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In LC (Letter of Credit) documents, the applicant is the party that requests the issuance of the letter of credit, typically the buyer or importer of goods. They provide the necessary documentation and information to the bank to facilitate the transaction. The applicant is responsible for ensuring that the terms of the LC are met and may also bear the financial obligation to reimburse the bank upon completion of the transaction.
What else can I help you with?
Is the drawee banker require the acceptance of applicant for payment of sight LC?
no
Calculation of lc confirmation charges?
LC confrmation charges is the charges paid to confirmation bank and born by the applicant, normally a confirmaton bank is bank which give the payment on the presentation of documents by applicant,s bank
Will the applicant bank make payment to the beneficiary bank for non delivery using the after sight LC?
according to a HSBC bank officer in China, he said the applicant must make payment even if the seller does not deliver the goods, for using the after sight 90 days LC....I do npt agree because what is the point of having UCP600/ICC ? if there is no govern body to safeguard the applicant ?
Lc applicant and drawee are the same?
When the letter of credit (LC) applicant and the drawee are the same, it typically indicates that the buyer is also the party responsible for making payments under the LC. This situation can arise in transactions where the buyer seeks financing or guarantees for their purchases. However, it may raise concerns about the independence of the transaction, as the buyer's financial stability directly impacts the LC's effectiveness. It's essential for both parties to clearly understand their roles and obligations to avoid potential disputes.
What does LC stand for in LC connector?
LC stands for Lucent Connectors
What is a Usanse LC?
LC for 30,60,90,or 120 days is called Usanse LC
What is a LC opening?
what is lc opening?
What is the meaning of Payment will be effected provided the stipulated documents are presented and terms and conditions of the LC are complied with?
It means the bank will release your money after they approve your document presentation and get approval from the applicant of the letter of credit. If all documents are included and comply with the instructions of the LC, payment can be released according to the payment schedule (i.e. "Draft at 30 days after ship date").
What does LC mean?
lc = learning centre
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 exactly means by LC?
LC is Letter of credit
WHEN IS LC REQUIRED?
What do you mean by the term LC and when it is used
