- •1.1 The importer applies to the bank for opening the credit
- •1.2 The buyer places an order and informs the seller of the opening of the l/c
- •1.3 The seller receives the order and confirms it
- •1.4 The bank advises the seller that the credit is available (I.E. Confirms the credit)
- •1.5 The seller sends the documents to the bank
- •Documentary credit part II
- •2.1 The buyer replies to the seller’s request to prolong the time of delivery and discusses amendments to the l/c
- •2.2 The buyer advises the bank of the amendment agreed upon with the seller
- •3.1 The buyer informs the seller of discrepancies in the documents
- •3.2 The buyer advises the seller of payment and asks to comply with the requirements of the credit
- •4 The bank advises the buyer of payment
2.2 The buyer advises the bank of the amendment agreed upon with the seller
ROSTRADE Moscow, Mytnaya 17 |
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Our ref. Your ref.
02 October 20__ Midland Bank Ltd 168 Fenchurch Str. London EC3P 3AP
Dear Sirs,
We would like to prolong L/C No. 14/MB/22./00 for USD 12,000.00 for 15 days.
Please amend the L/C as follows: Validity – delete 45 days and insert 60 days. All charges are for the Beneficiary’s account.
Thank you for your attention to the matter.
Yours faithfully, A.Tugay A.Tugay Manager
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3.1 The buyer informs the seller of discrepancies in the documents
INTERMEDICINA Moscow Sadovaya 37 |
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Our ref. Your ref.
31 August 20__ D.Marlow & Co. Ltd. Prince of Wales Road Sheffield S9 4EX UK
Dear Sirs,
Yesterday we received a letter from City Bank NA, New York, advising us of several discrepancies in the documents forwarded by you to the bank blocking payment out of L/C No. C/25 for $231,000.00 opened by us.
We cannot agree to accept documents, which do not comply with the credit requirements and ask you to settle the problem with the bank without delay, as the validity of the L/C expires on the 15 September and it will be cancelled.
Your early reply will be greatly appreciated.
Yours faithfully, R.Vagapov R.Vagapov Chief Buyer
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3.2 The buyer advises the seller of payment and asks to comply with the requirements of the credit
INTERMEDICINA Moscow Sadovaya 37 |
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Our ref. Your ref.
12 September 20__ D.Marlow & Co. Ltd. Prince of Wales Road Sheffield S9 4EX UK
Dear Sirs,
Our bank has advised us that the proceeds of our letter of credit No. C/25 have been credited to your account. We thank you for settling the problem with the bank promptly.
We should greatly appreciate it if you would present documents in strict compliance with the requirements of credits as we have signed three new contracts which provide for payment by letter of credit.
Yours faithfully, R.Vagapov R.Vagapov Chief Buyer
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