Arkansas Irrevocable Letter of Credit
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FAQ
A clean letter of credit is a document issued by a bank that promises to pay a third party (the beneficiary) if they meet certain conditions, regardless of whether the original agreement between the customer and beneficiary is fulfilled. It is called "clean" because no documents need to be presented along with it.
A revocable letter of credit is uncommon because it can be changed or cancelled by the bank that issued it at any time and for any reason. An irrevocable letter of credit cannot be changed or cancelled unless everyone involved agrees. Irrevocable letters of credit provide more security than revocable ones.
An irrevocable letter of credit is issued when a bank representing an importer agrees to pay the seller (the exporter) for an international transaction. The letter of credit reduces the risks taken by both buyers and sellers that foreign goods will be shipped, and payment made.
An irrevocable letter of credit should always be obtained from a commercial bank and not drafted by the importer or exporter.
This Letter of Credit provides much security to the beneficiary. The bills drawn under an Irrevocable Letter of Credit will be honoured by the issuing bank, once all the conditions of the LC agreement have been met.
A buyer will typically pay anywhere between 0.75% and 1.5% of the transaction's value, depending on the locations of the issuing banks. Sellers may find that their fees are structured slightly differently. Instead, they may pay a set of small flat fees that vary in cost.
Clean Irrevocable LCs do not have any performance obligations clause or require specific documentation submitted to the bank or financial institution for payments. For example, in an Irrevocable LC, the seller sends the shipment and gets his payment without showing any financial documents like proof of delivery.
A clean LC is a mechanism through which the beneficiary of the credit can draw a bill of exchange that too without any extra documentation. A clean LC is irrevocable till the period of review begins.