The letters of credit that are used during international transactions are supervised by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits.
Letters of credit – Knowing the different types
Generallythe international traders need help of financial intermediaries like banks forguaranteeing payments and also the assurance of delivering goods on time.Letters of credit usually accomplish their goal by playing the role of asubstitute to the credit of the bank to that of the client mainly forfacilitating trade. letter of credit.
