The operation of L/C

- May 15, 2018-

(1) the applicant should fill out the application form and pay a deposit or provide other guarantee according to the contract.

(2) the issuing bank, in accordance with the contents of the application, will issue a letter of credit to the beneficiary and send it to the advising bank of the exporter's place.

(3) the notifying bank will check the letter of credit to the beneficiary after checking the seal.

(4) after the beneficiary has examined the contents of the letter of credit in conformity with the provisions of the contract, it shall ship the goods, prepare documents and draw a draft according to the stipulations of the letter of credit, and send the negotiating bank to negotiate in the validity period of the L / C.

(5) the negotiating bank advances the payment to the beneficiary by checking the documents in accordance with the terms and conditions of the L / C.

(6) negotiation for payment of bills of exchange and shipping documents to the issuing bank or its particular paying bank.

(7) the issuing bank will pay the negotiating bank after checking the documents.

(8) the issuing bank notifies the open witness payment redemption list.