letter of credit - a basic query!
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bwpotman
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letter of credit - a basic query!
Hi all, could someone explain a couple of things for me please? If a LC asks for an invoice in "3 fold" does that mean 1 copy and two originals? Also if it requires a "full set" of Bills of lading does that mean if three originals were produced the bank requires all three? In that case how does the importer get his/her goods? These are probably very basic stuff, sorry!
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edilee
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3 fold means at least one original
Hi
3 fold means at least 1 original and 2 copies
Full set means all of them that was issued (for example 3 original 3 non negotiable copy for Bill of Lading). Bank requires all of them
The applicant (importer) get the goods after taking the docs from the bank
I hope is is enough for explain
other comments appreciated
3 fold means at least 1 original and 2 copies
Full set means all of them that was issued (for example 3 original 3 non negotiable copy for Bill of Lading). Bank requires all of them
The applicant (importer) get the goods after taking the docs from the bank
I hope is is enough for explain
other comments appreciated
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bwpotman
- Posts: 5
- Joined: Wed Dec 30, 2009 2:40 pm
- First Name: Dave
- Last Name: Bruce
- Organization: KDcats
- Filter: Two Plus Two =: 4
\Thanks Metin
Hi Metin, Thanks for that information. It makes more sense to me now... I am doing an international trade course, so you will forgive my ignorance!