Letters of Credit

With its history that goes back in centuries, Letter of Credit is an integral part of modern age trade without which it would be difficult to imagine import and export activities around the globe. Used mostly in cross-border trading it is designed to protect the interests of exporter and importer, securing their payments and protecting from the associated risks. Its irrevocable nature gives the beneficiary additional comfort that no sudden changes are made to the preagreed terms, protection against dafault on payments that are due, but also supports creditworthiness of the applicant.