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What is letter of credit? Discuss …

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What is letter of credit? Discuss the various types of letters of credit used in international business.

Posted by Natasha Mishra 5 years ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 5 years ago

It is a guarantee letter issued by the importer’s bank stating that it will honour the export bills to the bank of the exporter upto a certain amount.

Commercial Letter of Credit

This is a standard letter of credit that’s commonly used in international trade, and may also be referred to as a documentary credit or an import/export letter of credit. A bank acts as a neutral third party to release funds when all the conditions of the agreement have been met.

Standby Letter of Credit

This type of letter of credit is different: It provides payment if something fails to happen. Instead of facilitating a transaction, a standby letter of credit provides compensation when something goes wrong.

Back-to-Back Letters of Credit

A back to back letter of credit allows intermediaries to connect buyers and sellers

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