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There are two types of LCs; Trade and Standby. If you are selling goods, a Trade LC helps to ensure payment after shipment and defines the LC terms. If you are buying, a Trade LC helps ensure you don’t have to pay, unless your vendor has shipped and has met the LC terms. A Standby LC can be used to backup an underlying agreement in case obligations are unfulfilled; a statement of default is presented triggering payment.
An Export LC removes the anxiety of shipping merchandise in advance of payment. Your customer’s bank issues an LC that assures payment to you, based on documents you present that meet the terms of the LC.
We pay your supplier only after verifying that shipping documents presented by your customer comply with the terms of LC. Since your customers’ credit risk is reduced, they may lower their prices. They may even be able to obtain bank financing based on the LC.
Used as a backup, Standby LCs assures payment when terms of an underlying agreement have not been met. They can also be used as bid or performance bonds or for protection of a down payment.
Put our solutions to work for your business. Contact a Treasury Management Specialist today.
All credit products and pricing are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply.
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