Üye
A bank promises to pay on behalf of a customer, but where does the money come from? The bank will issue a Letter of Credit if they know the buyer will pay. Some buyers have to deposit (or already have) enough money to cover the Letter of Credit and some customers use a line of credit with the bank. Sellers must trust that the bank issuing the letter of credit is legitimate. A seller only gets paid after performing specific actions that the buyer and seller agree to. For example, the seller may have to deliver merchandise to a shipyard in order to satisfy requirements for the Letter of Credit. Once the merchandise is delivered, the seller receives documentation proving that he made delivery. The Letter of Credit now must be paid even if something happens to the merchandise. If a crane falls on the merchandise or the ship sinks, it’s not the seller’s problem. To pay on a Letter of Credit, banks simply review documents proving that a seller performed his required actions. They do not worry about the quality of goods or other items that may be important to the buyer and seller. Letters of credit make it possible to do business worldwide. They are important and helpful tools.
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