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Standby Letter of Credit

Standby Letter of Credit

The Documentary Letter of Credit known as LC or DLC is a written undertaking given by a bank to the seller (beneficiary).

The Letter of Credit or Documentary Letter of Credit is a technique for financing International trade by which a bank (issuing bank) takes the irrevocable commitment, at the request and for the account of its client (applicant), to pay the exporter (beneficiary) against the handing-over of various documents complying with the terms of the credit, proving forwarding and the nature of the goods stipulated in the proforma invoice or commercial contract within a set time limit.

 

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