Financial
Issuing Bank (Letter of Credit)
Financial institution in the importer's country that issues the letter of credit committing to payment in favor of the exporter.
Financial institution in the importer's country that issues the letter of credit committing to payment in favor of the exporter.
The issuing bank opens the letter of credit per the importer's instructions and commits to paying the beneficiary (exporter) when compliant documents are presented per L/C terms.
Letter of Credit
A bank payment instrument in which the issuing bank commits to paying the exporter if documentary conditions are met as established.
FinancialConfirmed Letter of Credit
Letter of credit where a second bank adds its payment commitment to the issuing bank's, giving double guarantee to the exporter.
DocumentsIrrevocable Letter of Credit
International payment instrument that cannot be modified or cancelled without consent of all parties involved.