LC's are used in international transactions to ensure that payment will be received where the buyer and seller may not know each other and are operating in different countries. We deal with two types of Letters of Credit At Sight Payable immediately – within five to ten days – after the seller meets the requirements of the . Usance Also known as Deferred Payment LC , Time LC or Term LC is a payable at a predetermined time / future date after the conforming documents are presented. The applicant sends us the pro forma/sales invoice. EEB will create a draft instrument and send a quote to you stating our charges (to be paid in advance). Once the draft has been accepted, an indemnity with be sent to you (KYC/AML/due diligence) documents which need to be signed and notarized by a lawyer. We also send you a formal invoice for our indemnity process and issuance charges. Once our invoice has been paid, along with all indemnity documents, subject to legal and compliance acceptance, we will SWIFT the instrument to the beneficiary's bank. Escrow account facilities with a UK third party are also available to assist in the settlement of invoices, and we request a commitment fee along with Escrow administration charges. The beneficiary sends the goods to you and the documents to us. Once documents have arrived, we have three business days to act on it, after which, if formally accepted, we send you a copy of the documents. Upon acceptance of the documents, you will be required to pay the beneficiary. When completed, we send you all the original documents. Goods arrive.
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