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Home >> Businesses & Institutions >> Businesses >> Letters Of Credit
Letters of Credit
Letters of Credit (L/Cs)
are a long established mechanism by which banks facilitate international trade by providing short-term trade support to customers.
Benefits (to the importer)
  • A usance L/C allows the importer to obtain a period of credit before having to pay the exporter for his goods.
  • The exporter will not be paid unless, and until, he has presented the specific documents in accordance with the terms of the L/C.
  • The importer can ensure shipment of the goods within a reasonable time by specifying a latest date for shipment on the L/C.
  • The importer can obtain the help and advice of the Co-op Bank with regard to the L/C.
 
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