A letter of credit (L/C) is a document sent from a bank or financial institute that guarantees that a seller will receive a buyer's payment on time and for the full amount, where the bank charge a fee for issuing a letter of credit.
Before confirming the shipment of a new machine or instrument following documents or information should be collected or confirmed from the manufacturer or supplier:
- BENEFICIARY ADDRESS DETAILS
- BENEFICIARY'S SIGNED COMMERCIAL INVOICE
- DETAILED SIGNED PACKING, WEIGHT AND MEASUREMENT LIST
- FULL SET SHIPPED ON BOARD BILL OF LADING DRAWN
- CERTIFICATE OF ORIGIN ISSUED BY CHAMBER OF COMMERCE/ CONCERNED GOVERNMENT AGENCY/APPROVED AUTHORITY
- COPY OF BENEFICIARY'S SHIPMENT
- A FULL SET OF NON-NEGOTIABLE DOCUMENTS TO BE SENT TO THE APPLICANT BY COURIER/EMAIL WITHIN 05(FIVE) DAYS AFTER THE SHIPMENT AND A COPY OF COURIER RECEIPT/EMAIL MUST ACCOMPANY THE ORIGINAL DOCUMENTS
- APPLICANT'S NAME, ADDRESS, TIN AND VAT REG NUMBER MUST EITHER BE PRINTED OR WRITTEN IN IRREMOVABLE INK ON THE PACKAGE/COVER/WOODEN BOX/OTHER PACKAGES, ON THE BIGGEST PACKAGE/BOX OF THE SHIPMENT AND A COMPLIANCE CERTIFICATE TO THIS EFFECT MUST ACCOMPANY THE ORIGINAL DOCUMENTS
- COUNTRY OF ORIGIN TO BE MENTIONED CLEARLY ON ALL GOODS/GOODS PACKAGES/CONTAINER AND BENEFICIARY'S CERTIFICATE TO THIS EFFECT MUST ACCOMPANY THE ORIGINAL DOCUMENTS
- PACKING TO BE EXPORT STANDARD PACKING AND A COMPLIANCE CERTIFICATE TO THIS EFFECT MUST ACCOMPANY THE ORIGINAL DOCS
- COMMERCIAL INVOICE MUST SHOW FOB VALUE OF GOODS AND FREIGHT CHARGES SEPARATELY
- ALL DOCUMENTS MUST BE IN ENGLISH
Further information
- Description of Goods and/or Services
- Instructions to the Paying/Accepting/Negotiating Bank
- Confirmation Instructions
- Bank Charges
- Bank Party Identifier & Identifier Code
- Port of Loading/Airport of Departure and Port of Discharge/Airport of Destination
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