What is a Letter of Credit?

What is a Letter of Credit?

A Letter of Credit is an official document that is typically issued by the importers bank but it is only secure if you, as the ex-porter, meet all of its strict conditions.
Letters of Credit (L/C) are now becoming one of the preferred payment methods used in overseas trade due to added securi-ty when trading with customers and countries that may be deemed risky.

Worryingly, over 75% of exporters who do their own Letters of Credit experience problems getting paid due to incorrect pa-perwork, leading to expensive bank charges, costly delays in payment and potentially result in lost business / contracts.
How we can help?
Surrey Chambers of Commerce have teamed up with Business West to offer the Chambers Letter of Credit Service, where you’ll benefit from a team that has a 98% first time approval rate and an excellent reputation with all major global banks making your life easier, and to ensure that you get paid in full and on time.
We deliver a fully managed, comprehensive service through a team of experts who work hard to secure payment for your exports.

Our Letter of Credit service includes:
• Advice on Letter of Credit terms.
• Preparation of all shipment documents.
• Compliance checks for third-party documents.
• Liaison with freight forwarders, shipping companies, in-spection agents etc.
• Advice on Incoterms® 2010.
• Arrangement of cargo insurance.
• Presentation of all documents to the bank within agreed deadlines.

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