Texas Letter of Credit
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FAQ
A letter of credit is an instrument issued by a financial institution, usually a bank, which authorizes the bearer to demand payment from the institution. A letter of credit can be general, if it is not addressed to any specific person, or special, if it is addressed to a specific person or entity.
Types of letters of credit include commercial letters of credit, standby letters of credit, and revocable letters of credit.
The bank will examine the beneficiary's demand and if it complies with the terms of the letter of credit, will honor the demand. Most letters of credit are governed by rules promulgated by the International Chamber of Commerce known as Uniform Customs and Practice for Documentary Credits.
DEFINITION OF LETTER OF CREDIT (SIMPLE): A Letter of Credit (LC) is a document issued by a bank that essentially acts as an irrevocable guarantee of payment to a beneficiary. This means that if one of the parties fails to pay despite performance by the other party, the bank pays.
A Letter of Credit is an arrangement whereby Bank acting at the request of a customer (Importer / Buyer), undertakes to pay for the goods / services, to a third party (Exporter / Beneficiary) by a given date, on documents being presented in compliance with the conditions laid down.
A Letter of Credit (LC) can be thought of as a guarantee that is backstopped by the Financial Institution that issues it. One party is required to guarantee something to another party; typically, it's payment, but not always ? it could also be guaranteeing that some project will be completed.
An acceptance credit is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with. The bank "accepts" bills of exchange drawn on the bank by the debtor, discounts them and agrees to pay for them when they mature.
There are different types of letters of credit that may be used, depending on the circumstances. If you need to obtain a letter of credit for a business transaction, your current bank may be the best place to begin your search.
