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What is LC DA DP TT payment options?
LC = Payment thru Letter of Credit DA = Payment against acceptance DP = Payment against receipt of document TT = Telegraphic transfer
What is meant by payment term OA 60 days?
OA = open account
What is meant by payment term OA 30 days?
open account 30 days..
Is the drawee banker require the acceptance of applicant for payment of sight LC?
no
What is the meaning of LC in accounting?
LC Means letter of Credit. It is a negotiable instrument to make payment through bankers of both parties, i.e. Payer & Payee
What is the meaning of LC payment?
Letter of Credit payment
What is LC DA DP TT payment options?
LC = Payment thru Letter of Credit DA = Payment against acceptance DP = Payment against receipt of document TT = Telegraphic transfer
What is the meaning of lc?
Letter of Credit payment
WHEN IS LC REQUIRED?
What do you mean by the term LC and when it is used
What is meant by LC of an instrument?
riva
What is the difference between usance and deferred payment LC?
Ah, what a lovely question! Usance and deferred payment LCs both involve payment terms in trade transactions, but there's a subtle difference. Usance LC allows the buyer a specific period after receiving the goods to make the payment, while deferred payment LC allows the buyer to make the payment at a later date agreed upon in the LC. Both methods offer flexibility and trust between the parties involved in the transaction.
Difference between Export LC and import lc?
An import LC is one made with reference to the buyer but with an export LC, the LC is changed to that with reference to the Issuing bank. This gives a stronger guarantee of payment to the seller.
What is meant by payment term OA 60 days?
OA = open account
What is meant by payment term OA 30 days?
open account 30 days..
Is the drawee banker require the acceptance of applicant for payment of sight LC?
no
What is the meaning of LC in accounting?
LC Means letter of Credit. It is a negotiable instrument to make payment through bankers of both parties, i.e. Payer & Payee
What is negotiation of documents under LC under reserve?
The documents presented under a documentary credit are scrutinized as per the International standards of scrutiny and negotiated if they strictly comply with the LC terms. This is called a clean negotiation. On the other hand if the documents do not comply with the LC terms and discrepancies are found, the negotiating bank may still opt to give value under the LC by paying or incurring a deferred payment obligation as per LC provided the beneficiary undertakes to indemnify the negotiating bank in the event of rejection by the LC opening Bank. This is technically called a payment under reserve. The Reserve will be lifted on acceptance of discrepancies by the LC opening Bank.
