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Letters of credit are letters from banks guaranteeing that the buyer’s payment to sellers shall be received for the correct amount and on time. In events, buyers cannot make payments, the banks shall cover the remaining or full amount of the purchase.

Students usually find finance assignments complicated and they need proper knowledge of the basic concepts with standards, theories, formulas, and practices used for exploring the financial aspects of different assignments. We, at BookMyEssay try to provide relief to students by offering them the best Letters of Credit assignment help.

What are Letters of Credit?

Letters of credit are documents that guarantee the payment of buyers to sellers. They are issued by banks and ensure timely and complete payment by sellers. When buyers cannot make such payments, the bank covers the remaining or full amount on the buyer’s behalf.

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Letters of credit are issued against cash or pledge of securities. Banks collect a fee; a percentage of the amount/size of the letter of credit. As they are used in international dealings factors such as distance, different laws in every nation, and difficulty to know every party personally, letters of credit have become a vital aspect of international trade. We, at BookMyEssay offer a step-by-step finance assignment help solution.

What are the Different Kinds of Letters of Credit?

The letters of credit are divided into the categories that are discussed in our Letters of Credit assignment help online as follow:

Sight Credit: In Letters of Credit, the documents are payable at sight on presenting the correct documentation. The businessman can present bills of exchange to lenders together with sight letters of credit and take necessary funds. This LC is more immediate compared to other kinds of letters of credit.

Time Credit: Under time credit or acceptance credit, the bills are accepted on presentation and honoured at the respective due dates.

Revocable and Irrevocable Letters of Credit: Revocable LC is a credit whose terms and conditions can be cancelled or amended by the issuing banks. The cancellation may be done without notice to beneficiaries. Irrevocable credits are credit, the terms and conditions that can neither cancelled nor amended.

Confirmed Credit: A confirmed letter of credit is when bankers other than the issuing banks add their confirmation to credits. If it is a confirmed LC, the bank of the beneficiary will submit the documents to the confirming bank.

Back-to-Back Credit: The beneficiary requests the banker for issuing LC in favour of the supplier for procuring raw materials. This kind of LC is called the Back-to-back credit.

Transferable Credit: The LC is not a negotiable instrument, but the Bills of Exchange are negotiable. A transferable LC is one where a beneficiary may transfer the rights to the third parties.

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The Advantages of Letters of Credit (Finance)

The advantages are mentioned in our Letters of Credit assignment writing help as follows:

  • It gives the trade partners the ability to transact with unknown partners. It can help to expand the business into new geographies.
  • It is safer for sellers if the exporters or buyers become bankrupt.
  • It can be customized. Both trading partners put in their terms and conditions according to their needs and arrive at mutual clauses.
  • In disputes, LC allows exporters to withdraw funds as agreed upon and resolve the disputes subsequently.

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