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Import Letter of Credit
Import Letter of Credit
professional support
already from the beginning of the negotiations until the final settlement of the payment.
Due to our customer oriented organization we offer individual and efficient service.
The letter of credit is an excellent instrument to eliminate many risks in international trade.
An irrevocable letter of credit constitutes a definite undertaking of a bank (issuing bank) to pay by order and for account of the applicant (the
importer), within a fixed period of time (at sight or by deferred payment) against presentation of specified, creditconform documents, a
certain amount to a specified beneficiary (exporter), - all provided that the conditions of the credit are fully complied. The promise to pay can
be supplemented by the exporters bank (confirmed Letter of Credit).
Letters of Credit are subject to the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, Paris.
You can buy this brochure at ICC Austria, Vienna.
Since July 1, 2007 UCP 600 are in force.
We handle all types of L/C-business for you:
Here are some examples:
Back-to-back
The middleman asks his bank to open an Import L/C in favour of his supplier on basis of the Export L/C received.