Letter of Credit (L/C)

Finance

 

 

 

 

 

 

 

 

 

 

 

19th Century Letter of Credit from India

A number of years ago, Mr. Gregg W. Humphrey, President & C.E.O. of Ovadya Funding Group International, Inc. wrote a very interesting article regarding the history, nature, uses, and availability of Letters of Credit.

You may download a copy of that article here:  Understanding SBLCs.

A Letter of Credit or, L/C. is a binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be transferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the shipment of goods within a given time frame. It is often used in international trade to eliminate risks such as unfamiliarity with the foreign country, customs, or political instability.

 

 

A letter of credit (L/C) is just as difficult to obtain as a loan.  In fact, the paperwork/application is exactly the same as the bank’s loan application.

Keep in mind, Ovadya Funding Group International, Inc. is not a an SEC licensed firm.  We offer this information for your information only.  Legal Disclaimer HERE.  We DIRECTLY represent third-party lenders.  If you are interested in this product, please contact us at: info@ovadyafunding.com. , as Ovadya Funding Group International, Inc. has relationships with a lender(s) involved many project funding types.

 

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