General Features
- A Letter of Credit (LC) is a payment undertaking to facilitate your domestic/international trade transaction settlement.
- The LC Issuing Bank issues a written undertaking at the request and in accordance with the instructions of the buyer (Applicant). The Issuing Bank assures payment to the seller (Beneficiary) as long as they present documents which comply with the terms and conditions of the LC issued.
- Payment is assured based on documents alone and not on goods or services to which it may refer.
