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Letters of Credit

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This Bite-size module covers the following topics:

What Is a Documentary Letter of Credit?

The Parties to a Documentary Letter of Credit

How a Documentary Letter of Credit Works

Rules Governing Letters of Credit – Uniform Customs and Practice for Documentary Credits

Circumstances in Which Letters of Credit Can Be Used

Documents in a Letter of Credit

  • Financial Documents
  • Commercial Documents
  • Transport/Shipping Documents
  • Insurance Documents
  • Official Documents

Risks When Using Letters of Credit

  • Discrepant Documents
  • Goods Not Being of the Required Quality/Quantity
  • Non-Payment by the Issuing Bank or Country

Advantages and Disadvantages of a Letter of Credit

Types of Letters of Credit

  • Transferable Letters of Credit
  • Revolving Letters of Credit
  • Standby Letters of Credit
  • Back-to-Back Letters of Credit

Standby Letters of Credit

  • Definitions
  • Points to Note
  • Standby Letter of Credit Process Flow
  • Differences between a Standby Letter of Credit and Documentary Letter of Credit
  • Potential Risks to Consider

Appendix: UCP 600, for Documentary Credits

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