
Understanding and Using Letters of Credit LC
Understanding and Using Letters of Credit LC SPAIN, April 1, 2020 /EINPresswire.com/ -- Letter of Credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism. Commercial Letter of Credit: Commercial letters of credit …