Keys to Understanding Documentary Letters of Credit

Keys to Understanding Documentary Letters of Credit

4.11 - 1251 ratings - Source

Successful overseas sales can open windows of opportunities for international business, allowing companies to grow and substantially increase profits. Documentary letters of credit is one of the most secure payment instruments available to ensure each transaction goes smoothly. Unfortunately, it can also be one of the most complex and technical processes related to cross-border transactions. Cornelio (Onnie) Sumangil relies on more than forty years of experience in international trade banking to help others better understand a documentary letter of credit, how it works, and its purposes. Sumangil provides a roadmap that leads both novice and seasoned cross-border traders through a step-by-step process from analyzing and negotiating the terms and conditions of a transaction to securing a payment at the end of the process. Included is relevant information on negotiation credits, types of time payments, ways to resolve discrepancies, and how to select a high-quality international bank.For letters of credit that are transmitted via teletransmission, the US bank verifies the a€œtesta€ given by the overseas bank. Banks exchange ... This means that the US bank has no financial obligation to pay under the letter of credit. However ... In addition, if the documents presented do not comply with the terms and conditions of the letter of credit, the issuing bank will not be obligated to pay. A good example of commercial risk is the possible bankruptcy of the issuing bank. If the issuinganbsp;...

Title:Keys to Understanding Documentary Letters of Credit
Author:Cornelio (Onnie) A. Sumangil
Publisher:LULU - 2014-10-23


You Must CONTINUE and create a free account to access unlimited downloads & streaming