A letter of credit is an instrument issued by a Bank on behalf of a customer (importer) paying the beneficiary (exporter), under Sight L/Cs, payment will be made by the customer on receipt of documents or upon arrival of the goods. In the case of Usance (Time) L/Cs, the documents will be delivered against acceptance of the draft and the payments will be deferred by the customer until the maturity (i.e. on the due date of the draft), determinable in accordance with the stipulations of the L/C.
The bank also provides on case to case basis to refinance the amount of the L/C due for payment on short tem installments up to maximum 12 months period or telex transfer amount.
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