Irrevocable Letter of Credit LC
Download a sample of Irrevocable Letter of Credit L/C in PDF format used in international transactions.
And User Guide that explains:
In an Irrevocable Letter of Credit L/C the importer´s bank agrees to the exporter (called "the beneficiary") that the exporter will get paid if it can prove it has shipped the proper goods by providing the corresponding documents required by the Letter of Credit. Exporters like Letters of Credit because the advance assurance of payment ensures the seller that it will not waste time preparing or shipping an order to a buyer who ultimately refuse to accept or pay for the goods.
An Irrevocable Letter of Credit cannot be amended or cancelled without the consent of all Parties.
The terms "Letters of Credit" and "Documentary Credit" mean the same thing. Exporters, importers and bankers in some parts of the world (USA, Asia) tend to use the term "Letter of Credit" or the abbreviation "L/C", while in other areas (Europe) prefer to use "Documentary Credit" or "D/C".
Who Should Purchase this Document
The Irrevocable Letter of Credit L/C Guide is helpful for anyone involved in international trade, including: exporters, importers, distributors, traders and brokers, logistics professionals, forwarding agents, shipping lines, airlines, and international trucking firms. This guide is also helpful to trade associations, chambers of commerce, consultants, professors and students of internacional trade.