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Our expert staff can work with clients to arrange their transfer Letter of Credit, performance guarantee requirements, cash against document requests and other such trade instruments by using our extensive global banking facilities.
Sok channy Financial service ltd facilitates and manages the process of the opening of Letters of credit on behalf of its clientele, and continues the ongoing management of the letter of credit process throughout the period for which a transaction may occur.
The services offered by Sok channy Financial service ltd have facilitated excellent relationships in which world banking institutions work in conjunction with Sok channy Financial service ltd expert staffs, the company avails itself of the foremost experts in the World of Trade Finance, and the criteria set forth under UCP 600 for documentary LC’s and ISP98 for standby letter of credit or bank guarantees.
These alliances are utilised to create opportunities for growth and profitability for our clients’ companies.
Understanding and Using Letters of Credit:
Letters of credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism.
Commercial Letter of Credit:
Commercial letters of credit have been used for decades to facilitate payment in international trade. Their use will continue to increase as the global economy evolves.Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits. The general provisions and definitions of the International Chamber of Commerce are binding on all parties. Domestic collections in the United States are governed by the Uniform Commercial Code.
A commercial letter of credit is a contractual agreement between a bank, known as the issuing bank, on behalf of one of its customers, authorizing another bank, known as the advising or confirming bank, to make payment to the beneficiary. The issuing bank, on the request of its customer, opens the letter of credit. The issuing bank makes a commitment to honor drawings made under the credit. The beneficiary is normally the provider of goods and/or services. Essentially, the issuing bank replaces the bank’s customer as the payee.
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Elements of a Letter of Credit
A payment undertaking given by a bank (issuing bank)
On behalf of a buyer (applicant)
To pay a seller (beneficiary) for a given amount of money
On presentation of specified documents representing the supply of goods
Within specified time limits
Documents must conform to terms and conditions set out in the letter of credit
Documents to be presented at a specified place
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