International trade payment methods

Author: Wu Lin Kang
Publisher:
Publish Date: 1989-10-01
Features: At the request of Messrs its—(the name of importer or its agent), we hereby issue our confirmed, irrevocable documentary Letter of Credit No.—in your favour for account of Messrs—(the name of importer) for the amount of $5,000 (Say Pound sterling five thousand only) available for 100% of invoice value against your draft(s) at sight drawn on us accompanied by the following shipping documents marked with numbers. When the addressee is the advising bank, the opening sentence is usually written in this way: Please notify Messrs—(the name of exporter and its address) that by order of Messrs—(the name of importer or its agent), we open our confirmed, irrevocable documentary Letter of Credit No.—for an amount not exceeding the total of USDollar 50,746 (Say--) available against surrender of the following documents bearing our Credit number and the full name address of the openers. The expressions in the above sentences have many similar ways of writing: (a) at the request of: by order of under the instruction of (b) to issue an L/C: to open an L/C to establish an L/C (c) our letter of credit: this letter of credit above letter of credit (d) for the amount of: to the amount of in amount of amounting to