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A letter of credit (sometimes also called a credit letter), is, in short, a document ensuring that a seller will receive the full payment from the buyer. In case the buyer is unable to make the payment, the bank steps in to fulfil the obligation. The bank also collects a fee for its part. THIS LETTER OF CREDIT SHALL AUTOMATICALLY TERMINATE AND BE DELIVERED TO US FOR CANCELLATION ON THE EARLIEST OF (I) THE MAKING BY YOU AND PAYMENT BY US OF THE DRAWINGS IN AN AMOUNT EQUAL TO THE MAXIMUM AMOUNT AVAILABLE TO BE MADE HEREUNDER, (II) THE ABOVE-STATED EXPIRATION DATE HEREOF. 1) Advance percentage: - With a red clause LC, the percentage of the total letter value available for an advance is generally around 20 - 25%. - In contrast, with a green letter of credit, the percentage is far greater, often closer to 75 - 80% of the total value of the letter. 2) Security: Letter Of Credit U C P 600 By: Kamal Hassan Vikas Arora Susovan Maity Mayank Kapoor fIntl Trade Procedures & Documentation - UCP 600 & LC Mechanism International Trade Operational Cycle 1. Sale Contract sent 2. Contract accepted 3. Ships the Goods Exporter Goods Delivered against Documents Importer 4.Submits Documents for Collection has over 30 years of experience in international trade finance. An author of numerous articles and books on letters of credit and related topics, he is actively involved in national and international practices letters of credit. Buddy.Baker@gs.com / T. 312-655-4549 5 A letter of credit functions similarly to an escrow account, where a third party coordinates and holds onto the money needed to complete a transaction on behalf of the other two parties in a deal. This letter certifies that the buyer has good credit (hence the name) and can afford to pay for what they have purchased. Types of Letters of Credit A letter of credit or LC is a written document issued by the importer's bank (opening bank) on importer's behalf. Through its issuance, the exporter is assured that the issuing bank will make a payment to the exporter for the international trade conducted between both the parties. The importer is the applicant of the LC, while the exporter its stated purpose. While fairly simple in form, a Letter of Credit requires proper review and negotiation to ensure its effectiveness and this article will provide an understanding of its mechanics. In the arena of commercial real estate, a Letter of Credit is most likely to arise in two contexts. Letters of Credit are primarily used in commercial Commercial Letter of Credit This is a standard letter of credit that's commonly used in international trade. It may also be referred to as a "documentary credit" or an "import/export letter of credit." 1 A bank acts as a neutral third party to release funds when all of the conditions of the agreement have been met. Standby Letter of Credit Step 2. Complete the order/transaction with the seller or other party involved. Once the terms of the order are complete and the seller can present the required documents stated on the letter of credit, the bank can issue payment to the seller. For example, in transactions involving international sales, when goods are delivered and the proo