It is an undertaking issued by the bank to the seller at the request of the buyer.
The bank pledges to pay a specified amount within a specified period of time, in exchange the bank receipt of shipping documents that comply with the terms stated in the credit.
They pay to seller the value of the goods immediately after shipment, with condition of submit documents that conforming to the terms of the credit.
The buyer obtains the goods with the specifications required in the credit.
Letter of Credit application form.
Bring a valid importers and exporters record.
Bring an initial invoice showing the description of the goods, and the beneficiary's bank approved by the relevant authorities.
Paying margin and opening credit expenses.
Providing acceptable guarantee to the bank.
