Viewing entries posted in December 2014
Have you ever wondered exactly what happens when you export cargo to another country? If you have or just want some more information, then read on!
As the shipping of foreign goods to another country can take some time, importers have to ensure the exporters are paid before the goods arrive. This is where the Letter of Credit comes in. Sometimes known as ‘documentary credit’, this letter acts as a guarantee from the bank that they will pay the seller on behalf of the buyer the agreed amount of money within a specified timeframe.