Elements of Lc
1
Elements of LC 1.Value date- Day from which it is ‘effective’ 2.Confirmed- Guaranteed by LC opening bank to be paid even if client does not pay.(Prime Bank) 3.Irrevocable –can not be made ineffective 4.Extension- for date 5. Amendmend – for amount (value) 6.Open /restricted – derestricted ( bank )
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Transcript of Elements of Lc
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Elements of LC1.Value date- Day from which it is effective 2.Confirmed- Guaranteed by LC opening bank to be paid even if client does not pay.(Prime Bank)
3.Irrevocable can not be made ineffective
4.Extension- for date
5. Amendmend for amount (value)
6.Open /restricted derestricted ( bank )7. Validity expiry of LC ; date of shipment 21 days8.Negotiation of documents
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