what type of L/C is best for seller ?
Post 1 of 4
Dear Ranger ,thanks a lot for all information you provide us ,it is very helpful !!!!
A lot of info how to protect the buyer but what about seller ?
I have heared stories when buyer made magic staff with L/C :)
I have one question and hoping to get answer for that q-n
What type L/C is more safe for the seller ?
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14 Mar 2008 05:44
Post 2 of 4
Replying to [apple777]: There is no best L/C it depends on the relationship you have with your buyer which is the most useful. For first time buyers that you are dealing with it would be an
Irrevocable, confirmed L/C negotiated "at sight" of the documents.
The key wording is AT SIGHT any other terminology other than that is negotiation by "acceptance". Which means at some future date. There are other terms beyond this but, other terms may include you having to open a performance bond. Under UCP 600 the bank once presented with the documents at sight has a set amount of days upon which to act on and pay the L/C. So payment is recieved in most cases before the buyer recieves shipment.
Ranger
Irrevocable, confirmed L/C negotiated "at sight" of the documents.
The key wording is AT SIGHT any other terminology other than that is negotiation by "acceptance". Which means at some future date. There are other terms beyond this but, other terms may include you having to open a performance bond. Under UCP 600 the bank once presented with the documents at sight has a set amount of days upon which to act on and pay the L/C. So payment is recieved in most cases before the buyer recieves shipment.
Ranger
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14 Mar 2008 13:14
Post 3 of 4
Replying to [apple777]:CONFIRMED IRREVOCABLE L/C AT SIGHT.
15 Mar 2008 00:50
Post 4 of 4
Replying to [apple777]:Irrevocable, confirmed L/C negotiated "at sight" of the documents
18 Mar 2008 00:56
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