0
A payment term LC, or Letter of Credit, is a financial document issued by a bank on behalf of a buyer, guaranteeing payment to a seller upon the fulfillment of specified conditions. It serves as a secure method of payment in international trade, ensuring that the seller receives payment as long as they provide the required documentation, such as shipping details and invoices. This reduces the risk for both parties, as the buyer can ensure that the goods are delivered as promised before payment is made.
What else can I help you with?
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
Is the drawee banker require the acceptance of applicant for payment of sight LC?
no
What is meant by payment term OA 30 days?
open account 30 days..
What payment term is better for supplier TT60days or OA 60days or 60day LC?
The best payment term depends on your business relationship and cash flow needs. TT (Telegraphic Transfer) 60 days may provide quicker access to funds for suppliers but requires upfront payment. OA (Open Account) 60 days allows for payment after goods are received, which can be advantageous for cash flow but carries more risk for suppliers. A 60-day LC (Letter of Credit) offers security for both parties, ensuring payment upon meeting agreed terms, making it a balanced option if both parties are comfortable with it.
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 an LC payment?
An LC payment, or Letter of Credit payment, is a financial instrument used in international trade to ensure that payment will be made to the seller upon fulfillment of specified conditions. The buyer's bank issues the LC, guaranteeing payment to the seller's bank once the seller provides the required documentation, such as shipping and invoice details. This method reduces risk for both parties, as the buyer is assured that payment will only be made when the agreed terms are met, while the seller gains security in receiving payment.
Is the drawee banker require the acceptance of applicant for payment of sight LC?
no
What is meant by payment term OA 30 days?
open account 30 days..
What payment term is better for supplier TT60days or OA 60days or 60day LC?
The best payment term depends on your business relationship and cash flow needs. TT (Telegraphic Transfer) 60 days may provide quicker access to funds for suppliers but requires upfront payment. OA (Open Account) 60 days allows for payment after goods are received, which can be advantageous for cash flow but carries more risk for suppliers. A 60-day LC (Letter of Credit) offers security for both parties, ensuring payment upon meeting agreed terms, making it a balanced option if both parties are comfortable with it.
