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Letter of Credit (LC) provides an arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. It not only guarantees product protection but also ensures flexible payment terms.
A Standby Letter of Credit (SBLC) is a guarantee that is made by a bank on behalf of a client, ensuring payment to be made even if their client cannot fulfil the payment. It is a payment of last resort from the bank and ideally, is never meant to be used.
A Bank Guarantee (BG) provides an instrument considered as security. A Bank Guarantee is when a bank offers surety and guarantees for different business obligation on behalf of their customers within certain regulations. It is generally a promise made by the bank to any third person to undertake the payment risk on behalf of its customers.
Performance Guarantee (PG) is an agreement between a client and a contractor. The bank offers a guarantee to the client on behalf of a contractor that work will be done as per the agreement.
Letter of Credit (LC) provides an arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. It not only guarantees product protection but also ensures flexible payment terms.
A Standby Letter of Credit (SBLC) is a guarantee that is made by a bank on behalf of a client, ensuring payment to be made even if their client cannot fulfil the payment. It is a payment of last resort from the bank and ideally, is never meant to be used.
A Bank Guarantee (BG) provides an instrument considered as security. A Bank Guarantee is when a bank offers surety and guarantees for different business obligation on behalf of their customers within certain regulations. It is generally a promise made by the bank to any third person to undertake the payment risk on behalf of its customers.
Letter of Credit (LC) provides an arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. It not only guarantees product protection but also ensures flexible payment terms.
A Standby Letter of Credit (SBLC) is a guarantee that is made by a bank on behalf of a client, ensuring payment to be made even if their client cannot fulfil the payment. It is a payment of last resort from the bank and ideally, is never meant to be used.
Letter of Credit (LC) provides an arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. It not only guarantees product protection but also ensures flexible payment terms.
A Standby Letter of Credit (SBLC) is a guarantee that is made by a bank on behalf of a client, ensuring payment to be made even if their client cannot fulfil the payment. It is a payment of last resort from the bank and ideally, is never meant to be used.
A Bank Guarantee (BG) provides an instrument considered as security. A Bank Guarantee is when a bank offers surety and guarantees for different business obligation on behalf of their customers within certain regulations. It is generally a promise made by the bank to any third person to undertake the payment risk on behalf of its customers.
Performance Guarantee (PG) is an agreement between a client and a contractor. The bank offers a guarantee to the client on behalf of a contractor that work will be done as per the agreement.
Documentary Collection (DC) occurs when a seller instructs his bank to forward documents related to the exporting of goods or services to the buyer’s bank, then requesting to present these documents to the buyer for their payment. The contract will also include the terms under which conditions the documents can released to the buyer.
Proof of Funds (POF) is a letter or documentation that certifies that an individual, institution, or corporation has sufficient funds to complete a transaction. A POF is typically issued by a commercial bank to provide confidence or assurance to another party, typically a seller, that the individual or entity in question has sufficient funds to complete an agreed upon purchase.
Letter of Credit (LC) provides an arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. It not only guarantees product protection but also ensures flexible payment terms.
A Standby Letter of Credit (SBLC) is a guarantee that is made by a bank on behalf of a client, ensuring payment to be made even if their client cannot fulfil the payment. It is a payment of last resort from the bank and ideally, is never meant to be used.
A Bank Guarantee (BG) provides an instrument considered as security. A Bank Guarantee is when a bank offers surety and guarantees for different business obligation on behalf of their customers within certain regulations. It is generally a promise made by the bank to any third person to undertake the payment risk on behalf of its customers.