Irrevocable L/C?
Post 1 of 8
Does Irrevocable Letter of Credit mean I don't pay up front but my bank assures the company the money is in there or is it held by someone else. Please let me know.
Thank you
Thank you
28 Aug 2006 11:22
Post 2 of 8
Replying to [hightide]:Hi! Check out this link on L/C's it explains it pretty throughly:
http://www.crfonline.org/orc/cro/cro-9-1.html
hope it helps
robby
http://www.crfonline.org/orc/cro/cro-9-1.html
hope it helps
robby
28 Aug 2006 13:58
Post 3 of 8
Quoting from [Rizzob]:
Replying to [hightide]:Hi! Check out this link on L/C's it explains it pretty throughly:
http://www.crfonline.org/orc/cro/cro-9-1.html
hope it helps
robby
Rizzob,
Thank you for your valuable contributions and your constant assistance to other members!!
28 Aug 2006 17:41
Post 4 of 8
Replying to [bmpc]:No problem, the pleasure is mine.![[em1]](http://img.alibaba.com/images/eng/style/icon/emoticons_smile.gif)
29 Aug 2006 07:20
Post 5 of 8
Replying to [hightide]:Check on the link www.export911.com
12 Sep 2006 23:37
Post 6 of 8
Replying to [hightide]:Visit this one: http://www.export911.com/e911/export/lc.htm
27 Oct 2006 19:04
Post 7 of 8
Replying to [hightide]:
Does Irrevocable Letter of Credit mean I don't pay up front but my bank assures the company the money is in there or is it held by someone else. Please let me know.
Irrevocable Letter of Credit is actually an undertaking by the bank (issuing/confirming) to pay to the seller. Meaning, buyer is not required to make a direct payment (upfront) to the seller. In other word, until and unless the seller complies to the terms and conditions of the Credit, the payment will be held by the bank.
It is a conditional guarantee by the bank to make payment to the seller.
Does Irrevocable Letter of Credit mean I don't pay up front but my bank assures the company the money is in there or is it held by someone else. Please let me know.
Irrevocable Letter of Credit is actually an undertaking by the bank (issuing/confirming) to pay to the seller. Meaning, buyer is not required to make a direct payment (upfront) to the seller. In other word, until and unless the seller complies to the terms and conditions of the Credit, the payment will be held by the bank.
It is a conditional guarantee by the bank to make payment to the seller.
29 Oct 2006 20:17
Post 8 of 8
Replying to [hightide]: Irrevocable L/C means that the L/C once established cannot be revoked. i.e. it cannot be cancelled.
30 Oct 2006 02:02
Page 1 of 1