Offering: Other services in United Kingdom, London

If you are running an international business, you may be aware of what a letter of credit is. It is a legal document that is issued by a bank or a private financial institution to the exporter on behalf of the importer guaranteeing that the amount of LC agreement will be paid on-time. And if the importer is unable to do so, it will be covered by the issuing bank. In short, here the bank acts as a financial guarantor for the importer and ensures the exporters the amount for their delivered goods and services. But when it comes to the types of letters of credit, you often get confused between confirmed and unconfirmed LC.

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