buyer to make arrangements for the total amount of money to be made as payments by providing a certain time period, and therefore, it acts as an efficient financing mode for the purchaser.

A Letter of Credit depicts an irreversible responsibility of payment that the purchaser’s bank also called Issuing Bank that the purchaser has applied to, in support of a seller that is also termed as a beneficiary. The letter is addressed to the banker of the seller, which is also called Advising Bank, ensuring to the payment seller if the purchaser fails to make the payment. A Letter of Credit implements the functions similar to those of giros or travelers’ cheques to carry out a specific transaction. The beneficiary who wishes to get the payment needs to provide specific documents for getting payments to the identified bank. Those documents are commercial documents, such as packing list, invoices of good, and others, financial documents, such as co-accepted drafts and bills of exchange, shipping documents, such as bill of lading, mate’s receipt, and delivery challan, and others, and insurance documents, such as insurance policy or insurance certificates.

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