LC CHECK LIST
L/C CHECKLIST FOR BUYER & SELLER (A ) Opening a Letter of Credit (Buyer's Checklist): 1. Detailed Contract: Ensure that there is a comprehensive sales contract or agreement between the buyer and the seller, clearly outlining the terms and conditions of the transaction. 2. Agreed Incoterms: Confirm the agreed-upon International Commercial Terms (Incoterms) specifying the responsibilities and costs of both parties regarding the shipment and delivery of goods. 3. Correct Beneficiary Details: Verify the correct and complete details of the beneficiary (seller), including name, address, and any specific instructions for payment. 4. L/C Type and Terms: Clearly define the type of L/C (e.g., irrevocable, confirmed) and specify the terms, such as the expiration date, shipment terms, and payment conditions. 5. L/C Amount: Clearly state the L/C amount in the agreed currency, ensuring it covers the total value of the goods and any additional costs. 6. Documents Required: Clearly list the ...