Letters of Credit - Advanced Course
A letter of credit (L/C) is a set of instructions that the buyer gives their bank in the form of an application. The buyer agrees that if the seller complies with the terms and conditions of the letter of credit, the bank can automatically charge their account and effect payment to the seller.
The first learning objective of the course reviews how in every letter of credit transaction, there are three related, but separate contracts: the sales contract or agreement between the seller and buyer; the letter of credit application between the buyer and the issuing bank; and the letter of credit between the issuing bank and the seller. Additional elements that are reviewed in depth include:
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Governing Rules |
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Advantages to using a Letter of Credit |
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Letter of Credit example |
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Discrepancies |
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Variations of Letters of Credit |
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Overview |
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