Keys to Understanding Documentary Letters of Credit

Keys to Understanding Documentary Letters of Credit

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Successful overseas sales can open windows of opportunities for international business, allowing companies to grow and substantially increase profits. Documentary letters of credit is one of the most secure payment instruments available to ensure each transaction goes smoothly. Unfortunately, it can also be one of the most complex and technical processes related to cross-border transactions. Cornelio (Onnie) Sumangil relies on more than forty years of experience in international trade banking to help others better understand a documentary letter of credit, how it works, and its purposes. Sumangil provides a roadmap that leads both novice and seasoned cross-border traders through a step-by-step process from analyzing and negotiating the terms and conditions of a transaction to securing a payment at the end of the process. Included is relevant information on negotiation credits, types of time payments, ways to resolve discrepancies, and how to select a high-quality international bank.When American Machinery Mfg. Co. receives the deferred payment letter of credit and finds it to be in satisfactory form, it ships the goods and presents its demand for payment for $1, 000, 000 and the documents for $10, 000, 000. The balance ofanbsp;...

Title:Keys to Understanding Documentary Letters of Credit
Author:Cornelio (Onnie) A. Sumangil
Publisher:Lulu Press, Inc - 2014-10-13


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