Category: Letter Of Credit (LC)

As a seller, the process of dealing with a Letter of Credit (LC) involves several steps to ensure that the transaction is carried out in a secure and efficient manner. Here are the general steps involved in dealing with an LC from the seller’s point of view: It’s important to note that the seller should…

As a buyer, the process of opening a Letter of Credit (LC) involves several steps to ensure that the transaction is carried out in a secure and efficient manner. Here are the general steps involved in opening an LC from the buyer’s point of view: It’s important to note that the buyer should seek professional…

There are several types of letters of credit (LOCs) commonly used in international trade transactions in UAE. Here are some of the most common types:

A letter of credit (LC) is a document that is issued by a bank in the UAE on behalf of a buyer (importer) to guarantee payment to a seller (exporter) for international trade transactions. It is commonly used in UAE for importing goods from foreign countries. Here’s how it works in the context of UAE:…