The Letter of Credit (LC) process starts with the buyer and seller in a trade agreeing upon the initial contract. The buyer then request their bank to issue an LC. The buyer's bank issues the LC to the seller's bank.
Tips for writing a letter of explanation Provide all details the best you can, including correct dates and dollar amounts. Explain how and when all situations were resolved. If they are not resolved, explain that as well. Detail why problems won't happen again.